Hayek Summer Workshop

Hayek Summer Workshop

Monetary Policy, Financial Crises & Political Instability

Leipzig, September 5-7, 2019


Financial crises, skyrocketing debt levels, sluggish growth, and growing inequality are among the most pressing policy issues in the industrialized world.

The Hayek Summer Workshop provides an opportunity to fifteen selected students to discuss causes, consequences, and remedies of the current low-growth and high debt environment from a Hayekian and Public Choice perspective. Students will spend two full days learning, thinking and arguing about topics such as the link between monetary policy, credit cycles and financial crises. They will explore the political economy of crisis policies as well as unintended consequences of crisis management.

The intensive workshop takes place from September 5-7, 2019 at Leipzig University, amidst one of Germany’s youngest and most dynamic cities. Selected students will be accommodated right in the city center, two minutes from the university buildings. The program package also includes welcome drinks, lunch meals, and get-togethers with the instructors.




Thursday, September 5, 2019

5 to 5:30 PM Arrival and Registration
5:30 PM Introduction
7 PM Get-together

Friday, September 6, 2019

Monetary Policy, Cycles and Crises

9 to 10:30 AM The Role of Interest Rates in the Economy
(K. F. Israel)
10:30 to 11 AM Break
11 to 12:30 PM Monetary Policy and Credit Cycles
(G. Schnabl)
12:30 to 2 PM Lunch

Political Economy of Crisis Policies

2 to 3:30 PM Government Failure
(A. Fink)
3:30 to 4 PM Break
4 to 5:30 PM Interest-Group Behavior and Bank Bailouts
(A. Fink)
7 pm Get-together
Political Polarization in the Digital Age
(C. Hoffmann)

Saturday, September 7, 2019

Unintended Consequences in Emerging Markets

9 to 10:30 AM Capital Flows, Overheating, and Crises
(D. Herok & A. Hoffmann)
10:30 to 11 AM Break
11 to 12:30 PM Financial Repression
(D. Herok & A. Hoffmann)
12:30 to 2 PM Lunch

Unintended Consequences in Advanced Economies

2 to 3:30 PM European Imbalances and the Euro Crisis
(G. Schnabl)
3:30 to 4 PM Break
4 to 5:30 PM Monetary Policy, Inequality, and Political Polarization
(P. Duarte)
5:30 to 6 PM Final Remarks
(G. Schnabl)


Dr. Pablo Duarte

Pablo Duarte

Senior Researcher at the Institute for Empirical Research in Economics at Leipzig University. He obtained his PhD in economics at Leipzig University. His research interests include quantitative development economics, economic policy and economic history. His latest research is on informal financial markets, monetary policy and income inequality.

Dr. Alexander Fink

Alexander Fink

Lecturer at the Institute for Economic Policy at Leipzig University and Senior Fellow with the Institute for Research in Economic and Fiscal Issues. He holds a PhD in Economics from George Mason University and writes on topics in Political Economy. His latest research is on political donations, state-owned lotteries, and tax incentives for the timing of marriages.

David Herok

David Herok

Research assistant and PhD student at Leipzig University. His research interests are in international finance and political economy. Specifically, his research focuses on the effects of financial regulation on competition.

Dr. Karl-Friedrich Israel

Karl Friedrich Israel

Senior researcher at the Institute for Economic Policy at Leipzig University in Germany and lecturer at the Berlin School of Economics and Law. He holds a PhD in Economics from the University of Angers, France. His research interests are in the area of monetary theory and policy as well as the history of economic thought.

Dr. Andreas Hoffmann

Andreas Hoffmann

Lecturer at Leipzig University's Institute for Economic Policy. He holds a PhD in Economics from Leipzig University and writes on topics in international finance and monetary policy. His latest research is on the return of financial repression in Europe, and macroprudential and monetary policy in emerging markets.

Prof. Dr. Christian Hoffmann

Christian Hoffmann

Professor of Communication Management at Leipzig University and director of the Center for Research in Financial Communication. His research focuses on strategic communication management, financial, and political communication – with a particular focus on the challenges and opportunities provided by new media.

Prof. Dr. Gunther Schnabl

Gunther Schnabl

Professor of Economics and director of the Institute for Economic Policy at Leipzig University. His research is on monetary integration, exchange rate policies, current account imbalances, and boom and bust cycles in financial markets. His latest research is on distribution and growth effects of unconventional monetary policy.


To apply for participation in the workshop, please send an email to Dr. Karl-Friedrich Israel (israel@wifa.uni-leipzig.de) by July 31, 2019.

Your application should include

  • your motivation to participate in the workshop (~200 words),
  • a summary of your study and/or research interests (~150 words),
  • a current copy of your CV.

We look forward to receiving your application and are excited to welcome you in Leipzig on September 5–7.