IEP Academy  

Monetary Policy, Financial Crises & Political Stability

Dr. Pablo Duarte, Flossbach von Storch Institute
Dr. Alexander Fink, Leipzig University
David Herok, Leipzig University
Dr. Andreas Hoffmann, Leipzig University
Prof. Dr. Jörg Guido Hülsmann, Université d'Angers
Dr. Karl-Friedrich Israel, Leipzig University
Sebastian Müller, Leipzig University
Taiki Murai, Leipzig University
Prof. Dr. Gunther Schnabl, Leipzig University
Nils Sonnenberg, Leipzig University
03.09. - 05.09.2020
Leipzig University


Sponsored by


The goal of our workshop is to give German and international students from bachelor and master programs in economics and related disciplines the opportunity to better understand the current economic development and to discuss solutions for social and economic problems that have emerged over the past decades. Our analytical framework is based on the works of Walter Eucken and Friedrich Hayek, who have made seminal contributions to the understanding of a free market-based economic order. Since 2018 the workshop has grown every year. The IEP Academy Workshop 2020 is intended to enable 25 selected students to discuss the causes, consequences and remedies of low-growth and highly indebted economies. The students will spend two full days learning about topics such as the link between monetary policy, credit cycles and financial crises. They will examine the political economy of financial and economic crises and possible unintended consequences of crisis management.

The instruction language is English to make the participation of students from all over Europe possible. This is seen as an important contribution to the dialogue between young Europeans. In the past two years we hosted participants from the UK, Portugal, Hungary, Italy, Austria, Albania, Poland, Spain, Germany and Israel.

The intensive workshop takes place from September 3-5, 2020 at Leipzig University, amidst one of Germany’s youngest and most dynamic cities. Selected students will be accommodated right in the city center, two minutes from the university buildings. The program package also includes welcome drinks, lunch meals, and get-togethers with the instructors.


To apply for participation in the workshop, please send an email to Dr. Karl-Friedrich Israel (israel(at) by July 31, 2020.

Your application should include

    your motivation to participate in the workshop (~200 words),
    a summary of your study and/or research interests (~150 words),
    a current copy of your CV.

We look forward to receiving your application and are excited to welcome you in Leipzig on September 3–5.


Thursday, September 3, 2020
5 to 5:30 PM       Arrival and Registration
5:30 PMIntroduction
7 PMGet togehter
Friday, September 4, 2020
Monetary Policy, Cycles and Crises
9 to 10:30 AMThe Role of Interest Rates in the Economy (K.-F. Israel)
10:30 to 11 AMBreak
11 to 12:30 PMMonetary Policy and Credit Cycles (G. Schnabl / N. Sonnenberg)
12:30 to 2 PMLunch
European Integration and Interest Group Behavior
2 to 3:30 PMInterest Group Behavior and Bank Bailouts (A. Fink)
3:30 to 4 PMBreak
4 to 5:30 PMFuncitional vs. Institutional Integration in Europe
(G. Schnabl / S. Müller) 
5:30 to 5:45 PMBreak
5:45 to 7:15 PMCapital Flows, Overheating, and Crisis (D. Herok)
8 PMGet-together
Dinner Speech: The Cultural Consequences of Inflation (G. Hülsmann)
Saturday, September 5, 2020
Unintended Consequences in Emerging Markets
9 to 10:30 AMFinancial Repression (A. Hoffmann)
10:30 to 11 AMBreak
11 to 12:30 PMEuropean Imbalances and the European Financial and Debt Crisis
(G. Schnabl)
12:30 to 2 PMLunch
Unintended Consequences in Advanced Economies
2 to 3:30 PMMonetary Policy and Inequality (P. Duarte / K.-F. Israel)
3:30 to 4 PMBreak
4 to 5:30 PMJapanization (T. Murai)
5:30 to 6 PMFinal Remarks (G. Schnabl)

letzte Änderung: 30.03.2020