Category Archives: Teaching

“Makroökonomie I (Macroeconomics I),” Bern, Fall 2026

BA course at the University of Bern, taught in German.

Time: Monday 14:15-16:00. Location: H4 201. Course assistant: Sally Dubach.

Course description:

Die Vorlesung vermittelt einen ersten Einblick in die moderne Makroökonomie. Sie baut auf der Veranstaltung „Einführung in die Makroökonomie“ des Einführungsstudiums auf und betont sowohl die Mikrofundierung als auch dynamische Aspekte. Das heisst, sie interpretiert makroökonomische Entwicklungen als das Ergebnis zielgerichteten individuellen (mikroökonomischen) Handelns, und sie wird der Tatsache gerecht, dass wirtschaftliche Entscheidungen Erwartungen widerspiegeln und Konsequenzen in der Zukunft haben. Der klassische Modellrahmen, der in der Vorlesung entwickelt wird, bietet die Grundlage für die Analyse von Wachstum, Konsum, Arbeitsangebot, Investitionen oder Geld- und Fiskalpolitik sowie vieler anderer Themen, die auch in anderen Veranstaltungen des BA Studiums und darüber hinaus behandelt werden.

The course closely follows Pablo Kurlat’s (2020) textbook A Course in Modern Macroeconomics (book website). Lecture notes are available here. Several sections in the lecture notes are not covered in class and are not relevant for the exam. The syllabus distributed by Sally Dubach contains further details.

“Macroeconomics II,” Bern, Fall 2026

MA course at the University of Bern.

Time: Monday 10:15-12:00. Location: UniS A-122. Course assistant: Noah Köhli.

The course introduces Master students to modern macroeconomic theory. Building on the analysis of the consumption-saving tradeoff and on concepts from general equilibrium theory, the course covers workhorse general equilibrium models of modern macroeconomics, including the representative agent framework, the overlapping generations model, and the Lucas tree model.

Lectures follow chapters 1–4 (possibly 5) in this book.

“Macro Finance: Assets, Government Debt, and Cryptos,” Bern, Spring 2026

BA course at the University of Bern.

Time: Monday, 10:15–12:00. Location: H4, 105.

This course is aimed at students interested in macro finance who have completed their mandatory training in microeconomics, macroeconomics, and mathematics. Macro finance focuses on the pricing of securities and other assets. Building on the Euler equation, we derive the fundamental pricing relationships. The course then explores a range of applications, including bubbles, government debt, money, the interaction between fiscal and monetary policy, CBDCs, and crypto assets. Grades are based on class participation, group work and presentations, and/or a written exam.

“Fiscal and Monetary Policies,” Bern, Spring 2026

MA course at the University of Bern.

Lecture: Monday, 12.15 – 14.00, UniS A027.
Sessions with TA Noah Köhli. Problem sets and solutions will be distributed by the TA.

The course covers macroeconomic theories of fiscal policy (including tax and debt policy) and the interaction between fiscal and monetary policy. Participants should be familiar with the material covered in the course Macroeconomics II. The course grade reflects the final exam grade. The classes follow selected chapters in the textbook Macroeconomic Analysis (MIT Press, 2019) and build on the material covered in the Macroeconomics II course, which follows the same text.

Main contents:

  1. Concepts.
  2. RA model with government spending and taxes.
  3. Government debt in RA model.
  4. Government debt and social security in OLG model.
  5. Neutrality results.
  6. Consolidated government budget constraint.
  7. Fiscal effects on inflation. Game of chicken.
  8. FTPL. Active and passive policies.
  9. Tax smoothing.
  10. Time consistent policy.
  11. Sovereign debt.

“Macroeconomics II,” Bern, Fall 2025

MA course at the University of Bern.

Time: Monday 10:15-12:00. Location: UniS A-126. Uni Bern’s official course page. Course assistant: Noah Köhli.

The course introduces Master students to modern macroeconomic theory. Building on the analysis of the consumption-saving tradeoff and on concepts from general equilibrium theory, the course covers workhorse general equilibrium models of modern macroeconomics, including the representative agent framework, the overlapping generations model, and the Lucas tree model.

