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CESifo Group Munich

The CESifo Group, consisting of the Center for Economic Studies (CES), the Ifo Institute and the CESifo GmbH (Munich Society for the Promotion of Economic Research) is a research group unique in Europe in the area of economic research. read on CESifo Group Munich

  1. News
  2. Survey results
  3. Upcoming events
  4. New Publications
  1. Euro Crisis: Topical Comments of Ifo President Hans-Werner Sinn

    teaserImage In Sinn’s Corner, the Ifo President’s articles and comments on current political topics are grouped together under various topics. Read more on the euro crisis. Details

  2. Ifo President Advises Greece to Reinstate the Drachma

    teaserImage It is time for Greece to make a daring leap and adopt its own currency, says Ifo President Hans-Werner Sinn and adds: “The drachma should be introduced immediately as a virtual currency. All of the country’s contracts, including its debt contracts with foreigners, should be converted into drachma. This would make the Greek government and the Greek banks solvent once again.“ At the same time, the Community of States should also refrain from trying to collect up all of those euro banknotes currently in the hands of Greek citizens, but should allow them to be used for cash transactions instead, although prices would be stated in drachma. Details

  3. Conference on the Role of Sovereign Debt in the 21st Century

    teaserImage Leading economists and decision-makers will meet on 8 and 9 July 2015 at the Ifo Institute to discuss new ways of dealing with sovereign debt and government finances. The opening speech on the situation in Greece will be given by Ifo President Hans-Werner Sinn. Florian Buck and Christoph Trebesch, both from the University of Munich, will be responsible for the academic organization of the event. Details

  4. ifo Konjunkturperspektiven June 2015 Published

    teaserImage The business climate indicator rose in construction and in the service sector in June, while it fell in manufacturing, wholesaling and retailing. Details

  5. Eastern German Economy Enjoys Sustained Growth

    teaserImage Real gross domestic product in eastern Germany (including Berlin) is expected to rise sharply by 1.8 percent this year and by 1.6 percent in 2016. In Saxony economic growth looks set to be slightly higher at 2.0 percent this year and 1.8 percent in 2016. Private consumption will remain the main economic driver in both years. Positive impulses, however, will also come from a continued upturn in demand for capital goods. Eastern German and Saxon labour demand stands to benefit from the sustained economic expansion, although growth dynamics look set to weaken. The minimum legal wage and precarious demographic developments will curb increases in employment by companies. The shortage of qualified staff in some areas is becoming increasingly obvious. Details

  1. Ifo Export Climate for May 2015

    Falling Competitiveness Cools Export Climate

    Jul 1, 2015: The Ifo Export Climate fell from 0.30 index points in April to 0.10 points in May 2015. Corporate and consumer confidence abroad improved somewhat compared to last month. Competitiveness, by contrast, deteriorated. Details

  2. Credit Constraint Indicator - From the Ifo Business Survey for June 2015

    Credit Constraints Hit Successive Historic Lows

    Jun 29, 2015: It has never been so easy for German companies to access bank credit. Credit constraints for German companies fell to 15.1 percent in June from 15.7 percent last month, hitting a historic low once again. The flood of money in Europe from the European Central Bank is having an impact. German companies are almost being pressed to accept bank loans. Details

  3. Results of the Ifo Business Survey for June 2015

    Ifo Business Climate for Eastern Germany Clouds Over

    Jun 26, 2015: The Ifo Business Climate Index for industry and trade in eastern Germany fell in June from 107.2 points in May to 105.7 points this month. This brings the climate indicator back down to a level last seen in mid-2013. The deterioration in the business climate was due to assessments of the current business situation, which were markedly more cautious. Moreover, eastern German survey participants continued to assess their six-month business outlook somewhat less favourably. The wrestling over Greece is sparking uncertainty in the eastern German economy. Details

  4. Ifo Employment Barometer - Results of the Ifo Business Survey for June 2015

    German Companies Scale Back Recruitment Plans Slightly

    Jun 26, 2015: German companies are currently hiring a slightly lower number of new staff than in May. The Ifo Employment Barometer edged downwards in June to 107.8 index points from 108.2 points last month. The service sector remains the main driver behind these developments. Details

  5. Ifo Export Expectations - Ifo Business Survey for June 2015

    Export Outlook for Manufacturing Somewhat Less Optimistic

    Jun 25, 2015: The export expectations for German manufacturing clouded over a little this month, falling to 9.2 balance points in June from 10.4 points in May. This marks the third consecutive decrease. The increase in exports continued to weaken. The expansive effects of the euro depreciation are slowly disappearing. Details

