Instructors

Dario Caldara (Federal Reserve Board)

Dates

8-12 September 2025

Hours

15:00 to 18:30 CEST

Format

In person

Practical Classes

No

Intended for

Academic researchers and researchers in policy institutions who are interested in geopolitics and international economics.

Prerequisites

Master level courses in macroeconomics and econometrics.

Overview

This course examines the intersection of economics and geopolitics, focusing on the measurement and economic impact of geopolitical risks. We will explore various approaches to quantifying geopolitical risks and assess how different countries, industries, and sectors are exposed to them. The course will analyze the economic and financial consequences of geopolitical shocks, including their effects on economic activity, financial markets, and cross-border linkages.

A key emphasis will be on the methodological tools used in geoeconomic analysis. Students will develop analytical skills in textual analysis and working with (un)structured large datasets, applying these methods to real-world economic and policy challenges. Additionally, we will examine selected aspects of international policy coordination in response to geopolitical risks, covering monetary, fiscal, and trade policy considerations.

This course will equip participants with the tools needed to analyze the economic impact of geopolitical developments in an increasingly uncertain global landscape.

Topics

• Measurement of geopolitical risks
• Overview of textual analysis in economic applications
• Quantification of the economic effects of geopolitical risks
• Selected topics in international policy coordination

Dario Caldara is an Adviser in the Division of International Finance at the Federal Reserve Board, where he coordinates research activities and policy projects. He previously served as an Assistant Director with direct oversight of the Global Modeling Studies and Trade and Financial Studies sections, two research-focused teams at the frontier of theoretical and empirical macroeconomics. He holds a Ph.D. from the Institute for International Economic Studies at Stockholm University. His research interests include geopolitics, monetary economics, and international economics. His work has been published in leading academic journals, including the American Economic Review, the Review of Economic Studies, and the Journal of Monetary Economics, and has been featured in high-profile speeches, flagship policy publications, and major international newspapers. He is currently an Associate Editor at the Journal of Applied Econometrics.