Research focus areas
The content on this page was translated automatically.
The research focus of the department is based on the three pillars of "Long-term economic development", "Macroeconomic expectations" and "Macroeconomic policy".
A key objective is to gain economic policy implications from research that can contribute to solving social problems. Especially at the present time, many of the challenges facing society are closely linked to macroeconomics. Examples include the macroeconomic consequences of the coronavirus pandemic, the historically high inflation rates and the transformation of the economy towards greater sustainability.
It examines the determinants of long-term and sustainable growth processes as well as the historical causes of the noticeable differences in living standards between nations. A key question is: "Why are some countries rich and others poor?".
In addition to the distribution of income between countries, the distribution of income and wealth within countries is also of great importance. What influence does growth have on the distribution of resources, and what growth effects result from inequality?
This branch of research, which is part of the "Behavioral Macroeconomics" department, focuses on the causes and effects of the macroeconomic expectations of households, companies and experts.
Expectations about the future determine the consumption and saving decisions of households as well as the investment decisions of companies. Individuals' expectations thus play a key role in determining the macroeconomic situation. Looking at individuals shows how macroeconomic correlations arise from many individual decisions. Experts have a special role to play here. By advising political decision-makers and in the public debate, experts strongly influence the expectations of other stakeholders and thus exert a strong influence on the economy as a whole. This impact mechanism has been little researched to date.
There is a close relationship between the analysis of long-term economic development and the formation of expectations. For example, past macroeconomic conditions influence the expectations of economic subjects. At the same time, expectations form the basis for all economic decisions of an inter-temporal nature and thus contribute significantly to future macroeconomic development.
The third pillar is dedicated to macroeconomic policy. The aim is to evaluate the interaction between economic policy measures and the expectations of households and companies. The evaluation of economic policy measures in terms of their macroeconomic efficiency is also part of this research strand.
In addition to specific fiscal and monetary policy measures, institutional framework conditions such as political institutions and democracy, corruption and political stability are also examined.