AØKK08098U Seminar: Advanced Monetary Macroeconomics (F)

Volume 2020/2021

MSc programme in Economics

The course is a part of the financial line, signified by (F)


The seminar is primarily for students at the MSc of Economics


A list of possible subjects is offered here. However, students are free to choose other subjects, or narrow/widen/combine listed subjects in agreement with me

  • Financial frictions and crises in macroeconomic models
  • Zero-lower-bound on nominal interest rates and the challenges it poses for policymaking
  • Fiscal stimulus: The way out of a financial crisis?
  • Monetary and fiscal policy interactions in business cycles
  • Numerical analyses of general equilibrium models of monetary policymaking (this can be done within a host of problems)
  • Empirical identification of monetary policy shocks (and other shocks)
  • Empirical validation of DSGE models
  • Monetary policy coordination or monetary unification?
  • Financial crises and unconventional monetary policy
  • Inflation dynamics – what drives inflation?
  • What should a central bank target?
  • The optimal rate of inflation
  • The role of non-rational expectations for fluctuations
  • Monetary policy and asset price movements
  • Monetary policy and the housing market
Learning Outcome

In addition to the learning outcome specified in the Master curriculum the student is after completing the seminar expected to be able to:

  • Demonstrate the ability to go into depth with recent research articles within the area of monetary macroeconomics. Students can accomplish this through theoretical as well as empirically based work and it is a prerequisite to master analytical skills and economic intuition.

Students are free to, and must, choose relevant literature themselves for their projects (the library is your best friend). 

Books that signal the level and requirements are Carl Walsh: “Monetary Theory and Policy” (2017, The MIT Press) and Jordi Galí: “Monetary Policy, Inflation, and the Business Cycle” (2015, Princeton University Press).

BSc in Economics or similar
It is strongly recommended that the student have followed Macroeconomics III.

Books that signal the level and requirements are Carl Walsh: “Monetary Theory and Policy” (2017, The MIT Press) and Jordi Galí: “Monetary Policy, Inflation, and the Business Cycle” (2015, Princeton University Press).”
At the seminar the student is trained independently to
- identify and clarify a problem,
- seek and select relevant literatur,
- write a academic paper,
- present and discuss own paper with the other students at the seminar.

The aim of the presentations is, that the student uses the presentation as an opportunity to practice oral skills and to receive feedback. The presentations is not a part of the exam and will not be assessed.

Mandatory activities in the seminar:
- Kick-off meeting
- Finding literatur and defining the project
- Writing process of the seminar paper
- Presentation of own project and paper
- Giving constructive feedback to another student´s paper
- Actively participating in discussions at the presentations and other meetings.

There is no weekly teaching/lecturing but the student can expect guidance from the teacher. If the teacher gives a few introduction lectures or gives the opportunity for guidance, this as well as other expectations are clarified at the kickoff meeting.

It is strongly recommended that you think about and search for a topic before the semester begins, as there is only a few weeks from the kick-off meeting to the submission of the project description/ commitment paper.

The final seminar project paper must be submitted before the presentation, so you will not be able to revise the paper. The aim is, that the presentations are a chance to present your very best work and discuss it with peers - this is what we all would like to hear and enjoy. You can read more about this decision at http:/​/​www.econ.ku.dk/​personal/​henrikj/​AdvMonMac2018/​
Schedule of the seminar:

• Kick off meeting: 8 September 2020, 13.15 - 14.00
• Deadline for handing in commitment paper: At the deadline specified by the lecturer and no later than October 1, 10.00
• Presentations: December 9 and 10 from 9.00 to 17.00

Supervision of your work will be possible by appointment whenever necessary and wanted during the semester.
  • Category
  • Hours
  • Project work
  • 186
  • Seminar
  • 20
  • Total
  • 206
Peer feedback (Students give each other feedback)


The supervisor gives the students individual guidance by appointment throughout the the semester.

Each student receives individually oral feedback on the paper and at the presentation from peers and supervisor.

7,5 ECTS
Type of assessment
Written assignment
A seminar paper in English that meets the formal requirements for written papers stated in the curriculum of the Master programme and at KUNet for seminars.
Exam registration requirements

Attendance in all  activities at the seminar as stated in the formal requrements in the Master curriculum and at the KUnet for  Seminars (UK) and  Seminars (DK) is required to participate in the exam.


All aids allowed

for the project paper.

The lecturer defines the aids that must be used for the presentations.


Marking scale
7-point grading scale
Censorship form
External censorship
Exam period

Exam information:

Deadline for submitting the seminar paper: December 1, 2020 before 10 AM


The seminar paper must be uploaded to the Digital Exam portal. More information will be available from the middle of the semester.

For enrolled students more information about examination, rules, aids etc. is available at  Master (UK) and Master (DK).



Reexam information:

The reexam is a written seminar paper as stated in the Master curriculum.


Deadline and more information is available at Seminars(UK) and Seminars(DK).

More information about reexam etc is available at Master(UK) and Master(DK).

Criteria for exam assesment

Students are assessed on the extent to which they master the learning outcome for the seminar and can make use of the knowledge, skills and competencies listed in the learning outcomes in the Curriculum of the Master programme.


To receive the top grade, the student must with no or only a few minor weaknesses be able to demonstrate an excellent performance displaying a high level of command of all aspects of the relevant material.