Master’s Program

in Money and (MMF)

BUSINESS ADMINISTRATION FACULTY OF AND

MASTER House of Finance 2010 Contents

Preface 2 Introduction 3 Why MMF? 4 Structure of the Program 5 Course Descriptions 7 Faculty 15 Admission Requirements and Procedures 18 Tuition Fees and Scholarships 19 The Setting 20

Preface

The Master’s program in Money and the only city in the world with If you are a promising candidate and Finance (MMF) is an innovative two central banks (the ECB and committed to a successful career, joint venture of the Department the German Bundesbank), it offers we hope that the information in of Money and Macroeconomics unique opportunities for interaction this brochure will encourage you and of the Department of Finance, with practitioners. The program to apply to MMF, take advantage both located in the new House is taught exclusively in English; of what it offers, and contribute to of Finance. The program offers knowledge of German is not required making it a stimulating and effective promising students from all over the for admission to, or completion of program for students and faculty world an intellectually stimulating the program. It has been designed alike. and challenging setting in which to with a view to establishing itself as a prepare for their professional careers leading Master’s program integrating Prof. Michael Haliassos, Ph.D. in central banking, commercial studies in monetary economics, Program Director, banking, insurance and other macroeconomics and finance and a Master’s Program in Money and Finance financial services. By being located major gateway to high-profile jobs in Goethe University Frankfurt in Frankfurt am Main, one of the the banking and financial sector. world‘s leading financial centers Introduction

Graduate education in Germany Since August 2008, the Departments States. The program is selective as is being revolutionized. Following of Money and Macroeconomics and well as highly international, with the Bologna agreement, traditional of Finance have joined forces with a maximum planned size of 40 five-year (Diploma) programs major research centers and institutes, students per year. The inaugural are being replaced by three-year such as the Center for Financial 2008 MMF class had 29 students, 22 Bachelor’s programs followed by Studies (CFS) and the Institute for of whom are international students two-year Master’s programs, Monetary and Financial Stability, from 19 different countries. In nationally and internationally as well as with the Goethe the second year of operation, the recognized. The Goethe University School and with law faculty working program received more than 420 Faculty of Economics and Business on the interactions between law and applications from 70 countries, and Administration is among the very finance to establish the House of 38 students registered. few in Germany to pioneer the Finance at Goethe University. transition. The House of Finance occupies The Master’s program in Money impressive newly-built premises on Research and teaching in the areas and Finance (MMF) is an innovative the new Westend campus of Goethe of monetary economics, macro- joint venture of the Department of University, right in the center of economics, and finance in Frankfurt Money and Macroeconomics and Frankfurt am Main, next to Gruene- are also being revolutionized by of the Department of Finance in the burg Park and in proximity to the the establishment of the House House of Finance, and it is taught European Central Bank, the German of Finance. Its establishment is entirely in English, the language of Bundesbank, and a vast array of intended to encourage interactions the profession. The Faculty of Eco- banking and financial industry firms. between academic departments, nomics and Business Administration, MMF students attend lectures in research institutes, and practitioners, within which the Department of modern, fully equipped lecture halls as well as development of innovative Money and Macroeconomics and at the House of Finance and at the teaching programs that combine the the Department of Finance operate, newly-build lecture hall center right strengths of its various constituents. is accredited by AACSB in the United opposite the faculty building.

3 Why MMF?

MMF is aimed at high-caliber the money supply’, and the role 1. It combines the fields of money, graduates of economics, business, of money in monetary policy is macroeconomics, and finance, and related undergraduate programs being debated on both sides of the providing graduates with a much whose goal is to prepare for Atlantic. Household finances are broader toolkit than that offered professional careers in the banking becoming increasingly complicated. by single-field Master’s programs and financial sector. The program Growing numbers of households in either economics or finance. is designed to utilize the strengths participate in a broad array of assets 2. It is also broader than typical of Goethe faculty and their links and debts, undertaking considerable combined Master’s programs to the wide array of financial risk in their portfolios and having in economics and finance by institutions and practitioners based to provide more for their old age to placing greater emphasis on in Frankfurt am Main, in order to meet shortcomings of ailing social macroeconomic and monetary provide academically sound and security systems. Firms face the policy issues. professionally relevant education. challenges and consequences of the 3. MMF is specifically designed to Its key objective is to put graduates new monetary policy regime and combine academic rigor with in the best position to compete for of globalization in product markets, a focus on topical issues facing highly rewarding jobs. factor markets, and in banking policy makers and financial and financial services. Changing practitioners, and is therefore Practitioners in the banking needs of households and firms best suited for students planning and financial sector are faced, have generated new challenges professional careers in the especially today, with new for the financial sector, in product banking and financial sector. challenges, as they operate in a development and marketing; and in 4. The structure of the program policy environment and they cater provision and regulation of financial combines regular core and to needs of households and firms advice. elective courses with seminars that are changing rapidly. In most and topical courses. Seminars European countries, the conduct The Frankfurt MMF program is provide hands-on experience, of monetary policy is no longer uniquely designed with such new while topical courses are the task of national central banks, challenges in mind. taught by high-level Frankfurt but of a major new player, the practitioners who share their European Central Bank. Monetary experiences and insights with policy does not amount to ‘setting students.

4 Structure of the Program

The Master’s program in Money provided below, together with short make effective presentations of and Finance is designed as a four- course descriptions. The lists are specialized topics, as well as how semester program, with the fourth indicative and will be continually to benefit from the knowledge of semester being devoted to research updated to reflect new trends in others. Seminars are typically held and writing of a Master’s . It relevant research and changes outside the university, in locations has five major components: in the composition of the pool of that are conducive to productive instructors. but informal interaction between • Core courses (5 courses) students and faculty (e.g., in • Electives (6 courses) Topical courses are intended University-owned facilities in • Topical courses (4 courses) to provide a close look at how Rieszlern resort, Austria). Each • Seminars (3 seminars) academic principles are applied to student takes two field seminars, • Master’s thesis work carried out by practitioners one coded M and one coded in central and commercial banking, F. Indicative lists of available Core courses are intended to and in the broader financial sector. seminars are provided below, provide the basic tools for the They are typically taught by central together with short descriptions. subsequent courses and the thesis bankers and practitioners in the work. As such, they are required banking and financial sector. While • The thesis seminar provides an for all students. Three courses core and elective courses draw opportunity to final-semester provide the necessary background in on the research expertise of the students working on their thesis macroeconomics, microeconomics, Goethe faculty, topical courses to present their research to faculty and econometrics. Two courses take advantage of our location by and to their student colleagues are devoted to asset pricing and to drawing on our extensive links to and to get useful feedback and corporate finance. Short descriptions financial institutions in Frankfurt guidance on completing an of core courses are provided below. am Main. Students are expected to interesting and relevant piece of take two topical courses with code work. Each student is expected Electives are chosen from two lists M and two with code F. The list of to take part in one thesis seminar of available courses, one coded M topical courses provided below is with students working on related and one coded F. These courses indicative. It is expected that the list topics. Thesis seminars will are intended to provide advanced will be revised more frequently than typically be offered as ‘block specialized knowledge in areas that the list of electives, in our effort to seminars’, during a 1-4 day period. should be chosen by the student focus on current issues and state-of- Like field seminars, they will often with a view to future career plans. the-art practices. be held in conference-like settings Results from recent, cutting- that combine productive academic edge research in these areas are Seminars are of two types: interaction with some recreational distilled in order to extract lessons • Field seminars encourage possibilities. relevant for banking and financial students to read, think, and work practice, as well as for policy design. extensively on a topic of interest Master’s thesis research is Students are required to have to them and then to present their conducted during the last semester completed three courses from each work together with all other of the program, under the list by the end of the program. students. A seminar provides a supervision of a Chair contributing Two lists of elective courses are natural setup for learning how to to the MMF program.

