Teaching at the Institute of Money and International Finance

The teaching focus at the Institute of Money and International Finance lies on the interdependencies of economical and fiscal problems in the context of monetary policy decisions.

This includes for example the functionality of international financial markets, central banks and monetary policy decisions, financial market regulation, financial crises and the analysis of exchange rate systems and currency areas.

The relevance of this topic is especially determined by the increased interdependencies of economical and fiscal questions in the context of global financial market integration and globalization. A consequence of this development is the increased risk of the occurance of financial crises and possible spillover effects. Due to this fact, new challenges for policy makers are arising, for example in the areas of monetary policy and banking and financial market regulation.

The students will learn, how this problems at the intersection of monetary macroeconomics between finance and macroeconomics can be analyzed by using theoretical and empirical methods. The development of implications for policy makers is one of the main aspects of the offered courses.

Fields of studies which include courses offered by our institute

Bachelor

WIRTSCHAFTSWISSENSCHAFT (6 SEMESTER)

Master

WIRTSCHAFTSWISSENSCHAFT (4 SEMESTER)

WIRTSCHAFTSINGENIEUR (4 SEMESTER)

Winter term 202672027

Bachelor Economics and Management

Area of Expertise in Economics, Economics IV

Exercise Money, exchange rates and financial markets (270092)

	Time and room:	Lecturer:
	Tue. 09:15 - 10:45 (Every 14 days) \| VII-002 (Group 1)	Marchi
	Tue. 09:15 - 10:45 (Every 14 days) \| VII-002 (Group 2)	Marchi
	Wed. 12:45 - 14:15 (Every 14 days) \| I-401 (Group 3)	Kuhr
	Wed. 12:45 - 14:15 (Every 14 days) \| I-401 (Group 4)	Kuhr
	Thu. 12:45 - 14:15 (Every 14 days) \| VII-201 (Group 5)	Kuhr
	Thu. 12:45 - 14:15 (Every 14 days) \| VII-201 (Group 6)	Kuhr
	Thu. 09:15 - 10:45 (Every 14 days) \| I-442 (Group 7)	Marchi
Comments:	The optional exercise deepens the material covered in the lecture Money, Currency, and Financial Markets. The exercise is offered every 14 days and lasts 90 minutes. All exercise groups cover identical material, so you should only attend one exercise group. Start of group registration in Stud.IP: 22.10.2026 09:30 Uhr

Money, exchange rates and financial markets (270193)

	Time and room:	Lecturer:
	Wed. 14:30 - 16:00 \| VII-201	Zahner
Contents:	The course provides an introduction to the players in the financial system and key issues relating to monetary policy. Topics covered include: The financial system Interest rates and the yield curve Central banks Monetary policy instruments Money creation Money demand Monetary policy transmission mechanism Foreign exchange markets and exchange rates
Literature:	Bofinger, Peter (2001): Monetary policy: goals, institutions, strategies, and instruments Gischer, H., B. Herz und L. Menkhoff (2012) Geld, Kredit und Banken - Eine Einführung, 3. Auflage.
Comments:	Students are expected to have passed the modules of the first two semesters and to have a basic understanding of macroeconomic theories from the module "Macroeconomics".

Area of Expertise in Business Administration and Economics

Hannover Finance Symposium (BSc) (273020)

	Time and room:	Lecturer:
	Block course (Group 1)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
	Block course (Group 2)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
	Block course (Group 3)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
	Block course (Group 4)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
Contents:	The Hannover Finance Symposium takes place on 11.11.2026. To receive credits participation is mandatory. Further details will be published on the webpage of the Hannover Center of Finance and Insurance.

Master Economics and Management

Area Finance, Banking & Insurance

Seminar Monetary Economics Using Microdata (374032)

	Time and room:	Lecturer:
	Block course	Nghiem
Contents:	The seminar discusses empirical papers covering topics related to monetary policy using household survey data. The seminar aims at students interested in conducting micro-econometric analyses to study macroeconomic questions and is particularly suitable for those interested in writing an empirical Master thesis (possibly on a related topic). Some basic knowledge in econometrics and the ability to work with economic datasets is required, but additional introduction into the econometric techniques used in the seminar and into the program R/Stata will be given in the beginning of the semester. Students can choose from the following topics and are expected to replicate the empirical analysis in the paper or to run a similar analysis on another dataset. Students will work in groups and after the group presentation write individual seminar papers. Topics to choose from are: The Formation of Inflation Expectations The Response of Consumption to Macroeconomic Expectations Estimation of Elasticity of Intertemporal Substitution Tests for the Phillips Curve Tests for Taylor Monetary Policy Rule
Literature:	The relevant literature will be discussed at the beginning of the seminar.

