Executive Education


This course studies the complex global economic environment in which households, firms, policy makers, and regulators operate. This environment is very complex and volatile, as the recent experience of three major crises, the financial, fiscal, and covid crises, has demonstrated. The risks emanate not only in the origins of the crises but also in the policy and regulatory response. We will build a coherent framework that will help us understand the forces governing 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 experience of the crises 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, and the associated sources of risk relevant for your professional practice.

Any questions?

Get in touch!

Ludmila Ketterer

 +49 69 798 33512


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

Business cycles and demand management

Fiscal policy, fiscal stimulus, austerity, fiscal consolidation

Monetary policy and interest rates, inflation targets, deflation trap, zero lower bound

Causes of and remedies for inflation and unemployment

Financial markets and expectations

Growth performance of nations across the world

Convergence of living standards or lack thereof


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. - Chair of Macroeconomics and Finance, Goethe University

Michael Haliassos, PhD, 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 received a B.A. from Cambridge and a Ph.D. from Yale (1987) under the supervision of Nobel Laureates James Tobin and William Nordhaus. His research focuses on Household Finance, where he has been among the early contributors and which he reviewed in the 2021 Journal of Economic Literature. His papers have appeared in leading international journals, including the Review of Financial Studies, Journal of Monetary Economics, Management Science, the Review of Economics and Statistics, the International Economic Review, the Economic Journal, and the Review of Finance. He was recently honored with the 2021 RFS Hillcrest Prize for Best Behavioral Finance Paper. He has received numerous teaching prizes, including several for the PTMF course Economics, a 6CP version of 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.

*Withdrawal and fee refund
In case the course withdrawal request is received two weeks prior to the start of classes, GBS will retain a withdrawal fee of €50. In case the course withdrawal request is received less than two weeks prior to the start of classes, GBS will retain 50% of the payment made.

Course Schedule
Date Session
Fri., May 26, 2023 18:00 - 20:00
Sat., May 27, 2023 09:00 - 11:00
Sat., Jun 10, 2023 09:00 - 11:00, 11:30 - 13:30
Fri., June 23, 2023 18:00 - 20:00
Sat., Jun 24, 2023 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

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