Seminar für Makroökonomie



Sebastian Watzka

Dr. Sebastian Watzka


Ludwig-Maximilians-Universität München
Seminar für Makroökonomie
Ludwigstr. 28 / 014 (Rgb.)
80539 München

Telefon: +49 (0) 89 / 2180 - 2128

nach Vereinbarung

Weitere Informationen

Research Interests

monetary policy, financial crises, unemployment, business cycles

Current Position

Assistant professor in economics (non-tenure-track) at the Seminar for Macroeconomics/MGSE

Visiting Positions

10/2014-03/2015: Interim Professor at Humboldt Universität zu Berlin
04/2014-09/2014: Interim Professor at the TU Dresden


PhD in Economics, European University Institute, Florence,May 2007

BA Honours in Economics (Cantab), University of Cambridge,
Cambridge, June 2002


Watzka, S. (forthcoming)
Contagion risk during the euro area sovereign debt crisis: Greece, convertibility risk, and the ECB as lender of last resort
forthcoming in “Monetary Policy, Financial Crises, and the Macroeconomy – Festschrift in Honour of Prof. Gerhard Illing”, Springer

Michaelis, H., Watzka, S. (2017)
Are there Differences in the Effectiveness of Quantitative Easing at the Zero-Lower-Bound in Japan over Time?
Journal of International Money and Finance, (2017), pp 204-233
doi: 10.1016/j.jimonfin.2016.08.008

Jauch, S., Watzka, S. (2016)
Financial development and income inequality: a panel data approach
Empirical Economics, Volume 51, Issue 1, pages 291–314, August 2016

Illing, G., Watzka, S. (2014)
Fiscal Multipliers and Their Relevance in a Currency Union – A Survey
German Economic Review, Volume 15, Issue 2, pages 259–271, May 2014

Schenkelberg, H., Watzka, S. (2013)
Real effects of quantitative easing at the zero lower bound: Structural VAR-based evidence from Japan
Journal of International Money and Finance 33 (2013), 327–357

Jauch, S., Watzka, S. (2013)
Europa in der Schuldenfalle - Beschäftigungsrückgang durch Schuldenabbau von Privathaushalten
Zeitschrift für das gesamte Kreditwesen, 2/2013, 20-23

Kajuth, F., Watzka, S. (2011)
Inflation expectations from index-linked bonds: Correcting for liquidity and inflation risk premia
The Quarterly Review of Economics and Finance

Illing, G., Watzka, S. (2010)
Eine Neubewertung der geldpolitischen Reaktionen von EZB und Fed auf die Finanzkrise
Zeitschrift für das gesamte Kreditwesen, 22-2010 

Vähämaa S., Watzka S., Äijö J. (2005)
What moves option-implied bond market expectations?
Journal of Futures Markets 25(9), 817–843

Working Papers

Breuer, C., Watzka, S. (2016)
Fiscal Consolidation at the Zero Lower Bound: Evidence from OECD Countries
Unpublished Working Paper

Siemsen, T., Watzka, S. (2013)
Fiscal Multipliers and the Choice of Zero Lower Bound Modeling
CESifo Working Paper No. 4342

Drometer M., Siemsen, T., Watzka, S. (2013)
The Monetary Policy of the ECB: A Robin Hood Approach?
CESifo Working Paper No. 4178

Jauch, S., Watzka, S. (2012)
The Effect of Household Debt on Aggregate Demand – The Case of Spain
CESifo Working Paper No. 3924

Missio, S., Watzka, S. (2011)
Financial Contagion and the European Debt Crisis
CESifo Working Paper No. 3554



- Macroeconomics I (summer term 2011; introductory level for all LMU economics and business management students)
- Macroeconomics II (winter term 2012/13; advanced undergraduate level for LMU economics students)
- Principles of Macroeconomics (taught regularly in summer term since 2009; basics for LMU undergraduate students minoring in economics)
- Introduction to liquidity trap economics (summer term 2014 and 2015; for LMU Master students)
- Introduction to Monetary Economics (summer term 2014; for Bachelor students at TU Dresden)
- Theory of Financial Markets (summer term 2014; for Masters students at TU Dresden)
- Macroeconomics at Masters Level (winter term 2014/15 at HU Berlin)
- Macroeconomics at PhD Level (winter term 2014/15 at HU Berlin)
- The Economics of the Financial Crisis (winter term 2014/15; for Bachelor students at HU Berlin)


- Macroeconomics I (2007-2009)
- Monetary Policy and Theory (Masters course; regularly taught in summer term since 2008)

Seminars and Supervision

Organised many student seminars on issues related to the recent financial crisis and supervised many student theses (Diplomarbeiten, Bachelor and Master Theses)