5 Mutual consent of the student and Study Abroad institution. However, students are of the Chair Professor is required MMF students have the opportunity required to give two presentations to for supervision. The thesis is a to spend their second or third se- the MMF thesis seminar, one early substantive piece of work that mester of study abroad, at one of the and one late in the semester, and to demonstrates in-depth familiarity MMF international partner institu- keep in close contact with the Chair with a particular topic in monetary tions (for an up-to-date list, please supervising their thesis. economics, finance, or their check the website of the Internation- interaction, as well as ability for al Office of the School of Economics some original work. A typical thesis and Business). will provide an original, critical synthesis of existing research, as well In addition, MMF students have the as evidence of some new research option to spend their final (fourth) undertaken by the student using semester abroad, provided they relevant theoretical or empirical have completed all course require- methods. The thesis should meet ments except for the Master thesis high academic standards and signal seminar and they have obtained the to future employers the student’s consent of the Professor of the Chair potential for independent work on supervising their Master thesis. It is challenging issues. not required that students complete their thesis at an MMF partner

6 Course Descriptions

Core Courses Fundamentals of Microeconomics will discuss a series of institutional Based on a firm understanding and methodological issues required of the theory of the firm and the to understand the more advanced M Core household, the course covers issues problems which are addressed in like regulation, welfare effects subsequent semesters. These issues Fundamentals of Macroeconomics of government induced price include: utility theory, modern This core course introduces distortions, and the theory of market portfolio theory, asset pricing models, basic concepts and key tools that failures. The course provides modern and option pricing theory. are central to understanding of tools and shall enable students to macroeconomic issues, ranging from understand and work with scholarly and short-term economic fluctuations articles in areas like public finance It is the objective of this one-semester to long-term growth. Students and industrial organization. core course to provide students with will learn how models are used to an overview of the modern theory understand key empirical facts in Fundamentals of Econometrics of finance and to equip them with macroeconomic data, how to use The core course in econometrics the most important conceptual mathematical tools for the analysis introduces the methods behind the instruments in the field of financial of model economies, how to develop empirical analysis of micro- and economics required for other, more and use the most common models macro-data as they are encountered application-oriented courses. Issues for understanding the relationship in cross-sectional and time series to be covered include: corporate between aggregate output, inflation studies, respectively. Application of valuation (DCF, WACC, APV, real and interest rates and the key drivers these methods will be demonstrated options), information and incentive of macroeconomic growth and with real data examples solved problems in financial contracting, cycles, and how to develop policy with standard computer software. (adverse selection, moral hazard, recommendations and conduct Students learn how to carry out incomplete contracts), financial practical policy analysis. At the end of empirical studies of the nature of intermediaries and markets (financial the course, students should be able to economic relationships. The course relationships, delegated monitoring, apply the modern macroeconomist‘s presumes that students are familiar and shareholder value), the role of toolkit to macroeconomic questions with linear regression models ownership and of current importance. While the and material from elementary (organization, compensation and course makes frequent use of econometrics or empirical economics. market discipline). These issues will mathematics, mathematical expertise be discussed by means of examples is not a goal in itself: mathematics and case studies. provides a systematic approach F Core for making sense of complicated Electives, Field Seminars, and economic relationships. The course Capital Markets and Asset Pricing Topical Courses includes a mathematical review of The core course on capital markets The following is an indicative list. concepts needed for modern macro and asset pricing is designed to Not all courses are necessarily analysis, as well as problem sets with provide a solid understanding of offered every academic year; and practice questions. theoretical concepts related to capital the program may be enriched with markets and to equip students with further courses when appropriate practical application skills. The course and feasible.

7 Electives Financial Structure and Monetary holdings, in various types of assets Transmission and of debts, including stocks, private This course focuses on the role of , housing, and credit card M Electives financial intermediaries and financial debt. Emphasis is placed on use of markets in the transmission of modern household-level data bases, Topics in Money and monetary policy. In the first half, and on international comparisons Macroeconomics models of financial intermediaries made possible by such data (using This course focuses on selected topics based on asymmetric information STATA). Lessons regarding the in monetary economics of current between borrowers and lenders role of household characteristics, interest. Students are introduced to are developed and integrated in attitudes, and financial sophistication monetary models of the economy macroeconomic models. These in determining financial behavior are using formal analysis. They will learn models are then used to study useful both for financial practice (e.g. quantitative methods for applying the role of borrowers’ net worth design and marketing of financial such models to current policy or collateral in propagating and products) and for monetary policy questions. For example, the course amplifying economic fluctuations. design (e.g. assessing distributional covers New-Keynesian models with The second half of the course focuses effects of policy changes). price and wage rigidities. The models on monetary policy transmission are implemented and simulated through the term structure of interest Europe and the US: using Matlab. Possible questions to rates. Term structure models are Comparative Economic Analyses be addressed include the design of introduced to explain term premia This course analyzes differences in monetary policy rules, the interaction as driven by either unobserved the economic systems, economic of fiscal and monetary policy, or macroeconomic factors. These outcomes, and preferences for international spillovers and exchange models are then used to jointly economic policies between Europe rate dynamics. forecast the macroeconomy and the and the US. Topics include the yield curve. welfare state, taxation, labor markets, Monetary Theory and Policy demographics, preferences for The course monetary theory and Household Finance redistribution, migration, monetary policy addresses monetary policy This course presents topics in the and fiscal policy, and the educational issues from both a theoretical and a rapidly growing area of household system. The course studies both the policy-oriented perspective. Topics finance, on the interface between origins of potential differences, as include the determinants of money macroeconomics and finance. well as their consequences for the supply and money demand, issues Households are increasingly involved lives of people. We explore macro- in monetary policy implementation, in portfolio choice and , as well as microeconomic studies real effects of inflation and various especially since governments are of both theoretical and empirical aspects of the monetary transmission shifting to them responsibilities for nature. However, a focus on the mechanism. Using recent New- financing retirement in view of the course lies on empirical studies and Keynesian models, we discuss the demographic transition. The course empirical methods, and advanced role of time-consistency and of focuses on theoretical and empirical knowledge of econometrics is a credibility for the conduct of optimal analysis of factors influencing prerequisite. monetary policy. household choices regarding participation, as well as levels of