Lectures follow chapters 1–4 (possibly 5) in this book.

“Makroökonomie I (Macroeconomics I),” Bern, Fall 2025

BA course at the University of Bern, taught in German.

Time: Monday 14:15-16:00. Location: H4 201. Uni Bern’s official course page. Course assistant: Sally Dubach.

Course description:

Die Vorlesung vermittelt einen ersten Einblick in die moderne Makroökonomie. Sie baut auf der Veranstaltung „Einführung in die Makroökonomie“ des Einführungsstudiums auf und betont sowohl die Mikrofundierung als auch dynamische Aspekte. Das heisst, sie interpretiert makroökonomische Entwicklungen als das Ergebnis zielgerichteten individuellen (mikroökonomischen) Handelns, und sie wird der Tatsache gerecht, dass wirtschaftliche Entscheidungen Erwartungen widerspiegeln und Konsequenzen in der Zukunft haben. Der klassische Modellrahmen, der in der Vorlesung entwickelt wird, bietet die Grundlage für die Analyse von Wachstum, Konsum, Arbeitsangebot, Investitionen oder Geld- und Fiskalpolitik sowie vieler anderer Themen, die auch in anderen Veranstaltungen des BA Studiums und darüber hinaus behandelt werden.

The course closely follows Pablo Kurlat’s (2020) textbook A Course in Modern Macroeconomics (book website). Lecture notes are available here. Several sections in the lecture notes are not covered in class and are not relevant for the exam. The syllabus distributed by Sally Dubach contains further details.

“Macro Finance: Assets, Government Debt, and Cryptos,” Bern, Spring 2025

BA course at the University of Bern.

Time: Monday, 10:15–12:00. Location: H4, 106. Uni Bern’s official course page.

This course is aimed at students interested in macro finance who have completed their mandatory training in microeconomics, macroeconomics, and mathematics. Macro finance focuses on the pricing of securities and other assets. Using the Euler equation as a basis, we derive the fundamental pricing relationships. The course then explores a range of applications, including bubbles, government debt, money, the interaction between fiscal and monetary policy, CBDCs, and crypto assets. Grades may be based on class participation, group work and presentations, and/or a written exam.

“Fiscal and Monetary Policies,” Bern, Spring 2025

MA course at the University of Bern.

Lecture: Monday, 12.15 – 14.00, UniS A027.
Session: Tuesday, 12.15 – 14.00, UniS A017, on 4 Mar, 18 Mar, 25 Mar, 15 Apr, 29 Apr, 20 May. Some lecture and session dates may be swapped.

Uni Bern’s official course page. Problem sets and solutions can be found here.

The course covers macroeconomic theories of fiscal policy (including tax and debt policy) and the interaction between fiscal and monetary policy. Participants should be familiar with the material covered in the course Macroeconomics II. The course grade reflects the final exam grade. The classes follow selected chapters in the textbook Macroeconomic Analysis (MIT Press, 2019) and build on the material covered in the Macroeconomics II course, which follows the same text.

Main contents:

  1. Concepts.
  2. RA model with government spending and taxes.
  3. Government debt in RA model.
  4. Government debt and social security in OLG model.
  5. Neutrality results.
  6. Consolidated government budget constraint.
  7. Fiscal effects on inflation. Game of chicken.
  8. FTPL. Active and passive policies.
  9. Tax smoothing.
  10. Time consistent policy.
  11. Sovereign debt.

“Macroeconomics II,” Bern, Fall 2024

MA course at the University of Bern.

Time: Monday 10:15-12:00. Location: A-126 UniS. Uni Bern’s official course page. Course assistant: Stefano Corbellini.

The course introduces Master students to modern macroeconomic theory. Building on the analysis of the consumption-saving tradeoff and on concepts from general equilibrium theory, the course covers workhorse general equilibrium models of modern macroeconomics, including the representative agent framework, the overlapping generations model, and the Lucas tree model.

Lectures follow chapters 1–4 (possibly 5) in this book.

“Makroökonomie I (Macroeconomics I),” Bern, Fall 2024

BA course at the University of Bern, taught in German.

Time: Monday 14:15-16:00. Location: Audimax. Uni Bern’s official course page. Course assistant: Sally Dubach.

