Chair of Macroeconomics
and International Economics
Our team
An economic education at WHU – Our teaching and courses.
The Chair of Macroeconomics and International Economics offers courses within the different study programs offered at WHU: the Bachelor of Science Program, the Master of Science Program, the MBA Program, the Kellogg-WHU Executive MBA Program, and courses in the fields of the Doctoral Program. The language of instruction is mostly English.
Professor Dr. Michael Frenkel, adjunct professors and doctoral students teach these lectures. Generally, individual courses are concluded with written examinations, and case studies may be examined or essays produced.
The Chair is happy to supervise internship projects and theses alongside its normal teaching activities.
You can receive information regarding the placing of Bachelor or Master Theses from Maximilian Ambros.
Our publications – Articles, books, and contributions.
Professor Dr. Michael Frenkel has more than 100 publications in the fields of macroeconomics and international finance. He is co-author of German textbooks on growth theory and national income accounting. He is published in a number of international journals and has contributed to numerous books as both editor and author. He serves on the editorial board of the Global Finance Journal and the International Journal of Business.
Research papers of the Economics Group are available at our Working Paper Series.
Assenmacher, K., Frenkel, M. (2025), Editorial – Special issue on “Central bank digital currency”, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 245 (4-5), pp. 363-366.
Frenkel, M., Nolte, S., Prantl, S. (2025), Editorial: 2024 best paper award, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 245 (3), pp. 247-249.
Frenkel, M., Stefan, H. (2024), The impact of the brexit referendum on greenfield foreign direct investments from countries within and outside the European single market, Applied Economics Letters, Vol. 31 (12), pp. 1125-1128.
Frenkel, M., Ngo, N. T. (2024), Service offshoring and its impacts on wages: an occupation-oriented analysis of Germany, The World Economy, Vol. 47 (4), pp. 1615-1641.
An empirical study of the immediate effect of the Brexit referendum on greenfield foreign direct investment in the UK
Bembennek, D., Frenkel, M. (2024), An empirical study of the immediate effect of the Brexit referendum on greenfield foreign direct investment in the UK, Economics Bulletin, Vol. 44 (1), pp. 57-63.
Frenkel, M., Prantl, S., Ziebarth, N. (2024), Editorial: 2023 best paper award, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 244 (3), pp. 167-168.
Frenkel, M., Stadtmann, G., Zimmermann, L. (2023), Labor market effects of COVID-19 supply shocks: Auswirkungen von COVID-19-Schocks auf den Arbeitsmarkt, International Journal of Management and Economics, Vol. 59 (1), pp. 3-12.
Fendel, R., Frenkel, M. (2022), Special issue on "financial crisis and its effects on the European economy", Global Finance Journal, Vol. 51, 100544.
Collingro, F., Frenkel, M. (2022), Fiscal multipliers in the euro area: a comparative study, The Quarterly Review of Economics and Finance, Vol. 84, pp. 386-397.
Frenkel, M., Jung, J.-K., Rülke, J.-C. (2022), Testing for the rationality of central bank interest rate forecasts, Empirical Economics, Vol. 62 (3), pp. 1037–1078.
Assenmacher, K., Frenkel, M. (2025), Editorial – Special issue on “Central bank digital currency”, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 245 (4-5), pp. 363-366.
Frenkel, M., Nolte, S., Prantl, S. (2025), Editorial: 2024 best paper award, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 245 (3), pp. 247-249.
Frenkel, M., Stefan, H. (2024), The impact of the brexit referendum on greenfield foreign direct investments from countries within and outside the European single market, Applied Economics Letters, Vol. 31 (12), pp. 1125-1128.
Frenkel, M., Ngo, N. T. (2024), Service offshoring and its impacts on wages: an occupation-oriented analysis of Germany, The World Economy, Vol. 47 (4), pp. 1615-1641.
An empirical study of the immediate effect of the Brexit referendum on greenfield foreign direct investment in the UK
Bembennek, D., Frenkel, M. (2024), An empirical study of the immediate effect of the Brexit referendum on greenfield foreign direct investment in the UK, Economics Bulletin, Vol. 44 (1), pp. 57-63.
Frenkel, M., Prantl, S., Ziebarth, N. (2024), Editorial: 2023 best paper award, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 244 (3), pp. 167-168.
Frenkel, M., Stadtmann, G., Zimmermann, L. (2023), Labor market effects of COVID-19 supply shocks: Auswirkungen von COVID-19-Schocks auf den Arbeitsmarkt, International Journal of Management and Economics, Vol. 59 (1), pp. 3-12.
Fendel, R., Frenkel, M. (2022), Special issue on "financial crisis and its effects on the European economy", Global Finance Journal, Vol. 51, 100544.
