Established in 1927, the Austrian Institute of Economic Research stands as a pillar of economic analysis in Austria. It began with Friedrich August von Hayek and Ludwig von Mises. They aimed to analyze business cycles. Today, WIFO is a leading institute for applied empirical economic research. It holds a strong commitment at the European level.
The Austrian Institute of Economic Research is a non-profit organization. It is independent. WIFO bridges the gap between academic research and economic policy application. The institute offers high-quality research. It gives economic policy advice. WIFO communicates effectively. It produces scientific evidence to inform decision-makers. These include policymakers, business leaders, and the public. WIFO contributes to solving economic challenges. It also addresses socio-political issues.
Now, let’s talk about what the Austrian Institute of Economic Research actually does. WIFO analyzes economic, social, and environmental developments. It offers scientific research on relevant topics. The institute provides quality-assured economic data. WIFO simulates and evaluates the impact of economic policies. It gives evidence-based advice at both national and international levels. The institute also designs and conducts surveys.
Consider the range of services WIFO provides. These services include forecasting economic trends. The Austrian Institute of Economic Research uses economic theory and empirical methods. Five research groups support WIFO. These groups ensure the necessary breadth. WIFO has detailed models for analyzing various economic issues. These issues include micro, macro, regional, and environmental factors. The institute possesses econometric know-how. WIFO identifies synergies and trade-offs of economic policy measures. This covers the economic, social, and ecological levels.
The Austrian Institute of Economic Research cooperates with universities. It works with research institutes in Austria and abroad. An international scientific advisory board advises WIFO. Funding comes mainly from membership fees. These fees are paid by entities like the Federal Ministry of Finance. Some funding comes from corporations. Private individuals also contribute. Public funding supports basic research.
Gabriel Felbermayr is the current director of the Austrian Institute of Economic Research. He took the position on October 1, 2021. Before him, Christoph Badelt was the director. The Supervisory Board includes Dr. Harald Mahrer. He is the President of the Austrian Economic Chamber. Rudi Kaske serves as co-vice president. He is the President of the Chamber for Workers. Dr. Ingrid Rubin is also a co-vice president. She is a professor at the Vienna University of Economics and Business.
The Austrian Institute of Economic Research has evolved over the years. It was once called the Vienna Institute for Economic and Business Research. Later, it became the Vienna Institute for Economic Research. Franz Nemschak revived the institute after the war. He named it the Austrian Institute for Economic Research. Today, WIFO continues to play a vital role in shaping economic policy. Its work informs decisions in business and society.