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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. Fuest Welcomes ECB Decision

    teaserImage Ifo President Clemens Fuest has welcomed the European Central Bank's decision to scale back its purchases of government bonds as of March. “This is a step in the right direction. It would have been even better if the ECB had decided to make bigger cuts to the volume of its purchases, reducing them month by month,” he added. Details

  2. Bundesbank TARGET2 Credit Hits All-Time High

    teaserImage The Bundesbank’s balances within the Eurosystem (TARGET2 balances) hit an all-time high of 754 billion euros in November. Last month alone they rose by 46 billion euros. "The sharp increase was primarily due to growing capital flight from Italy and repurchasing operations by the European Central Bank (ECB),” said Ifo President Clemens Fuest in Frankfurt. "The German federal government should intervene and prompt the ECB to take measures to stem this irregular and excessive use of TARGET2 balances aimed at regrouping assets within the Eurozone," added Fuest. Details

  3. America After the Elections: What Does Donald Trump’s Victory Mean for the USA and Europe?

    teaserImage The surprising election of Donald Trump as US President has given rise to a great deal of uncertainty. The implications of Donald Trump’s victory for the USA and Europe are discussed in ifo Schnelldienst 23/2016 by Harm Bandholz, UniCredit Group, Detlef Junkers, Heidelberg Center for American Studies (HCA), Thomas Jäger, University of Cologne, Holger Schmieding, Berenberg, Josef Braml, German Council on Foreign Relations, as well as Stormy-Annika Mildner and Julia Howald, Confederation of German Industry. Details

  4. How Can the Energy Turnaround Be Networked?

    teaserImage The 7th Energy Policy Workshop that is taking place on 9 December 2016 will look at the key issues of the energy turnaround. Which electricity market design can guarantee a reliable, cost-effective and ecological electricity supply as the share of renewable energies rises? What progress has been made with network expansion to date? These and other questions will be raised at the event, which will be jointly organised by the Ifo Institute, the Hochschule Weihenstephan-Triesdorf and the Technical University of Munich. It will be held at the Ifo Institute. Details

  5. German Companies Less Satisfied with Graduate Recruits

    teaserImage German companies are less satisfied with their newly-recruited graduates than a decade ago. According to the Randstad Ifo Personnel Managers Survey, 32 percent of survey participants were less satisfied with graduate education, while only 2 percent were more satisfied and 43 percent reported no change in their satisfaction level. Details

  1. Randstad Ifo Personnel Manager Survey for Quarter 3 2016

    One in three companies is less satisfied with graduates due to Bologna reform

    Dec 7, 2016: The special question in the third quarter focused on companies’ assessments of the Bologna reform, which saw the introduction of bachelor and masters graduate degrees in Germany. Details

  2. Ifo Export Climate for October 2016

    Ifo Export Climate Continues to Rise

    Dec 5, 2016: The Ifo Export Climate rose from 0.26 index points in September to 0.37 points in October. This increase was primarily due to an improvement in corporate and consumer confidence abroad. Price competitiveness, by contrast, remained unchanged compared to last month. Details

  3. Credit Constraint Indicator - From the Ifo Business Survey for November 2016

    Credit Constraints Increase Slightly

    Nov 29, 2016: German companies continue to have little difficulty in obtaining bank loans. The credit constraint indicator for trade and industry rose slightly from 14.4 percent in October to 14.6 percent in November. This is the share of firms reporting restrictive lending by the banks. Financing conditions continue to be very good. Details

  4. Ifo Employment Barometer - Results of the Ifo Business Survey for November 2016

    German Companies Still Seeking New Staff

    Nov 29, 2016: German firms intend to hire additional staff. The Ifo Employment Barometer rose to 111.1 points in November, having stood at 110.7 points in the previous month. The number of jobs in Germany is on the rise. Details

  5. Results of the Ifo Business Survey for November 2016

    Ifo Business Climate Index for Eastern Germany Virtually Unchanged

    Nov 28, 2016: The Ifo Business Climate for industry and trade in eastern Germany trended sideways in November. Although the survey participants assessed their current business situation somewhat less favourably than in the previous month, they look forward to the coming months with slightly increased optimism. Details