Course description:

Die Vorlesung vermittelt einen ersten Einblick in die moderne Makroökonomie. Sie baut auf der Veranstaltung „Einführung in die Makroökonomie“ des Einführungsstudiums auf und betont sowohl die Mikrofundierung als auch dynamische Aspekte. Das heisst, sie interpretiert makroökonomische Entwicklungen als das Ergebnis zielgerichteten individuellen (mikroökonomischen) Handelns, und sie wird der Tatsache gerecht, dass wirtschaftliche Entscheidungen Erwartungen widerspiegeln und Konsequenzen in der Zukunft haben. Der klassische Modellrahmen, der in der Vorlesung entwickelt wird, bietet die Grundlage für die Analyse von Wachstum, Konsum, Arbeitsangebot, Investitionen oder Geld- und Fiskalpolitik sowie vieler anderer Themen, die auch in anderen Veranstaltungen des BA Studiums und darüber hinaus behandelt werden.

The course closely follows Pablo Kurlat’s (2020) textbook A Course in Modern Macroeconomics (book website). Lecture notes are available here. The following sections in the lecture notes are not covered in class and are not relevant for the exam:

  • Last pages of chapter 7, starting at p. 106;
  • last pages of chapter 9, starting at p. 128;
  • chapters B and C.

“Topics in Macroeconomics,” Bern, Spring 2024

BA course at the University of Bern.

Time: Monday, 10:15–12:00. Location: H4, 115. Uni Bern’s official course page.

The course targets students who have completed their mandatory training in microeconomics, macroeconomics and mathematics and who want to make use of macroeconomic theory in order to analyze questions related to asset prices, bubbles, government debt, or the link between fiscal and monetary policy. The grade may depend on participation in class; small group projects; and/or a written exam.

“Fiscal and Monetary Policies,” Bern, Spring 2024

MA course at the University of Bern.

Lecture: Monday, 12.15 – 14.00, UniS A027.
Session: Tuesday, 12.15 – 14.00, UniS A017, on 5 Mar, 19 Mar, 26 Mar, 16 Apr, 30 Apr, 14 May. Some lecture and session dates may be swapped.

Uni Bern’s official course page. Problem sets and solutions can be found here.

The course covers macroeconomic theories of fiscal policy (including tax and debt policy) and the interaction between fiscal and monetary policy. Participants should be familiar with the material covered in the course Macroeconomics II. The course grade reflects the final exam grade. The classes follow selected chapters in the textbook Macroeconomic Analysis (MIT Press, 2019) and build on the material covered in the Macroeconomics II course, which follows the same text.

Main contents:

  1. Concepts.
  2. RA model with government spending and taxes.
  3. Government debt in RA model.
  4. Government debt and social security in OLG model.
  5. Neutrality results.
  6. Consolidated government budget constraint.
  7. Fiscal effects on inflation. Game of chicken.
  8. FTPL. Active and passive policies.
  9. Tax smoothing.
  10. Time consistent policy.
  11. Sovereign debt.

“Macroeconomics II,” Bern, Fall 2023

MA course at the University of Bern.

Time: Monday 10:15-12:00. Location: A-126 UniS. Uni Bern’s official course page. Course assistant: Stefano Corbellini.

The course introduces Master students to modern macroeconomic theory. Building on the analysis of the consumption-saving tradeoff and on concepts from general equilibrium theory, the course covers workhorse general equilibrium models of modern macroeconomics, including the representative agent framework, the overlapping generations model, and the Lucas tree model.

Lectures follow chapters 1–4 (possibly 5) in this book.

“Makroökonomie I (Macroeconomics I),” Bern, Fall 2023

BA course at the University of Bern, taught in German.

Time: Monday 14:15-16:00. Location: Audimax. Uni Bern’s official course page. Course assistant: Wjera Yell Leutenegger.

