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Chair of Monetary Economics

Established in 2007 within the Economics Group at WHU, the Chair of Monetary Economics focuses on the integration of economics into the school’s teaching program. In parallel, chairholder Professor Ralf Fendel and his research assistants drive the production of research output.
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Our research focus Our teaching Publications Alumni

Our team

Professor Ralf Fendel
Professor Ralf Fendel
Chairholder
ralf.fendel(at)whu.edu
+49 (0)261 6509 290
Nicole Schuster
Nicole Schuster
Personal Assistant
nicole.schuster(at)whu.edu
+49 (0)261 6509 291
Dhruv Patel
Dhruv Patel
Research Assistant
Dhruv.Patel(at)whu.edu
+49 (0)261 6509 292
Talena Wahl
Talena Wahl
External Doctoral Student
talena.wahl(at)whu.edu
Daniel Winkler
Daniel Winkler
External Doctoral Student
daniel.winkler(at)whu.edu

Our research – Bringing policy, theory, and application to the forefront.

The main research areas are monetary theory and monetary policy, as well as international macroeconomics, and European integration. The Chair is integrated with an international research network. Research from the Chair and the teaching program are intrinsically linked, so students are able to learn about new research results and research methods throughout their courses, as it happens. Additionally, both research and teaching output are characterized by high practical relevance.

Our teaching - The latest economic insights

The Chair of Monetary Economics offers courses in the Bachelor of Science program (Bachelor in International Business Administration) and in the Master of Science programs (Master in Management and Master in Finance).

Courses Spring Term 2024
Money, Banking, and Financial Markets
Ralf Fendel

Courses Fall Term 2023
European Integration: Economics, History and Policy
Ralf Fendel

Money, Banking, and Financial Markets
Ralf Fendel

Courses Spring Term 2024
Economics of Financial Markets
Ralf Fendel, Niklas Gadatsch

Courses Fall Term 2023
Monetary Economics and Central Banking
Ralf Fendel

Our publications – Recent articles, books, and papers.

To view the entire list of publications, you can download the PDF here.

Applied Economics Letters

Does forward guidance of the ECB matter for the accuracy of private sector inflation forecasts?

Burden, D., Fendel, R., Zimmermann, L. (2023), Does forward guidance of the ECB matter for the accuracy of private sector inflation forecasts?, Applied Economics Letters, Vol. 30 (9), pp. 1213-1217.

Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik

Verglüht der Stern der Modern Monetary Theory?

Fendel, R., Schmidt, A. (2023), Verglüht der Stern der Modern Monetary Theory? Is the star of modern monetary theory burning out?, Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik, Vol. 103 (1), pp. 48-54.

Das Wirtschaftsstudium

Klimawandel: Finanzstabilität und Geldpolitik

Fendel, R. (2023), Klimawandel: Finanzstabilität und Geldpolitik, Das Wirtschaftsstudium, Vol. 8-9, pp. 875-879.

Global Finance Journal

Special issue on "financial crisis and its effects on the European economy"

Fendel, R., Frenkel, M. (2022), Special issue on "financial crisis and its effects on the European economy", Global Finance Journal, Vol. 51, 100544.

Economies : Open Access Journal

Comparing the situation of FinTech start-ups in Russia and Germany through equity investments

Kostin, K. B., Fendel, R., Wild, F. (2022), Comparing the situation of FinTech start-ups in Russia and Germany through equity investments, Economies : Open Access Journal, Vol. 10 (2), 33.

Global Finance Journal

Tail risk in the european sovereign bond market during the financial crises

Fendel, R., Neumann, C. (2021), Tail risk in the european sovereign bond market during the financial crises: detecting the influence of the European Central Bank, Global Finance Journal, Vol. 50, 100505.

Applied Economics Letters

ECB's communication and the yield curve

Fendel, R., Neugebauer, F., Kilinc, M. (2021), ECB's communication and the yield curve: core versus periphery effects, Applied Economics Letters, Vol. 28 (8), pp. 630-634.

Journal of Forecasting

Recession probabilities for the Eurozone at the zero lower bound

Fendel, R., Mai, N., Mohr, O. (2021), Recession probabilities for the Eurozone at the zero lower bound: challenges to the term spread and rise of alternatives, Journal of Forecasting, Vol. 40 (6), pp. 1000-1026.

Finance Research Letters

Reactions of Euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank

Fendel, R., Neugebauer, F., Zimmermann, L. (2021), Reactions of Euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank, Finance Research Letters, Vol. 42, 101917.

Wirtschaftswissenschaftliches Studium

Inflationsentwicklung in Zeiten von Corona

Fendel, R., Neugebauer, F. (2021), Inflationsentwicklung in Zeiten von Corona, Wirtschaftswissenschaftliches Studium, Vol. 50 (6), pp. 27-35.

Applied Economics Letters

Political news and stock prices

Burggraf, T., Fendel, R., Huynh, T. L. D. (2020), Political news and stock prices: evidence from Trump’s trade war, Applied Economics Letters, Vol. 27 (18), pp. 1485-1488.

