Program Content

Fundamental Courses equip students with the essential tools needed for advanced coursework and thesis work. These courses are mandatory for all students and cover core topics in Microeconomics, Macroeconomics, and Econometrics. Additionally, a dedicated course on Capital Markets and Asset Pricing provides a solid foundation for understanding financial markets and asset valuation.

Short descriptions of the content of the fundamental courses are provided here.

Monetary/Macroeconomics and Finance Electives are selected from two distinct course lists: one focused on Monetary/Macroeconomics and the other on Finance. These electives offer advanced, specialized knowledge, allowing students to tailor their studies based on their interests and career aspirations. The courses integrate insights from recent, cutting-edge research, drawing practical lessons applicable to banking, financial markets, and policy-making. To complete the program, students must take at least two courses from each list.

The lists of Monetary/Macroeconomics or Finance courses are provided here, together with short course descriptions. The lists are indicative and will be continually updated to reflect new trends in relevant research and changes in the composition of the pool of instructors.

Supplementary Courses are intended to provide a close look at how academic principles are applied to policy and industry work. They are typically instructed by central bankers and practitioners in the banking and financial sector. While core and elective courses draw on the research expertise of the Goethe University, topical courses take advantage of our location by drawing on our extensive links to financial institutions in Frankfurt. Students are required to take two supplementary courses.

The list of supplementary courses is again indicative. It is expected that the list will be revised more frequently than the list of electives, in our effort to focus on current issues and state-of-the-art practices.

Seminars encourage students to read, think, and work extensively on a topic of interest to them and afterwards present their work together with all other students. A seminar provides a natural setup for learning how to make effective presentations of specialized topics, as well as how to benefit from the knowledge of others. Seminars are sometimes held outside the university, in locations that are conducive to a productive but informal interaction between students and faculty members (e.g., in university-owned facilities in Rieszlern Resort, Austria). Each student takes at least one seminar from each track.

Indicative lists of available seminars are provided here, together with short descriptions.

The Thesis Seminar offers final-semester students the opportunity to advance their Master’s thesis by presenting their research to faculty and peers. This setting allows students to receive constructive feedback and guidance to help them complete a meaningful and relevant research project. Participation in the thesis seminar is mandatory for all students. The seminar is typically organized as a “block seminar,” held over a period of 1 to 4 days.

Find more information here.

The Master’s Thesis is completed during the final semester of the program under the supervision of a faculty member from one of the participating MMF chairs. Supervision requires mutual agreement between the student and the professor. The thesis is a substantial, independent research project that demonstrates a deep understanding of a specific topic in monetary economics, macroeconomics, finance, or their interaction. It should go beyond summarizing existing research by offering a critical synthesis and presenting original insights, whether through theoretical analysis, empirical investigation, or both. The thesis must meet high academic standards and serve as a signal of the student’s ability to tackle complex issues independently—an essential skill valued by future employers.

Find more information here.