logo-euiFlorence School of Banking & Finance

Debt and the Macroeconomy: Leverage Cycles, Asset Prices and Crisis

2 – 4 March 2022


Early bird fee: 15 February 2022

Deadline for registration 23 February 2022

Limited seats per institution

Register here

  • General description

    This course will consider the role of leverage and asset prices for macroeconomic outcomes. It will first discuss stylized facts about leverage cycles, credit growth, interest rates and asset prices over the long-run, before moving on to studying financial crises.

    In particular, it will focus on how different economic indicators perform in crisis prediction models, and ask what role bank capital ratio and liquidity ratios play for financial stability.

    In the last part of the course the effectiveness of macro-prudential and monetary policy in taming credit cycles will be discussed, followed by an assessment of how such policies affect the real economy.

  • Topics covered

    • Financial cycles and the economy;
    • Interest rates and returns on capital;
    • Financial crisis prediction: tools and accuracy;
    • Bank capital and financial stability;
    • Debt overhang and recovery from crises;
    • Managing credit booms: macroprudential vs. monetary policy

  • Meet the instructor

    Moritz Schularick is Professor of Economics at Sciences Po and the University of Bonn, Director of the MacroFinance Lab, and a Principal Investigator in the DFG-Excellence Cluster ECONtribute, currently on leave at the Federal Reserve Bank of New York. He works in the fields of macrofinance, banking and financial stability, as well as international finance, political economy, and economic history.

    In 2018, he received the Gossen-Prize of German Economic Association, Germany’ s most important prize for economists. It is awarded annually to a German economist whose work has gained international renown. 

    He is one of the Managing Editors of Europe’s eminent policy journal, Economic Policy, a Fellow of the Institute for New Economic Thinking, and an elected Member of the Academy of Sciences of Berlin. He regularly contributes to policy questions in the media.

    For further info, visit his website.

  • Fees

    Early bird fees applies until 15 February 2022

    Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.

    Please note that the payment must be settled one week before the start of the course.

    The fee includes tuition, access to all course materials and pedagogic activities, coffee and lunch breaks and social activities. It does not include travel and accommodation expenses or other local transportation costs (taxis, private cars).

    Limited seats per institution

    A certificate of attendance will be provided to all participants after the course.


      • In case you can no longer attend the course, you are required to inform the organisers by sending an email to fbf@eui.eu in order to free a seat for participants in the waiting list.
      • In case of frequent cancellations, FBF reserves the right not to accept further registrations from the same person.

    For more details, please contact fbf@eui.eu

Download the programme