0598 Specialization Course - Money and Business Cycles
ao.Univ.Prof. Dr. Guido Schäfer
  • LV-Typ
  • Semesterstunden
  • Unterrichtssprache
17.09.2020 bis 20.09.2020
Anmeldung über LPIS
Hinweise zur LV
Planpunkt(e) Bachelor
Wochentag Datum Uhrzeit Raum
Montag 12.10.2020 12:00 - 14:00 TC.4.01
Mittwoch 14.10.2020 14:00 - 16:00 TC.4.01
Montag 19.10.2020 12:00 - 14:00 TC.4.01
Mittwoch 21.10.2020 14:00 - 16:00 TC.4.01
Montag 02.11.2020 12:00 - 14:00 TC.4.01
Mittwoch 04.11.2020 14:00 - 16:00 EA.6.032
Montag 09.11.2020 12:00 - 14:00 TC.4.01
Mittwoch 11.11.2020 14:00 - 16:00 TC.4.01
Montag 16.11.2020 12:00 - 14:00 TC.4.01
Mittwoch 18.11.2020 14:00 - 16:00 Online-Einheit
Montag 23.11.2020 12:00 - 14:00 Online-Einheit
Mittwoch 25.11.2020 14:00 - 16:00 Online-Einheit
Montag 30.11.2020 12:00 - 14:00 Online-Einheit
Mittwoch 02.12.2020 14:00 - 16:00 Online-Einheit
Mittwoch 09.12.2020 14:30 - 16:30 Online-Einheit
Montag 14.12.2020 12:00 - 14:00 Online-Einheit
Mittwoch 16.12.2020 14:00 - 16:00 Online-Einheit
Montag 11.01.2021 12:00 - 14:00 Online-Einheit
Mittwoch 13.01.2021 14:00 - 16:00 Online-Einheit
Montag 18.01.2021 12:00 - 14:00 Online-Einheit
Mittwoch 20.01.2021 12:00 - 14:00 Online-Einheit
Montag 25.01.2021 12:00 - 14:00 Online-Einheit

Ablauf der LV bei eingeschränktem Campusbetrieb

The basic design of the course allows teaching to proceed largely irrespective of Public Health regulations pertaining to the Corona situation. Working through papers and audio slides can be done by students from home. Class size for in-class teaching and the relative share of in-class and online meetings will be adjusted flexibly. If necessary, all meetings can be shifted online.

Inhalte der LV

The course consists of two major parts. In the first half of the semester the focus is on financial markets and institutions. The second half of the course focuses on money and monetary policy. Throughout the semester current developments in the monetary sector and financial markets are discussed. Recent financial crises and the current Covid crisis are analyzed from ´the persepctive of monetary policy and financial regulation

Part 1: Financial Markets and Institutions

  • Understanding risk and return
  • Stock markets and bond markets
  • Portfolio decisions
  • Asset pricing and financial bubbles
  • Banking theory and regulation
  • Financial crises and financial regulation

Part 2: Money

  • Why money? Foundations of monetary theory
  • Monetary policy transmission
  • Money and business cycles
  • New frameworks for monetary and financial stability

Current Topics

  • Cryptocurrencies
  • Central bank strategy reviews
  • Monetary policy in the Covid crisis



Lernergebnisse (Learning Outcomes)

In this course students acquire the skills necessary

  • to understand fundamental concepts about money, the financial sector, and their interaction with the economy,
  • to apply their knowledge to financial investment decisions,
  • to analyze monetary policy and its impact on the economy,
  • to understand key issues regarding financial crises and financial regulation,
  • to assess financial reform after the recent world financial crisis,
  • to read original scientific research papers about money and the financial sector published by internationally renowned top researchers,
  • to access web resources providing key information about money and financial markets,
  • to get adequately prepared for writing a bachelor's thesis about a monetary or financial topic.

The ultimate goal of the course is to strengthen the analytical ability of students to understand complex financial issues both at a conceptual and practical level by using state-of-the-art methods and tools.

Regelung zur Anwesenheit

The attendance requirement is met if a student is present at least 80% of the time at class and online meetings.


The backbone of the course is a series of original scientific papers written by renowned economists on money and the financial sector. Early on students are introduced to reading original research papers which opens up a challenging but fascinating intellectual universe for their own independent studies. Smart use of computer and web resources is encouraged.

The course combines elements of distance learning and in-class teaching for those students staying in Vienna as the general situation permits. Students compelled to continue  distance-learning in fall 2020 can also participate in the course.

  • Students will work through papers assigned over the course of the semester.
  • Audio slides on those papers (i.e. PowerPoint slides with comments by the course instructor) help to understand the material.
  • In-class meetings with reduced class size on a rotating schedule and online sessions are flexibly set up to allow for direct interaction with the instructor, augmenting the material covered in the papers and providing opportunities for discussion.
  • For students in full distance learning mode online meetings replace in-class meetings.
  • Students write essays on home assignments related to the papers and collect points for participating in the discussions at the meetings.

Leistung(en) für eine Beurteilung

Grading: 80% essays (each essay is is equally weighted) , 20% direct participation


1 Anmerkungen: Links to original research papers from the web are provided in class over the course of the semester.

Empfohlene inhaltliche Vorkenntnisse

The course is self-contained. Key concepts and tools are explained in the course. Prior knowledge in microeconomics, macroeconomics and econometrics is recommended.

Erreichbarkeit des/der Vortragenden

E-Mail:, Office hours: Thursday, 4.00-5.00 p.m., Tel.: + 43 1 31336 4579



Zuletzt bearbeitet: 01.07.2020