Lehre
Monetary Theory and Policy
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derived carefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB. Possible extensions to the core model that may be treated in class include an analysis of optimal monetary policy.
After completing the course, students should understand the dynamic mechanisms of nominal rigidities and the policy tradeoffs facing monetary policy. Mechanically, students will be able to derive, solve and simulate simple DSGE models and should be able to read and understand more elaborate models found in the literature.
Advanced Macroeconomic Theory 1 - Part 2
Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and the analysis of New Keynesian models will be introduced. Thus, the course will have a twofold focus on models and techniques.
Makroökonomik 2 / Makroökonomie 2
The language of the course is English. The course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate-level macroeconomics (covered in BMAK) and graduate-level macroeconomics (covered in Fundamentals of Macroeconomics or PhD Macro). It is intended for undergraduates who have successfully completed BMAK and BMIK and who are now ready to study advanced topics in macroeconomics in greater analytical detail. The course objective is to deepen our understanding of fundamental macroeconomic problems and appropriate policies. After completing this course, students should be able to understand newspaper articles on stabilization and growth policies.
Highly successful students will be able to explain these articles to non-economists. Top students will be able to spot mistakes and to debate opinions expressed in the press. Although the emphasis is on presenting the intuition behind macro theory, we will be using a combination of figures and mathematics to derive results, with more emphasis on mathematics than in BMAK. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Business Cycle Theory and Policy
The course introduces students to two modern theories of business cycles: Real Business Cycle theory and New Keynesian theory. A standard Real Business Cycle model will be formally stated and solved. Afterwards, a standard New Keynesian model will be formally stated and solved. Finally, we are going to use these two models for policy analysis. Students are supposed to learn how to state and solve modern business cycle models.
Topics in Monetary Policy, Banking Supervision, and Financial Stability – Legal and Economic Perspectives
Digitalization is pervasive, influencing almost every aspect of modern society. The supervision and stability of the financial sector and the communication and implementation of monetary policy are no different. Examples include potential and problems with publically accessible forecasts and forecasting models, liability and potential of machine learning in informing policy, large language models and monetary policy communication.
The interdisciplinary seminar will examine various aspects of digitalization and the associated challenges for monetary policy and supervision as well as its consequences for financial stability from an economic and legal perspective.
Makroökonomik 2 / Makroökonomie 2
The language of the course is English. The course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate-level macroeconomics (covered in BMAK) and graduate-level macroeconomics (covered in Fundamentals of Macroeconomics or PhD Macro). It is intended for undergraduates who have successfully completed BMAK and BMIK and who are now ready to study advanced topics in macroeconomics in greater analytical detail. The course objective is to deepen our understanding of fundamental macroeconomic problems and appropriate policies. After completing this course, students should be able to understand newspaper articles on stabilization and growth policies.
Highly successful students will be able to explain these articles to non-economists. Top students will be able to spot mistakes and to debate opinions expressed in the press.
Although the emphasis is on presenting the intuition behind macro theory, we will be using a combination of figures and mathematics to derive results, with more emphasis on mathematics than in BMAK. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Monetary Theory and Policy
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derivedcarefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB. Possible extensions to the core model that may be treated in class include an analysisof optimal monetary policy.
After completing the course, students should understand the dynamic mechanisms of nominal rigidities and the policy tradeoffs facing monetary policy. Mechanically, students will be able to derive, solve and simulate simple DSGE models and should be able toread and understand more elaborate models found in the literature.
Business Cycle Theory and Policy
The course introduces students to two modern theories of business cycles: Real Business Cycle theory and New Keynesian theory. A standard Real Business Cycle model will be formally stated and solved. Afterwards, a standard New Keynesian model will be formally stated and solved. Finally, we are going to use these two models for policy analysis. Students are supposed to learn how to state and solve modern business cycle models.
Green Finance: Monetary Policy and Banking Supervision
Climate change is influencing the structures of the financial sector and both the goals and transmission of monetary policy. Examples include certification and regulation of ESG criteria, mandates and quotas of portfolio components certified accordingly, and a longer than business cycle perspective in the conduct of monetary policy.
The interdisciplinary seminar aims to examine various facets of this transformation and the associated challenges for monetary policy as well as for supervision from an economic and legal perspective.
Advanced Macroeconomic Theory 1
This course will introduce students to the rigorous solution and analysis of business cycle models. Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and of New Keynesian models. Thus, the course will have a twofold focus on models and techniques.