German Economic Review

Country-specific Euro area government bond yield reactions to ECB's non-standard monetary policy program announcements

Fendel, R., Neugebauer, F. (2020), Country-specific Euro area government bond yield reactions to ECB's non-standard monetary policy program announcements, German Economic Review, Vol. 21 (4), pp. 417-474.

International Journal of Economics and Finance

The effect of the ECB's forward guidance on interest rates forecasts

Fendel, R., Heins , J., Mohr, O. (2020), The effect of the ECB's forward guidance on interest rates forecasts, International Journal of Economics and Finance, Vol. 12 (8), pp. 52-64.

Applied Economics and Finance

The shape of Eurozone's uncertainty

Fendel, R., Mai, N., Mohr, O. (2020), The shape of Eurozone's uncertainty: its impact and predictive value on GDP, Applied Economics and Finance, Vol. 7 (6), pp. 1-18.

Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics

20 years of European Monetary Union

Fendel, R., Frenkel, M. (2019), 20 years of European Monetary Union: Editorial, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 239 (5/6), pp. 765-767.

Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics

Putting European monetary integration into a historical perspective

Fendel, R., Frenkel, M. (2019), Putting European monetary integration into a historical perspective: two decades of the European monetary system versus two decades of the European monetary union, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 239 (5/6), pp. 769–795.

Empirical Economics

National information and euro area monetary policy

Bräuning, C., Fendel, R. (2018), National information and euro area monetary policy: a generalized ordered choice approach, Empirical Economics, Vol. 54 (2), pp. 501-522.

Applied Economics Letters

Improved output gaps with financial cycle information?

Amberger, J., Fendel, R., Stremmel, H. (2017), Improved output gaps with financial cycle information? an application to G7 countries' new Keynesian Phillips curves, Applied Economics Letters, Vol. 24, pp. 219-228.

Empirica : Journal of European Economics

Understanding inflation dynamics in the Euro Area

Amberger, J., Fendel, R. (2017), Understanding inflation dynamics in the Euro Area: deviants and commonalities across member countries, Empirica : Journal of European Economics, Vol. 44, pp. 261-293.

Applied Economics and Finance

The slope of the Euro Area Phillips curve

Amberger, J., Fendel, R. (2017), The slope of the Euro Area Phillips curve: always and everywhere the same?, Applied Economics and Finance, Vol. 4, pp. 77-88.

Applied Economics Letters

Does forward guidance of the ECB matter for the accuracy of private sector inflation forecasts?

Burden, D., Fendel, R., Zimmermann, L. (2023), Does forward guidance of the ECB matter for the accuracy of private sector inflation forecasts?, Applied Economics Letters, Vol. 30 (9), pp. 1213-1217.

Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik

Verglüht der Stern der Modern Monetary Theory?

Fendel, R., Schmidt, A. (2023), Verglüht der Stern der Modern Monetary Theory? Is the star of modern monetary theory burning out?, Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik, Vol. 103 (1), pp. 48-54.

Das Wirtschaftsstudium

Klimawandel: Finanzstabilität und Geldpolitik

Fendel, R. (2023), Klimawandel: Finanzstabilität und Geldpolitik, Das Wirtschaftsstudium, Vol. 8-9, pp. 875-879.

Global Finance Journal

Special issue on "financial crisis and its effects on the European economy"

Fendel, R., Frenkel, M. (2022), Special issue on "financial crisis and its effects on the European economy", Global Finance Journal, Vol. 51, 100544.

Economies : Open Access Journal

Comparing the situation of FinTech start-ups in Russia and Germany through equity investments

Kostin, K. B., Fendel, R., Wild, F. (2022), Comparing the situation of FinTech start-ups in Russia and Germany through equity investments, Economies : Open Access Journal, Vol. 10 (2), 33.

Global Finance Journal

Tail risk in the european sovereign bond market during the financial crises

Fendel, R., Neumann, C. (2021), Tail risk in the european sovereign bond market during the financial crises: detecting the influence of the European Central Bank, Global Finance Journal, Vol. 50, 100505.

Applied Economics Letters

ECB's communication and the yield curve

Fendel, R., Neugebauer, F., Kilinc, M. (2021), ECB's communication and the yield curve: core versus periphery effects, Applied Economics Letters, Vol. 28 (8), pp. 630-634.

Journal of Forecasting

Recession probabilities for the Eurozone at the zero lower bound

Fendel, R., Mai, N., Mohr, O. (2021), Recession probabilities for the Eurozone at the zero lower bound: challenges to the term spread and rise of alternatives, Journal of Forecasting, Vol. 40 (6), pp. 1000-1026.

Finance Research Letters

Reactions of Euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank

Fendel, R., Neugebauer, F., Zimmermann, L. (2021), Reactions of Euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank, Finance Research Letters, Vol. 42, 101917.

Wirtschaftswissenschaftliches Studium

Inflationsentwicklung in Zeiten von Corona

Fendel, R., Neugebauer, F. (2021), Inflationsentwicklung in Zeiten von Corona, Wirtschaftswissenschaftliches Studium, Vol. 50 (6), pp. 27-35.