Course description:

Die Vorlesung vermittelt einen ersten Einblick in die moderne Makroökonomie. Sie baut auf der Veranstaltung „Einführung in die Makroökonomie“ des Einführungsstudiums auf und betont sowohl die Mikrofundierung als auch dynamische Aspekte. Das heisst, sie interpretiert makroökonomische Entwicklungen als das Ergebnis zielgerichteten individuellen (mikroökonomischen) Handelns, und sie wird der Tatsache gerecht, dass wirtschaftliche Entscheidungen Erwartungen widerspiegeln und Konsequenzen in der Zukunft haben. Der klassische Modellrahmen, der in der Vorlesung entwickelt wird, bietet die Grundlage für die Analyse von Wachstum, Konsum, Arbeitsangebot, Investitionen oder Geld- und Fiskalpolitik sowie vieler anderer Themen, die auch in anderen Veranstaltungen des BA Studiums und darüber hinaus behandelt werden.

The course closely follows Pablo Kurlat’s (2020) textbook A Course in Modern Macroeconomics (book website). Lecture notes are available here. The following sections in the lecture notes are not covered in class and are not relevant for the exam:

  • Last pages of chapter 7, starting at p. 106;
  • last pages of chapter 9, starting at p. 128;
  • chapters B and C.

Other intermediate macro texts include

  • Julio Garín, Robert Lester and Eric Sims (2021): Intermediate Macroeconomics (book website, PDF).
  • Matthias Doepke, Andreas Lehnert and Andrew W. Sellgren (1999): Macroeconomics (PDF). (Written by (then) graduate students as a companion text to Robert J. Barro’s textbook Macroeconomics [publisher website].)
  • Stephen D. Williamson (2018): Macroeconomics (publisher website).

“Fiscal and Monetary Policies,” Bern, Spring 2023

MA course at the University of Bern.

Time: Monday, 12.15 – 14.00. Location: UniS, A027. Uni Bern’s official course page. TA: Remo Taudien.

This course covers macroeconomic theories of fiscal policy (including tax and debt policy) and the interaction between fiscal and monetary policy. Participants should be familiar with the material covered in the course Macroeconomics II. The course grade reflects the final exam grade. The classes follow selected chapters in the textbook Macroeconomic Analysis (MIT Press, 2019) and build on the material covered in the macro II course which follows the same text.

Main contents:

  1. Concepts.
  2. RA model with government spending and taxes.
  3. Government debt in RA model.
  4. Government debt and social security in OLG model.
  5. Neutrality results.
  6. Consolidated government budget constraint.
  7. Fiscal effects on inflation. Game of chicken.
  8. FTPL. Active and passive policies.
  9. Tax smoothing.
  10. Time consistent policy.
  11. Sovereign debt.

“Topics in Macroeconomics,” Bern, Spring 2023

BA course at the University of Bern.

Time: Monday, 10:15–12:00. Location: UniS, S101. Uni Bern’s official course page.

The course targets students who have completed their mandatory training in microeconomics, macroeconomics and mathematics and who are interested to make use of macroeconomic theory in order to analyze questions related to asset prices, bubbles, government debt, or the link between fiscal and monetary policy. The grade may depend on participation in class; small group projects; and/or a written exam.

Lucas Kyriacou’s “Python for Macroeconomists”

Lucas Kyriacou has posted a Jupyter notebook with a great introduction to Python.

From the readme file:

This course aims to introduce PhD students to the basics of the popular and powerful programming language called Python. After going through the basics, we will also see some applications such as OLS regression, extraction of information from textual data, data visualization and object-oriented programming. In an extended version of this course we will further discuss various applications such as bulk downloading macroeconomic data, VAR estimation and solving macroeconomic models.

“Macroeconomics II,” Bern, Fall 2022

MA course at the University of Bern.

Time: Monday 10:15-12:00. Location: A-126 UniS. Uni Bern’s official course page. Course assistant: Stefano Corbellini.

The course introduces Master students to modern macroeconomic theory. Building on the analysis of the consumption-saving tradeoff and on concepts from general equilibrium theory, the course covers workhorse general equilibrium models of modern macroeconomics, including the representative agent framework, the overlapping generations model, and the Lucas tree model.

Lectures follow chapters 1–4 (possibly 5) in this book.

“Makroökonomie I (Macroeconomics I),” Bern, Fall 2022

BA course at the University of Bern, taught in German.

