Our Kick-Off-Meeting at the DIW
On Wednesday, the 21st of February, we made our way to the YES! Kick-Off Meeting.
We are Melisa, Alexandru, Nikolai Yussef and Noah from the Georg-Büchner-Gymnasium in the south of Berlin.
Our mentoring teacher Dr Seibel was, of course, accompanying us. He was the first person to draw our attention to YES! and directly got us interested in participating. We all were very excited about our first experience as none of us knew what to expect and indeed had been looking forward to the day of the Kick-Off to come.
The Kick-Off took place in the DIW, the German Institue For Economic Research. There, we, first of all, heard a short presentation of the DIW and its work. We looked at some of its publications and were able to ask questions about it as well as about the YES! Competition and about how everything was going to work.
Afterwards, we got to meet the economist we are going to work within the next weeks, Dr Ferdinand Fichtner. With a short presentation, he gave us a quick introduction to our topic
„Sense and Nonsense of Economic Forecasts: Motivation and Methods for Macroeconomic Forecasts“ which gave us a great overview of our topic.
What exactly is macroeconomy? What does the gross domestic product comprise? We learnt how forecasts are created and what factors can endanger their accuracy or make it very hard to predict certain things.
As a team, we all had previously worked on the topic by making use of various articles and documentaries, but it was incredibly helpful to be able to ask an expert right from the beginning.
The topic of macroeconomic forecasts is very broad and variegated, and without a lot of knowledge, it seemed rather hard to get hold of it. However, we are all looking optimistically in the future because we think that it is a very interesting topic with many opportunities for us to work on.
Even during the first Kick-Off meeting, we had ideas for our topic question – probably making more data available to the people creating forecasts or even casting a more positive light on forecasts, as they are often not appreciated and judged for alleged inaccuracy by the public.
In our next expert meeting, it will be our turn to present our ideas, and until then, we have decided to meet up every Wednesday to discuss our newest findings.