Kick-off of the long-term research partnership with Serguei Kaniovski, Sebastian Poledna, Junghun Kim, and Michael Peneder © WIFO

04.05.2026

International Cooperation in Fiscal Policy Research

WIFO and the Korea Institute of Public Finance Develop a Detailed Model for Public Finances

The Austrian Institute of Economic Research (WIFO) and the Korea Institute of Public Finance (KIPF) are jointly developing a macroeconomic agent-based model for the Republic of Korea, designed to support detailed analysis of fiscal policy. The kick-off meeting with Junghun Kim (KIPF) for the project was recently held at WIFO, marking the formal launch of the collaboration.

WIFO and KIPF intend to establish a long-term partnership dedicated to fiscal policy analysis and the assessment of the sustainability of public finances. Their agent-based modelling approach offers an exceptional degree of detail in representing public expenditure and its effects on aggregate and sectoral dynamics, while delivering robust short-term forecasting performance. The granular model structure enables a detailed assessment of the macroeconomic and distributional implications of alternative fiscal policy measures, thereby supporting evidence-based fiscal planning.