Austrian Institute of Economic Research
Encyclopedia
The Austrian Institute of Economic Research is a private non-profit association located in Vienna
, Austria
.
The institute was founded in 1927 by Friedrich August von Hayek and Ludwig von Mises
. With a pool of around 120 people (40 economists) it is the largest economic research institute in Austria. WIFO is a member of the "Association of European Conjuncture Institutes" (AIECE) and the "European Economic Research and Advisory Consortium" (ERECO) with partner institutions in Birmingham, Bologna, Cambridge, Madrid, Munich, Paris and Rotterdam. It has also established ties to institutes in the USA, Australia and Asia.
. Together with studies on European integration, competitiveness and location of industries and services, these trends and forecasts provide the basis for economic policies and corporate strategies. Research activities are bundled in the following five departments:
WIFO's activities include commissioned research and consulting for domestic and international decision-making bodies, the European Commission
, the OECD, major business and financial institutions. It has established an extensive information system of regularly updated economic statistics, including U.N. Foreign Trade Statistics, World Debt Tables of the World Bank, the IMF International Financial Statistics, OECD Main Economic Indicators, and OECD Economic Outlook. It also publishes journals, reports, newsletters, and periodicals.
), Professor Erich Streissler (vice president; professor of economics at the University of Vienna
), Herbert Tumpel (vice president; president of the Federal Chamber of Labour
) and other representatives of its main carrier organisations and the Austrian political, economic and academic community.
Vienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
, Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
.
The institute was founded in 1927 by Friedrich August von Hayek and Ludwig von Mises
Ludwig von Mises
Ludwig Heinrich Edler von Mises was an Austrian economist, philosopher, and classical liberal who had a significant influence on the modern Libertarian movement and the "Austrian School" of economic thought.-Biography:-Early life:...
. With a pool of around 120 people (40 economists) it is the largest economic research institute in Austria. WIFO is a member of the "Association of European Conjuncture Institutes" (AIECE) and the "European Economic Research and Advisory Consortium" (ERECO) with partner institutions in Birmingham, Bologna, Cambridge, Madrid, Munich, Paris and Rotterdam. It has also established ties to institutes in the USA, Australia and Asia.
Research Activities
WIFO analyses national and international economic trends and supplies short- to medium-term economic forecastsEconomic forecasting
Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation - for example for GDP, inflation, unemployment or the fiscal deficit - or at a more disaggregated level, for specific sectors of the economy or even specific...
. Together with studies on European integration, competitiveness and location of industries and services, these trends and forecasts provide the basis for economic policies and corporate strategies. Research activities are bundled in the following five departments:
- MacroeconomicsMacroeconomicsMacroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
and European Economic PolicyEconomic policyEconomic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market, national ownership, and many other areas of government interventions into the economy.Such policies are often... - Labour market, income and social securitySocial securitySocial security is primarily a social insurance program providing social protection or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. Social security may refer to:...
- Industrial economics, innovationInnovation EconomicsInnovation economics or economics of innovation is a growing economic doctrine that reformulates conventional economics theory so that knowledge, technology, entrepreneurship, and innovation are positioned at the center of the model rather than seen as independent forces that are largely unaffected...
and international competitionCompetition (economics)Competition in economics is a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell or buy goods and services... - Structural changeStructural changeStructural change of an economy refers to a long-term widespread change of the fundamental structure, rather than microscale or short-term output and employment. For example, a subsistence economy is transformed into a manufacturing economy, or a regulated mixed economy is liberalized...
and regional developments - EnvironmentEnvironmental economicsEnvironmental economics is a subfield of economics concerned with environmental issues. Quoting from the National Bureau of Economic Research Environmental Economics program:...
, agriculture and energyEnergy economicsEnergy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self contained academic...
WIFO's activities include commissioned research and consulting for domestic and international decision-making bodies, the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
, the OECD, major business and financial institutions. It has established an extensive information system of regularly updated economic statistics, including U.N. Foreign Trade Statistics, World Debt Tables of the World Bank, the IMF International Financial Statistics, OECD Main Economic Indicators, and OECD Economic Outlook. It also publishes journals, reports, newsletters, and periodicals.
Supervisory Board
The Supervisory Board of WIFO is made up of Christoph Leitl (president of the Supervisory Board and of the Austrian Federal Economic ChamberAustrian Federal Economic Chamber
The Austrian Federal Economic Chamber coordinates and represents the interests of the Austrian business community on a national and international level...
), Professor Erich Streissler (vice president; professor of economics at the University of Vienna
University of Vienna
The University of Vienna is a public university located in Vienna, Austria. It was founded by Duke Rudolph IV in 1365 and is the oldest university in the German-speaking world...
), Herbert Tumpel (vice president; president of the Federal Chamber of Labour
Austrian Chamber of Labour
The Chamber of Labour , is an organisation that represents the interests of 3 million Austrian employees and consumers...
) and other representatives of its main carrier organisations and the Austrian political, economic and academic community.