Deutsche Bank Prize in Financial Economics

The Deutsche Bank Prize in Financial Economics
Awarded for	Influential contributions to research in the fields of finance and money and macroeconomics, and whose work has led to practice and policy-relevant results.
Presented by	Center for Financial Studies
Country	Germany, Frankfurt am Main
First awarded	2005
Official website	http://www.db-prize-financialeconomics.org

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.^[1] 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.

Prize winners

2005

Eugene F. Fama of the University of Chicago was the first winner of the Deutsche Bank Prize.^[2] 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'.^[3]

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).^[4]

2007

Michael Woodford, of Columbia University, 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.'^[5]

The award ceremony was preceded by a symposium on "The Theory and Practice of Monetary Policy Today".^[6]

2009

Robert J. Shiller, of Yale University, 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.'^[7]

A symposium on "Financial Innovation and Economic Crisis" was held to coincide with the prize ceremony.^[8]

2011

Kenneth Rogoff, of Harvard University, 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'.^[9]

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.^[10]

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 Bank, the Organisation for Economic Co-operation and Development, the Bank for International Settlements, the International Monetary Fund and the World Bank.

Jury

Nominations are assessed by an independent international Prize Jury. According to the Statutes of the Deutsche Bank Prize,^[1] 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 Bank;
• The Directors of the CFS.

2005

Jury members^[11] representing the CFS include

• Jan P. Krahnen (Jury Chairman)
• Christian Laux
• Volker Wieland.

Representing Deutsche Bank:

• Norbert Walter.

Representing Deutsche Bundesbank:

• Hermann Remsperger.

Other academics:

• Michael Binder (Goethe University)
• Vitor Gaspar (Banco de Portugal)
• Mark P. Taylor (University of Warwick)
• Josef Zechner (University of Vienna)

Representing the press:

• Matthew Bishop, Business Editor of The Economist.

2007

Jury members^[12] representing the CFS include

• Jan P. Krahnen
• Volker Wieland (Jury Chairman)
• Otmar Issing.

Representing the ECB:

• Lucrezia Reichlin.

Representing Deutsche Bank:

• Norbert Walter.

Other academics:

• Michael Haliassos (Goethe University)
• Reinhard H. Schmidt (Goethe University)
• Günter Franke (University of Konstanz)
• Lars E.O. Svensson (Princeton University).

Represending the press:

• Patrick Lane, Finance Editor of The Economist.

2009

Jury members^[13] represending CFS include

• Jan P. Krahnen (Goethe University, Jury Chairman)
• Otmar Issing (President of the CFS)
• Reinhard H. Schmidt
• Volker Wieland and

Representing Deutsche Bank:

• Norbert Walter

Other academic and professional researchers:

• Michael Binder (Goethe University)
• Takatoshi Ito (University of Tokyo)
• Marti G. Subrahmanyam (Stern School of Business)
• Klaus Schmidt-Hebbel (Organization for Economic Co-operation and Development)
• Maria Vassalou (SAC Capital Advisors LLC

2011

Jury members ^[14] representing CFS 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 Institute)
• Charles Yuji Horioka (Osaka University)
• Carmen M. Reinhart (University of Maryland, College Park)

The award winner of 2009

• Robert J. Shiller (Yale University)

As a member of the CFS research advisory council:

• Thomas Mayer (Chief Economist of Deutsche Bank Group and CEO of Deutsche Bank Research)

References

1. ^ ^{a b} "The Deutsche Bank Prize Statutes".
2. ^ "The Prize Winner 2005"
3. ^ Press Release, 2005
4. ^ "CFS Symposium 2005".
5. ^ Press Release, 2007
6. ^ "CFS Symposium 2007".
7. ^ Press Release, 2009
8. ^ "CFS Symposium 2009".
9. ^ Press Release, 2011
10. ^ "CFS Symposium 2011".
11. ^ "Members of the Jury 2005".
12. ^ "Members of the Jury 2007".
13. ^ "Members of the Jury 2009".
14. ^ “Members of the Jury 2011".

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