8 Central Bank Watching endogenous labour supply. For each discussion of models of exchange rate This course reviews how central of those cases we also discuss the determination that are at the core of banks go about determining what testable implications of the theory. the open economy macroeconomics level of interest rates to set. Since At last, we move to the two good literature. The course emphasizes prices of financial securities depend model and discuss the Harrod-Balassa the hands-on application of the on the level of interest rates, which Samuelson effect. In the second part methods and models discussed to is largely determined by the central we will move to the international empirically study the dynamics and bank, “central bank watching” is a real business cycle literature. The determination of exchange rates. A big industry in the financial sector. goal of this research is to understand number of classes will therefore take Understanding the process leading and explain business fluctuations and place in the PC laboratory (using to interest rate decisions is also their international transmission. We STATA), and course participants are important for financial journalists will first introduce the basic model expected to complete assignments and those working in central banks. of international real business cycle in STATA. At the end of the course Core topics include: the framework (Backus, Kehoe and Kydland JPE participants should feel comfortable of monetary policy, measuring 1985) which is a stochastic dynamic to do independent, economic theory inflation, measuring the output general equilibrium model with based empirical work using time gap, interest rates and the Taylor endogenous labour supply and two series and panel data as arising in rule, the monetary transmission goods aggregated via an Armington many areas of macroeconomics mechanism, the term structure of aggregator. After discussing the and finance. The course presumes interest rates, the role of money implications of this model we will that participants have mastered in monetary policy, and monetary overview the major puzzles in the material in the first-year core policy committees. international macroeconomics: courses in macroeconomics and Feldstein-Horioka, the home bias macroeconometrics. International Macroeconomics in consumption and home bias in This course will cover three main investment, Mussa puzzle, disconnect The Economics of Taxation topics. In the first part we introduce puzzle, Backus-Smith puzzle, output- Tax measures are ubiquitous and basic concepts and theories of investment-employment correlation form important tools of public modern international macroeco- puzzle. Finally we will briefly policy with often large behavioral nomics, like the determination of the introduce the most recent new open effects. The course provides a sound current account, international prices, economy literature whose models understanding of the allocative and and the role of international financial depart from the international RBC distributional effects of taxation and markets. The main framework of literature because of the addition of deals with topics like international the analysis is the inter-temporal nominal frictions. taxation, environmental taxation and approach to the current account. the optimal income tax. We will start by deriving the current International Money and Finance account equation for a small open This elective course provides (i) a Fiscal and Tax Policy in the economy with one good, one thorough yet accessible presentation European Union internationally traded asset in the of the methods that econometrics The course presents the economics deterministic case. We will therefore currently has to offer to analyze time of the European Union from a add uncertainty, investment, durable series and panel data in international public finance perspective. Special goods, government expenditure, money and finance and (ii) a attention is given to issues like

9 decision making in the EU, tax restructuring. These issues will often important topics in today’s capital harmonization, EU expenditures, the be discussed by relying on various markets. This course introduces subsidiarity principle, and optimal financial instruments and strategies, students to the major concepts and fiscal federalism. The course is like bank debt, leasing, market instruments for the management of designed to give an understanding equity, and options. There is an credit risk in both capital markets and for the developments and institutions emphasis on empirical work, both banking institutions. Students will in these policy areas and to allow in the literature and in applications become familiar with the products students to evaluate policy options during the course. Students are used in today’s credit markets such for the future. required to work out several tailored as corporate bonds, convertible cases that will require (or contribute bonds, collateralized debt obligations to) a deeper understanding of (CDO’s), asset backed securities F Electives empirical methods. (ABS) and several kinds of credit derivatives like for example credit Advanced Corporate Finance Derivatives default swaps (CDS). The course This elective course is designed This elective course focuses on discusses the application of these to provide students with a deep valuation of securities. products as well as pricing issues for knowledge of the modern theory Topics include an introduction the purpose of credit risk trading. and practice of corporate finance to the different instruments and Students will also learn how internal and to confront them with the their payoffs, the binomial and and external rating methods are used most important policy and research the Black-Scholes model, implied by banks and investors as a main questions currently debated in the volatility, option sensitivities ingredient in pricing and evaluating field. It builds upon the material (“greeks”), exotic options, and credit risk. This section includes covered in the two first-year core numerical methods. Furthermore, state-of-the-art industry models like finance courses and discusses a the course contains a discussion of KMV’s EDF® model. Another part of series of important corporate finance more sophisticated approaches to the course concerns the application issues, structured around the life- option pricing, including stochastic of modern portfolio management cycle of the firm. Starting with volatility. Another topic will be risk approaches for credit risk. Students entrepreneurial issues including management with derivatives, with a will learn how some selected industry start-up and firm growth (staging), special emphasis on interest rate and models are used for the optimization it then turns to the classical areas of credit risk. Finally, the course offers of credit portfolios and the analysis the mature firm, i.e. optimal leverage an introduction to the valuation of of securitization transactions. The ratio, and of decisions of going real options, i.e. contingent claims course also covers briefly regulatory public and going private, together embedded in investment projects. aspects like the new capital adequacy with its corporate governance requirements of Basel II. implications. The last section of Commercial Banking the course discusses the new role Product innovations such as credit Integrated Risk Management of financial markets in corporate derivatives and asset backed This course addresses how decision making, as it is prevalent in securities as well as new approaches corporations should manage the risks much of the current debate on, e.g. for pricing and portfolio management they face. The focus is on developing merger and acquisitions, leveraged have made credit risk management an integrated approach that looks buy-out, outsourcing, or financial one of the hottest and most upon risk management as a part of

