Das Seminar "Monetary Tightening and Global Financial Stability" findet im Wintersemester statt.
Instructor: Dr. Moritz Pfeifer, Prof. Dr. Gunther Schnabl
Date: 10.10.2023, 11:15-12:45 (Introductory Session), 10.01.2024, 17.01.2024, 24.01.2024 (09:00-18:00)
Room: S204
Grading: Term Paper (Guidelines)
Topic Allocation: via Email to Dr. Moritz Pfeifer until October 20th
Deadline Term Paper: January 7th via Email to Dr. Moritz Pfeifer.
Introduction: Course DEscription
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Seminar Content and Learning Objectives
Recent rate hikes have sent ripples through the global economic landscape, underscoring the critical importance of understanding monetary and fiscal policies. Compared with previous tightening episodes from the German Bundesbank, the ECB has now delivered as much tightening in the space of 15 months as the Bundesbank did from the start of recorded data in 1948. The aim of this seminar is to gain a better understanding of these policies and their impact on financial stability, inflation, and economic growth. Each topic takes a distinct approach, examining issues such as monetary theory, historical contexts, policy debates, and regulatory frameworks.
Requirements and Evaluation
Students are required to attend the entire seminar, present their papers and actively participate in the discussions.
Seminar Topics
| Topics | |
|---|---|
1. | Tightening from a Keynesian and Austrian Perspective |
2. | Fiscal Dominance vs. Monetary Dominance |
3. | The Fiscal Theory of the Price Level |
4. | Ben Strong and the Roaring 1920s: lessons from the History of the Fed |
5. | The Volcker Era and Monetary Tightening |
6. | The "Bubble" and Monetary Tightening in Japan |
7. | Global Imbalances and Monetary Tightening |
8. | Monetary Tightening and Uncertainty |
9. | Monetary Tightening and Asset Price Bubbles |
10. | Monetary Tightening and Expectation Management |
11. | Quantitative Tightening by Fed, ECB and Bank of Japan |
12. | Monetary Tightening and Regulation |
Seminar Dates
There will be an introductiory session to the seminars "Financial Development and Innovation in Developing Countries and Emerging Markets", and "Monetary Tightening and Global Financial Stability" on 10.10.2023 (11:15-12:45, Seminarraum SR4). Students will receive general information about the seminars, the term paper and the writing of academic papers.
| Date | Time |
| 0. | 10.10.2023 | 11:15 – 12:45 |
1. | 10.01.2024 | 9:00 – 18:00 |
2. | 17.01.2024 | 9:00 – 18:00 |
3. | 24.01.2024 | 9:00 – 18:00 |