Deutsche bank prize
Encyclopedia
The Deutsche Bank
Prize in Financial Economics
honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics
, and whose work has led to practical and policy-relevant results. It is awarded biannually, since 2005, by the Center for Financial Studies
, in partnership with Goethe University Frankfurt. The award carries an endowment of €
50,000, which is donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.
was the first winner of the Deutsche Bank Prize. He was cited for
The award was presented in Frankfurt on October 6, 2005, by Josef Ackermann of Deutsche Bank. The ceremony was preceded by an academic symposium entitled “Market Efficiency Today”. Speakers included: Nouriel Roubini
(NYU
), Eric Ghysels (UNC
), M. Hashem Pesaran (Cambridge
), Lawrence E. Harris (USC
), Matthew Bishop (The Economist), Mark Salmon (Warwick
), and Jan P. Krahnen (Goethe Univ. and CFS
).
, of Columbia University
, won the 2007 Deutsche Bank Prize. He was cited for his fundamental contributions to monetary theory and practice:
The award ceremony was preceded by a symposium on "The Theory and Practice of Monetary Policy Today".
, was awarded the 2009 Deutsche Bank Prize. He was cited for
A symposium on "Financial Innovation and Economic Crisis" was held to coincide with the prize ceremony.
, of Harvard University
, was awarded the 2011 Deutsche Bank Prize. The jury cited his work on
The jury also mentioned his history of financial crises, published jointly with Carmen M. Reinhart in (2009), “This Time is Different: Eight Centuries of Financial Folly”.
The Award will be handed during the CFS Symposium "Global Perspective on Financial Crisis" on September 22, 2011 at Campus Westend, Goethe University Frankfurt.
, the Organisation for Economic Co-operation and Development
, the Bank for International Settlements
, the International Monetary Fund
and the World Bank
.
Representing Deutsche Bank:
Representing Deutsche Bundesbank
:
Other academics:
Representing the press:
Representing the ECB:
Representing Deutsche Bank:
Other academics:
Represending the press:
include
Representing Deutsche Bank:
Other academic and professional researchers:
include:
Representing Goethe University:
Outside experts specialized in the areas of money and finance:
The award winner of 2009
As a member of the CFS research advisory council:
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
Prize in Financial Economics
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
, and whose work has led to practical and policy-relevant results. It is awarded biannually, since 2005, by the Center for Financial Studies
Center for Financial Studies
The Center for Financial Studies , located in Frankfurt, is an independent research institute affiliated to the Goethe University Frankfurt. It is financed via donations and contribu-tions from its members. Its sponsoring body is the Gesellschaft für Kapitalmarktforschung e.V., which counts amongst...
, in partnership with Goethe University Frankfurt. The award carries an endowment of €
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
50,000, which is donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.
2005
Eugene F. Fama of the University of ChicagoUniversity of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
was the first winner of the Deutsche Bank Prize. He was cited for
- 'his fundamental contributions to financial economics, in particular, for developing and investigating the concept of market efficiency, which is now a cornerstone in the field of finance'.
The award was presented in Frankfurt on October 6, 2005, by Josef Ackermann of Deutsche Bank. The ceremony was preceded by an academic symposium entitled “Market Efficiency Today”. Speakers included: Nouriel Roubini
Nouriel Roubini
Nouriel Roubini is an American economist. He claims to have predicted both the collapse of the United States housing market and the worldwide recession which started in 2008. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics, an economic...
(NYU
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
), Eric Ghysels (UNC
University of North Carolina
Chartered in 1789, the University of North Carolina was one of the first public universities in the United States and the only one to graduate students in the eighteenth century...
), M. Hashem Pesaran (Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
), Lawrence E. Harris (USC
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
), Matthew Bishop (The Economist), Mark Salmon (Warwick
University of Warwick
The University of Warwick is a public research university located in Coventry, United Kingdom...
