Cancellation of Office Hours

The office hours of Prof. Michaelis are cancelled on
Thursday, October 24, 2019.

For urgent cases, there will be an alternative office hour on Friday, October 25, 2019, from 11 to 12.



Courses in Summer Term 2019


VWL II - Makroökonomik (in German)

Grundzüge der Geldtheorie und Geldpolitik (in German)

Microeconomics using Calculus (in English)

News from the Chair

Award for the best final theses in Winter Term 2018/2019

L.t.r.: Daniel Hofmann, Luzie Thiel und Prof. Dr. Jochen Michaelis

Joint with Hauptverwaltung Frankfurt of Deutsche Bundesbank, the chairs of Money, Credit and Currency (Prof. Dr. Michaelis) and Corporate Finance (Prof. Dr. Klein) award the best final theses each term. For the winter term 2018/2019, they have awarded Daniel Hofmann (Bachelor) and Luzie Thiel (Master) during the graduation of the Faculty of Economics and Business.

In his bachelor’s thesis “Financial Independence, Retire Early – der Weg zur finanziellen Unabhängigkeit“, Daniel Hofmann investigates how aggressive savings in early ages can build a nest egg, allowing individual to reduce working time in later years. Mr. Hofmann discusses the optimal saving plans as well as their optimal reduction structures.

Luzie Thiel’s master’s thesis “Warum können Makroökonomen individuelle Irrationalitäten (nicht) ignorieren“ to what extent bounded rationality needs to be recognized in macroeconomic research. Mrs. Thiel analyzes whether the assumption of completely rational and homogeneous agents in standard macroeconomic models is justifiable. Her thesis shows under which conditions irrational, heterogeneous agents need to be included into macroeconomic research.

Herausforderungen für Europa in einer unbequemen Welt

MdB Sigmar Gabriel (SPD) zu den Herausforderungen in Europa.
Prof. Dr. Jochen Michaelis moderierte neben Prof. Dr. Christoph Scherrer die öffentliche Veranstaltung.

Zu diesem Thema sprach Bundestagsmitglied und ehemaliger Außenminister Sigmar Gabriel (SPD) vor dem nahezu vollen Hörsaal 1 am 12. Februar 2019. Nach einem Vortrag von 45 Minuten stellte sich Gabriel den Fragen des Publikums. Die Veranstaltung fand auf Initiative von Frank Kistner und unter Organisation von Prof. Dr. Jochen Michaelis und Prof. Dr. Christoph Scherrer in Zusammenarbeit mit dem International Center for Development and Decent Work statt.

Die Veranstaltung wurde vom Service Center Lehre aufgezeichnet.

Best Thesis Award

Awarding the best Bachelor's and Master's Thesis. LTR: Prof. Dr. Christian Klein, Sebastian Geiger (Bundesbank), Simon Hildebrandt, Ines Jansen and Prof. Dr. Jochen Michaelis.

Joint with the Deutsche Bundesbank, the Faculty of Economics and Business awards the best Bachelor's and Master's thesis in the field of monetary economics. For the summer term 2018, the chairs of Prof. Dr. Christian Klein (Corporate Finance) and Prof. Dr. Michaelis (Money, Credit and Currency) awarded Ines Jansen (Bachelor) and Simon Hildebrandt (Master) for the outstanding theses. Both have been supervised by the chair of Prof. Michaelis. 

Ines Jansen has investigated whether Distributed Ledger Technology can enhance cross-country payments. For this, Ines Jansen analyzes existing payment platforms and successor prototypes with a catalog of criteria developed in her Bachelor's thesis.

Simon Hildebrandt uses his Master's thesis to compare the Eurozone with the system of Bretton Woods. He asks whether TARGET2 balances between Eurozone countries are indicator, cause or stabilizer during an economic crisis in the Euro area. He finds a stabilizing mechanism in the short term by the unlimited capability to execute net payments between central banks in a fixed exchange rate regime, which leads to the possible creation of TARGET2 balances in the long run.

Report on Financial Market Stability

On January 30, 2019, Sebastian Geiger (Bundesbank) has reported on the financial market stability. His slides (in German) are available here.

Local Newspaper HNA reports about Andreas Hanl

The local newspaper HNA has reported on December 17, 2018 about the PhD project of Andreas Hanl. The article is available online (in German).

