Seminar Advanced Monetary Theory and Policy (Master) WS 2018/2019

Monetary Policy and the European Financial Crisis

Selection of topics

  1. Effects of Non-Standard Monetary Policies (Belke, Gros and Osowski 2017)
  2. Structural Reforms as a Policy Option for Europe (Eggertsson, Ferrero and Raffo 2014)
  3. Austerity and Privat Debt (Klein 2017)
  4. Impact of Austerity Measures (Born, Müller and Pfeifer 2014)


  • Each seminar participant has to choose one topic from the selection above. Credit points are granted for preparing a term paper, presenting the results in front of the class as well as for active participation during the seminar. Students are expected to critically analyze recent academic articles and to present and elaborate the findings contained therein. Emphasis should be placed on the theoretical and methodological aspects of the pertinent literature as well as on the empirical and econometric testing procedures.
  • Topics will be assigned to students on a first-come, first-served basis. Students should send an e-mail to with a shortlist of three preferred topics. Joint work is possible, but only a maximum of three students can work on one single topic.
  • Each student has to prepare and submit a term paper comprising no more than 10 to 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 October 4, 2018 (no later than 12:00 p.m.). Please turn in your seminar paper at the chair’s office (Chair of Monetary Economics, room 102, Am Stadtgraben 9). Please turn in a print version of your seminar paper and send a PDF-version to
  • Each student needs to prepare his/her own seminar paper. However, since there will be only one presentation of the topic during the course, participants are supposed to work in groups of at most three students and deliver a joint presentation of their results. The presentation is supposed to last about 20 minutes and will be followed by a discussion, which should be animated and led by the presenters.
  • The seminar will take place in the form of a block course on October 16, 2018 (8:00 - 12:00 p.m.) in room STA2, Am Stadtgraben 9. On this day presentations will be given and mutually discussed. Attendance is therefore mandatory.
  • 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 2017/2018 (vorgezogener Termin).
  • 6 Credit points can be obtained for this class (Master, PO 2010 and 2012). Course language is English only.
  • Topics will be supervised by Prof. Dr. Martin T. 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.


The references below should be merely considered for orientation purposes and shall lay the foundations for the students’ further research. Please note that a thorough literature review is an integral part of the grading. Emphasis should be placed on recent academic research published in top-ranked English-speaking journals.

Belke, A, Gros, D and Osowski T (2017), The effectiveness of the Fed’s quantitative easing policy: New evidence based on international interest rate differentials, Journal of International Money and Finance 73, 335-349.

Born, B, Müller, GJ and Pfeifer, J (2015), Does Austerity Pay Off? CEPR Discussion Paper No. DP10425. Available at SSRN:

Eggertsson, G, Ferrero, A and Raffo, A (2014), Can structural reforms help Europe?, Journal of Monetary Economics 61, 2-22.

Klein, M (2017), Austerity and Private Debt, Journal of Money, Credit and Banking 49, 1555-1585.