Seminar: Advanced Monetary Macroeconomics (F)

Course content

The aim of the seminar is to have students go into depth with recent research articles within the area of monetary macroeconomics. Students can do theoretical as well as empirically based work. It is a prerequisite to master good analytical skills and economic intuition.


MSc programme in Economics

The seminar is primarily for students at the MSc of Economics

The course is a part of the financial line, signified by (F)

Learning outcome

A list of possible subjects is offered here. However, students are free to choose other subjects, or narrow/widen listed subjects in agreement with me

  • Financial frictions and crises in macroeconomic models

  • Zero-lower-bound on nominal interest rates and the challenges it poses for policymaking

  • Fiscal stimulus: The way out of a financial crisis?

  • Monetary and fiscal policy interactions

  • Numerical analyses of general equilibrium models of monetary policymaking (this can be done within a host of problems)

  • Empirical identification of monetary policy shocks

  • Monetary policy coordination or monetary unification?

  • Financial crises and unconventional monetary policy

  • Inflation dynamics – what drives inflation?

  • What should a central bank target?

  • The optimal rate of inflation

  • Monetary policy and asset price fluctuations

  • Monetary policy and the housing market

Students must submit a one-page proposal for their paper no later than October 1. Prior to that they can discuss subject and literature on a bilateral basis with me. The paper must be uploaded on November 14. All papers are presented and discussed at a mini conference on November 30-December 1 (full days), where each participant presents his/her paper for 40 minutes followed by a discussion by a discussant (15 minutes), and subsequently a general discussion. Discussants will be assigned to the papers by me, and every participant must submit three relevant questions on all papers in writing to me prior to the conference. The learning method is that students consult with me during the semester prior to the mini-conference when needed.

Students are free to, and must, choose relevant literature themselves for their projects.  A book that signals the level and requirements, is Carl Walsh’s “Monetary Theory and Policy” (2010, The MIT Press), which is the core curriculum in the masters course “Monetary Policy”. A 2017 edition of the book may be available from April and onwards.

All compulsory Macro courses. A book that signals the level and requirements, is Carl Walsh’s “Monetary Theory and Policy” (2010, The MIT Press), which is the core curriculum in the masters course “Monetary Policy”. Having followed the course is not a necessity, but knowing the curriculum is an advantage. See the recent course web page here: http:/​/​​personal/​Henrikj/​monpol2016/​. In addition, having followed the summer course on “Theoretical and Empirical Foundations of DSGE Modelling” is a great starting point.


• Kick off meeting: 7 September 2017, 13.15.
• Deadline for handing in commitment paper: October 1, 12.00
• Deadline for handling in final seminar paper in DE: November 14, 10.00
• Presentations/mini conference: November 23-24 (full days)

Supervision of students by appointment whenever necessary and wanted during the semester

7,5 ECTS
Type of assessment
Written assignment
- a seminar paper in English that meets the formal requirements for written papers stated in the curriculum and at KUNet for seminars.
All aids allowed
Marking scale
7-point grading scale
Censorship form
External censorship
Criteria for exam assessment

The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course and the objectives stated in the Curriculum.

  • Category
  • Hours
  • Seminar
  • 20
  • Project work
  • 186
  • English
  • 206