Collingro, F., Frenkel, M. (2022), Fiscal multipliers in the euro area: a comparative study, The Quarterly Review of Economics and Finance, Vol. 84, pp. 386-397.
Frenkel, M., Jung, J.-K., Rülke, J.-C. (2022), Testing for the rationality of central bank interest rate forecasts, Empirical Economics, Vol. 62 (3), pp. 1037–1078.
Beyond academic studies – Our alumni from the field.
Following their studies at WHU, our alumni often take high-level, high-impact roles within international organizations and corporations. Find out more about our alumni, along with their dissertation titles during their time at WHU:
| Name | Current Position | Dissertation Title |
| Dr. Stefan Bergheim | Center for Societal Progress, Frankfurt | Long-run growth forecasting |
| Dr. Dirk Bleich | Deutsche Bundesbank, Frankfurt | Monetary Policy Rules: Empirical Applications based on Survey Data |
| Dr. Franziska Collingro | Commerzbank, Frankfurt | Global financial crisis, economic policy, and macroeconomic effects |
| Dr. Frank Engels | Union Investment, Frankfurt | Newer anti-inflationary theories and relevance for Latin America |
| Prof. Dr. Ralf Fendel | WHU - Otto Beisheim School of Management, Vallendar | The development of the international per capita income distribution -Theoretical explanations and their empirical relevance |
| Dr. Katja Funke | International Monetary Fund, Washington | Balance of Payments Issues in Central and Eastern European Countries Run-Up to Euro Area Accession |
| Prof. Dr. Wolf-Heimo Grieben | Martin-Luther-Universität Halle-Wittenberg, Halle | Trade and Technology as Competing Explanations for Rising Inequality An Endogenous Growth Perspective |
| Dr. Jin-Kyu Jung | Wirtschaftsministerium, Berlin | On Recent Advances in Economic Forecasting Topics |
| Dr. Christian Kopp | Ganske Verlagsgruppe GmbH, Hamburg | Zur Bedeutung der internationalen Kapitalmobilität in neoklassischen und endogenen Wachstumsmodellen |
| Dr. Isabell Koske | OECD, Paris | Equilibrium Exchange Rates Models, the Euro and the 2004 Expansion of the EU |
| Dr. Eliza Lis | European Central Bank, Frankfurt | Testing Traditional Macroeconomic Building Blocks and New Dimensions in Fiscal Policy |
| Dr. Matthias Mauch | Gerandu GmbH, Berlin | Forecasting Behavior in foreign Exchange Markets |
| Dr. Holger Michaelis | Kapitalbilanzliberalisierung in der Volksrepublik China und ihre Einbettung in den volkswirtschaftlichen Reformprozess | GIC Special Investments Pte Ltd, Singapore |
| Dr. Christiane Nickel | European Central Bank, Frankfurt | Insider und Outsider bei der Osterweiterung der Europäischen Währungsunion |
| Dr. Karin Radeck | Deutsche Bundesbank, Frankfurt | Wechselkurszielzonen und Geldpolitik Voraussetzungen für die Tragfähigkeit eines Zielzonensystems |
| Prof. Dr. Jan-Christoph Rülke | EBS Universität, Oestrich-Winkel | Expectations in Financial Markets - A Survey Data Approach |
| Dr. Günter Schmidt | Die nichtlinearen endogenen Konjunkturmodelle von Goodwin und Kaldor: Darstellung, Erweiterungen und empirische Relevanz | |
| Dr. Marco Semmelmann | Bundesministerium der Finanzen, Berlin | Economic Aspects of European Union Trade Policy |
| Prof. Dr. Georg Stadtmann | Europa-Universität Viadrina, Frankfurt/Oder | Noise-Trader auf Devisenmärkten Viel Lärm um Nichts? |
| Haiko Stefan | Helaba, Frankfurt | |
| Dr. Yiqiao Sun | Essays in Empirical Macroeconomics | |
| Dr. Christoph Swonke | DZ Bank, Frankfurt | The New Open Economy Macroeconomics of Exchange Rate Pass-Through and Foreign Direct Investment |
| Dr. Andreas Tudyka | International Monetary Fund, Washington | Accounting for Time-Varying and Nonlinear Relationships in Macroeconometric Models |
| Dr. Benedikt Walter | Wirtschaftsministerium, Bonn | The Effects of International Investment Agreements on Foreign Direct Investment |
| Dr. Torsten Wezel | International Monetary Fund, Washington | Determinants of Foreign Direct Investment in Emerging Markets - An Empirical Study of Outward FDI Flows of Germany and its Banking Sector |
| Prof. Dr. Lilli Zimmermann | Hochschule der Deutschen Bundesbank, Hachenburg | Trade Determinants and Current Account Forecasts |
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