10 corporate strategy. looking at the relationship between Stochastic in Finance As part of their business, firms finance and development and and Econometrics constantly take, or are exposed development aid policies that try to This elective course discusses to, risks. However, they also have foster sound financial development stochastic processes and stochastic varied possibilities to deal with these in developing and transition integrals constructed from Wiener- risks. They can attempt to avoid countries, the course takes a close processes. In particular, Ito’s Lemma or reduce risk, transfer it by using look at micro and small enterprise is treated, and conditions for insurance or derivatives, or bear finance in these countries. convergence to stochastic integrals the risk themselves and adapt their are studied. At the end of the capital structure or increase their Advanced Investment and course students will be able to solve operational flexibility accordingly. Pension Finance stochastic differential equations Participants of this course will study The objective of this elective course which are used to model dynamics, the potential consequences of risk is to familiarize students with the e.g. interest rate dynamics in for the operations of a firm, learn advanced concepts and techniques mathematical finance. Moreover, to identify and assess single risks, of modern . the limiting distribution theory of potential interactions between The perspective will be mainly that modern time series econometrics risks, and the aggregate risk of a of institutional investors (e.g. asset (nonstationary and cointegrated time corporation, and understand how management companies, insurance series) will be presented. The course frictions in the insurance market and companies, pension funds). Among presumes that participants have the capital market determine the the subjects covered are: the portfolio mastered the material in the first- optimal risk management strategy. construction under shortfall risk year core courses. The course targets not only students constraints, the use of multi-factor who later want to work in risk models in asset management, management but also those with modeling investment risks, as well Field Seminars interest in corporate finance and as strategic, tactical, and dynamic corporate strategy. asset allocation techniques of internationally diversified portfolios. M Field Seminars International Banking: Moreover we look on the asset Financial Systems liability management strategies Monetary and Fiscal Stabilization The course first covers financial of pension funds, and retirement Policies systems and especially banking income planning techniques for This seminar focuses on current systems in different industrialized individual investors. Further research on monetary and fiscal countries such as Germany, UK, topics include the application of stabilization policies. First, the USA, and . The overriding derivatives in portfolio management. empirical evidence regarding the question is the extent to which these Complementary exercises and case actual practice of monetary and banking and financial systems differ studies focus on deepening the fiscal policies and their effects on between countries and whether there participants‘ grasp of the subject the economy is reviewed. Then, is a general convergence of financial by offering hands-on practical participants investigate how systems. The course then studies experience. dynamic general-equilibrium models banking and finance in developing may be used to obtain a deeper and transition countries. After understanding of the transmission

11 channels and interactions of and the role of behavioral factors in of retirement income planning, monetary and fiscal policies. Finally, portfolio choice. investment and risk management of practical questions of fiscal and pension funds, strategic, tactical, and monetary policy design are studied dynamic asset allocation (CPPI, risk on the basis of macroeconomic F Field Seminars controlled total return strategies). models and the available empirical The seminar deals also with the evidence. Selected Topics in Derivatives management of specific asset classes The seminar deals with the valuation, like equities, fixed income, real International Money and Finance hedging and application of derivative estate, and alternative investment The seminar will give participants securities. Topics include (but are like hedge funds. the opportunity to engage in a not limited to) numerical methods substantive empirical project in for the pricing of exotic options, international macroeconomics or models for interest rate and credit Topical Courses international finance using time- risk, hedging problems on incomplete series and/or panel data techniques, markets and in discrete time, model with the benefit of continuous implementation in VBA, specific M Topical Courses feedback and advice. Rather properties of hedge fund returns and than providing a discussion of the associated investment strategies. The Euro and the Conduct of results presented in the literature, Monetary Policy in the Euro Area: participants are expected to collect Selected Topics in Corporate Livio Stracca (ECB) their own data set, carry out an Finance After briefly reviewing the consensus econometric analysis of this data set, The seminar deals with various model used in monetary policy and discuss the economic relevance financial instruments and strategies. making, the course deals with the of their results. The seminar The form is either on theoretical or role of asset prices and of monetary presumes that participants have empirical work. Students have to and credit aggregates in policy- mastered the material in the course write, present and defend a seminar making. It discusses the institutional international money and finance. thesis. setting for the conduct of monetary policy, the monetary policy strategy Household Saving, Borrowing, and Selected Topics in Banking of the ECB, and its main criticisms. Portfolios The seminar deals with portfolio It then describes key features of the The seminar deals with recent management and long term wealth Euro area economy and evaluates research topics in Household management. The form is either its performance following adoption Finance. Topics include household on theoretical or empirical work. of the Euro, including prospects for participation in asset markets, Students have to write, present and convergence and divergence. The portfolio shares and portfolio changes defend a seminar thesis. course concludes with an analysis over the life cycle, portfolios of the of the international role of the Euro rich and of the elderly, international Selected Topics in Asset and issues related to Euro area comparisons, stock trading behavior Management and Pension Finance enlargement. of households, co-existence of debts The seminar deals with recent topics and assets in household portfolios, in asset management and pension household investment mistakes, finance. Topics include the calculus

12 Exchange Rate Economics and the efficiency of monetary policy. strategies for the structural shocks Policy: Christian Thimann (ECB) It covers the current practices of (e.g. Choleski decomposition, Exchange rates are among the most central banks, and discusses the Blanchard-Quah long-run important economic variables, having optimal level of transparency, related restrictions, sign-restrictions) could a macroeconomic, monetary and for instance to the announcement be discussed. Then, we will discuss financial dimension. They affect and quantification of central bank the key role of expectations for relative prices between economies, objectives and strategies, central bank monetary transmission and the as well as international trade and communication, the explanation econometric problems they create. finance, with the foreign exchange of monetary policy decisions or the Next, we will talk about the main market being in terms of turnover release of central bank‘s own interest transmission channels, such as the the largest market world wide. rate forecasts. cost-of-capital channel, the credit This course provides a foundation channels, the asset price channel of exchange rate economics and Monetary Transmission: (including the role of house prices), policy. It starts from key concepts Theory and Evidence: the exchange rate channel and of exchange rate determination Andreas Worms (Bundesbank) others. Here, we will discuss the and reviews the linkages between The course covers a broad range theory as well as some econometric exchange rates, the balance of of issues around the monetary methods which are commonly used payments and the real economy. transmission process with a special to identify such channels in empirical The course then provides insights focus on empirical work. It is analysis, such as dynamic panel and into policy aspects of exchange rate intended to supply the participants cointegration analysis. economics, including exchange rate with the main theoretical models of regimes; currency crises; currency the monetary transmission process in Fiscal Policies in EMU: Theory and unions and optimum currency areas; general and the different monetary Practice: Ludger Schuknecht (ECB) international role of currencies; and transmission channels in specific, Fiscal policies are seen as a particular the international policy framework as well as the main stylized facts challenge for monetary union: sound dealing with exchange rates such as on these issues with a focus on the public finances are key for price the G7. Euro area evidence. Moreover, it is stability-oriented monetary policies intended to quickly touch upon some but responsibility remains in the Central Bank Transparency: econometric methods commonly hands of individual governments. Michael Ehrmann (ECB) used in monetary transmission Government deficits and debt, and Over the last decades, central banks analysis. We will start with the aging costs are high in many member have undergone a long journey from general identification problem of countries, but at the same time the secretive to transparent institutions; monetary policy shocks and discuss financial crisis has raised calls for nowadays, they emphasize several methods which are used in more expansionary policies. The predictability of their actions as an the literature to tackle this issue. We Stability and Growth Pact defines a important ingredient of their task, will then discuss the possibility to framework for fiscal policies in EMU, compared to a conduct of monetary estimate the general transmission but how does it work in practice? policy that has often largely surprised process from monetary policy to The course will discuss the theoretical the public in the not too distant past. output and prices using the VAR underpinnings, empirical evidence The course reviews the reasons for technology and impulse response and practical considerations that this development, and its effects on analysis. Here, several identification surround fiscal policies in EMU.