), and Jan P. Krahnen (Goethe Univ. and CFS
Center for Financial Studies
The Center for Financial Studies , located in Frankfurt, is an independent research institute affiliated to the Goethe University Frankfurt. It is financed via donations and contribu-tions from its members. Its sponsoring body is the Gesellschaft für Kapitalmarktforschung e.V., which counts amongst...
).
2007
Michael WoodfordMichael Woodford (economist)
Michael Dean Woodford is an American macroeconomist and monetary theorist who currently teaches at Columbia University.-Academic career:...
, of Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, won the 2007 Deutsche Bank Prize. He was cited for his fundamental contributions to monetary theory and practice:
- 'Professor Woodford has developed an influential theory of the monetary economy that is built on microeconomic foundations. Its application has proved extremely useful for analyzing the role of expectations and communication in the implementation of monetary policy. Michael Woodford’s research is summarized in his monumental monograph, "Interest and Prices: Foundations of a Theory of Monetary Policy", which has quickly become the standard reference for monetary theory and analysis among academic economists and their colleagues at central banks.'
The award ceremony was preceded by a symposium on "The Theory and Practice of Monetary Policy Today".
2009
Robert J. Shiller, of Yale UniversityYale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, was awarded the 2009 Deutsche Bank Prize. He was cited for
- 'his pioneering research in the field of financial economics, relating to the dynamics of asset prices... His contributions on risk sharing, financial market volatility, bubbles and crises, have received widespread attention among academics, practitioners and policy makers alike.'
A symposium on "Financial Innovation and Economic Crisis" was held to coincide with the prize ceremony.
2011
Kenneth RogoffKenneth Rogoff
Kenneth Saul "Ken" Rogoff is currently the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. He is also a chess Grandmaster.-Early life:...
, of Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
, was awarded the 2011 Deutsche Bank Prize. The jury cited his work on
- 'sovereign default and debt restructuring, exchange rate developments, global imbalances and the development of financial crises'.
The jury also mentioned his history of financial crises, published jointly with Carmen M. Reinhart in (2009), “This Time is Different: Eight Centuries of Financial Folly”.
The Award will be handed during the CFS Symposium "Global Perspective on Financial Crisis" on September 22, 2011 at Campus Westend, Goethe University Frankfurt.
Nomination process
Top academics from around the world are invited to make nominations for the prize winner. The invited nominators include more than 200 members of national banks, the European Central BankEuropean Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
, the Organisation for Economic Co-operation and Development
Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade...
, the Bank for International Settlements
Bank for International Settlements
The Bank for International Settlements is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government...
, the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
and the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
.
Jury
Nominations are assessed by an independent international Prize Jury. According to the Statutes of the Deutsche Bank Prize, the Jury comprises:- Five renowned experts in economics and finance;
- The Directors of the Department of Finance and Department of Money and Macroeconomics at Goethe University Frankfurt or an expert, nominated by him/her;
- A representative of Deutsche BankDeutsche BankDeutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
; - The Directors of the CFS.
2005
Jury members representing the CFS include- Jan P. Krahnen (Jury Chairman)
- Christian Laux
- Volker Wieland.
Representing Deutsche Bank:
Representing Deutsche Bundesbank
Deutsche Bundesbank
The Deutsche Bundesbank is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks . Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank are...
:
Other academics:
- Michael Binder (Goethe University)
- Vitor Gaspar (Banco de PortugalBanco de PortugalThe Banco de Portugal is the central bank of the Republic of Portugal. Established by a royal charter of 19 November 1846 to act as a commercial bank and issuing bank, it came about as the result of a merger of the Banco de Lisboa and the Companhia de Confiança Nacional, an investment company...
) - Mark P. Taylor (University of WarwickUniversity of WarwickThe University of Warwick is a public research university located in Coventry, United Kingdom...
) - Josef Zechner (University of ViennaUniversity of ViennaThe University of Vienna is a public university located in Vienna, Austria. It was founded by Duke Rudolph IV in 1365 and is the oldest university in the German-speaking world...
)
Representing the press:
- Matthew Bishop, Business Editor of The EconomistThe EconomistThe Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
.
2007
Jury members representing the CFS include- Jan P. Krahnen
- Volker Wieland (Jury Chairman)
- Otmar Issing.
