The Bernacer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of macroeconomics and finance. The prize is named after Germán Bernácer, an early Spanish macroeconomist. The prize was created in 2001 by the Observatory of the ECB (OBCE, Observatorio del Banco Central Europeo), a nonprofit association of economists that aims at promoting the public debate on the policies of the

European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centr ...

and, more broadly, on the problems the European economy is facing, with the aim of improving the quality of economic policies. The German Bernacer prize was established in 2001 to recognize the work of young economists from the European Union and to stimulate research on European macroeconomics and financial issues. Modelled on the

John Bates Clark Medal The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge." The award is named after the ...

, prizewinners are economists under the age of 40. The prize includes a diploma and a cash award of €30,000. From the first edition of the prize to the 10th edition, the prize was sponsored by Caja de Ahorros del Mediterráneo (CAM). Since the 11th edition the sponsor has been

Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centr ...

. Prizewinners usually receive the diploma directly from the Chairman of the Selection Committee together with a representative of the sponsor and/or the Governor of Bank of Spain, at a solemn ceremony award in Madrid. The diploma contains a text in English with the name of the laureate and a citation of why they received the award. Due to the Covid-19 pandemic, the award ceremony of the 19th and 20th editions took place in virtual format. After twenty one consecutive editions, the Bernacer Prize is widely regarded as one of the most prestigious awards for European economists.

Prizewinners

2001–2010

;2001 The 2001 Bernacer Prize was awarded to the Irish economist Philip Lane (

Trinity College Dublin , name_Latin = Collegium Sanctae et Individuae Trinitatis Reginae Elizabethae juxta Dublin , motto = ''Perpetuis futuris temporibus duraturam'' (Latin) , motto_lang = la , motto_English = It will last i ...

) "for outstanding contributions to European monetary economics". The award ceremony took place in

Madrid Madrid ( , ) is the capital and most populous city of Spain. The city has almost 3.4 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 6.7 million. It is the Largest cities of the Europ ...

on November 23, 2001. ;2002 The 2002 Bernacer Prize was awarded to the Spanish economist José Manuel Campa (

IESE Business School IESE Business School is the graduate business school of the University of Navarra. Founded in 1958 in Barcelona where its main campus is located,López, T. & Pampliega, J“La fundación del IESE (1956–1958)” Universidad de Navarra, Bibliotec ...

) "for his outstanding research on exchange rate behaviour and internacional finance". The award ceremony took place in

Alicante Alicante ( ca-valencia, Alacant) is a city and municipality in the Valencian Community, Spain. It is the capital of the province of Alicante and a historic Mediterranean port. The population of the city was 337,482 , the second-largest in t ...

on December 3, 2002. ;2003 The 2003 Bernacer Prize was awarded to the Italian economist

Luigi Zingales Luigi Zingales (; born 8 February 1963 in Padua, Italy) is a finance professor at the University of Chicago Booth School of Business and the author of two widely-reviewed books. His book '' Saving Capitalism from the Capitalists'' (2003) is a stu ...

( Chicago Booth School of Business) "for his important research on financial markets and fight of poverty". The award ceremony took place in

on April 19, 2004. ;2004 The 2004 Bernacer Prize was awarded to the German economist Stephanie Schmitt-Grohe ( Duke University) "for her important research devoted to developing and applying the tools for evaluation of macroeconomic (fiscal and monetary) stabilization policies in the context of economies subject to nominal and real distortions". The award ceremony took place in

on June 29, 2005. ;2005 The 2005 Bernacer Prize was awarded to the German economist Monika Piazzesi ( Stanford University) "for her important research in developing a unified approach that improves our understanding of the connection between asset prices- including bonds, equities and real estate- and the institutional features of monetary policy and the business cycles". The award ceremony took place in

on May 31, 2006. ;2006 The 2006 Bernacer Prize was awarded to the French economist Hélène Rey (

Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...

) "for her important research on the determinants and consequences of external trade and financial imbalances, the theory of financial crisis and the internationalization of currencies. Her contributions help to improve our understanding of the connections among globalization, exchanges rates and external markets". The award ceremony took place in

on May 21, 2007. ;2007 The 2007 Bernacer Prize was awarded to the French economist Pierre-Olivier Gourinchas (

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California) is a public land-grant research university in Berkeley, California. Established in 1868 as the University of California, it is the state's first land-grant u ...

) "for his important research on explaining recent (puzzling) facts in global macroeconomics and finance, evaluating the gains of financial integration and analyzing the importance of precautionary saving in optimal life--cycle models of consumption expenditure in the presence of uncertain labour income". The award ceremony took place in

on May 27, 2008. ;2008 The 2008 Bernacer Prize was awarded to the German economist

Markus Brunnermeier Markus Konrad Brunnermeier (born March 22, 1969) is an economist, who is the Edwards S. Sanford Professor of Economics at Princeton University, and a nonresident senior fellow at the Peterson Institute for International Economics. He is a faculty ...

