Seminar Content and Learning Objectives
The seminar analyses the interdependence of monetary tightening and structural reforms. Historically, phases of monetary easing have been followed by phases of monetary tightening. However, since the 1990s the dimension of monetary easing was larger than the dimension of monetary tightening, bringing interest rates to zero. With consumer price inflation having emerged, after almost a decade of zero interest rate policies coupled with quantitative easing, central banks have globally entered in a phase of monetary tightening. The aim of the seminar is to provide insights into the political economy of monetary tightening with a focus on necessary structural reforms.
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 |