Key elements of the course such as presentations by the instructor and by students, discussions about student projects or the workshop in January can be flexibly shifted online as needed. According to the classification used at WU, the course will be in "hybrid" mode. Students are expected to participate at least in 80 percent of the sum of on-campus/streaming/online classes.

The Research and Policy Seminar is a research lab covering current research topics in the area of monetary policy and the financial sector. Building upon the accompanying specialisation course, students develop research projects by replicating existing research papers, modifying them or setting up their own projects.

Among others, the following fields can be covered:

• Conventional and Unconventional Monetary Policy
• Macroprudential Policy
• Monetary Policy in Macro Models with Financial Frictions
• Inflation and Deflation
• Financial Regulation and Supervision
• Financial Crises and Policy Reforms
• Current Topics, e.g., Digital Money and Cryptocurrencies, Monetary Policy Strategy Review, Monetary Policy and the Corona Crisis

In fall 2020 the focus will be on understanding the effects of unconventional monetary policy such as quantitative easing on inflation, credit, investment, consumption, leverage, asset prices and financial market stability. This in-depth analysis will also help to understand better the role of current policies in the corona crisis.

A list of papers will be handed out by the instructor at the beginning of the semester serving as reference papers for students' projects.

The course develops students' skills in monetary and financial economics to

• investigate a specific policy topic in depth,
• become familiar with theoretical and empirical models in monetary and financial economics,
• identify research gaps and discuss possible approaoches to fill those gaps,
• develop a research idea, set up a research project and write a paper about it,
• work in small research groups as a team,
• present a research project at a workshop,
• get prepared for writing a master's thesis.

Pursuant to the general guidelines issued by the Vice-Rector for Academic Programs and Student Affairs, the attendance requirement is met if a student is present at least 80% of the time (if regular teaching is possible)

The course will be a mix of lectures by the instructor and research conducted by students on a project which is developed over the course of the semester. Key literature and methodological foundations are discussed jointly at the beginning of the course. Then students work in small groups on their research projects, regularly discussing their projects with the instructor and preparing progress reports. The eventual output will be a research paper that is presented at a workshop in January.

Teaching formats will include a mix of distance learning and in-class formats. If possible, teaching will occur in class as the public health situation permits. Students in distance learning mode can participate via a live stream.

Key elements such as presentations by the instructor, student presentations, discussions of group projects or the workshop in January can also be shifted online to MS Teams as needed.

Research paper: 50 %

Progress reports and participation: 25 %

Presentation at the workshop: 25%

Students taking the Research and Policy Seminar must also take the accompanying specialisation course "Money, Credit, Finance" (course No. 1985) by Schäfer and Schubert.