A Quintet of Strong Voices – Policy Advice by Germany‘s Joint Economic Forecast

Twice a year, the Joint Economic Forecast (JEF, „Gemeinschaftsdiagnose“) brings together Germany’s leading economic research institutes to prepare a consensus view on the business cycle, potential growth perspectives and appropriate policy recommendations. This globally unique exercise, dating back to 1950, fruitfully amalgamates individual forecasts without hampering the scientific independence of the participating institutes. While the primary purpose is to give policymakers and the general public a better understanding of economic dynamics, the JEF also serves as an ongoing interactive peer-review-process among its members. Joining forces within the JEF has proven particularly useful in times of dramatic macro shocks, when quick and reliable policy advice is urgently needed.