Applied Economics Letters

Political news and stock prices

Burggraf, T., Fendel, R., Huynh, T. L. D. (2020), Political news and stock prices: evidence from Trump’s trade war, Applied Economics Letters, Vol. 27 (18), pp. 1485-1488.

German Economic Review

Country-specific Euro area government bond yield reactions to ECB's non-standard monetary policy program announcements

Fendel, R., Neugebauer, F. (2020), Country-specific Euro area government bond yield reactions to ECB's non-standard monetary policy program announcements, German Economic Review, Vol. 21 (4), pp. 417-474.

International Journal of Economics and Finance

The effect of the ECB's forward guidance on interest rates forecasts

Fendel, R., Heins , J., Mohr, O. (2020), The effect of the ECB's forward guidance on interest rates forecasts, International Journal of Economics and Finance, Vol. 12 (8), pp. 52-64.

Applied Economics and Finance

The shape of Eurozone's uncertainty

Fendel, R., Mai, N., Mohr, O. (2020), The shape of Eurozone's uncertainty: its impact and predictive value on GDP, Applied Economics and Finance, Vol. 7 (6), pp. 1-18.

Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics

20 years of European Monetary Union

Fendel, R., Frenkel, M. (2019), 20 years of European Monetary Union: Editorial, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 239 (5/6), pp. 765-767.

Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics

Putting European monetary integration into a historical perspective

Fendel, R., Frenkel, M. (2019), Putting European monetary integration into a historical perspective: two decades of the European monetary system versus two decades of the European monetary union, Jahrbücher für Nationalökonomie und Statistik = Journal of Economics and Statistics, Vol. 239 (5/6), pp. 769–795.

Empirical Economics

National information and euro area monetary policy

Bräuning, C., Fendel, R. (2018), National information and euro area monetary policy: a generalized ordered choice approach, Empirical Economics, Vol. 54 (2), pp. 501-522.

Applied Economics Letters

Improved output gaps with financial cycle information?

Amberger, J., Fendel, R., Stremmel, H. (2017), Improved output gaps with financial cycle information? an application to G7 countries' new Keynesian Phillips curves, Applied Economics Letters, Vol. 24, pp. 219-228.

Empirica : Journal of European Economics

Understanding inflation dynamics in the Euro Area

Amberger, J., Fendel, R. (2017), Understanding inflation dynamics in the Euro Area: deviants and commonalities across member countries, Empirica : Journal of European Economics, Vol. 44, pp. 261-293.

Applied Economics and Finance

The slope of the Euro Area Phillips curve

Amberger, J., Fendel, R. (2017), The slope of the Euro Area Phillips curve: always and everywhere the same?, Applied Economics and Finance, Vol. 4, pp. 77-88.

Vahlen Verlag, München [‘National Accounting’]

Volkswirtschaftliche Gesamtrechnung

Fendel, R. and Frenkel, M. (2022)
Vahlen Verlag, München [‘National Accounting’]

Volkswirtschaftliche Gesamtrechnung

Fendel, R. and Frenkel, M. (2022)
Staatslexikon: Recht, Wirtschaft, Gesellschaft, Herder Verlag.

Volkswirtschaftliche Gesamtrechnung

Fendel, R. and Frenkel, M. (2021)
Progress in Economics Research, vol. 40, Nova Science Publisher, Hauppauge (New York), 1-57.

Exploring Economic History: Dutch Governmental Structure and Foreign Trade Policy Success

Fendel, R. and Welsch-Lehmann, N. (2018),1602-1672, in: Tavidze, A.
Staatslexikon: Recht, Wirtschaft, Gesellschaft, Herder Verlag.

Volkswirtschaftliche Gesamtrechnung

Fendel, R. and Frenkel, M. (2021)
Progress in Economics Research, vol. 40, Nova Science Publisher, Hauppauge (New York), 1-57.

Exploring Economic History: Dutch Governmental Structure and Foreign Trade Policy Success

Fendel, R. and Welsch-Lehmann, N. (2018),1602-1672, in: Tavidze, A.

Beyond WHU – Where our alumni are now.

Going beyond the field of Monetary Economics, our alumni often take high-level roles within international organizations. Find out more about just a few of our alumni, along with their dissertation titles during their time at WHU:

NameTitle of Dissertation
Dr. Johanna AmbergerInflation Dynamics Comparison across Countries and Time
Dr. Niklas GadatschMacroeconomic Effects of Fiscal Policy: A DSGE Approach
Dr. Oliver MohreMonetary Policy at the Zero Lower Bound
Dr. Hanno StremmelOn the Determinants of Banking Crises: Micro- and Macro-Prudential Approaches
Dr. Dirk BleichMonetary Policy Rules: Empirical Applications based on Survey Data
Dr. Elmar JordanFinancial Stability in the Euro Area
Dr. Frederik NeugebauerFinancial Market Reactions to Central Bank Communication
Dr. Christina StrobachEssays on Inflation: Expectations and Uncertainty

Get in touch with us –

We look forward to hearing from you.
Professor Ralf Fendel
Professor Ralf Fendel
Chairholder
ralf.fendel(at)whu.edu
+49 (0)261 6509 290
CV Ralf Fendel
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