Welcome to KfW Research

Three teams of experts ensure that analyses from KfW Research are always of the highest standards.

This team focuses on small and medium sized enterprises (SME), innovations, internationalisation, start-ups, education and demographics. Both current and structural developments, as well as comprehensive trends such as digitalisation are priorities here. Investment and financing also play an important role. Our analyses and evaluations form the basis of our surveys, such as the KfW SME Panel or the KfW Entrepreneurship Monitor.

Further information on these topics can be found here:

Your point of contact:

Dr Vivien Lo
Team Leader
+49 69 7431-4852

The Energy, Environment and Municipalities Team conducts economic analyses and evaluations relating to climate change, the energy turnaround ("Energiewende"), the protection of resources and the environment, as well as the future-oriented adapation of infrastructure, particularly at municipal level.

Specifically we focus on the modification of the energy system, the further development and integration of renewable energy sources, energy efficiency in buildings and businesses, as well as the financing of municipal infrastructure and the state of municipal finances. We not only look at developments in Germany but also at European and international trends.

Further information on these topics can be found here:

You point of contact:

Dr Karsten Kohn
Team Leader
+49 69 7431-4473

The Macro Team analyses, forecasts and evaluates economic and structural developments and trends in Germany, Europe, USA and other industrialised and emerging countries. This also includes monitoring international capital markets, including forecasts for interest and exchange rates, as well as structural changes on the German and European banking markets. We also analyse and forecast investment behaviour and patterns, as well as credit market developments in both Germany and the Euro Area.

Further information on these topics can be found here:

Your point of contact:

Dr Vera Schubert
Team Leader
+49 69 7431-4220

KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,