graduate Economics

Content. The seminar will discuss topical issue currently on the minds of macroeconomic policymakers, with a particular focus on trade, industrial policies, and fiscal- and monetary policy. The emphasis is on applied empirical and analytical work in support of policy advice for governments and central banks. The list of specific topics will cover the below, but further topics might be added closer to the start of the semester:

• • Global current account imbalances—what are the underlying reasons of large surpluses (e.g., China; EU) and deficits (e.g., U.S.), why are they a concern, and what policies (e.g., fiscal, monetary or trade) can address them?
• Tariffs—what are the reasons tariffs are being raised, what is the economic impact, and what should policymakers do once high tariffs are in place on a country’s exports?
• Industrial policies—what is the economic case for industrial policies, what can go wrong, and how get them right?
• Structural reforms in Europe—why is Europe’s productivity and GDP peer capita lagging the U.S., what EU and domestic reforms could make a difference, and why are reforms so difficult to implement?
• The EU’s ‘single market’—why is the ‘single market’ still not complete, what consequences does this have, and what to do about it?
• Defense spending—how big a fiscal effort is ahead of us, what are the likely fiscal and economic consequences, and how to finance the effort best?
• Monetary policy—how did the ECB and the FED perform when inflation surged, and is monetary on course to its inflation target? What is the economic case for becoming less “data dependent” and more forward-looking” again?

Quantitative easing (and other unconventional monetary policy) aftermath—did QE work and how to evaluate its late consequences (e.g., central bank losses; the need for quantitative tightening later on)? What about negative interest rates and foreign exchange rate interventions? Should the ECB, FED, or the Swiss central bank be more cautious the next time?

Time. The seminar will take place Thursday and Friday, January 15 and 16, 2026.

Course requirements.
(1) A 20 min presentation on the topic to be selected from a list of topics, followed by a discussion. Topics will be announced by the start of the winter semester.
(2) A written seminar paper on the same topic submitted by end-March 2026.

Once the topics are announced, students will indicate their preferences, and topics will then be assigned based on a first come, first served basis. Final grades will be based on the presentation & class participation (30 percent of grade), and the seminar paper (70 percent).