13 F Topical Courses due to Basel II, the CRD and the financial instruments, how business national implementations thereof. cycle dynamics can be integrated Modern Portfolio Management: Liquidity risk has become a burning into the investment framework and Thomas Stephan issue these days with the financial how financial models such as the (RCM – Allianz Global Investors) crisis. Business risk, strategic risk and Capital Asset Pricing Model (CAPM) This course aims at equipping reputational risk have also gained can be used to derive optimal asset students with the most relevant acceptance, both as a component of allocations. fundamental methods of modern Basel II Pillar II frameworks (e. g. quantitative portfolio management. as part of economic capital) and as While thoroughly introducing the an important part of decision-mak- theoretical concepts, the particular ing of senior executives. This course focus of this lecture will be on outlines the definition of those risk aspects of their implementation in types, the methodologies typically the investment practice. We will used by banks as part of the respec- look at strategic as well as tactical tive risk management processes, as asset allocation for equity and well as the regulatory requirements bond portfolios, portfolio insurance influencing those frameworks. The strategies and the fundamentals of current crisis shows that a silo-based asset-liability management. Another view of the various risk types may be focus of the course is on passive and insufficient. Therefore, the holistic active equity portfolio management. view is included as well. The focus of The course is completed by an the lectures is on practical examples introduction into risk models. of what governance structures, reporting processes, risk assessment Management of Emerging Risk methodologies, and decision-making Types – Risks beyond Market and process look like, and only to a lesser Credit Risk: Gerrit van den Brink degree on quantitative aspects of risk (ValueData7 GmbH) and Thomas management. Kaiser (KPMG) Risk management in banks has Strategic Asset Allocation in focused on market and credit risk Practice: Ken Nyholm (ECB) for the last decades. However, it has This course will treat strategic asset become more and more clear that allocation from a practical point of this is probably just a small part of view. It will show how financial and the risks banks are facing. Opera- econometric tools can be used to tional risk (which is a focus area of help design investment strategies for the lecture series) has gained in longer time-horizons. We will see importance both due to a changing how econometric techniques such banking environment, several multi- as vector autoregressive models and billion EUR losses in the past, and regime switching models can be used last but not least the regulatory focus to generate return projections for

14 Faculty

Prof. Michael Binder, Ph.D. Michael Binder is professor of economics at Goethe University Frankfurt (chair for international macroeconomics and macro- econometrics), dean of the of Economics, Finance, and Management (GSEFM) of Goethe University Frankfurt and Johannes Gutenberg University Mainz, and program director for international economics at the Center for Financial Studies (CFS). Binder received a Ph.D. in economics from the University of Pennsylvania in 1995, and subsequently was a faculty member at the University of Maryland. Binder has published on a variety of topics in macroeconomics and applied econometrics, and is/was an associate editor of the Journal of Applied Econometrics, the Journal of Economic Dynamics and Control, and Empirical Economics. Binder has held visiting appointments inter alia at Australian National University, the University of Cambridge, CESifo, the International Monetary Fund, the World Bank, and the Bank of Spain. His current research in part examines the implications of financial and trade globalization for business cycle dynamics, output growth and exchange rate dynamics. This research involves the development of new econometric methods for cross-country panel data sets.

Prof. Ester Faia, Ph.D. Ester Faia received her Ph.D. from New York University in 2002. Prior to joining the faculty of Goethe University in October 2008 she was a faculty member at the Universitat Pompeu Fabra and the University of Rome. She has held visiting appointments inter alia at Bank of England, European Central Bank, European University Institute, Norges Bank, Kiel Institute for the World Economy. She is currently also an associate editor of the Journal of Economic Dynamics and Control. Her research focuses on the role of real frictions (financial, labor and product market frictions) for monetary policy both in open and closed economy DSGE models. She has published in the: Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Economic Dynamics and Control, etc.

Prof. Nicola Fuchs-Schuendeln, Ph.D. Nicola Fuchs-Schuendeln received her Ph.D. in economics from Yale University in 2004. Prior to joining the faculty of Goethe University in 2009, she was a faculty member at Harvard University. She is also an NBER faculty research , a CESifo research network affiliate, and a co-editor of the Economics of Transition. Her current research focuses on the analysis of household saving and labor supply behavior, labor market integration, and the endogeneity of economic preferences. Nicola Fuchs-Schuendeln‘s publications include „The Response of Household Saving to the Large Shock of German Reunification“, American Economic Review, 2008; „Good Bye Lenin (or not?) – The Effect of Communism on People’s Preferences“, American Economic Review, 2007; „Precautionary Savings and Self-Selection: Evidence from the German Reunification “Experiment”“ (with M. Schuendeln), Quarterly Journal of Economics, 2005; „On Preferences for Being Self-Employed“, Journal of Economic Behavior and Organization, 2009; „Inequality Facts for Germany: Levels, Trends, and their Interpretation“ (with D. Krueger and M. Sommer), Review of Economic Dynamics, forthcoming 2010.

Prof. Stefan Gerlach, Ph.D. Stefan Gerlach joined the Institute for Monetary and Financial Stability at Goethe University as a professor of monetary economics in September 2007. Before joining the university, he served as head of Secretariat of the Committee on the Global Financial System, a committee of senior central bankers at the BIS in Basel. From 2001 to 2004 he was executive director (Research) at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research. Between 1992 and 2001 he held various research positions in the BIS. In 1992 he was awarded tenure at Brandeis University as an associate professor of economics. He received an from the University of Lund in Sweden in 1979, and a in economics from the Graduate Institute of International Studies in Geneva in 1983. He has written extensively in the areas of monetary theory and policy, and is a research fellow of the CEPR and a fellow of the CFS.