Time: Monday 14:15-16:00. Location: Audimax. Uni Bern’s official course page. Course assistant: Wjera Yell Leutenegger.

Course description:

Die Vorlesung vermittelt einen ersten Einblick in die moderne Makroökonomie. Sie baut auf der Veranstaltung „Einführung in die Makroökonomie“ des Einführungsstudiums auf und betont sowohl die Mikrofundierung als auch dynamische Aspekte. Das heisst, sie interpretiert makroökonomische Entwicklungen als das Ergebnis zielgerichteten individuellen (mikroökonomischen) Handelns, und sie wird der Tatsache gerecht, dass wirtschaftliche Entscheidungen Erwartungen widerspiegeln und Konsequenzen in der Zukunft haben. Der klassische Modellrahmen, der in der Vorlesung entwickelt wird, bietet die Grundlage für die Analyse von Wachstum, Konsum, Arbeitsangebot, Investitionen oder Geld- und Fiskalpolitik sowie vieler anderer Themen, die auch in anderen Veranstaltungen des BA Studiums und darüber hinaus behandelt werden.

The course closely follows Pablo Kurlat’s (2020) textbook A Course in Modern Macroeconomics (book website). Lecture notes are available here.

Other intermediate macro texts:

  • Julio Garín, Robert Lester and Eric Sims (2021): Intermediate Macroeconomics (book website, PDF).
  • Matthias Doepke, Andreas Lehnert and Andrew W. Sellgren (1999): Macroeconomics (PDF). (Written by (then) graduate students as a companion text to Robert J. Barro’s textbook Macroeconomics [publisher website].)
  • Stephen D. Williamson (2018): Macroeconomics (publisher website).

BA and MA Thesis Guidelines, Writing Tips

I supervise theses that focus on macroeconomic questions, use models to answer them, and are written in English or German. If you are interested in writing your thesis with me please follow these steps:

  1. Contact me by e-mail to check whether I can act as your thesis supervisor. Attach your grade sheet and sketch very briefly what type of questions you are interested in. 
  2. Once we have agreed that I act as supervisor prepare a one- or two-page proposal outlining as concisely and precisely as possible, what your research question is; what kind of model you plan to use in order to answer the question; and what kind of results you anticipate.
  3. We will discuss your proposal and you might revise it until we have a common understanding of the research question and the strategy to answer it. We also agree on a rough timeline.
  4. Then you are free to go. It’s up to you how often you get back to me with questions.

(No) rules:

  • I do not impose strict time limits or minimum/maximum length requirements etc. Ceteris paribus, completing the thesis faster or composing a shorter text is preferred.
  • I don’t require a hardcopy of the thesis, a PDF suffices.
  • I strongly suggest that you work with LaTeX; this allows you to focus on content rather than layout (and it nevertheless results in a more appealing end product).
  • Of course, all formal requirements set by the faculty or the university apply.

The grade accounts for the following:

  • Language and presentation: Extent to which grammar, wording, terminology and bibliography are correct, clear, consistent.
  • Personal contribution: Extent to which thesis writer acts independently when choosing the topic, preparing the proposal, and working on the thesis.
  • Topic: Extent to which the research question is relevant, challenging and focused.
  • Depth: Extent to which the thesis thoroughly analyzes the topic.
  • Structure: Extent to which the presentation conforms with logical reasoning and to which formal analysis and verbal reasoning correspond to each other.
  • Model: Extent to which the model focuses on key aspects of interest and is solved correctly.
  • Literature: Extent to which the author relates the work to relevant existing literature.
  • Of course, BA students are not expected to deliver publishable research; it is all the more important that the thesis meets formal standards and the reasoning is clear and logical.

I typically grade within a few days.

Some advice on how to do research, write and present:

Updated September 2022

“Asset Pricing, r versus g, and Modern Monetary Theory: How Much Debt Can Governments Issue?,” Bern, Spring 2022

BA seminar at the University of Bern.

