The ifo Business Climate Index is considered as one of the most important leading indicators for the German economy. It is based on a monthly survey of about 9,000 companies located in Germany and composed of two main questions from the monthly questionnaire: the assessment of the current...

We present the results of an experiment where a random subset of the participants in the Bundesbank's household panel receive personalized response scales, centered at each participant's point forecast. Personalized response scales offer two advantages over the standard scale which is centered...