Time and room:

Lecturer:

Block course

Nghiem

Contents:

The seminar discusses empirical papers covering topics related to monetary policy using household survey data. The seminar aims at students interested in conducting micro-econometric analyses to study macroeconomic questions and is particularly suitable for those interested in writing an empirical Master thesis (possibly on a related topic). Some basic knowledge in econometrics and the ability to work with economic datasets is required, but additional introduction into the econometric techniques used in the seminar and into the program R/Stata will be given in the beginning of the semester.

Students can choose from the following topics and are expected to replicate the empirical analysis in the paper or to run a similar analysis on another dataset. Students will work in groups and after the group presentation write individual seminar papers. Topics to choose from are:

The Formation of Inflation Expectations
The Response of Consumption to Macroeconomic Expectations
Estimation of Elasticity of Intertemporal Substitution
Tests for the Phillips Curve
Tests for Taylor Monetary Policy Rule

Literature:

The relevant literature will be discussed at the beginning of the seminar.

Several Areas

Hannover Finance Symposium (MSc) (379019)

	Time and room:	Lecturer:
	Block course (Group 1)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
	Block course (Group 2)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
	Block course (Group 3)	Breitner, Dierkes, Dräger, Prokopczuk, Schneider, Sibbertsen, Sönksen, Todtenhaupt
Contents:	The Hannover Finance Symposium takes place on 11.11.2026. To receive credits participation is mandatory. Further details will be published on the webpage of the Hannover Center of Finance and Insurance.

Advanced Monetary Macroeconomics (379061)

	Time and room:	Lecturer:
	Block course	Dräger
Contents:	During the class, we will derive the basic New Keynesian DSGE model and discuss differences to the earlier Classical Real Business Cycle (RBC) model. Students will learn the mathematical models necessary for the derivation and solution of the model, and simulate the model using MATLAB and Dynare.
Literature:	Gali (2008): Monetary Policy, Inflation, and the Business Cycle McCandless, George (2008): The ABCs of RBCs – An Introduction to Dynamic Macroeconomic Models Further academic papers will be discussed in class
Comments:	Prof. Lena Dräger: Prüfungsart: Fachspezifische Prüfung: mündliche Prüfung

PhD programme

1. Area: Professional skills

Advanced Monetary Macroeconomics (379061)

	Time and room:	Lecturer:
	Block course	Dräger
Contents:	During the class, we will derive the basic New Keynesian DSGE model and discuss differences to the earlier Classical Real Business Cycle (RBC) model. Students will learn the mathematical models necessary for the derivation and solution of the model, and simulate the model using MATLAB and Dynare.
Literature:	Gali (2008): Monetary Policy, Inflation, and the Business Cycle McCandless, George (2008): The ABCs of RBCs – An Introduction to Dynamic Macroeconomic Models Further academic papers will be discussed in class
Comments:	Prof. Lena Dräger: Prüfungsart: Fachspezifische Prüfung: mündliche Prüfung

3. Area: Scientific skills

Doctoral Seminar Finance (574001)

Time and room: Lecturer:

Block course Dierkes, Dräger, Prokopczuk, Schneider

Contents:
PhD students in finance present their research projects.

	Time and room:	Lecturer:
	Block course	Dierkes, Dräger, Prokopczuk, Schneider
Contents:	PhD students in finance present their research projects.

Research courses

Finance Research Seminar (77782)

	Time and room:	Lecturer:
	Wed. 11:00 - 12:30 \| III-115	Blaufus, Dierkes, Dräger, Gassebner, Prokopczuk, Reichert, Schneider, Schröder, Sibbertsen, Sönksen, Todtenhaupt
Contents:	External guests present their latest research