PhD Summer School


Nova SBE is offering the PhD Summer School: Macroeconomics to students and professionals who wish to advance their curriculum and knowledge. The 2023 edition will be held in person. The course is credit-bearing (ECTS), and it will be conducted in English. 

Course essentials

  • Subjective Inflation Expectations: Measurement, Determinants, and Effects;
  • June19-22, 2023 (afternoons);
  • Instructor: Michael Weber, The University of Chicago Booth School of Business;
  • Course: ECTS: 3,5;
  • Tuition fee per course: the tuition fee is of 450€ (early bird) or 650 € (regular);
  • Application deadlines: early-bird deadline is March 15, and the regular deadline is April 15.
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Meet our instructor:

Michael Weber

Michael Weber is Associate Professor at the University of Chicago Booth School of Business. He is also a faculty research fellow at the National Bureau of Economic Research in the Monetary Economics and Asset Pricing groups, Research Affiliate in the Monetary Economics and Fluctuations programme of CEPR, a member of the Macro Finance Society, a Research Professor at Ifo Institute and a research affiliate at the CESifo Research Network. He is also academic consultant for the European Central Bank, the Federal Reserve Bank of Cleveland, and several other central banks.  His research interests include asset pricing, macroeconomics, international finance, and household finance. His work on downside risk in currency markets and other asset classes earned the 2013 AQR Insight Award. He has published in leading economics and finance journals such as the American Economic Review, the Review of Economic Studies, the Review of Financial Studies and the Journal of Financial Economics.

Meet our instructor:

Michael Weber

An overview of the program

The 2023 edition of the PhD Summer School includes one course from Monday to Thursday. The courses are taking place at the Nova SBE campus either in the afternoon.

Expectations are central to all forward-looking decisions households make. Yet, interest in the measurement and determinants of subjective expectations waned following the rational expectations revolution. More recently, however, there has been growing attention to ways of eliciting and measuring the inflation expectations of consumers.  Research has documented deviations from full information rational expectations including upward biases and cross-sectional dispersion as well as the crucial role that grocery and energy inflation play in shaping inflation expectations.

The course will first provide a methodological overview on eliciting expectations and discuss stylized facts about inflation expectations. It will move on to discuss the determinants of inflation expectations and how these expectations shape individuals’ consumption, savings, leverage and investment decisions. We will then study how central banks and governments can manage the expectations of households through policy interventions and communication. Finally, we will discuss the design of information provision and acquisition experiments based on the case of papers.

The course is open to PhD students (local and international), postgraduate, and professionals who wish to widen their knowledge on macroeconomics.

There is a limited number of seats available to participate. Thus we recommend submitting your application as beforehand as possible according to the indicated deadlines.

The tuition fee covers the course, the coffee breaks and the social event. 

Timing and fees

    Regular Alumni
Early Bird application From March 1 to March 15 450 € 200 €
Regular application From March 16 to April 15 650 € 300 €




First round evaluation

The PhD Summer School team will evaluate all complete applications received by March 15 and may make a first round of admission offers. A second round of offers is made after the application deadline.

Payment of the course fee

Nova SBE will notify the summer school’s applicants via the email they provided on the application form. Students who are accepted will receive a link to pay via credit card the tuition fee. 


You will be asked to upload your CV and - if you are enrolled in a PhD/Postgraduate program - an official letter/document issued from your home university stating you are a student. You will also need to provide a paragraph explaining why you wish to attend the PhD Summer School.

Master alumni will need to upload their Master transcript when applying.

Please note that incomplete applications will not be processed.

On Friday June 23, 2023, Prof. Michael Weber will be giving a research seminar. Attendees of the Phd Summer School are welcomed to attend. Detailed information will be provided closer to the date.

Applications open on March 1

We invite all students and professionals interested in widening their knowledge to apply for our summer school.

The application for the 2023 PhD Summer School runs from March 1 to April 15. 

Previous editions of the PhD Summer School

2022 PhD Summer School: Development Economics

Module: Practical issues in designing and analyzing field experiments
Dates: June 27-30, 2022
Instructor: David McKenzie, the World Bank 
ECTS: 3,5

Module: Political economy and development
Dates: July 4-7, 2022
Instructor: Claudio Ferraz, Professor at the University of British Columbia
ECTS: 3,5

The 2021 PhD Summer School took place in a virtual format.

Module: Sovereign Debt Crises and Computational Methods
Dates: July 5-9
Instructor: Pablo A. Guerron-Quintana, Professor at Boston College
ECTS: 3,5

The 2020 edition was canceled due to the pandemic.

Module 1: Advancing the Frontiers of Monetary Policy
Dates: June 15-18, 2020
Instructor: Douglas Laxton, Nova SBR
ECTS: 3,5

Module 2: Applied Health Economics
Dates: June 22-26, 2020
Instructor: Maarten Lindeboom, VU University Amsterdam
ECTS: 3,5

Module 1: Gender, Politics and Policies
Dates: June 3-5, 2019
Instructor: Paola Profeta, Bocconi University
ECTS: 3,5

Module 2: Understanding and Evaluating Inflation-Targeting Central Banks
Dates: June 10-12, 2019
Instructor: Douglas Laxton, Nova SBE
ECTS: 3,5

The 2019 edition was co-organized with Lisbon School of Economics & Management (ISEG).

Module 1: Topics in Development and Political Economics
Dates: June 5-14
Instructor: Gianmarco León, Pompeu Fabra University
ECTS: 3,5

Module 2: Household Finance
Dates: June 5-14
Instructor: Kaveh Majlesi, Lund University
ECTS: 3,5

Module 1: Monetary Policy with Sticky Prices
Dates: June 19-30
Instructor: Luigi Paciello, Einaudi Institute for Economics and Finance
ECTS: 3,5

Module 2: Topics in Behavioral Development Economics
Dates: June 19-30
Instructor: Danila Serra, Southern Methodist University in Dallas
ECTS: 3,5

Module 1: Networks Econometrics
Dates: June 14-24
Instructor: Marcel Fafchamps, Stanford University
ECTS: 3,5

Module 2: The Economics of Human Capital Formation
Dates: June 14-24
Instructor: Flávio Cunha, Rice University
ECTS: 3,5


At your disposal, will clear your doubts and help you with everything you will need to join us.

Do not hesitate to contact us.