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The lecture provides the students with the necessary tools in order to analyze the short-run and medium-term impact of economic policy in closed and small open economies. The students acquire a comprehensive knowledge of the functioning of goods, money, financial and labor markets from a macroeconomic perspective. The effectiveness of monetary and fiscal policy measures is assessed with respect to its success in reducing unemployment and inflation, and in stabilizing the economy. The course also addresses the long-run perspective by discussing determinants of economic growth.


  • Introduction
  • National Accounts
  • Goods Market
  • Money and Financial Markets
  • Taylor Rule
  • Time inconsistency of Monetary politics
  • Labor Market
  • Phillips Curve
  • Expectations
  • IS-LM-PC-Model
  • Financial and Economic Crises
  • Open Goods and Factor Markets
  • Economic Growth

The lecture provides the students with necessary tools in order to analyze the long-run consequences of resource depletion, pollution and climate change within (endogenous) growth models. Further, the students are encouraged to discuss relevant economic policy measures. We require general knowledge of the course “Technology and Growth”.


  • Hartwick Rule
  • Green Solow Model
  • Endogenous Growth and the Environment
  • Endogenous Growth, the Environment and Health
  • Limits of Growth


Economic processes always have a dynamic dimension. Basic courses usually focus on static models and leave out the dynamic dimension due to its inherent complexity. However, the understanding of the handling of dynamic models is essential for almost all economic disciplines, such as marketing, logistics, or economics. Hence, this course will introduce some basic concepts to evaluate dynamic models. We will focus on discrete time events.


  • First order linear and non-linear difference equations
  • Second order linear difference equations
  • Stochastic linear difference equations
  • Expectations and linear difference equations
  • A primer to linear programming

This course enables students to validate basic economic theories with available data. The students learn to verify these theories with simple statistical methods. Furthermore, the students will be encouraged to conduct data research independently and purposefully.


  • Demand for Money
  • Fisher Effect
  • Inflation and Unemployment: Phillips Curve
  • Okun’s Law
  • Taylor Rule
  • J-Curve Effect
  • Easterlin Paradox
  • Environmental Kuznets Curve
  • Kuznets Curve: Inequality and Growth

The lecture provides the students with the necessary tools to analyze the long-run development of an economy based on growth models. The lecture complements the neoclassic growth theory with evolutionary and behavioral concepts. Where appropriate, the derived models will be tested empirically. This course mediates the necessary tools for the lecture "Environmental Macroeconomics".


  • Solow Model
  • Endogenous Growth Theory
  • Automation and Growth
  • Overlapping Generations (OLG)
  • Unified Growth Theory

The lecture gives an insight into environmental and resource economics. It mainly deals with microeconomic models in order to work out reasons for market failure and to analyze various environmental policy instruments, such as limit values, environmental certificates and emission taxes. The lecture also focuses on the topics energy supply and climate change. Not only can energy be generated from finite resources, such as coal, but it can also be generated from renewable resources, such as wind.