Makroökonomik 2 / Makroökonomie 2
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
PMAK – Macroeconomics 2 (B.Sc. Economics and Business Administration)
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Monetary Theory and Policy
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derived carefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB. Possible extensions to the core model that may be treated in class include an analysis of optimal monetary policy.
After completing the course, students should understand the dynamic mechanisms of nominal rigidities and the policy tradeoffs facing monetary policy. Mechanically, students will be able to derive, solve and simulate simple DSGE models and should be able to read and understand more elaborate models found in the literature.
Advanced Macroeconomic Theory 2, Part 1
This course will introduce students to the rigorous solution, estimation, and analysis of business cycle models. Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and numerical estimation techniques introduced in the analysis of New Keynesian models. Thus, the course will have a twofold focus on models and techniques.
Bayesian Macroeconometrics
This course will introduce students to the foundations of Bayesian estimation in the context of macroeconomics. A rigorous treatment of the principles of Bayesian estimation and contrast with frequentist techniques will form the foundations to application to reduced-form and structural models of the macroeconomy. Topics such as linear regression, VAR, and DSGE models will be examined through the Bayesian perspective.
PMAK – Macroeconomics 2 (B.Sc. Economics and Business Administration)
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Business Cycle Theory and Policy (B.Sc. Economics and Business Administration)
The course introduces students to two modern theories of business cycles: Real Business Cycle theory and New Keynesian theory. A standard Real Business Cycle model will be formally stated and solved. Afterwards, a standard New Keynesian model will be formally stated and solved. Finally, we are going to use these two models for policy analysis. Students are supposed to learn how to state and solve modern business cycle models.
Economic and Legal Aspects of Virtual Currencies
The seminar will delve into economic and legal aspects of virtual currencies. From a legal perspective, the focus will be on the regulations of the Markets in Crypto Assets Regulation (MiCA-VO) as well as on the framework conditions of Central Bank Digital Currencies. The presentation and the seminar paper can be in either German or English, depending on the participants' preference.
Macroeconomics 2
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Monetary Theory and Policy
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derived carefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB. Possible extensions to the core model that may be treated in class include an analysis of optimal monetary policy.
After completing the course, students should understand the dynamic mechanisms of nominal rigidities and the policy tradeoffs facing monetary policy. Mechanically, students will be able to derive, solve and simulate simple DSGE models and should be able to read and understand more elaborate models found in the literature.
Advanced Macroeconomic Theory 2, Part 1
This course will introduce students to the rigorous solution, estimation, and analysis of business cycle models. Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and numerical estimation techniques introduced in the analysis of New Keynesian models. Thus, the course will have a twofold focus on models and techniques.
PMAK – Macroeconomics 2 (B.Sc. Economics and Business Administration)
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Monetary Theory and Policy
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derived carefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB. Possible extensions to the core model that may be treated in class include an analysis of optimal monetary policy.
After completing the course, students should understand the dynamic mechanisms of nominal rigidities and the policy tradeoffs facing monetary policy. Mechanically, students will be able to derive, solve and simulate simple DSGE models and should be able to read and understand more elaborate models found in the literature.
Advanced Macroeconomic Theory 2, Part 1
This course will introduce students to the rigorous solution, estimation, and analysis of business cycle models. Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and numerical estimation techniques introduced in the analysis of New Keynesian models. Thus, the course will have a twofold focus on models and techniques.
PMAK – Macroeconomics 2 (B.Sc. Economics and Business Administration)
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Business Cycle Theory and Policy (B.Sc. Economics and Business Administration)
The course introduces students to two modern theories of business cycles: Real Business Cycle theory and New Keynesian theory. A standard Real Business Cycle model will be formally stated and solved. Afterwards, a standard New Keynesian model will be formally stated and solved. Finally, we are going to use these two models for policy analysis. Students are supposed to learn how to state and solve modern business cycle models.
Advanced Macroeconomic Theory 2, Part 1
This course will introduce students to the rigorous solution, estimation, and analysis of business cycle models. Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and numerical estimation techniques introduced in the analysis of New Keynesian models. Thus, the course will have a twofold focus on models and techniques.
Bayesian Macroeconometrics
This course will introduce students to the foundations of Bayesian estimation in the context of macroeconomics. A rigorous treatment of the principles of Bayesian estimation and contrast with frequentist techniques will form the foundations to application to reduced-form and structural models of the macroeconomy. Topics such as linear regression, VAR, and DSGE models will be examined through the Bayesian perspective.
