Mission and range of services
Mission: Overcoming socio-economic challenges and supporting evidence-based decision-making by building bridges between theory, empirical facts and policies
WIFO, founded in 1927 by Friedrich August von Hayek and Ludwig von Mises for the purpose of business cycle analysis, is today the leading institute for applied empirical economic research in Austria with a strong commitment at a European level. The institute is non-profit and independent of politics and business in its scientific activities. WIFO's mission is to build a bridge between basic academic research and policy in order to contribute to tackling socio-economic challenges and to create sound foundations for decisions in business and society which require economic information. At the core of WIFO's bridging function are empirical analyses prepared with scientific diligence and integrity. WIFO's bridging function also involves a mediating role between economic policy institutions, universities and consulting firms. WIFO is the point of contact for international organisations (EU, OECD and IMF) and rating agencies regarding national economic development and the assessment of economic policy measures.
Range of services
The range of services includes:
- analysis and forecast of economic, social and ecological trends,
- scientific research and analyses on relevant topics,
- quality-assured economic data,
- simulation and evaluation of the effects of economic policy measures,
- evidence-based economic policy advice at national and international level,
- impartial information for economic policy, public and international organisations,
- design and implementation of (business) surveys.
WIFO's research is based on a broad theoretical economic foundation and on state-of-the-art empirical methods. The five research areas, which are structured according to economic disciplines (macroeconomics, labour and social affairs, industrial, regional and environmental economics) and which are the cornerstones of WIFO's organisation underpin its bridging function. WIFO maintains and develops detailed models for the analysis of micro-, macro-, regional and environmental economic issues as well as sophisticated econometric know-how. In combination with its comprehensive coverage of economic disciplines, WIFO is able to identify synergies and trade-offs of economic policy measures on an economic, social and ecological level.
Extensive experience in handling and visualising complex data as well as detailed knowledge of the institutional foundations of national and European economic policy ensure a high quality of research. WIFO also cooperates with universities and research institutions abroad and is advised by an international scientific advisory board. It cooperates closely with the Economic and Social Science Computing Center (WSR) to ensure an efficient IT and data infrastructure.