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Who Reports the Mood in German Boardrooms? Evidence from the ifo Business Survey

Author

Listed:
  • Jonas Hennrich

  • Stefan Sauer

  • Klaus Wohlrabe

Abstract

The ifo Business Climate Index for Germany is considered as the most important leading indicator for the German economy. Media reports often refer to the mood in German boardrooms. Based on a survey conducted in May 2023, we show that most of the around 9,000 respondents to the monthly ifo Business Survey are the owners or managers of the companies. The sentiment regarding the state of the German economy thus comes directly from the boardrooms of the companies..

Suggested Citation

  • Jonas Hennrich & Stefan Sauer & Klaus Wohlrabe, 2023. "Who Reports the Mood in German Boardrooms? Evidence from the ifo Business Survey," CESifo Working Paper Series 10571, CESifo.
    • Handle: RePEc:ces:ceswps:_10571
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    File URL: https://www.ifo.de/DocDL/cesifo1_wp10571.pdf
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    References listed on IDEAS

    as
    1. Stefan Sauer & Klaus Wohlrabe, 2018. "The New ifo Business Climate Index for Germany," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 19(02), pages 59-64, July.
    2. Link, Sebastian & Peichl, Andreas & Roth, Christopher & Wohlfart, Johannes, 2023. "Information frictions among firms and households," Journal of Monetary Economics, Elsevier, vol. 135(C), pages 99-115.
    3. Robert Lehmann, 2023. "The Forecasting Power of the ifo Business Survey," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 19(1), pages 43-94, March.
    4. Demmelhuber Katrin & Sauer Stefan & Wohlrabe Klaus, 2023. "Beyond the Business Climate: Supplementary Questions in the ifo Business Survey," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 243(2), pages 169-182, April.
    5. repec:ces:ifofor:v::y:2018:i::p: is not listed on IDEAS
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    Citations

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    Cited by:

    1. Aksoy, Cevat Giray & Dolls, Mathias & Klejdysz, Justyna & Peichl, Andreas & Windsteiger, Lisa, 2025. "Speaking of Debt: Framing, Guilt, and Economic Choices," CEPR Discussion Papers 20588, Centre for Economic Policy Research.
    2. Felix Leiss & Stefan Sauer & Klaus Wohlrabe, 2025. "Questions, Measures, and Meaning: Interpreting Indicators from the ifo Business Survey," CESifo Working Paper Series 12094, CESifo.
    3. Stefan Sauer & Klaus Wohlrabe, 2025. "Explaining Business Sentiment: Insights from the ifo Business Survey," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 21(2), pages 213-235, December.
    4. Mathias Dolls & Sebastian Link & Matti Liski & Gerome Wolf, 2026. "When Do Firms Invest Green? Carbon Prices, Uncertainty, and Policy Credibility," EconPol Policy Reports 58, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    5. Thomas Licht & Klaus Wohlrabe, 2024. "AI Adoption Among German Firms," CESifo Working Paper Series 11459, CESifo.
    6. Balleer, Almut & Noeller, Marvin, 2023. "Monetary policy in the presence of supply constraints: Evidence from German firm-level data," Ruhr Economic Papers 1060, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    7. Stefan Sauer & Klaus Wohlrabe, 2024. "What Is Behind the ifo Business Climate? Evidence from a Meta-Survey," CESifo Working Paper Series 11482, CESifo.
    8. Best, Lea & Born, Benjamin & Menkhoff, Manuel, 2025. "The Impact of Interest: Firms' Investment Sensitivity to Interest Rates," CEPR Discussion Papers 20695, Centre for Economic Policy Research.

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    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods

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