(

) "for his important research on explaining the emergence and persistence of asset price bubbles, the causes of liquidity crises in financial markets, and the implications of these phenomena for risk management and for financial regulators". The award ceremony took place in

on June 10, 2009. ;2009 The 2009 Bernacer Prize was awarded to the French economist

Emmanuel Farhi Emmanuel Farhi (8 September 1978 – 23 July 2020) was a French economist and professor of economics at Harvard University. His research focused on macroeconomics, taxation and finance. He was a member of the French Economic Analysis Council to t ...

(

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...

) "for his relevant contributions to the design of optimal taxation in business cycle models with incomplete markets, and for improving our understanding of the macroeconomic mechanisms that underlie the relationships among global imbalances, financial crashes, speculative growth episodes and real activity". The award ceremony took place in

on June 2, 2010. ;2010 The 2010 Bernacer Prize was awarded to the French economist Xavier Gabaix ( NYU Stern School of Business) "for his original research contributions in financial and behavioural economics, including the consequences of seemingly irrational behaviour on asset markets, and his analysis of the level of compensation of corporate executives". The award ceremony took place in

on June 1, 2011.

2011–2021

;2011 The 2011 Bernacer Prize was awarded to the Danish economist

Lasse Heje Pedersen Lasse Heje Pedersen (born October 3, 1972) is a Danish financial economist known for his research on liquidity risk and asset pricing. He is Professor of Finance at the Copenhagen Business School. Before that, he held the position of a Profes ...

(

Copenhagen Business School Copenhagen Business School (Danish'': Handelshøjskolen i København'') often abbreviated and referred to as CBS (also in Danish), is a public university situated in Copenhagen, Denmark and is considered one of the most prestigious business schoo ...

and NYU Stern School of Business) "for his original research contributions on how the interaction between market liquidity risk and funding liquidity risk can create liquidity spiral and systemic financial crisis". The award ceremony took place in

on June 28, 2012. ;2012 The 2012 Bernacer Prize was awarded to the British economist

Nicholas Bloom Nicholas Bloom (born 5 May 1973) is the William Eberle Professor in the Department of Economics at Stanford University, a Courtesy Professor at Stanford Business School and Stanford Institute for Economic Policy Research, and a co-director of t ...

( Stanford University) "for his influential research contributions on the sources, dynamics and effects of policy and economic uncertainty on business cycles as well as on the determinants of good management practices". The award ceremony took place in

on September 24, 2013. ;2013 The 2013 Bernacer Prize was awarded to the French economist

Thomas Philippon Thomas Philippon (born May 1974) is a French economist and professor of finance at the New York University Stern School of Business. Career Philippon earned a Master of Arts, MA in Physics in 1997 from École Polytechnique, a Master in Economics i ...

( NYU Stern School of Business) "for his influential research on efficiency trends in the finance industry, the costs of financial distress and intervention policies in markets subject to adverse selection". The award ceremony took place in

on November 3, 2014. ;2014 The 2014 Bernacer Prize was awarded to the Italian economist Veronica Guerrieri (

University of Chicago Booth School of Business The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 N ...

) "for her influential research contributions regarding the application of search theory to explain the emergence of illiquidity and fire sales in different asset markets". The award ceremony took place in

on May 13, 2016. ;2015 The 2015 Bernacer Prize was awarded to the Belgian economist Stijn Van Nieuwerburgh ( NYU Stern School of Business) "for his influential research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets". The award ceremony took place in

on December 16, 2016. ;2016 The 2016 Bernacer Prize was awarded to the Portuguese economist

Ricardo Reis Ricardo A. M. R. Reis (born 1 September 1978) is a Portuguese economist and the A. W. Phillips professor of economics at the London School of Economics. In a 2013 ranking of young economists by Glenn Ellison, Reis was considered the top econom ...

(

London School of Economics The London School of Economics and Political Science (LSE) is a public university, public research university located in London, England and a constituent college of the federal University of London. Founded in 1895 by Fabian Society members Sidn ...

) for his "influential research on the transmission of shocks in the presence of sticky information and the analysis of automatic stabilizers during the business cycle". The award ceremony took place in

on November 24, 2017. ;2017 The 2017 Bernacer Prize was awarded to the German economist Benjamin Moll (

) for his "path-breaking contributions to incorporate consumer and firm heterogeneity into macroeconomic models and use such models to study rich interactions between inequality and the macroeconomy". ;2018 The 2018 Bernacer Prize was awarded to the French economist

Gabriel Zucman Gabriel Zucman (born 30 October 1986) is a French economist who is currently an associate professor of public policy and economics at the University of California, Berkeley‘s Goldman School of Public Policy. The author of '' The Hidden Wealth o ...

