Das Seminar "Global Challenges to Monetary Policy" findet im Wintersemester statt.
Instructor: Dr. Moritz Pfeifer, Prof. Dr. Gunther Schnabl
Date for Introductory Session: 15.10.2024, 11:15-12:45 Uhr (Room: SR5)
Date for Seminar: 13.01.2024 (Room: HS16), 14.01.2024 (Room: HS16), 15.01.2024 (Room: I411) at 09:00-18:00
Grading: Term Paper (Guidelines)
Topic Allocation: During the introductory session.
Deadline Draft: January 6th via Email to Dr. Moritz Pfeifer.
Deadline Term Paper: January 31st via Email to Dr. Moritz Pfeifer.
Introduction: Slides.
Seminar Content and Learning Objectives
The latest inflation surge and the following central bank rate hikes have sent ripples through the global economic landscape, underscoring the importance of understanding the connection between monetary and fiscal policy. Compared with previous tightening episodes from the German Bundesbank, the ECB has delivered as much tightening in the space of 15 months as the Bundesbank did from the start of recorded data in 1948. In June 2024 the ECB has started cutting interest rates, followed by the FED in September this year. Meanwhile the Bank of Japan has surprised many experts by lifting interest rates in July 2024 for the first time since 2007. 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. | ECB and BoJ: Central Bank Independence or Fiscal Dominance? |
| 2. | Diverging Paths: The Rise of Heterogeneity in Global Monetary Policy |
| 3. | Monetary Tightening in Industrialized Countries and Financial Stability in Emerging Markets |
| 4. | The Role of Monetary Policy for Financial Markets in the Austrian Business Cycle Theory |
| 5. | The Role of Monetary Policy for Financial Markets in Minsky’s Business Cycle Theory |
| 6. | The End of Cheap Money or Just on Pause? |
| 7. | The Impact of QE and QT on Financial Markets |
| 8. | CBDCs and Monetary Policy Transmission |
| 9. | The FED’s Safety Net: QT and the Backstop Facility |
| 10. | Risk Socialization in the EU: More or Less Fiscal Autonomy? |
| 11. | Bank of Japan on a Tightrope: Monetary Policy and Carry Trades |
| 12. | China’s Biggest Bubble: Monetary Policy and Real Estate Markets in Boom and Bust |
| 13. | Milei’s Mission: Fiscal and Monetary Consolidation in Argentina |
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 15.10.2024 (11:15-12:45, Seminarraum SR5). Students will receive general information about the seminars, the term paper and the writing of academic papers.
Seminar Dates
| Date | Time and Place |
1. | 13.01.2024 | 09:00-18:00 (HS16) |
2. | 14.01.2024 | 09:00-18:00 (HS16) |
3. | 15.01.2024 | 09:00-18:00 (Room I411) |