Prof. Michael Haliassos, Ph.D. Michael Haliassos is professor of macroeconomics and finance, deputy dean for international relations, and director of the Master’s program in Money and Finance at Goethe University. He received his Ph.D. from Yale University in 1987. Prior to joining Goethe University, he was a faculty member at the University of Maryland, and then at the University of Cyprus, where he served as deputy dean of the School of Economics and Business. He has visited the European University Institute as a part time professor in the finance and consumption chair, and has held various other visiting appointments, including at the Center for Studies in Economics and Finance (CSEF, ) and the University of Athens. His research focuses on household finance. He is currently the director of the Household Wealth Management research program at CFS, a research professor at the Mannheim Institute on the Economics of Aging (MEA), and a consultant to the ECB Network on Household and Consumption, aimed at building a Eurozone database on household portfolios.

15 Prof. Dr. Uwe Hassler Uwe Hassler is professor for and econometric methods at Goethe University. He received his doctorate in 1993 and his in 1998, both from the Free University of Berlin. Prior to joining Goethe University in April 2003, he was professor for empirical economics at the Technical University Darmstadt, and he has visited the Universities of Munich and Madrid. His main research interests are time series analysis and macroeconometrics, in particular long memory, (co)integration, and nonstationary panels.

Prof. Dr. Roman Inderst Roman Inderst currently holds the endowed chair of finance and economics at Goethe University. He is a microeconomist specializing in competition policy, market design and corporate finance. His previous positions include those of full professor of economics and full professor of and finance at the London School of Economics, and that of Associate Professor at INSEAD . Inderst holds a doctorate in economics as well as MAs () in economics and sociology. He is a business graduate (BA) from the ESB (Reutlingen) and has previous working experience in the areas of banking, advertising and strategy consulting. He has published extensively at the highest level and has gained international recognition in the fields of corporate finance, banking, competition policy and economic theory alike.

Prof. Dr. Jan Pieter Krahnen Jan Krahnen holds the chair of corporate finance at Goethe University since 1995. He is also co-director of the Center for Financial Studies, a non-profit research institution in Frankfurt am Main, and a CEPR-research fellow in financial economics. He is on the Steering Committee of the ECB-CFS research network initiative „Capital markets and financial integration in Europe“. Current research focuses on modeling and measuring risk transfer in securitization markets, on relationship lending and financial intermediation, and on the role of public ratings for observed market values. Jan Krahnen has published extensively in the field of corporate finance and banking. The most recent publications have appeared in the Journal of Financial Intermediation, Journal of Banking and Finance, Experimental Economics. He is on the Editorial Board of the Journal of Banking and Finance and the Journal of Financial Services Research.

Prof. Thomas Laubach, Ph.D. Thomas Laubach received his Ph.D. from Princeton University in 1997. Prior to joining the faculty of Goethe University in April 2008, he was an economist at the Federal Reserve Bank of Kansas City, and then an economist at the Federal Reserve Board in Washington, DC. He has held a visiting appointment at Rutgers University and has taught at Johns Hopkins University. His current research focuses on the role of learning and other departures from complete information in macroeconomic models, and on the role of financial structure as impulse and propagation mechanism in macroeconomic fluctuations.

Prof. Dr. Raimond Maurer Raimond Maurer completed his dissertation and habilitation in business administration at the . Since 2000 he has been professor for investment, portfolio management, and pension finance at the finance department of Goethe University. His research interests focus on theoretical and empirical studies of asset management by institutional investors, lifetime portfolio choice, real estate investments, and pension finance. Maurer has published four books and more than thirty refereed journal articles. He holds several professional positions in the Society of Actuaries, the Association of Certified International Investment Analysts (ACIIA), and the Pension Research Council at the Wharton School of the University of Pennsylvania.

Prof. Dr. Christian Schlag Christian Schlag is professor of finance in the finance department at Goethe University and director of the Finance Ph.D. program. His main research interests lie in derivative pricing and equilibrium modeling of financial markets. He received his doctorate from the University of Karlsruhe in 1994 and joined Goethe University in 1997. He is a member of several academic associations like the American and the European Finance Association. His research has been published in various international finance journals. Mr. Schlag is a frequent visitor at European and American universities, and is engaged in many international research co-operations. He is a member of the EUREX Exchange Council.

16 Prof. Dr. Reinhard H. Schmidt Harry Schmidt holds the Wilhelm Merton chair of international banking and finance in the Faculty of Economics and Business Administration of Goethe University. He is a former dean of the department and currently serves as the chairman of the finance group and as a member of the Academic Senate of the University. He received his education at the Universities of Heidelberg and Frankfurt am Main. Before joining the Frankfurt faculty in 1991, he was a professor of finance at the Universities of Goettingen and Trier. He has also been a visiting professor at Stanford, Georgetown (Washington, DC), Wharton (Philadelphia), Bocconi (Milan), and at two universities in Paris. He has published 120 academic articles in German and international journals, and several books covering a wide range of topics in economics, finance, and business administration. Currently, his main research interest concerns financial systems in industrial and developing countries.

Prof. Dr. Mark Wahrenburg Mark Wahrenburg holds the chair of banking and finance at Frankfurt University. He is also the dean of Goethe Business School and responsible for the Duke Goethe Executive MBA program offered jointly by Duke University and Goethe Business School. In addition, he is a director of the e-finance lab, a research center that focuses on the impact of technology on the value chain of financial institutions. He also serves as an adjunct professor at Insead. Prof. Wahrenburg has been visiting professor at the Wharton School of the University of Pennsylvania, professor of finance at the University of Witten/Herdecke and visiting Scholar at Harvard. He received a Master´s degree and a Ph.D. from the University of Cologne. His work has been published in recognized Journals such as the Journal of Banking and Finance, European , and Empirical Economics.

Prof. Dr. Uwe Walz Uwe Walz holds the chair of industrial organization at Goethe University, and is codirector of the Ph.D. Program in economics. He obtained his doctorate from the University of Tuebingen in 1992, and was visiting research fellow at the London School of Economics (1992–1993) and the University of California at Berkeley (1994–1995). He completed his habilitation at the University of Mannheim in 1995 and joined the University of Bochum (1995–1997) as an associate professor, and then the University of Tuebingen (1997–2000). Since October 2002, he has held the chair of industrial organization at Goethe University. He has published widely in international journals, most recently on venture capital topics and organizational design. His work has appeared in journals such as the Journal of Corporate Finance, the Journal of Financial Intermediation, the Journal of International Economics, the European Economic Review, and the Journal of Public Economics. His main current research focuses on venture capital, entrepreneurial finance, and contract theory as well as on the economics of network industries.

