Monetary Economics: Macroeconomic Fluctuations and Monetary Policy

Dozent/in	Dr. rer. pol. Marcel R. Savioz
Veranstaltungsart	Vorlesung
Code	FS261109
Semester	Frühjahrssemester 2026
Durchführender Fachbereich	Wirtschaftswissenschaften
Studienstufe	Bachelor Master
Termin/e	Mo, 23.02.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 02.03.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 09.03.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 16.03.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 23.03.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 30.03.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 13.04.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 20.04.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 27.04.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 04.05.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 11.05.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 18.05.2026, 14:15 - 16:00 Uhr, HS 2 Mo, 01.06.2026, 15:15 - 17:15 Uhr, HS 9 (Prüfung)
Umfang	2 Semesterwochenstunden
Turnus	weekly
Inhalt	The lecture deals with monetary policy and the related issues of monetary economics. The following are examples of questions that are addressed: Is inflation harmful? Why is there an inflation bias? Why are some countries confronted with high inflation or even hyperinflation? What is seignorage and fiscal dominance? Why is interest-rate targeting superior to money targeting? What is the difference between inflation targeting and price level targeting? What are the advantages and disadvantages of central bank independence? What is unconventional monetary policy and is it effective? What is the forward guidance puzzle? What is the Taylor rule? Why is the monetary condition index important to understand Swiss monetary policy? Etc.
Lernziele	The objective is to learn the different models through verbal, graphical and formal means while successively developing the "tools of the trade" of modern macroeconomics.
Voraussetzungen	The course is suitable for advanced Bachelor or Master students.
Sprache	Englisch
Anmeldung	Binding registration takes place via the UniPortal; see notes below in the «Proof of Performance» field. For course information and materials, registration on the OLAT e-learning platform is required from 2 – 27 February 2026. The students themselves are responsible for verifying the course’s creditability towards their degree program. Direct link to the OLAT course: to follow
Leistungsnachweis	***IMPORTANT*** In order to acquire credits, and/or take the examination, registration via the Uni Portal within the regular examination registration period (2 – 16 April 2026) is MANDATORY. Further information on registration: www.unilu.ch/wf/pruefungen
Abschlussform / Credits	Written exam / 3 Credits
Hörer-/innen	Ja
Kontakt	marcel.savioz@bluewin.ch
Literatur	David Romer, Advanced Macroeconomics, Fifth Edition, McGraw-Hill 2019