Macroeconomic Reports
Macroeconomic Reports Local and global: IWH regularly provides current economic data - be it about the state of the East German economy, the macroeconomic development in Germany…
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IWH Forecasting Dashboard
IWH Forecasting Dashboard The objective of the IWH Forecasting Dashboard (ForDas) is to provide a platform for macroeconomic forecasts from various institutions for the German…
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Internationalisation
Internationalisation The Leibniz Institute for Economic Research Halle (IWH) is responsible for economic research and economic policy advice on a scientific basis. The institute…
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IWH-Flash-Indikator II. und III. Quartal 2024
Katja Heinisch, Oliver Holtemöller, Axel Lindner, Birgit Schultz
IWH-Flash-Indikator,
No. 2,
2024
Abstract
Die deutsche Wirtschaft stagniert nun schon seit zwei Jahren. Auch zu Beginn des Jahres 2024 gab es mit einem leichten Plus von 0,2% keinen konjunkturellen Neustart. Vor allem war die Kauflaune der privaten Haushalte gedrückt, aber auch die Industrie kämpft weiter mit ungünstigen Rahmenbedingungen und einer schwachen Nachfrage. Hohe Zinsen und Energiepreise, aber auch strukturelle Probleme wie bürokratische Restriktionen fordern dabei ihren Tribut, wie nicht zuletzt an den steigenden Insolvenzzahlen zu sehen ist. Im internationalen Umfeld werden die Krisenherde und Spannungen nicht weniger, dennoch ist die Weltkonjunktur weiter aufwärtsgerichtet. Damit steigt bei den deutschen Unternehmen die Hoffnung, im Kielwasser mitziehen zu können. Alles in allem dürfte das Bruttoinlandsprodukt (BIP) laut IWH-Flash-Indikator im zweiten Quartal 2024 um 0,3% und im dritten Quartal 2024 um 0,1% steigen (vgl. Abbildung 1).
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Internationale Konjunkturprognose und konjunkturelle Szenarien für die Jahre 2023 bis 2028
Andrej Drygalla, Oliver Holtemöller, Axel Lindner
IWH Studies,
No. 1,
2024
Abstract
In der vorliegenden Studie werden zunächst die weltweiten konjunkturellen Aussichten für das Ende des Jahres 2023 und für die Jahre 2024 bis 2028 dargestellt. Dabei wird folgender Länderkreis betrachtet: Deutschland, Belgien, Dänemark, Frankreich, Griechenland, Großbritannien, Irland, Italien, Niederlande, Österreich, Polen, Portugal, Norwegen, Schweden, Slowakei, Spanien und Tschechien.
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Risky Oil: It's All in the Tails
Christiane Baumeister, Florian Huber, Massimiliano Marcellino
NBER Working Paper,
No. 32524,
2024
Abstract
The substantial fluctuations in oil prices in the wake of the COVID-19 pandemic and the Russian invasion of Ukraine have highlighted the importance of tail events in the global market for crude oil which call for careful risk assessment. In this paper we focus on forecasting tail risks in the oil market by setting up a general empirical framework that allows for flexible predictive distributions of oil prices that can depart from normality. This model, based on Bayesian additive regression trees, remains agnostic on the functional form of the conditional mean relations and assumes that the shocks are driven by a stochastic volatility model. We show that our nonparametric approach improves in terms of tail forecasts upon three competing models: quantile regressions commonly used for studying tail events, the Bayesian VAR with stochastic volatility, and the simple random walk. We illustrate the practical relevance of our new approach by tracking the evolution of predictive densities during three recent economic and geopolitical crisis episodes, by developing consumer and producer distress indices that signal the build-up of upside and downside price risk, and by conducting a risk scenario analysis for 2024.
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Macro Data Download
Macro Data Download On this page, you will find long time series of macroeconomic data provided by IWH for download. Please note that most files come with labels and legends in…
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Reports of the European Forecasting Network (EFN)
Reports of the European Forecasting Network (EFN) The European Forecasting Network (EFN) was a group of macroeconomic experts from different European research institutions (such…
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27.03.2024 • 11/2024
East Germany's lead over West Germany in terms of growth is bound to shrink – Implications of the Joint Economic Forecast Spring 2024 for the East German economy
In 2023, the East German economy is expected to have expanded by 0.5%, while it shrank by 0.3% in Germany as a whole. The Halle Institute for Economic Research (IWH) forecasts an East German growth rate of 0.5% again for 2024, and a rate of 1.5% in 2025. The unemployment rate is expected to be 7.3% in 2024 and 7.1% in the following year.
Oliver Holtemöller
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27.03.2024 • 10/2024
Joint Economic Forecast 1/2024: Headwinds from Germany and abroad: institutes revise forecast significantly downwards
According to Germany’s five leading economic research institutes, the country’s economy shows cyclical and structural weaknesses. In their spring report, they revised their GDP forecast for the current year significantly downward to 0.1%. In the recent fall report, the figure was still 1.3%. Expectations for the coming year are almost unchanged at 1.4% (previously 1.5%). However, the level of economic activity will then be over 30 billion euros lower due to the current weak phase.
Oliver Holtemöller
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