Prof. Dr. Alfons J. Weichenrieder Alfons J. Weichenrieder, who is currently the dean of the faculty, received his doctorate in economics in 1995 from the University of Munich under the supervision of Hans-Werner Sinn and Bernd Huber. He taught in Munich, at Princeton University, and at the University of Vienna before taking up the chair of public finance at Goethe University in October 2002. He is a co-opted member of the public finance section of the German Economic Association, an international research fellow of the Oxford University Centre for business taxation (Saïd Business School), a research professor at Ifo Institute, Munich, and a CESifo research fellow. He is editor of FinanzArchiv/Public Finance Analysis and associate editor of International Tax and Public Finance. He acted as the scientific chairman for the 2006 meeting of the German Economic Association (Verein für Sozialpolitik) and for the 2003 meeting of the International Institute of Public Finance (IIPF).

Prof. Volker Wieland, Ph.D. Volker Wieland received his Ph.D. in economics from Stanford University in 1995. Prior to joining the faculty of Goethe University in November 2000, he spent five years as economist and senior economist in the division of monetary affairs of the Federal Reserve Board in Washington, DC. At that time he also taught as an adjunct faculty member at the University of Maryland Business School. Since April 2003 he has been director of the Center for Financial Studies (CFS). Furthermore, he served as coordinating editor of the Journal of Economic Dynamics and Control from 2002 to 2006, and as associate editor of the European Economic Review from 2001 to 2004.

17 Admission Requirements and Procedures

MMF applicants should either hold Applications are filed online only, GRE test reports, though, can or expect to have by the time of using the relevant link from the reach the admissions office after enrollment a Bachelor’s degree or MMF website: the application deadline. Further equivalent in the area of economics, www.wiwi.uni-frankfurt.de/mmf/. information: www.ets.org/gre/ finance or in some related field. While documents can be scanned • Degree certificates/diplomas Exceptionally strong candidates for application purposes, originals as well as an official transcript with quantitative backgrounds can or certified copies of degrees, of course grades (with official be considered, even if their field is transcripts, TOEFL/IELTS test translations in English or German not directly related to economics scores, and GRE test scores have language, if relevant). or finance. In the German system, to be submitted, preferably prior a Bachelor’s grade of at least 2.5 to enrolment in October, but in no Application Deadlines is required for final admission and case after the deadline set by the Prospective students are encouraged enrolment into the program. Examinations Office of the School. to apply as early as possible. First round closing date: March 15 By the time they start the program The following items are required for prior to the winter semester of in October of their first year of admission: intended enrollment. Following study, candidates must have: • Completed online application, this first application deadline, • completed all requirements for the including statement of purpose (no applicants may be notified of early award of their Bachelor’s degree more than one page) (conditional) acceptance, rejection, (or equivalent) in economics, • Two letters of recommendation or postponement of the decision finance, or in related fields from university faculty members until the second round is also • achieved the required standard of who have taught the applicant completed. English language proficiency (see • Evidence of English language Second round closing date: May 1 below) proficiency for students whose prior to the winter semester of • attained a GRE score of at least native tongue is not English and intended enrollment. All applicants, 680/800 in the quantitative part of who do not hold a degree or and especially foreign applicants the test (for information on GRE, high school certificate from an requiring a visa to enter Germany, see below). institution with English as the are strongly encouraged to apply main language of instruction. by the May 1 deadline. It is by no Although candidates may supply • TOEFL with a minimum score of means guaranteed that there will be official degrees, originals, or certified 580 paper-based, 237 computer- enough time to complete the visa copies after they start the program based, 93 internet-based; or formalities if students wait for the and by the date specified by the • IELTS with a minimum score of final deadline to apply. Examinations Office of the School, 7.0. Final application deadline: July 15 it is crucial that these requirements Further information: www.ets. prior to the winter semester of be met by October of the first org/toefl/, www.ielts.org/. intended enrolment. No applications year. Failure to meet any of these • GRE scores. These are required. will be considered if they are requirements by October of the first Applicants should make sure that submitted after this final deadline. year results in withdrawal of the they know and report their GRE We strongly encourage all applicants, university’s offer of admission to scores by the time they file their domestic and foreign, not to wait for MMF. application to MMF online. Official this final deadline to apply.

18 Tuition Fees and Scholarships

Tuition fees are at the level origin and subject, in some cases • You can find more information on mandated by the State of Hessen for only graduates may apply. funding at ‘consecutive’ programs. This level is www.uni-frankfurt.de/english/ currently zero. • Other scholarship-awarding international/students/counseling/ institutions have varying funding/index.html. Students enrolled in the Master‘s conditions, for example, regarding program are obliged to pay an country of origin, subject, administrative fee to Goethe previous study achievements, University which currently amounts duration of support, etc. to about 250 EUR. This fee includes A very quick and efficient way of unlimited use of public transport in finding out about the appropriate Frankfurt am Main city and the area scholarship is through using the around Frankfurt am Main. scholarship database of DAAD. For more information, see In general, German institutions of www.daad.de. higher education do not themselves award scholarships. There are • The Goethe Money and Macro however, several scholarship- Association (GMMA), the alumni awarding organizations. association of graduates of the Department of Money and • The most extensive scholarship Macroeconomics, offers a ‘best program is that offered by DAAD student award’ accompanied by (German Academic Exchange a monetary sum to the student Service). Advanced students may with the highest average grade in apply for DAAD scholarships, or the first year courses of the MMF depending on their country of program.

19 The Setting

MMF students are taught in The Center for Financial Studies and Business Administration. The modern, high-tech buildings in (CFS) institute’s director is Professor the stunning Westend campus of The Center for Financial Studies Helmut Siekmann. Goethe University, in the center (CFS) conducts independent and www.imfs-frankfurt.de/ of Frankfurt am Main next to the internationally-oriented research renowned Grueneburgpark. Lectures on financial markets, financial Goethe Business School (GBS) take place in the House of Finance intermediaries and monetary The Goethe Business School and in the new lecture hall building economics, promotes the dialogue aims at forming and furthering of the campus. Library facilities are between academia and the financial the education of future business located in the School of Business community, and supports research leaders, enabling them to grow and Economics, next to the House and graduate and executive personally, and to serve their of Finance, and in the House of teaching. The center comprises company and society at large. The Finance itself. Computer facilities are about 11 researchers and 37 school is conscious of its mandate available in the House of Finance. in different partner institutions to satisfy the highest demands in worldwide and is directed by education, technology, performance The House of Finance Professors Michael Haliassos, Jan orientation, and internationality to The House of Finance, which Pieter Krahnen, and Uwe Walz. prepare managers for their myriad opened in September of 2008, www.ifk-cfs.de tasks both within their firm and aims to become one of the leading across boundaries. European centers for research and Institute for Monetary and The Goethe Business School education in the field of finance and Financial Stability (IMFS) offers, inter alia, the Duke Goethe its interactions with macroeconomics The Institute for Monetary and Executive MBA (EMBA) program and law. It brings together research, Financial Stability (IMFS) was and the Executive Master of Finance teaching and consulting institutions established by Goethe University and Accounting (EMFA) as well of Goethe University involving to enhance interdisciplinary as seminars, open-enrollment more than 130 researchers. This research as well as economic and programs and customized corporate is expected to generate additional legal counseling on all questions educational programs. research interactions and potential, concerning money, currency and See www.gbs-net.org/ improve prospects for international, finances. One of its major goals interdisciplinary research programs is the transfer of knowledge from Department of Corporate and and innovative teaching programs, the academic community to the Financial Law: and deepen interactions of Frankfurt banking business and the world of www.houseoffinance.eu/juristen/ faculty with financial institutions and central banks. It is designed to offer Institute for Law and Finance practitioners. a platform for scholarly exchange (ILF): www.ilf-frankfurt.de/ of ideas and opinions with national E-Finance Lab (EFL): The Constituents of the House of Finance and international participation. www.efinancelab.com/ Department of Money and The Institute for Monetary and Frankfurt Math Finance Institute Macroeconomics: www.wiwi.uni- Financial Stability comprises three (FMFI): www.math.uni-frankfurt. frankfurt.de/money/ endowed chairs and integrates de/~fmfi/ Department of Finance: www.wiwi. three additional chairs from the uni-frankfurt.de/finance/ Faculties of Law and of Economics

