Seminar Advanced Monetary Theory and Policy (Master), Winter Term 2021/2022

Central Bank Communication

Selection of topics

  1. The Response of Asset Prices to Monetary Policy Actions and Statements (Gürkaynak, Sack and Swanson, 2005)
  2. The Macroeconomic Effects of Central Bank Communication (Hansen and McMahon, 2016)
  3. High-Frequency Identification of Monetary Non-Neutrality: The Information Effect (Nakamura and Steinsson, 2018)
  4. Measuring Euro Area Monetary Policy (Altavilla et al., 2019)


  • Each seminar participant has to choose one topic from the selection above. Credit points are granted for preparing a term paper and presenting the results in form of a power point presentation. Students are expected to rely on academic articles and to present the findings contained therein.
  • Topics will be assigned to students on a first-come, first-served basis. Students should send an e-mail to with a shortlist of two preferred topics.
  • Each student has to prepare and submit a term paper comprising at least 15 pages. The term paper is supposed to contain a cover page, a table of contents, a reference list (bibliography) and – where applicable – an appendix. There are no style requirements, however, margins, font size, spacing and so forth should be chosen appropriately. Deadline for paper submission is November 22, 2021. Please, send a PDF-version to
  • Each student needs to prepare his/her own seminar paper and a power point presentation. The presentation is supposed to last about 20 minutes and should be send not later than November 28, 2021 to
  • The seminar will take place in the form of a Zoom conference or a class meeting (depending on the Corona situation) in room STA2, Am Stadtgraben 9 on November 29, 2021 (2:00 - 4:00 p.m.).
  • The final grade is based on the term paper (80%) and on the presentation/participation during the seminar (20%). Please be aware that enrollment for the class should be carried out at the examination office (Prüfungsamt) for the early deadline of the winter term 2021/2022 (vorgezogener Termin).
  • 6 Credit points can be obtained for this class (Master, PO 2015). Course language is English only.
  • Topics will be supervised by Prof. Dr. Bohl. Students should send the outline and structure of the term paper before-hand via e-mail to so that the contents can be discussed.


Altavilla, C., Brugnolini, L., Gürkaynak, R., Motto, R., and Ragusa, G., 2019: Measuring euro area monetary policy, Journal of Monetary Economics 108, S. 162 – 179

Gürkaynak, R., Sack, B., and Swanson, E., 2005: Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements, International Journal of Central Banking, S. 55-93

Hansen, S., and McMahon, M., 2016: Shocking language: Understanding the macroeconomic effects of central bank communication, Journal of International Economics 99, S. 114-133

Nakamura, E., and Steinsson, J., 2018: High-Frequency Identification of Monetary Non-Neutrality: The Information Effect, Quarterly Journal of Economics, S. 1283 – 1330