Change at the Helm of the ZEW Indicator of Economic Sentiment


ZEW Financial Market Survey: Dr. Michael Schröder Retires, Dr. Alexander Glas Takes Over

The ZEW Financial Market Survey remains in capable hands. Dr. Michael Schröder retires, Dr. Alexander Glas takes over.

How will the economy develop over the next six months? For over three decades, the ZEW Financial Market Survey has been gauging the sentiment among German financial experts on a monthly basis. Known as the ZEW Indicator of Economic Sentiment, it has become an eagerly awaited fixture by media and investors alike. As of 1 September 2023, Dr. Michael Schröder will be passing on the leadership of the ZEW Financial Market Survey, through which the ZEW Indicator of Economic Sentiment is conducted, to his successor, Dr. Alexander Glas.

After 28 years at ZEW Mannheim, Dr. Michael Schröder is now retiring. He earned his PhD in 1990 at the University of Mannheim and worked as a senior economist at an international investment bank in Frankfurt am Main, specialising in investment research. Starting from 1995, he worked as a researcher in ZEW’s “Pensions and Sustainable Financial Markets” Unit, focusing particularly on empirical capital market analyses and expectation formation in financial markets. In 2009, he obtained his habilitation from the University of Stuttgart. Taking up the mantle is his successor, Dr. Alexander Glas, who studied and earned his PhD in economics at Heidelberg University. Most recently, he held a postdoctoral position at the Institute of Economic Research within the Friedrich-Alexander University Erlangen-Nuremberg (FAU).

ZEW Financial Market Survey continues in capable hands

“Heartfelt thanks to Michael Schröder. With him, we had an enormously experienced expert in our ranks who significantly shaped the ZEW Financial Market Survey, one of the most prominent leading indicators for the economy, through his work over the years,” says ZEW President Professor Achim Wambach. Professor Tabea Bucher-Koenen, head of the “Pensions and Sustainable Financial Markets” Unit, adds, “With Michael Schröder entering retirement, ‘Mr. Financial Market Survey’ bids farewell. I express my gratitude to him for his contributions and his passion for research. With Alexander Glas, the ZEW Financial Market Survey remains in capable hands. His experience from the Chair of Statistics and Econometrics at FAU positions him as a fitting successor. I wish Alexander Glas every success in his new role.”

ZEW Financial Market Survey: A solid fixture for over 30 years with an experienced team

The ZEW Financial Market Survey has been conducted since December 1991. Participants are asked monthly about their expectations concerning the development of major international economies, including Germany, the eurozone, the United States and China. In total, the panel consists of about 350 financial analysts from banks, insurance companies and selected corporations, specifically from the finance, research and economics departments as well as the investment and securities departments. Most of the participants are from Germany. Guided by the experienced team – namely, Dr. Frank Brückbauer, Peter Buchmann, and Thibault Cézanne – Alexander Glas will continue to ensure top-quality economic surveys and analyses.

More about the ZEW Financial Market Survey

As part of a survey, the financial experts are asked about their expectations on a six-month horizon regarding the development of the economy, the inflation rate, short- and long-term interest rates, equity prices and exchange rates. In addition, they are asked to assess the earnings situation in 13 German sectors. Besides a fixed survey section, special questions on current topics are included on a regular basis. The ZEW Indicator of Economic Sentiment, which has established itself as an early indicator of economic development (“ZEW Index”), is calculated from the expectations of financial market experts on the development of the economic situation in Germany. The results are published and analysed in detail in the monthly ZEW Financial Market Report.

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