20 For further information on the stocks and collection, it is one of the International Office House of Finance see most important scientific libraries in There are two international offices: www.houseoffinance.eu. Germany. one at the level of the Faculty of Eco- nomics and Business Administration, For further information on the Computer Resources and the other at University level. Faculty of Economics and Business The House of Finance and the These provide help to international Administration, please see Faculty of Economics and Business students but also organize a wide www.wiwi.uni-frankfurt.de. Administration buildings are well- array of international exchanges equipped with modern computer between academic programs. Libraries technology and provide access to Prospective international students MMF students have access to a very computer resources and to the can receive advice and support in modern central main library of the internet for students. “PC Pools” are dealing with problems they may Faculty of Economics and Business available for project research and have, including assistance to find Administration, the “Fachbereichs- for academic instruction. There are suitable housing in Frankfurt. bibliothek”, situated in the new, also teleconferencing facilities on Additionally, the International Office modern building of the School site for use in teaching and research. provides students planning to go of Economics and Business; an All lecture halls are equipped with abroad with information and advice. information center located on state-of-the-art projection facilities More information for international the ground floor of the House of and internet access, allowing even students, including an up-to-date Finance; and highly developed broadcasts of lectures, when needed. list of MMF partner institutions, is electronic access to all major The computers are connected to available on the relevant website: journals, periodicals, and databases the Internet with fiber optic cables. www.wiwi.uni-frankfurt.de/en/ in the fields of economics, finance, Software applications include international/studying-abroad/ and other areas of business Microsoft Office, Open Office 1.1, partner-universities/ administration. Users will find Sun JDK, Eviews, SAS, SPSS, approximately 160.000 books; STATA, Microsoft Visual Studio Career Center active subscriptions to about 400 2005, Microsoft Visio and Microsoft The Career Center of the University periodicals, newspapers and journals. Access. facilitates job search for students, In addition to back editions and graduates and young professionals. newspapers, more than 1.000 Housing Its priority assignment is the microfilms are available. There are There is modern housing on placement of candidates into jobs lots of areas for private and group campus, some in very modern, in companies during their studies study. newly-built residence halls facing and after having obtained a degree. the building of the faculty of Besides obtaining qualified advice The Central Library of the University economics and business. In addition from specially trained staff for jobs “Universitätsbibliothek Johann Christian to student housing, students have and internships, students find a Senckenberg” has emerged from the access to the highly developed broad program of advanced training former Central Library of Frankfurt, rental market in Frankfurt, offering and information about job fairs. the Central Library of the Goethe possibilities for individual or shared The Career Center promotes the University and the “Senckenbergische rentals for various budgets. collaboration of the University with Bibliothek”. With its large book its external partners.

21 Editor/Publisher: Dean of the Faculty of Economics and Business Administration Goethe University Frankfurt Grüneburgplatz 1 D-60323 Frankfurt, Germany Hotline: + 49 (0)69 798-7749

Sports students, of whom around 4,000 are The City The Center for Sports (“Zentrum international students from more Frankfurt am Main is a financial and für Hochschulsport”) offers each than 100 countries. Scholars and service center of global importance semester a broad and attractive scientists at Goethe University have and, as the focal point of the dynamic program for both students and been awarded many prestigious Rhine-Main economic region, is one guests. Besides the sports courses scientific prizes, including the Nobel of the leading locations for companies in many disciplines, the program Prize. in Europe. It is the location of 300 includes excursions, workshops national and international banks, the and tournaments. Registration The University has 16 schools in German Central Bank (Bundesbank), for courses can be made at the total. These are the European Central Bank, and beginning of a semester in the office • Law the German Stock Exchange of the Center for Sports. • Business and Economics Group. Together with the Frankfurt • Social Sciences Securities Exchange and the Eurex Goethe University • Educational Sciences Futures Market, this group is one 10 The university was founded in 1914 • Psychology and Sports Sciences of the leading securities and futures through private funding. Thus, the • Protestant Theology exchanges in the world. The city · March 20 university owes its establishment to • Roman Catholic Theology offers more than 590.000 jobs for the link between dynamic research • Philosophy and History workers from Frankfurt am Main and the conscious commitment of • Linguistics, Cultural and and the surrounding area. Its central the citizens of Frankfurt am Main to Civilization Studies, Arts location, excellent infrastructure with the fundamentals of international • Modern Languages one of the world‘s most important trade and industry. Today, Goethe • Geosciences and Geography international airports, Frankfurt University is one of the largest public • Mathematics and Computer Airport, the concentration of institutions of higher education in Science companies with growth potential in Germany. It is under the jurisdiction • Physics various sectors, and its international of the State of Hessen, and is • Chemistry, Biochemistry and atmosphere propel Frankfurt am funded primarily through the State Pharmacy Main to one of the top places in of Hessen. Around 600 professors • Life Sciences Europe in terms of quality of life. and 2,000 other research staff • Medical Science members carry out research here, as well as teach a total of 35,000 Coordination: Susanne Jacoby · Design: Staehlingdesign Photos: Uwe Dettmar

www.wiwi.uni-frankfurt.de

If you like to get further information about the Master`s program in Money and Finance, please do not hesitate to contact us via e-mail at [email protected] Information on this catalog is correct as of January 4, 2010. For updates and changes, please visit the MMF website: www.wiwi.uni-frankfurt.de/mmf/.