Representing the ECB:
Representing Deutsche Bank:
Other academics:
- Michael Haliassos (Goethe University)
- Reinhard H. Schmidt (Goethe University)
- Günter Franke (University of KonstanzUniversity of KonstanzThe University of Konstanz is a university in the city of Konstanz in Baden-Württemberg, Germany. It was founded in 1966, and the main campus on the Gießberg was opened in 1972. As one of nine German Excellence Universities today University of Konstanz is counted among Germany's most prestigious...
) - Lars E.O. Svensson (Princeton UniversityPrinceton UniversityPrinceton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
).
Represending the press:
- Patrick Lane, Finance Editor of The EconomistEconomistAn economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
.
2009
Jury members represending CFSCenter for Financial Studies
The Center for Financial Studies , located in Frankfurt, is an independent research institute affiliated to the Goethe University Frankfurt. It is financed via donations and contribu-tions from its members. Its sponsoring body is the Gesellschaft für Kapitalmarktforschung e.V., which counts amongst...
include
- Jan P. Krahnen (Goethe University, Jury Chairman)
- Otmar Issing (President of the CFS)
- Reinhard H. Schmidt
- Volker Wieland and
Representing Deutsche Bank:
Other academic and professional researchers:
- Michael Binder (Goethe University)
- Takatoshi Ito (University of TokyoUniversity of Tokyo, abbreviated as , is a major research university located in Tokyo, Japan. The University has 10 faculties with a total of around 30,000 students, 2,100 of whom are foreign. Its five campuses are in Hongō, Komaba, Kashiwa, Shirokane and Nakano. It is considered to be the most prestigious university...
) - Marti G. SubrahmanyamMarti G. SubrahmanyamMarti G. Subrahmanyam is the Charles E. Merrill Professor of Finance at the Stern School of Business at New York University. He also teaches for the Master of Science in Global Finance , which is a joint program between Stern and the Hong Kong University of Science and Technology...
(Stern School of Business) - Klaus Schmidt-Hebbel (Organization for Economic Co-operation and Development)
- Maria Vassalou (SAC Capital Advisors LLC
2011
Jury members representing CFSCenter for Financial Studies
The Center for Financial Studies , located in Frankfurt, is an independent research institute affiliated to the Goethe University Frankfurt. It is financed via donations and contribu-tions from its members. Its sponsoring body is the Gesellschaft für Kapitalmarktforschung e.V., which counts amongst...
include:
- Otmar Issing (President of the CFS)
- Michael Haliassos (Director of the CFS)
- Jan Pieter Krahnen (Director of the CFS)
- Uwe Walz (Director of the CFS)
Representing Goethe University:
- Raimond Maurer (Director of the Department of Finance)
Outside experts specialized in the areas of money and finance:
- Luigi Guiso (European University InstituteEuropean University InstituteThe European University Institute ' in Florence is an international postgraduate and post-doctoral teaching and research institute established by European Union member states to contribute to cultural and scientific development in the social sciences, in a European perspective...
) - Charles Yuji Horioka (Osaka UniversityOsaka University, or , is a major national university located in Osaka, Japan. It is the sixth oldest university in Japan as the Osaka Prefectural Medical College, and formerly one of the Imperial Universities of Japan...
) - Carmen M. Reinhart (University of Maryland, College ParkUniversity of Maryland, College ParkThe University of Maryland, College Park is a top-ranked public research university located in the city of College Park in Prince George's County, Maryland, just outside Washington, D.C...
)
The award winner of 2009
- Robert J. Shiller (Yale UniversityYale UniversityYale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
)
As a member of the CFS research advisory council:
- Thomas Mayer (Chief Economist of Deutsche Bank Group and CEO of Deutsche Bank Research)
External links
- Deutsche Bank Prize homepage at the Center for Financial Studies
- Center for Financial Studies
- Homepage of Eugene F. Fama at University of Chicago
- Homepage of Michael Woodford at Columbia University
- Homepage of Robert J. Shiller at Yale University