Austrian Institute of Economic Research (WIFO) is Austria's leading institute for applied empirical economic research. Founded in 1927 by Friedrich August von Hayek and Ludwig von Mises, WIFO analyses and forecasts economic developments in Austria and abroad. WIFO is a non-profit organisation that conducts its scientific work independently of politics and business. The findings of its research activities are designed for use as underpinnings for economic policy and entrepreneurial decision-making and to elevate the economic policy discourse to an objective level.
To put such a mission into practice, the Institute requires a strong basis in research theories and the ability to apply advanced empirical methods. Solid experience in handling data and a detailed institutional knowledge ensure a high quality of the research. Linkages with international scientific networks broaden the institute's performance spectrum and contribute to its quality assurance procedures. They also provide the basis for the institute's increasing role in applied economic research and policy consulting at the European level.
WIFO perceives its core task as serving as a bridge between basic academic research and economic policy applications that is built on a foundation of careful empirical analysis. There is no other facility in Austria that performs this task to any comparable scope or in a similar manner. WIFO's position as a mediator requires it to delimit itself against and arrive at a work-sharing arrangement with economic policy institutions, universities and consultants.