Seminar: Advanced Monetary Macroeconomics (F)

Course content

A list of possible subjects is offered here. However, students are free to choose other subjects, or narrow/widen/combine 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 in business cycles
  • Numerical analyses of general equilibrium models of monetary policymaking (this can be done within a host of problems)
  • Empirical identification of monetary policy shocks (and other shocks)
  • Empirical validation of DSGE models
  • 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
  • The role of non-rational expectations for fluctuations
  • Monetary policy and asset price movements
  • Monetary policy and the housing market

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

Additional for the learning outcome specified in the Curriculum, the learning outcome of the seminar is

  • to demonstrate the ability to go into depth with recent research articles within the area of monetary macroeconomics. Students can accomplish this through theoretical as well as empirically based work and it is a prerequisite to master analytical skills and economic intuition.
  • to present a project in finished for peers, as well as making comments on others work.

Kick-off meeting, research and writing process of the seminar paper, sessions with presentation of own paper and critical evaluation/feedback to another student´s paper, actively participating in discussions at class.

Students are free to, and must, choose relevant literature themselves for their projects (the library is your best friend).  A book that signals the level and requirements, is Carl Walsh’s “Monetary Theory and Policy” (2017, The MIT Press), which is the core curriculum in the masters course “Monetary Policy”.

It is strongly recommended that the student have followed Macroeconometrics III.

A book that signals the level and requirements, is Carl Walsh’s “Monetary Theory and Policy” (2017, 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. You can read more about the decision at: http:/​/​​personal/​henrikj/​monpol2017/​.

BSc in Economics or similar


• Kick off meeting: 7 September 2018, 13.15.
• Deadline for handing in commitment paper: October 1, 12.00
• Presentations/mini conference: December 6-7 (full days)
• Presentations/mini conference: December 10-11 (full days) (additional conference depending on demand for seminar)

Supervision of your work will be possible by appointment whenever necessary and wanted during the semester.

Note: The final assignment must be submitted before the presentation (see the Exam information for deadline), so you will not be able to revise the paper. The aim is, that the presentations/mini conferences are a chance to present your very best work and discuss it with peers -this is what we all would like to hear and enjoy at the mini-conference. You can read more about this decision at http:/​/​​personal/​henrikj/​AdvMonMac2018/​

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 of the Master programme and at KUNet for seminars.
All aids allowed


Marking scale
7-point grading scale
Censorship form
External censorship
Criteria for exam assessment

Students are assessed on the extent to which they master the learning outcome for the seminar and can make use of the knowledge, skills and competencies listed in the learning outcomes in the Curriculum  of the Master programme.


To receive the top grade, the student must with no or only a few minor weaknesses be able to demonstrate an excellent performance displaying a high level of command of all aspects of the relevant material.

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