  6. Ifo Export Expectations - Ifo Business Survey for November 2016

    After Trump’s Election: Export Expectations of German Industry Clearly Dampened

    Nov 25, 2016: German industry expects a slower increase in exports. The export expectations fell from 13.9 balance points in October to 6.9 points in November. The results of the US elections seem to have caused uncertainty among German exporters. Details

  7. Results of the November 2016 Ifo Business Survey

    Ifo Business Climate after Trump Election Unchanged

    Nov 24, 2016: Confidence in the German economy continues to be good. The Ifo Business Climate Index remained unchanged at 110.4 points (seasonal adjustment correction) in November. The firms were once again more satisfied with their current business situation, but with regard to the coming months they are somewhat less optimistic. The economic upturn in Germany remains intact. The German economy seems to be unfazed by the election of Donald Trump as US President. Details

  8. Results of the November 2016 Ifo Business Survey

    German Service Sector: Ifo Business Climate Indicator for the Services Rises

    Nov 24, 2016: In the service sector, business confidence has improved. The indicator rose from 32.3 balance points in October to 34.8 points in November. The companies gave significantly more favourable assessments of the current situation. Their expectations for the coming months, on the other hand, have been downgraded slightly. The firms plan further increases in the number of employees. Details

  9. Results of the Ifo World Economic Survey (WES) of 4th quarter 2016 (10 November 2016)

    Ifo World Economic Climate Brightens Again

    Nov 10, 2016: The Ifo Index for the world economy improved, rising 4.5 index points to 90.5 points in the fourth quarter and returning to the level seen in the second quarter. Despite this improvement the figure remains around six index points below its long-term average. Experts’ assessments of the current economic situation remained unfavourable, with no change since the second quarter. Expectations brightened somewhat and the world economy seems to be swinging back on track for a moderate recovery. According to experts‘ assessments, Donald Trump’s election as US President represents a major risk for the world economy. They assessed Hillary Clinton’s election, by contrast, as slightly positive. The survey was completed in October. Details

  10. Advance results of the Ifo World Economic Survey (WES) of 4th quarter 2016 (03 November 2016)

    Ifo Economic Climate in the Euro Area Remains Heterogeneous

    Nov 3, 2016: Economic sentiment in the euro area improved this quarter, but to markedly different degrees across member states. The Ifo index for the economic climate in the euro area rose from 111.6 points to 116.8 points in the fourth quarter. The current economic situation remains unchanged and the improved economic climate was entirely due to more positive expectations. The economic recovery in the euro area is expected to continue at a sluggish pace. Details

Next Events

  1. The Effect of land development on tax revenues- studying the example of bavaria

    • 12.12.2016, 11:10 AM - 12:40 PM
    • Lunchtime Seminar TU Dresden
    • Sebastian Langer
    • TU Dresden, Sitzungszimmer der Fakultät Wirtschaftswissenschaften, Raum SCH B 037

  2. Topics in International Economics, Part I

    • 13.12.2016, 10:15 AM - 11:45 AM
    • CES Lecture
    • Jean-Marie Viaene, Erasmus University Rotterdam, Erasmus School of Economics
    • CES, Schackstr. 4/II, seminar room (207)

    Firms’ Export Survival

  3. Innovation prizes for environmental R&D

    • 13.12.2016, 11:00 AM - 12:15 PM
    • SEEM – Seminar on Energy and Environmental Economics Munich
    • Rolf Golombek
    • Ifo Institute, Ludwig Erhard Hall, Poschingerstr. 5, Munich

  4. Social Media and Protest Participation: Evidence from Russia

    • 13.12.2016, 05:00 PM - 06:15 PM
    • Hans Möller Seminar
    • Ruben Enikopolov, UPF-IPEG Barcelona
    • International Economics, Ludwigstr. 28/II, Library (room 221)

  5. Ifo Lunchtime Seminar

    • 14.12.2016, 12:00 PM - 01:00 PM
    • Ifo Lunchtime Seminar
    • Dietrich Vollrath
    • Ifo Institute, Ludwig Erhard Hall, Poschingerstr. 5, Munich

  6. How do companies choose their recruitment channels

    • 15.12.2016, 12:00 PM - 01:00 PM
    • Public Economics Seminar
    • Felix Ehrenfried, LMU Munich, Chair in Public Finance
    • CES, Schackstr. 4/II, seminar room (207)

