Teaching

The teaching and research content of the chair is the monetary sphere of an economy. Both microeconomic issues (determinants of credit allocation, competition problems, etc.) and macroeconomic aspects (central bank systems and models, price-level oriented monetary policy, etc.) are analysed. The studies are based on the institutional design of financial market regulations (e.g. bank vs. capital market oriented). Objectives include the design and performance of banking systems as well as complementing the real economic analysis of an economy. The chair positions itself at the interface between "traditional" finance and "pure" economics topics. An essential basic postulate is the regular existence of asymmetric information distributions in financial markets and the resulting scepticism regarding the realization of price-cleared market equilibria. Instead, spillover effects of quantity-based credit markets on real economic allocations are accepted as empirically relevant. Furthermore, it is assumed that money is not neutral. A prominent object of research is the concrete mode of operation of financial markets with special attention to efficiency aspects. Starting point is the three-pillar structure of the German banking market. Comprehensive and unrestricted access to financial services, even outside economic centres, is seen as an independent economic policy objective. A sub-sector of the banking industry (e.g. savings banks) operating with a public mandate is therefore accepted.

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