  6. Results of the June 2015 Ifo Business Survey

    Ifo Business Climate Index Falls

    Jun 24, 2015: The Ifo Business Climate Index for German trade and industry fell to 107.4 points in June from 108.5 points last month. The indicator for the current business situation declined this month following three successive increases. Business expectations deteriorated for the third consecutive month and are now only slightly optimistic. The outlook for the German economy is overcast. Details

  7. Results of the June 2015 Ifo Business Survey

    German Service Sector: Ifo Business Climate Indicator for the Service Sector Continues to Rise

    Jun 24, 2015: The Ifo Business Climate Indicator for the German service sector increased to 27.1 balance points in June from 26.1 points last month. The indicator reached its highest level since July 2011. Assessments of the current business situation deteriorated slightly. Looking ahead, however, service providers expect business to pick up markedly over the next few months. They still intend to hire additional staff, but scaled back their recruitment plans compared to May. Details

  8. Results of the Ifo Architects Survey of 2nd quarter 2015

    Ifo Architects Survey: Current Business Situation Remains Encouragingly Good

    Jun 11, 2015: The business climate improved at the beginning of the first quarter of 2015, according to the results of the Ifo Institute’s survey of freelance architects. This was entirely due to a more optimistic assessment of developments over the next six months. Assessments of the current business situation clouded over significantly. Details

  9. Regional evaluation for Saxony of the Ifo Business Survey in May 2015

    Business Climate in Saxony

    Jun 10, 2015: The Ifo Business Climate Index for German industry and trade fell slightly in May to 108.5 points from 108.6 in the previous month. In eastern Germany and in Saxony, however, the fall in the climate indicators was more precipitous. In Saxony, the significant deterioration in the business climate for industry and trade was due to the assessments of the business outlook for the next six months. The surveyed companies in Saxony expect, overall, an unfavourable business development in the near future. Furthermore, the Saxon survey participants were no longer quite so satisfied with their current business situation. The German domestic labour disputes and uncertainty about the resolution of the Greek crisis had a retarding influence on the Saxon economy in May. Details

  10. Ifo Export Climate for April 2015

    Corporate and Consumer Confidence Abroad Remains High

    Jun 3, 2015: The Ifo Export Climate fell from 0.43 index points in March to 0.28 points in April, but is still at a high level. Corporate and consumer confidence abroad remained stable over the previous month. Competitiveness, however, did not strengthen as much in April as it had in March. Details

Banks and markets in the wake of the financial crisis: a classification

Banks and markets in the wake of the financial crisis: a classification

Munich Seminar on Monday, 6 July 2015, with Prof. Dr. Jan Pieter Krahnen,
Professor of Finance at Goethe University’s House of Finance, Goethe University Frankfurt

read on Banks and markets in the wake of the financial crisis: a classification

Next Events

  1. Conference on Re-Thinking Sovereign Debt

    • 08.07.2015, 01:00 PM - 09.07.2015, 05:00 PM
    • Conference
    • CESifo Conference Centre, Poschingerstrasse 5, 81679 Munich

    The conference "Re-Thinking Sovereign Debt" is designed as a high-level policy symposium and aims to bring together leading researchers, policy-makers, journalists and practitioners to discuss new ways of dealing with sovereign debt and government finances in the 21st century. In the first part of the conference, we will discuss lessons learned from past episodes of over-borrowing and default. The second (and main) part will analyze what is wrong with the current system of managing sovereign debt. We will place a special focus on (mis-)measurement and improper accounting. In the last part of the conference we will then focus on what to do about Greece, including a debate on "does Greece need debt relief?" Details

  2. Where to work in Germany? Foreign employment at the district level

    • 13.07.2015, 11:10 AM - 12:40 PM
    • Lunchtime Seminar TU Dresden
    • Robert Lehmann and Wolfgang Nagl
    • TU Dresden, Sitzungszimmer der Fakultät Wirtschaftswissenschaften, Raum SCH B 037

  3. Economic Growth in the EU in a Comparative Perspective

    • 13.07.2015, 06:00 PM - 07:30 PM
    • Munich Seminar
    • Prof. Dr. Leszek Balcerowicz, Economist and politician, Warsaw School of Economics
    • Ifo Institute, Ludwig-Erhard-Hall, Poschingerstr. 5, 81679 Munich

  4. Hans Möller Seminar

    • 14.07.2015, 05:00 PM - 06:15 PM
    • Hans Möller Seminar
    • Simon Board, UCLA
    • International Economics, Ludwigstr. 28/II, Library (room 221)

  5. Do politicians gratify core supporters? Evidence from a discretionary grant program

    • 15.07.2015, 12:00 PM - 01:00 PM
    • Ifo Lunchtime Seminar
    • Björn Kauder
    • Ifo Institute, Ludwig Erhard Hall, Poschingerstr. 5, Munich

Just released

  1. Cover Image Sinn, Hans-Werner, "The Greek Tragedy", CESifo Forum 16 Special Issue 2015 (June), 2015, 5-35, Deutsche Version | Details | PDF Download

