Executive Education


This course studies the global economic environment in which households, firms, policy makers, and regulators operate. This environment is complex and volatile, as the recent experience of four major crises, the financial, fiscal, covid, and war crises, has demonstrated. The risks emanate not only in the different origins and the lack of recent previous experience with some of the crises, but also in ambiguity as to policy and regulatory responses.

We will build a coherent framework to understand the behavior of aggregate output, interest rates, consumption and investment, inflation, and unemployment, and how these are influenced by monetary, fiscal, and financial policies. This new framework has been developed in view of lessons from the financial crisis and represents an improvement on the typical content of macro-finance courses at this level. The goal is to allow you to understand the reporting and debates on policy responses in the sophisticated financial press, as these unfold.

Any questions?

Get in touch!

Ludmila Ketterer

 +49 69 798 33512


 Newsletter Registration

Learning Objectives

Upon completion of this course, you will have the ability to understand the basic implications of the following key concepts:

  • GDP, headline and core inflation, natural and cyclical unemployment, budget deficits and debt
  • Business cycles and demand management
  • The financial, fiscal, covid, and war crises
  • Fiscal policy, fiscal stimulus, austerity, fiscal consolidation
  • Monetary policy (conventional and unconventional), inflation targets, zero lower bound
  • Causes of and remedies for inflation and unemployment
  • Macroeconomic effects of financial market developments
Course Format

This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program.

Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.


Prof. Michael Haliassos, Ph.D.

Michael Haliassos, Chair of Macroeconomics and Finance at Goethe University, is Founding Director of the CEPR Network on Household Finance, and Research Fellow of CEPR and of NETSPAR. He has been advisor to the European Central Bank on the Household Finances and Consumption Survey since its inception in 2006; and consultant to ESMA on Investor Protection (2015-17). He was two-term Director of the Center for Financial Studies (2010-15) and Founding Director of SAFE (2013-15). Michael Haliassos received a B.A. from Cambridge and a Ph.D. from Yale under the supervision of Nobel Laureates James Tobin and William Nordhaus. He was among the early researchers in Household Finance, that he reviewed Journal of Economic Literature 2021. His papers have appeared in leading journals, including the Review of Financial Studies, Journal of Monetary Economics, Management Science, the Review of Economics and Statistics, the International Economic Review, and the Economic Journal. He recently received the 2021 RFS Hillcrest Prize for Best Behavioral Finance Paper.

Prof. Haliassos was awarded numerous teaching prizes, including several for the PTMF course Economics, a 6CP version of this elective, and for this elective.

Key Facts

Course materials

Course materials will be provided in electronic form.




Campus Westend of Goethe University Frankfurt.

Certificate of participation

A GBS certificate of participation is awarded upon completion of the course.

Course Fee

€ 950 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 400.

Course Schedule
Date Session
Fri., May 17, 2024 13:00-15:00, 15:30-17:30
Fri., May 31, 2024 13:00-15:00
Sat., June 01, 2024 09:00-11:00
Fri., June 14, 2024 18:00-20:00
Sat., June 15, 2024 14:30-16:30

There are two main things which make returning for Open Programs such a valuable and worthwhile experience. The first is being back on campus – meeting the current students, returning to campus again, the whole experience was just so pleasant. The second is the level of quality in the courses – the faculty teaching are absolute experts.

Stephan KieneDuke-Goethe Executive MBA Class of 2009

Bulletin Open Programs

Sign up to be informed about latest Open Enrollment programs.