Macroeconomics 2
The language of the course is English. The course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate-level macroeconomics (covered in BMAK) and graduate-level macroeconomics (covered in Fundamentals of Macroeconomics or PhD Macro). It is intended for undergraduates who have successfully completed BMAK and BMIK and who are now ready to study advanced topics in macroeconomics in greater analytical detail. The course objective is to deepen our understanding of fundamental macroeconomic problems and appropriate policies.
After completing this course, students should be able to understand newspaper articles on stabilization and growth policies. Highly successful students will be able to explain these articles to non-economists. Top students will be able to spot mistakes and to debate opinions expressed in the press. Although the emphasis is on presenting the intuition behind macro theory, we will be using a combination of figures and mathematics to derive results, with more emphasis on mathematics than in BMAK. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Monetary Theory and Policy
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derived carefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB. Possible extensions to the core model that may be treated in class include an analysis of optimal monetary policy.
After completing the course, students should understand the dynamic mechanisms of nominal rigidities and the policy tradeoffs facing monetary policy. Mechanically, students will be able to derive, solve and simulate simple DSGE models and should be able to read and understand more elaborate models found in the literature.
PMAK – Macroeconomics 2 (B.Sc. Economics and Business Administration)
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Business Cycle Theory and Policy (B.Sc. Economics and Business Administration)
The course introduces students to two modern theories of business cycles: Real Business Cycle theory and New Keynesian theory. A standard Real Business Cycle model will be formally stated and solved. Afterwards, a standard New Keynesian model will be formally stated and solved. Finally, we are going to use these two models for policy analysis. Students are supposed to learn how to state and solve modern business cycle models.
Bayesian Macroeconometrics
This course will introduce students to the foundations of Bayesian estimation in the context of macroeconomics. A rigorous treatment of the principles of Bayesian estimation and contrast with frequentist techniques will form the foundations to application to reduced-form and structural models of the macroeconomy. Topics such as linear regression, VAR, and DSGE models will be examined through the Bayesian perspective.
Advanced Macroeconomic Theory 2, Part 1
This course will introduce students to the rigorous solution, estimation, and analysis of business cycle models. Numerical solution methods will be compared in the analysis of the real business cycle (RBC) model and numerical estimation techniques introduced in the analysis of New Keynesian models. Thus, the course will have a twofold focus on models and techniques.
Macroeconomics 2
The course provides an introduction to Advanced Macroeconomics at the undergraduate level, serving as a bridge between Intermediate Macroeconomics at the undergraduate level and graduate-Macroeconomics. The first part of course is about economic growth. The second part of the course is about business cycles.
PMAK – Macroeconomics 2 (B.Sc. Economics and Business Administration)
This course provides an introduction to advanced macroeconomics at the undergraduate level, serving as a bridge between intermediate macroeconomics at the undergraduate level and graduate macroeconomics. The course begins with economic growth and then proceeds to business cycles. Knowledge of functions, derivatives, and constrained optimization, along with basic statistics is assumed.
Business Cycle Theory and Policy (B.Sc. Economics and Business Administration)
The course introduces students to two modern theories of business cycles: Real Business Cycle theory and New Keynesian theory. A standard Real Business Cycle model will be formally stated and solved. Afterwards, a standard New Keynesian model will be formally stated and solved. Finally, we are going to use these two models for policy analysis. Students are supposed to learn how to state and solve modern business cycle models.
Monetary Theory and Policy (M.Sc. in Money and Finance)
This course introduces students to the dynamic stochastic general equilibrium (DSGE) models used in modern monetary macroeconomics called New Keynesian models. The basic model equations including nominal frictions such as price stickiness are derived carefully, and model solution techniques are discussed. Numerical solutions of the models are obtained and the models are simulated and analyzed using Dynare in MATLAB.
Numerical Methods in Macroeconomics: Estimation and Solution of DSGE Models (MSQ)
The course is based on techniques and applications and explores the example of frictional labor markets in macroeconomics using a variety of methodological tools. It is designed to develop and sharpen students’ prior knowledge dynamic macroeconomics and econometrics with a mixture of lectures on state-of-the-art solution and estimation techniques for macroeconomic models and application of the techniques to search theory with standard software packages and models from the literature.