: 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.

IMK Titegrafik des Instituts

Source: HBS

Shaping macroeconomics in times of global transformation: 30 years of FMM

This year´s conference will be held on the dates of 22 till 24 October 2026. In the 1990s, supply-side economics dominated both economic theory and policy worldwide. Government intervention and demand management were widely viewed as outdated, and the United States appeared to be the unquestioned role model for economic success, with the US dollar as the natural global currency. Three decades and several crises later, the global economic landscape has changed profoundly. Free trade is increasingly replaced by trade restrictions and geopolitical rivalries, even among former allies. While this shift undoubtedly creates risks, it may also open opportunities, for example through new alliances focused on climate protection and sustainable development. At the same time, the emergence of a multipolar world is reshaping the international monetary system and may even question the Dollar dominance.

to the Conference Website

10th 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.

to the documentation

Forum for Macroeconomics and Macroeconomic Policies

The FMM aims to be both a platform for discussions about economic theory as well as a forum for economic policy debates. The forum seeks to promote an exchange between competing theoretical paradigms.

FMM Homepage

Publications

The IMK regularly publishes in several of its own publication series.

read here

Current Publications

  • The Effect of Different Types of Public Spending on Sovereign Yields : Where the Money Goes

    This paper investigates whether financial markets distinguish between different categories of government expenditure when pricing sovereign debt. Using a panel of 39 advanced and developing economies over up to 40 years, we examine the effects of public investment, government consumption, and defense spending on sovereign financing costs.

    to the IMK Working Paper 

  • : Inflation in the Anthropocene: a long-run model of growth, climate damage and conflict inflation

    Human impact on the climate-system is leading to a world which is experiencing intensified extreme weather events, extreme heat, droughts, floods, storms, sea-level rise and changing weather patterns. The combined effects of these shocks negatively impact a broad range of factors in human life, from wellbeing and health, to agriculture, to power generation, to industry, to logistics.

    to the FMM Working Paper 

  • Artur Tarassow, Thomas Theobald, Carolin Martin : Drivers of housing construction: A European comparison

    Our paper analyzes the macroeconomic determinants of housing construction activity and shows, for five European countries, how different housing construction stimulus measures should be designed.

    to the IMK Working Paper 

  • Gregor Semieniuk : Industrialization and Energy Demand: Implications for Climate Change Mitigation

    Economic development interacts with climate change mitigation via growing energy demand. This paper shows that current mitigation scenarios depict fast GDP growth without much increase in energy demand, at odds with historical evidence over 3 centuries of energy-intensive economic development via industrialization.

    to the IMK Working Paper No. 228 

  • Matteo Deleidi, Enrico Sergio Levrero, Antonino Lofaro : Income Distribution and the Cost Channel of Monetary Policy: Evidence from Japan, the UK, and the US

    This paper assesses the impact of a monetary policy tightening on prices and income distribution. We estimate Structural Vector Autoregressive models for Japan, the UK, and the US over the period 1960Q1–2019Q4.

    to the FMM Working Paper No. 124 

  • Simon Fløj Thomsen : Empirical Stock-Flow-Consistent models, Environmentally Extended Input-Output modelling, Ecological macroeconomics

    This paper reviews the development of Ecological Stock-Flow-Consistent Input-Output models as an emerging alternative to mainstream climate-economy modelling frameworks.

    to the FMM Working Paper No. 123 

  • Sandrine Levasseur : Electric mobility in Europe: reconciling the ecological transition with industrial survival

    The EU faces rising pressure on its EV transition. An “electrification shock” is needed to scale production, strengthen Europe’s industrial base, and maintain its path toward transport decarbonisation.

    to the IMK Study 104 

Special offers

  • : FORUM FOR MACROECONOMICS AND MACROECONOMIC POLICIES

    The Forum for Macroeconomics and Macroeconomic Policies (FMM) aims to be both a platform for discussions about economic theory as well as a forum for economic policy debates. In particular, the forum seeks to promote an exchange between competing theoretical paradigms.

    to the FMM Site