Uni Bern’s official course page:

  • The seminar targets students who have completed their mandatory training in microeconomics, macroeconomics and mathematics (i.e., students in the second half of their BA studies) and who are interested in modern macroeconomic theory.
  • We analyze arguments according to which the government does, or does not face an intertemporal budget constraint. What does the literature on asset pricing, rational bubbles, or the fiscal theory of the price level have to say? Why does the difference between the interest rate and the growth rate matter? Does “Modern Monetary Theory” add anything to these insights?
  • We start by reviewing standard economic models (c. 3 classes). Thereafter, students read contributions to the literature, summarize them and present their summaries in class.
  • There is a maximum of 12 participants, first-come-first-served (according to date of registration on KSL).
  • Meetings: Tuesday, 12.15 – 14.00 h.
  • Syllabus: PDF.

“Economic Challenges in Switzerland (and beyond),” Bern, Spring 2022

BA course at the University of Bern.

Uni Bern’s official course page:

  • The course targets students who have completed their mandatory training in microeconomics, macroeconomics and mathematics (i.e., students in the second half of their BA studies) and who are interested in modern macroeconomic theory. The objective of the course is threefold: Students should learn to think analytically, like economists do; they should understand select tools of modern macroeconomic theory; and they should learn to apply the tools and the economic reasoning to frame and understand policy issues in Switzerland and beyond.
  • We start by discussing a couple of macroeconomic policy topics at the level a newspaper would cover them. Based on this review we identify topics that are of most interest to the students and the lecturer. Collaboratively, we determine steps to analyze them more carefully and deeply and we execute these steps. Topics might include, for example, growth; monetary and fiscal policy; crypto-currencies; CBDC; government debt; sovereign debt crises; exchange rates; inequality; etc.
  • The students drive the selection of topics and the analytical discussion in class—active participation is key!—while the lecturer guides the discussion and introduces tools where adequate. In small groups the students focus on a specific aspect of a topic, prepare a short note on it, and present it in class.
  • The course grade is a weighted average of the grade for the student’s participation in class and the grade for the group’s note/presentation. There is no exam unless participation is very weak.
  • We will meet during most weeks of the semester, with interruptions when the groups need time to prepare their notes/presentations.
  • Lecture: Monday, 10.15 – 12.00 h.
  • Topics for group work: PDF.

“Fiscal and Monetary Policies,” Bern, Spring 2022

MA course at the University of Bern.

Uni Bern’s official course page:

  • This course covers macroeconomic theories of fiscal policy (including tax and debt policy) and the interaction between fiscal and monetary policy. Participants should be familiar with the material covered in the course Macroeconomics II. The course grade reflects the final exam grade.
  • Monday, 12.15 – 14.00 h
  • 1st exam: Monday, May 30, 2022, 12.15 – 14.00h
  • 2nd exam: Monday, September 12, 2022, 12.15 – 14.00h

The classes follow selected chapters in the textbook Macroeconomic Analysis (MIT Press, 2019) and build on the material covered in the macro II course which follows the same text. Table of contents of the book. Page with more information about the book and exercises.

Main contents:

  1. Concepts.
  2. RA model with government spending and taxes.
  3. Government debt in RA model.
  4. Government debt and social security in OLG model.
  5. Neutrality results.
  6. Consolidated government budget constraint.
  7. Fiscal effects on inflation. Game of chicken.
  8. FTPL. Active and passive policies.
  9. Tax smoothing.
  10. Time consistent policy.
  11. Sovereign debt.

“Macroeconomics II,” Bern, Fall 2021

MA course at the University of Bern.

Time: Wed 10-12. Location: A-126 UniS. Course assistant: Stefano Corbellini.

The course introduces Master students to modern macroeconomic theory. Building on the analysis of the consumption-saving tradeoff and on concepts from general equilibrium theory, the course covers workhorse general equilibrium models of modern macroeconomics, including the representative agent framework, the overlapping generations model, and the Lucas tree model. Lectures follow chapters 1–4 (possibly 5) in this book.

SARS-COV 2: Until further notice the course is offered on-site. It is our joint responsibility to reduce the risk of infection in class. Only students who satisfy two criteria should attend class: (i) They should not feel ill and (ii) they should be fully vaccinated or should recently have recovered from an infection or should have very recently tested negative. Students who do not satisfy (i) and (ii) should follow the class via podcast.