Advanced Macroeconomic Analysis II (2025)

Identification of the effects of monetary and fiscal policy.

Syllabus: Download PDF

Week 1 — Introduction

A small sample of macro-history.

Weeks 2–3 — Monetary Policy

• Lecture 2: Definition and effects of monetary policy shocks (narrative shocks, high-frequency shocks, central bank information shocks)
• Lecture 3: Transmission channels — interest-rate channel, bank-lending channel, redistribution channel, energy-price channel

Weeks 4–5 — Fiscal Policy

• Lecture 4: Fiscal policy shocks and the multiplier — timing restrictions, narrative shocks, state- and sign-dependent multipliers, regional multipliers
• Lecture 5: Transmission channels of fiscal policy — heterogeneous agents, energy crisis, military spending and government investment

Weeks 6–7 — Interaction of Monetary and Fiscal Policy

• Lecture 6: Why money has value
• Lecture 7: Fiscal Theory of the Price Level (FTPL)