  2. Cover Image Sinn, Hans-Werner, "Die griechische Tragödie ", ifo Schnelldienst 68 (Sonderausgabe Mai), 2015, 03-33, (Update) | English version | Details | PDF Download | EPUB Download

  3. Cover Image Sinn, Hans-Werner, The Euro Trap. On Bursting Bubbles, Budgets, and Beliefs, Oxford University Press, Oxford, 2014, 416 , Information | Details


  1. Cover Image "ifo-GfK-Konsumreport 06/2015", ifo Institut; GfK Marktforschung, München; Nürnberg, 2015 | Details | PDF Download

  2. Cover Image "ifo Konjunkturperspektiven 06/2015", ifo Institut, München, 2015 | Details

  3. Cover Image "ifo Schnelldienst 12/2015", ifo Institut, München, 2015, 03-62 | Details

  4. Cover Image "ifo Dresden berichtet 3/2015", ifo Institut, Dresden, 2015 | Details | PDF Download

  5. Cover Image "ifo Schnelldienst 11/2015", ifo Institut, München, 2015, 03-56 | Details

  6. Cover Image "CESifo Forum Special Issue 2015 (June): The Greek Tragedy", Ifo Institute, Munich, 2015, 36, Deutsche Version | Details | PDF Download | EPUB Download


  1. Cover Image Felbermayr, Gabriel, Erdal Yalcin, Alexander Sandkamp and Philipp Lang, Beschäftigungseffekte der Exportkreditgarantien des Bundes und globale Wertschöpfungsketten, ifo Forschungsberichte 68, ifo Institut, 2015 | Details | PDF Download

  2. Cover Image Felbermayr, Gabriel, Wilhelm Kohler, Rahel Aichele, Günther Klee and Erdal Yalcin, Mögliche Auswirkungen der Transatlantischen Handels- und Investitionspartnerschaft (TTIP) auf Entwicklungs- und Schwellenländer, ifo Forschungsberichte 67, ifo Institut, 2015 | Details | PDF Download

  3. Cover Image Eck, Alexander, Joachim Ragnitz, Simone Scharfe, Christian Thater and Bernhard Wieland, Öffentliche Infrastrukturinvestitionen: Entwicklung, Bestimmungsfaktoren und Wachstumswirkungen, ifo Dresden Studien 72, ifo Institut, 2015 | Details | PDF Download

Working Paper

  1. Cover Image Reinhart, Carmen M. and Christoph Trebesch, "Sovereign Debt Relief and its Aftermath", CESifo Working Paper No. 5422, June 2015 | Details | PDF Download

  2. Cover Image Schwerdt, Guido and Ludger Woessmann, "The Information Value of Central School Exams", CESifo Working Paper No. 5404, June 2015 | Details | PDF Download

  3. Cover Image Hanushek, Eric A., Jens Ruhose and Ludger Woessmann, "Human Capital Quality and Aggregate Income Differences: Development Accounting for U.S. States", CESifo Working Paper No. 5411, June 2015, Also published as: NBER Working Paper No. 21295 (PDF) | Details | PDF Download

  4. Cover Image Ngo, Ha Quyen, Niklas Potrafke, Marina Riem and Christoph Schinke, "Ideology and Dissent among Economists: The Joint Economic Forecast of German Economic Research Institutes", CESifo Working Paper No. 5393, June 2015 | Details | PDF Download

  5. Cover Image Arnold, Nadjeschda and Ray Rees, "The Sovereign Default Problem in the Eurozone: An Insurance-Based Approach", CESifo Working Paper No. 5389, June 2015 | Details | PDF Download

  6. Cover Image Sinn, Hans-Werner, "The Green Paradox: A Supply-side View of the Climate Problem", CESifo Working Paper No. 5385, June 2015 | Details | PDF Download

  7. Cover Image Eppinger, Peter and Niklas Potrafke, "Did Globalization Influence Credit Market Deregulation", CESifo Working Paper No. 5374, May 2015 | Details | PDF Download

  8. Cover Image Angerer, Silvia, Daniela Glätzle-Rützler, Philipp Lergetporer and Matthias Sutter, "Cooperation and discrimination within and across language borders: Evidence from children in a bilingual city", Ifo Working Paper No. 200, 2015 | Details | PDF Download

  9. Cover Image Schulz, Bastian, "Wage Rigidity and Labor Market Dynamics with Sorting", Ifo Working Paper No. 199, 2015 | Details | PDF Download

  10. Cover Image Henzel, Steffen, Robert Lehmann and Klaus Wohlrabe, "Nowcasting Regional GDP: The Case of the Free State of Saxony", CESifo Working Paper No. 5336, April 2015 | Details | PDF Download