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Macroeconomics of Financial Crises

  • Enseignant(s):   G.Benigno  
  • Titre en français: Marcroéconomie des crises financières
  • Cours donné en: anglais
  • Crédits ECTS: 6 crédits
  • Horaire: Semestre d'automne 2022-2023, 4.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formation concernée: Maîtrise universitaire ès Sciences en économie politique
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The aim of this course is to study and discuss recent developments in the analysis of financial crises. In the standard New Keynesian monetary model developed during the years of the Great Moderation, the time leading up to the financial crisis of 2007-09, linkages between the financial sector and the real economy play no role. However, recent events have shown that distress in financial markets can have severe real effects. We will study models that create this link and the empirical evidence that underpins them. The objective is for course participants to gain a systematic understanding of the current state of research on the origins and transmission of financial crises as well as ensuing policy responses.

Please check the course website on moodle for potential organizational updates prior to the first meeting.


Topics will include but are not limited to:

- An introduction to consumption-based capital asset pricing with applications (term structure of interest rates, equity premium)

- Empirical evidence on financial crises

  • Dynamics of asset prices – Can crises be predicted?
  • Financial markets and the Great Recession of 2007-09
  • The Great Recession vs. the Great Depression

- Financial frictions – the classics

  • Costly state verification
  • Borrowing constraints

- Frictions in financial intermediation

  • The interbank market
  • Bank runs

- Policy responses

  • Credit Easing
  • Quantitative Easing

- Crises and income inequality

- Current events / Corona Crisis


No single textbook covers the contents of this course. A reading list consisting of journal articles and book chapters will be distributed in class. Lectures will be based on slides that will be made available online for each lecture. During the course, students are asked to read the book The Federal Reserve and the Financial Crisis by Ben Bernanke, which will be subject to two short quizzes.


1ère tentative

Ecrit 2h00 heures

The course will be evaluated based on the performance in two short quizzes on the aforementioned book by Ben Bernanke (10%), a presentation of a research paper from the literature (40%), and a final exam (50%).

Final exam: online, written, 2h, open book, calculators permitted


Ecrit 2h00 heures

Make-up exam (100%)

If on site: written, 2h, open book, calculators permitted

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