A macro derivative or an economic derivative is a derivative that is based on a macroeconomic figure, such as consumer confidence, jobless claims, or business climate. Probably inspired by Robert Shiller, in 2002 Goldman Sachs and Deutsche Bank announced to offer their clients auctions for derivatives based on macroeconomic key figures. In 2005 Deutsche Bank left the joint project. In the same year Goldman Sachs turned to Chicago based derivative exchange CME with a reduced product portfolio, for instance the German business climate index ifo has been taken out.