Seminar in the summer term 2026: Current topics in macroeconomics and monetary policy (Master)

In the summer term of 2026, the master's seminar "Current Issues in Macroeconomics and Monetary Policy" will be offered by Honorary Professor Dr. Jörg Krämer (Chief Economist of Commerzbank AG).

Examination:

You can acquire 6 ECTS for the module "Specialization in Economics 1-6". In addition to the preparation and presentation of a term paper (15-20 pages), active participation in the discussion during the seminar counts for your final grade.

Dates:

The seminar will take place from July 1^st 2026 (from midday) to July 3^rd 2026 (6 PM) in STA2. In addition, there will be an introductory event via Zoom on April 10th, 2026 at 4:30 pm to give an overview about the topics, to provide introductory literature, and to advice on how to prepare the term paper and presentation. The term papers must be submitted to Prof. Dr. Krämer by June 29^th 2026 at the latest.

Registration:

The seminar is designed and supervised entirely by Prof. Dr. Krämer and thus represents an ideal interface between theory and practice. Please register for the introductory event at Joerg.Kraemer@commerzbank.com to receive the link to the video conference one week in advance. For the seminar, please also register at Joerg.Kraemer@commerzbank.com, stating your desired topic. Please note that the number of participants is limited! Registration at the examination office takes place during the early examination phase.

Each topic will be assigned a maximum of twice, the assignment of topics is based on the "first come, first served" principle.


1.	Are Stable Coins good money? Donald Trump promotes Stable Coins which are unlike Bitcoins backed by stable assets such as short-term government bonds. Please use the three criteria put forward by the Bank for International Settlements (BIS) to assess whether Stable Coins fulfill the requirements for good money. How do you assess the other use cases e.g. in the crypto ecosystem or in countries with unstable monetary systems?
2.	Digital euro – a solution in search of a problem? The ECB is likely to introduce a digital euro. Please analyse the implications of a digital euro using the balance sheets of the ECB, the banks and non-banks. What can the ECB do to prevent a digital bank run and what does this mean for the attractiveness of the digital euro from the viewpoint of citizens? Will the digital euro really improve the strategic autonomy of the EU and what role does the European Payment Initiative (EPI) play in this respective? What is your overall assessment of the digital euro?
3.	The ECB’s operational framework – back to normal? The ECB has revised its operational framework in 2024. What is an operational framework compared to a monetary policy strategy? Please describe the new operational framework and the changes compared to the situation before the Great Financial Crisis of 2008/9. What are the economic consequences of the current floor system with abundant central bank reserves with respect to banks, finance ministers and non-financial corporations. Will the ECB really return to a more market-orientated system? What is the role of the structural bond portfolio?
4.	A comeback for money supply M3? In contrast to the Bundesbank era money supply M3 no longer plays a major role at the ECB. However, during Corona M3 helped to explain the huge increase of inflation. Please explain this phenomenon using balance sheets of the ECB, banks and non-banks. How did M3 perform in other periods of high inflation? Why did the relationship between M3 and inflation faltered in the low inflation periods prior to Corona? What does all this mean for monetary policy?
5.	Target Imbalances – a real problem? During the sovereign debt crises, huge imbalances developed between the national central banks in the eurozone Target 2 payment system. Please describe, on the basis of balance sheets, how cross-border payments are processed in this system. What were the causes of the high Target imbalances? Do they represent a real risk and what can be done about them?
6.	Hayek’s business cycle theory The Great Financial Crisis led economists to revisit Hayek’s business cycle theory. Please describe the theory using Roger Garrison’s approach. Howe does it help to understand the Great Financial Crisis?