  7. Topics in International Economics, Part II

    • 16.12.2016, 10:15 AM - 11:45 AM
    • CES Lecture
    • Jean-Marie Viaene, Erasmus University Rotterdam, Erasmus School of Economics
    • CES, Schackstr. 4/II, seminar room (207)

    Trade, Factor Mobility and Economic Integration: Measurement, Evidence and Applications


  1. Cover Image "ifo Schnelldienst 23/2016", ifo Institut, München, 2016, 03-79 | Details

  2. Cover Image "ifo Konjunkturperspektiven 11/2016", ifo Institut, München, 2016 | Details

  3. Cover Image "CESifo Forum 3/2016 (Autumn): Migration: Challenge or Opportunity?", Ifo Institute, Munich, 2016, 03-35 | Details | PDF Download | EPUB Download

  4. Cover Image "ifo Schnelldienst 22/2016", ifo Institut, München, 2016, 03-74 | Details

  5. Cover Image "CESifo World Economic Survey November 2016", Ifo Institute, Munich, 2016 | Details | PDF Download


  1. Cover Image Fuest, Clemens, Björn Kauder, Luisa Lorenz, Martin Mosler, Niklas Potrafke and Florian Dorn, Heimliche Steuererhöhungen – Belastungswirkungen der Kalten Progression und Entlastungswirkungen eines Einkommensteuertarifs auf Rädern, ifo Forschungsberichte 76, Ifo Institute, 2016 | Details | PDF Download

  2. Cover Image Rave, Tilmann, Der Ausbau Erneuerbarer Energien im Föderalismus und Mehrebenensystem – Neoklassische und neoinstitutionalistische Perspektiven, ifo Forschungsberichte 75, ifo Institut, 2016 | Details | PDF Download

Working Paper

  1. Cover Image Fritzsche, Carolin and Lars Vandrei, "The German Real Estate Transfer Tax: Evidence for Single-Family Home Transactions", Ifo Working Paper No. 232, 2016 | Details | PDF Download

  2. Cover Image Neuhierl, Andreas and Michael Weber, "Monetary Policy and the Stock Market: Time-Series Evidence", CESifo Working Paper No. 6199, November 2016 | Details | PDF Download

  3. Cover Image West, Martin R., Ludger Woessmann, Philipp Lergetporer and Katharina Werner, "How Information Affects Support for Education Spending: Evidence from Survey Experiments in Germany and the United States", CESifo Working Paper No. 6192, November 2016, Also published as: NBER Working Paper 22808, Information | Details | PDF Download

  4. Cover Image Cinnirella, Francesco, Marc P. B. Klemp and Jacob L. Weisdorf, "Malthus in the Bedroom: Birth Spacing as Birth Control in Pre-Transition England", CESifo Working Paper No. 6167, November 2016 | Details | PDF Download

  5. Cover Image Nagl, Wolfgang and Michael Weber, "Stuck in a trap? Long-term unemployment under two-tier unemployment compensation schemes", Ifo Working Paper No. 231, 2016 | Details | PDF Download

  6. Cover Image Neumeier, Florian, "Do Businessmen Make Good Governors?", Ifo Working Paper No. 230, 2016 | Details | PDF Download

  7. Cover Image Gutmann, Jerg, Matthias Neuenkirch and Florian Neumeier, "Precision-Guided or Blunt? The Effects of US Economic Sanctions on Human Rights", Ifo Working Paper No. 229, 2016 | Details | PDF Download

  8. Cover Image Lehmann, Robert and Klaus Wohlrabe, "Boosting and Regional Economic Forecasting: The Case of Germany", CESifo Working Paper No. 6157, October 2016 | Details | PDF Download

  9. Cover Image Hristov, Nikolay and Oliver Hülsewig, "Unexpected Loan Losses and Bank Capital in an Estimated DSGE Model of the Euro Area", CESifo Working Paper No. 6160, October 2016 | Details | PDF Download

  10. Cover Image Felbermayr, Gabriel, Rahel Aichele, Inga Heiland and Marina Steininger, "TTIP – Potential Effects on Norway", Ifo Working Paper No. 228, 2016 | Details | PDF Download