Macroeconomics, Money and Financial Markets ?· Topics in Macroeconomics, Money and Financial Markets…

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Macroeconomics,MoneyandFinancialMarkets

ThefieldMacroeconomics,MoneyandFinancialMarkets isconcernedwithmonetarytheoryandpolicyandfinancialmarketfrictionsaswellaswithpublicdebtandopeneconomymacroeconomics.

Typicalproblemsdiscussedinthisfieldare:Howismonetarypolicytransmittedviafinancialmarkets?Whataretheconsequencesoffinancialmarketimperfections?Whatistheoptimallevelofpublicdebt,howdodebtcrisesemergeandwhat is the roleofpolicy?Howdoopeneconomybusinesscyclesbehaveandwhatdeterminescurrentaccountdynamics?

Foundations inMacroeconomics,Money and FinancialMarketsA:Money and FinancialMarkets(summerterm)ProfDr.AndreasSchabert

MoneyandFinancialMarketsisconcernedwithmonetarytheoryandpolicy.Itcoversfundamentalanalysis ofmoney demand, financialmarket frictions and financial intermediaries andmonetarytransmissionviathebankingsector.MainquestionsareHowcanmoneydemandberationalized?,Whataremacroeconomiceffectsoffinancialmarketimperfections?,Whyshouldmonetarypolicycare about banks? and How shouldmacroprudential regulation be implemented?. The coursefeatures the analysis of partial equilibrium and dynamic general equilibriummodels, introducesinsightsfrommicroeconomictheoryinmacromodelsandsketchesa"newnormal"formonetarypolicyandregulation.

Outline

1.EmpiricalEvidence

2.TransactionFrictionsandMoneyDemand

3.FinancialIntermediariesandBanks

4.AMacroeconomicViewonMoneyandBanking

5.AsymmetricInformationandDebtContracts

6.FinancialFrictionsandMacroeconomicDynamics

7.BankRuns,InterbankMarkets,andMonetaryPolicy

8.UnconventionalMonetaryPolicy

9.(Macroprudential)RegulationofBanks

MainliteratureconsistsofMonetaryTheoryandPolicy(Walsh,2003),MicroeconomicsofBanking(FreixasandRochet,2008)andaselectionofrecentpublicationsinmonetarytheory.

Foundations in Macroeconomics, Money and Financial Markets B: InternationalMacroeconomics(winterterm)Prof.Dr.AndreasSchabert

InternationalMacroeconomicshasafocusonmacroeconomicaggregatesandshortrundynamicsandacloseconnectiontointernationalfinance.Maintopicsarethecharacteristicsofopeneconomybusiness cycles, the determination of current account dynamics and exchange rates, the role ofmonetarypolicyinopeneconomiesandtheemergenceofbalanceofpaymentsproblemsanddebtcrises.Thecoursefeaturesapplicationsofstochasticdynamicgeneralequilibriummodels,comparesmodel implications toempiricalevidenceand introduces students into recent fieldsof research ininternationalmacroeconomics.

Outline

1.Nationalaccountingandsomestylizedfacts

2.Intertemporalapproachtothebalanceofpayments

3.Endogenousproductioninanopeneconomy

4.Openeconomyrealbusinesscycles

5.Realbusinesscyclesinemergingmarkets

6.Completemarketsandinternationalrisksharing

7.Foreignexchangemarketsandinterestrateparity

8.Prices,exchangesrates,andmonetarypolicy

9.Newopeneconomymacroeconomics

10.Fixedexchangeratesandmonetaryunions

11.Publicdebtandsovereigndefault

Inthecourse,studentswillacquirebasictheoreticalconceptsinappliedinternationalmacroeconomicsand apply basic methods of empirical models. Main literature consists of Open EconomyMacroeconomics (SchmittGroh and Uribe, 2015) and Foundations of InternationalMacroeconomics(RogoffandObstfeld,1996).

Foundations inMacroeconomics,Money and FinancialMarkets C: PublicDebt (summerterm)Prof.Dr.MartinBarbie

Methodically,thiscourseisbasedontheoverlappinggenerationsmodel.Itcoversthetheoryofpublicdebtinclosedandopeneconomies,Ricardianequivalence,theoryofoldageprovision,andoptimalpublicdebtunderdistortingtaxation.Inthecourse,studentswillanalyzebasicempiricalfactsconcerningpublicdebt,analyticallyevaluatetheconsequencesofpublicdebtonallocationandwelfare,aswellasanalyzethemechanismsofpublicdebtunderaltruismandofpayasyougopensioninsurance.

TopicsinMacroeconomics,MoneyandFinancialMarketsN.N.Seminar inMacroeconomicsandPublicEconomics (summerandwinter term)ProfDr.MartinBarbieandProf.Dr.AndreasSchabert

Theseminarcoversbasicand recentpapers inmacroeconomics,monetarypolicyandpublicdebt.Studentsapplytheirtheoreticalanempiricalskillsto independentlydealwithscientificandappliedquestions concerning "Macroeconomics,Money, and FinancialMarkets" and critically analyze thecorrespondingliterature.Inthecourse,studentshavetopresentarecentpaper,discussotherpapersandhandinshortwrittensummaries.

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