V/Ü: Advanced Macroeconomics: Advanced Macroeconomics

Dozent/in:

Mishael Milakovic

Angaben:

Vorlesung, 2 SWS, ECTS: 6

Termine:

Di, 12:00 - 14:00, KÄ7/00.10

Voraussetzungen / Organisatorisches:

Mikro- und Makroökonomik I und II

Inhalt:

This course deals with a variety of advanced topics in macroeconomic theory, including theo- ries of long-run growth and short-run income fluc tuations. A crucial aspect of the course is to move beyond standard texts and introduce student s to the possibly most challenging problem facing macroeconomic methodology today: the theory of aggregation. We will consider recent developments in statistical equilibrium theory, which is particularly suitable for studying prob- lems that arise from the aggregation of many agents, and centers around the idea of an equilib- rium distribution in economic variables. Idea lly, students will conduct th eir own data explora- tion exercises, using for instance Mathematica and its curated data sources (or any other statis- tical/mathematical software and databases) to look for distributional regularities in macroeco- nomic variables within or across countries, and re port on their discoveries. The objective of the course is to equip student s with a critical unders tanding of contemporary macroeconomic issues, as witnessed for instan ce by the current European sovereign debt cri- ses, and to provide them with a methodologica l toolkit suitable for understanding the dynam- ics of complex systems. Lectures are in English.

Empfohlene Literatur:

D. R OMER , Advanced Macroeconomics, McGraw-Hill, 1998. W. W EIDLICH , Sociodynamics: A Systematic Approach to Mathematical Modeling in the So- cial Sciences, Dover, 2000. M. A OKI AND H. Y OSHIKAWA , Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial St ochastic Processes, Cambri dge University Press, 2007.

V/Ü: Advanced Macroeconomics: Übung zu Advanced Macroeconomics

Dozent/in:

Mishael Milakovic

Angaben:

Übung, 2 SWS

Termine:

Di, 14:00 - 16:00, KÄ7/00.10
ab 4.11.2014

V/Ü: International Macroeconomics 2: International Macroeconomics 2

Dozent/in:

Ilfan Oh

Angaben:

Vorlesung und Übung, 2 SWS

Termine:

Do, 14:00 - 16:00, F21/02.31

Voraussetzungen / Organisatorisches:

Mikro- und Makroökonomik I & II

Inhalt:

This course deals with selected topics in the theory and practice of international finance, for instance dealing with the ‘three generations’ of models aimed at explaining currency crises. Topics include (but are not limited to) the following:
x Trading volume and organization of international financial markets
x Foreign exchange markets and macroeconomic theory
x Speculation, excess volatility, and stabilization of the exchange rate
x Exchange rate target zones (such as the European Monetary System EMS)
x Exchange rate crises and speculative attacks
The objective of the course is to provide students with a sound understanding of contempo- rary challenges in internationa l finance, in particular looking at policies aimed at exchange rate stabilization and financial regulation in general. In many applications we will take an ex- plicit European perspective. Lectures are in English

Empfohlene Literatur:

K. P ILBEAM , International Finance, Palgrave Macmillan, current edition. N. C. M ARK , International Macroeconomics and Finance, Blackwell, 2001.

V/Ü: Systemic Risk, Regulation and Stability 1: Systemic Risk, Regulation and Stability 1

Dozent/in:

Mishael Milakovic

Angaben:

Vorlesung, 2 SWS

Termine:

Do, 12:00 - 14:00, F21/03.81

Voraussetzungen / Organisatorisches:

Mikroökonomik I&II, Methoden der Statistik I & II

Inhalt:

This two-part sequence deals with the risks th at emanate from modern financial markets and their regulation. The central question is how thes e risks, their regulation, and the institutional framework itself can actually contribute to the cr eation of “systemic” risk, resulting in historical- ly recurring economy-wide crises. The first course in the sequence takes a closer look at the challe nges that monetary policy faces in light of endogenous money creation, which are compounded by the presence of derivative se- curities that allow for the synthe tic replication of traditional ba nk loans. We will consider wheth- er or how banks’ off-balance sheet transactions can circumvent the nationa l regulatory and taxa- tion frameworks, and what the implications for th e respective national central banks are in their function as so-called lende rs of last resort. A second important aspect of this course deals with financial innovation in the syndica tion of loans or other debt obligations (ABS , MBS, CDO, CLO), and their role in the recent crisis. The main purpose of the course is to familiarize students with the basic notion of synthetic repli- cation in financial markets, and to carefully expl ain how this replication leads to new challenges for central bank policy and financ ial regulation. The importance of “cheap liquidity” in financial crises is emphasized throughout the c ourse. Lectures are in English.

Empfohlene Literatur:

P. H OWELLS AND K. B AIN , The Economics of Money, Banking and Finance, Prentice Hall, 2008 (4th edition). F.S. M ISHKIN AND S.G. E AKINS , Financial Markets and Institutions, Pearson, 2012 (7th edition). S. N EFTCI , Principles of Financial Engin eering, Elsevier AP, 2008 (2nd edition). C.M. R EINHART AND K.S. R OGOFF , This Time Is Different, Princeton UP, 2009.

V/Ü: Systemic Risk, Regulation and Stability 1: Übung zu Systemic Risk, Regulation and Stability 1

Dozent/in:

Ilfan Oh

Angaben:

Übung, 2 SWS

Termine:

Do, 10:00 - 12:00, F21/02.31
ab 16.10.2014

Doktorandenseminar

Dozent/in:

Mishael Milakovic

Angaben:

Seminar, 2 SWS

Termine:

Zeit und Ort nach Vereinbarung