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:The Macroeconomic Policy Institute (IMK)

The Macroeconomic Policy Institute (IMK) is an independent academic institute within the Hans-Böckler-Foundation, a non-profit organisation fostering co-determination and promoting research and academic study. The Foundation is linked to the German Confederation of Trade Unions (DGB). The IMK was founded in 2005 to strengthen the macroeconomic perspective both in economic research and in the economic policy debate. The IMK analyses business cycle developments and conducts economic policy research, notably on fiscal and monetary policy, labour markets, income distribution and financial markets. The Institute seeks to address the challenges facing macroeconomics and economic policy in the wake of the global financial crisis.

Grafik zur FMM Konferenz 2022

8th International FMM Summer School

The summer school aims at providing an introduction to Keynesian macroeconomics and to the problems of European economic policies to interested graduate students (MA and PhD) and junior researchers. It will consist of overview lectures, a panel discussion, student study groups, an SFC lab, and a poster session.

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Current Publications

FMM Working Paper No. 86 : Achieving two policy targets with one policy instrument: Heterogeneous expectations, countercyclical fiscal policy, and macroeconomic stabilization at the effective lower bound

We explore the short-term macrodynamics of stabilization policy at the effective lower bound (ELB) of the nominal interest rate, in an environment characterized by heterogenous and endogenously time-varying private-sector output and inflation expectations driven by evolutionary dynamics. We show that at the ELB, fiscal policy conducted in accordance with a well-specified policy rule is particularly effective for purposes of macroeconomic stabilization.

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IMK Study 83-10 : Inflation and counter-inflationary policy measures: The case of Germany

In Germany the policy response to the inflationary surge was initiatlly rather hesitatnt. The third packae of measures, including a gas and electricity price brake, though, mean a substantial stabilisation of incomes and demand, particularly in 2023. Measures were inadequately targeted, however. While a formal social pact was not reached, government measures have encouraged collective wage bargainers to reach settlements that do avoid a price-wage spiral.

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IMK Study No. 83-7 : Inflation and counter-inflationary policy measures: The case of Poland

Inflation in Austria started to rise from mid-2021 during recovery from the CORONA crisis. The Russian invasion in Ukraine and the heavy increases in energy prices made things worse and brought inflation to over 10%. The government did not enter direct formal negotiations with social partners but subsequent anti-inflation packages met many demands made by social partners. The attempt to influence wage negotiations via a tax exemption for one-off payments failed as they were not widely used in collective agreements.

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FMM Working Paper No. 85 : Schumpeter in Practice: The Role of Credit for Industrial Policy in China

Since the late 1970s, the Chinese government has been undertaking major efforts in developing their countries economy by means of industrial policy. However, a more narrow approach to industrial policy has been pursued only since 2010, with the initiation of the ‘Strategic Emerging Industries’ program. China’s state-dominated banking system is seen as playing a vital role in the financing of these endeavors.

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