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Macroeconomics of Financial Crises

  • Teacher(s): A.Tischbirek
  • Course given in: English
  • ECTS Credits: 6 credits
  • Schedule: Autumn Semester 2019-2020, 4.0h. course (weekly average)
  •  séances
  • Related programme: Master of Science (MSc) in Economics

[warning] This course syllabus is currently edited by the professor in charge. Please come back in a few days. --- For your information only, here is the old syllabus :

Objectives

The aim of this course is to study and discuss recent developments in the analysis of financial crises. In the standard New Keynesian monetary model developed during the years of the Great Moderation, the time leading up to the financial crisis of 2007-09, linkages between the financial sector and the real economy play no role. However, recent events have shown that distress in financial markets can have severe real effects. We will study models that create this link and the empirical evidence that underpins them. The objective is for course participants to gain a systematic understanding of the current state of research on the origins and transmission of financial crises as well as ensuing policy responses.

Contents

Topics will include but are not limited to:

- An introduction to consumption-based capital asset pricing with applications (term structure of interest rates, equity premium)

- Empirical evidence on financial crises

  • Dynamics of asset prices – Can crises be predicted?
  • Financial markets and the Great Recession of 2007-09
  • The Great Recession vs. the Great Depression

- Financial frictions – the classics

  • Costly state verification
  • Borrowing constraints

- Frictions in financial intermediation

  • The interbank market
  • Bank runs

- Policy responses

  • Credit Easing
  • Quantitative Easing

- Crises and income inequality

- Current events

References

No single textbook covers the contents of this course. A reading list consisting of journal articles and book chapters will be distributed in class. Lectures will be based on slides that will be made available online for each lecture. During the course, students are asked to read the book The Federal Reserve and the Financial Crisis by Ben Bernanke, which will be subject to two short quizzes.

Evaluation


 

First attempt


 
Exam:
Written 2h00 hours
Documentation:
Not allowed
Calculator:
Not allowed
Evaluation:

The course will be evaluated based on the performance in short quizzes on the aforementioned book by Ben Bernanke (15%), a presentation of a research paper from the literature (30%), the participation in discussions following the presentations (5%) and a final exam (50%).


 

Retake


 
Exam:
Written 2h00 hours
Documentation:
Not allowed
Calculator:
Not allowed
Evaluation:

Should a make-up exam become necessary, it will be weighted like the final exam (50%).



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