This module studies the global economic environment in which households, firms, policymakers, and regulators operate. It highlights the complexity and volatility of this environment, as illustrated by recent financial, fiscal, COVID, and war-related crises. The course emphasizes that risks arise not only from different crisis origins and limited prior experience, but also from uncertainty regarding policy and regulatory responses. Students develop a coherent framework to analyze macroeconomic variables such as output, interest rates, consumption, investment, inflation, and unemployment, and how these are shaped by monetary, fiscal, and financial policies. The aim is to enable students to critically evaluate economic developments and policy debates in contemporary financial and economic discourse.
- Analyze business cycles and demand management
- Evaluate the financial, fiscal, COVID, and war crises
- Understand fiscal policy, fiscal stimulus, austerity, and fiscal consolidation
- Discuss monetary policy (conventional and unconventional), inflation targets, and the zero lower bound
- Assess causes of and remedies for inflation and unemployment
- Understand macroeconomic effects of financial market developments
This course is part of the prestigious part-time Master in Finance program, conducted in English on Fridays and Saturdays on Campus Westend. It offers a valuable opportunity to network and gain expertise without committing to a full degree program. Upon completion, participants receive a Certificate of Participation. As the number of seats is limited, we recommend to register early. If you're a GBS or Goethe University alum, explore our attractive alumni discount options.
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Next course offering: Summer Semester 2027. New dates will be announced soon.
Prof. Michael Haliassos, Ph.D.
Prof. Michael Haliassos is Chair of Macroeconomics and Finance at Goethe University Frankfurt and Founding Director of the CEPR Network on Household Finance. He earned his BA from Cambridge University and his PhD from Yale University. His research focuses on household finance and has been published in leading journals, including the Review of Financial Studies, Journal of Monetary Economics, and Management Science. Michael has also served as an advisor to the European Central Bank and has received numerous teaching awards. He is also a Research Fellow of CEPR and NETSPAR and was a Founding Director of SAFE.
Candidates with an undergraduate degree (i.e., bachelor or equivalent) of 180 credit points (CP) based on the European Credit Transfer System (ECTS) can apply for our Open Programs. The allocation of credit points for work experience will appear on the Academic Transcript of Records and be titled ‘Prior Learning Assessment’.
Open Program applicants must submit a recent proof of English language proficiency at the higher B2 level per the Common European Framework of Reference (CEFR). The GBS Office of Admissions will accept test results of the following tests, taken no longer than two years ago upon the date of submission:
- TOEFL iBT®
- TOEFL iBT® Home Edition
- IELTS
- Cambridge Certificate of Proficiency in English
- English Language Level Test (ELLT) - Oxford International Digital Institute
Applicants may request a waiver of proof of proficiency in English in case one of the following conditions applies. The applicant
- is a native speaker of English;
- has graduated from an international baccalaureate program
- has completed their undergraduate or master-level studies in a program taught entirely in English;
- has worked in an English-speaking country for at least one year.
If the applicant has not taken any of the above tests when submitting the application, the applicant can upload a confirmation of the test registration to the online admissions portal.
Applicants who submit a language certificate older than two years but without an expiry date will be invited for an additional interview with a native speaker of English.
Proof of relevant post-undergraduate work experience of at least one year is to be submitted, e.g., a performance review, reference letter, or written confirmation from your employer.