Chair of Monetary Economics –

Theory and practical relevance.

About us

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 Dr. Ralf Fendel and his research assistants drive the production of research output.

Our team

Professor Dr.
Ralf Fendel

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Nicole Schuster

Personal Assistant
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Dhruv Patel

Research Assistant
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Elmar Jordan

External Doctoral Student
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Christian Neumann

External Doctoral Student
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Talena Wahl

External Doctoral Student
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Daniel Winkler

External Doctoral Student
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Our research focus

Functional and advanced 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 –
Transforming everyday learning at WHU.

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 2022
Money, Banking and Financial Markets
Ralf Fendel

Courses Fall Term 2021
European Integration: Economics, History and Policy
Ralf Fendel

Courses Spring Term 2022
Economics of Financial Markets
Ralf Fendel, Niklas Gadatsch

Courses Fall Term 2021
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.

Political News and Stock Prices: Evidence from Trump's Trade War
Burggraf, T., Fendel, R. and Huynh, T. L. D. (18/2020), Applied Economic Letters, vol. 27, 1485-1488.

The Effect of the ECB's Forward Guidance on Interest Rate Forecasts
Fendel, R., Heins, J. and Mohr, O. (8/2020), International Journal of Economics and Finance, vol. 12, 52-64.

20 Years of European Monetary Union (Editorial)
Fendel, R. and Frenkel, M. (5/6 2019), Jahrbücher für Nationalökonomie und Statistik, vol. 239, 765-767. 

Putting European Monetary Integration into a Historical Perspective - Two Decades of the European Monetary System versus Two Decades of the European Monetary Union
Fendel, R. and Frenkel, M. (5/6 2019), Jahrbücher für Nationalökonomie und Statistik, vol. 239, 769-795.

Regional Information and Euro Area Monetary Policy: A Generalized Ordered Choice Approach
Bräuning, C. and Fendel, R. (2/2018), Empirical Economics, vol. 54, 501-522.

A Note on the Reactions of Real Yields to Different Types of Forward Guidance in the US
Fendel, R., Neugebauer, F. and Niederhagen, N. (4/2017), Economics Bulletin, vol. 37, 2703-2710.

Volkswirtschaftliche Gesamtrechnung
Fendel, R., Frenkel, M. and John, K.D. (2016), Vahlen Verlag, München [‘National Accounting’].

Exploring Economic History: Dutch Governmental Structure and Foreign Trade Policy Success
Fendel, R. and Welsch-Lehmann, N. (2018),1602-1672, in: Tavidze, A., Progress in Economics Research, vol. 40, Nova Science Publisher, Hauppauge (New York), 1-57.


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:

Investment Manager, Aurelius

Inflation Dynamics Comparison across Countries and Time

Volkswirt, Zentralbereich Finanzstabilität, Deutsche Bundesbank

Macroeconomic Effects of Fiscal Policy: A DSGE Approach

Referendar, Deutsche Bundesbank

Financial Market Reactions to Central Bank Communication

Referent, Bundesministerium der Finanzen

On the Determinants of Banking Crises: Micro- and Macro-Prudential Approaches

Kapitalmarktanalyst, Zentralbereich Märkte, Deutsche Bundesbank

Monetary Policy Rules: Empirical Applications based on Survey Data


Monetary Policy at the Zero Lower Bound

De Nederlandsche Bank

Essays on Inflation: Expectations and Uncertainty

Get in touch

Get in touch with us –
We look forward to hearing from you.

Professor Dr. Ralf Fendel

Chair of Monetary Economics


+49 (0)261 6509 290