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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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 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.

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

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

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

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

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. and Zimmermann, L. (2021), Finance Research Letters, vol. 42, 101917.

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

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

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

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

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

Volkswirtschaftliche Gesamtrechnung
Fendel, R. and Frenkel, M. (2021) in: Staatslexikon: Recht, Wirtschaft, Gesellschaft, Herder Verlag.

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:

Inflation Dynamics Comparison across Countries and Time

Macroeconomic Effects of Fiscal Policy: A DSGE Approach

Monetary Policy at the Zero Lower Bound

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

Monetary Policy Rules: Empirical Applications based on Survey Data

Financial Stability in the Euro Area

Financial Market Reactions to Central Bank Communication

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