Prof. Michaelis has presented on the Swedisch eKrona-project at "Colloquium Recht&Ökonomie"

On Tuesday, December 18, 2018, Prof. Michaelis held a speech on the Swedish eKrona-project. His slides (in German) can be found here.

Social Event of the seminar „Distributed Ledgers, Blockchains und Kryptowährungen”

Social Event des Seminars "Distributed Ledgers, Blockchains und Kryptowährungen" (WS 2018/19)

The course on distributed ledgers, blockchains and cryptocurrencies has carried out a social event on November 1, 2018 in the brewery "Steckenpferd".

New Publication: The labor market effects of trade union heterogeneity

The current research of Jochen Michaelis together with Marco de Pinto has been accepted for publication under the title "The labor market effects of trade union heterogeneity" in Economic Modelling.

Benjamin Schwanebeck awarded with "Wissenschaftspreis 2017/2018" of the Faculty of Economics and Business for his outstanding research achievments

On June 6th, Benjamin Schwanebeck was awarded with "Wissenschaftspreis des Fachbereichs Wirtschaftswissenschaften" for his outstanding PhD thesis. Together with Dr. Tobias Dehling, Benjamin Schwanebeck received his Award at this year's
Graduation Celebration of the Faculty of Economics and Business

Current issues

News from the Chair

Awards for the best final theses

As the Deutsche Bundesbank donated to the University of Kassel, every semester, the best final theses in the area of monetary economics will be awarded. Theses can be considered when they are thematically relevant and supervised by the chair "Money, Credit and Currency" (Michaelis) or "Corporate Finance" (Klein), respectively. Further information can be found in the announcement.


New Publication on Cryptocurrencies

Will Cryptocurrencies Revolutionize Payment Systems? Prof. Dr. Dr. Walter Blocher, Andreas Hanl and Prof. Dr. Jochen Michaelis discuss this question in their current publication (in German), written for "Wirtschaftspolitische Blätter".


Cryptocurrencies and Central Banks

Prof. Dr. Jochen Michaelis gave a talk on December 19th, 2017 on "Cryptocurrencies and Central Banks" (slides in German).

New publication of Prof. Michaelis on Central Bank Digital Currencies

In his recent work, Jochen Michaelis investigates central bank digital currencies. The article in German is published by ifo Schnelldienst 22/2017.

Benjamin Schwanebeck wins Junior Researcher Award 2017 of the Graduate School in Economic Behavior and Governance

Benjamin Schwanebeck was awarded the Junior Researcher Award 2017 of the Graduate School in Economic Behavior and Governance on November 8, 2017 for his joint work with Dr. Jakob Palek entitled "Financial Frictions and Optimal Stabilization Policy in a Monetary Union".



HNA reports about Benjamin Schwanebeck

With Dr. Elina Khachatryan (Environmental and Behavioral Economics), Benjamin Schwanebeck will take part in the 6th Lindau Meeting on Economic Sciences in August. In short presentation, Benjamin Schwanebeck will discuss his current research with the Nobel Laureates. The newspaper HNA has reported about the two scientists from Kassel on August 7, 2017. The article (in German) can be found here


Philipp Kirchner wins "Student Best Paper Award" at "15th INFINITI Conference on International Finance" in Valencia

On June 13, 2017, Philipp Kirchner won the "Student Best Paper Award" at "15th INFINITI Conference on International Finance" in Valencia. The awarded paper is entitled "Optimal Unconventional Monetary Policy in the Face of Shadow Banking" and is co-authored by Benjamin Schwanebeck.


More News from the Chair.


Courses in winter term 2017-2018

In winter term 2017-2018 our chair offers the following Cours

  • Internationaler Handel (International Trade, Bachelor, in German)
  • Economic and Monetary Union (Master, in English)

For further information visit "Teaching" or the respective moodle courses.

Office hours

Department related office hours: thursdays from 10.00 - 11.00.

Examination office related Office hours: thursdays from 11.00 - 12.00.

You do not need to make an appointment beforehand.

 The office hours on October 17, 2019 are cancelled.

Please contact Professor Michaelis for further appointments beyond the usual office hours directly via mail (michaelis(at)wirtschaft.uni-kassel.de).




Economic Research Colloquium

Economic Research Colloquium