(

) for his "influential research on wealth inequality and the redistributive effects of globalization". The award ceremony took place in

on October 11, 2019. ;2019 The 2019 Bernacer Prize was awarded to the Greek economist Loukas Karabarbounis (

University of Minnesota The University of Minnesota, formally the University of Minnesota, Twin Cities, (UMN Twin Cities, the U of M, or Minnesota) is a public land-grant research university in the Twin Cities of Minneapolis and Saint Paul, Minnesota, United States. ...

) “for his influential research on the interaction between labor and capital market imperfections and macroeconomic outcomes." The award ceremony took on October 21, 2020, and for the first time in virtual format due to the Covid-19 pandemic. ;2020 The 2020 Bernacer Prize was awarded to the Dutch economist Ralph Koijen (

) “for his influential research on the pricing of risk in equity and insurance markets”. The award ceremony took on November 22, 2021, and for the second year in a row in virtual format due to the Covid-19 pandemic. ;2021 The 2021 Bernacer Prize was awarded to the Italian economist Matteo Maggiori ( Stanford Graduate School of Business) “for his influential research on international finance and macroeconomics, including asset pricing and exchange rate dynamics”.

Selection Committee

The prize nominations are assessed by an independent Selection Committee made up of recognized members of the academic community. The committee member from the

Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. The Executive Board ...

also serves as the Chairperson of the Selection Committee, while the members choose a Secretary of the Selection Committee from within the group. Should two candidates receive the same number of votes, the Chairperson of the Committee will cast the deciding vote. ;Chairperson and Committee Member * 2001:

Otmar Issing Otmar Issing (born 27 March 1936 in Würzburg) is a German economist who served as a member of the Executive Board of the European Central Bank from 1998 to 2006 and concurrently as ECB chief economist. He developed the 'two-pillar' approach to ...

, Chief Economist of the

(ECB) * 2002–2010:

Lucas Papademos Lucas Demetrios Papademos ( el, Λουκάς Παπαδήμος; born 11 October 1947) is a Greek economist and academic who served as 12th Prime Minister of Greece from November 2011 to May 2012, leading a national unity government in the wake o ...

, Vice-President of the ECB * 2011–2018:

Vítor Constâncio Vítor Manuel Ribeiro Constâncio, GCC, GCIH (born 12 October 1943) is a Portuguese economist and academic who served as Vice President of the European Central Bank from 2010 to 2018. He previously served as Governor of the Bank of Portugal fr ...

, Vice-President of ECB * 2019– : Luis de Guindos, Vice-President of ECB ;Secretary and Committee Member * 2001–2002:

Miguel Sebastián Gascón Miguel Sebastián Gascón (Madrid, 13 May 1957) is a Spanish politician and economist. He was a former member of the Spanish cabinet serving as Minister of Industry, Trade and Tourism between 2008 and 2011. Sebastián Gascón served as Zapatero' ...

, Professor of Economics at

Complutense University of Madrid The Complutense University of Madrid ( es, Universidad Complutense de Madrid; UCM, links=no, ''Universidad de Madrid'', ''Universidad Central de Madrid''; la, Universitas Complutensis Matritensis, links=no) is a public research university loc ...

* 2003–2016: , Professor of Economics at

European University Institute The European University Institute (EUI) is an international postgraduate and post-doctoral teaching and research institute and an independent body of the European Union with juridical personality, established by the member states to contribu ...

* 2017– : ;Committee Members (various during 2001-2019): members during selection of 2018 prize winner, if not earlier: *

Olivier Blanchard Olivier Jean Blanchard (; born December 27, 1948) is a French economist and professor who is a senior fellow at the Peterson Institute for International Economics. He was the chief economist at the International Monetary Fund from September 1, 2 ...

, Professor of Economics emeritus at

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...

(MIT), Senior Fellow at the

Peterson Institute for International Economics The Peterson Institute for International Economics (PIIE), known until 2006 as the Institute for International Economics (IIE), is an American think tank based in Washington, D.C. It was founded by C. Fred Bergsten in 1981 and has been led by ...

Jordi Galí Jordi Galí (born January 4, 1961) is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is currently the director of the Centre de Recerca en Economia Internacional (CREI, the Center fo ...

, Research Professor at

Barcelona Graduate School of Economics The Barcelona School of Economics (BSE) is an institution for research and graduate education in economics, finance, data science, and the social sciences located in Barcelona, Spain. The school's academic offer includes Master's degrees as well ...

, Director of

Pompeu Fabra University Pompeu Fabra University ( ca, Universitat Pompeu Fabra, UPF, ; es, link=no, Universidad Pompeu Fabra) is a public university located in the city of Barcelona, Catalonia in Spain. The university was created by the Autonomous Government of Catalo ...

's Centre de Recerca en Economia Internacional (CREI) *

Francesco Giavazzi Francesco Giavazzi (born 11 August 1949 in Bergamo) is an Italian economist who is Professor of Economics at Bocconi University, and a regular visiting professor at MIT. Biography Giavazzi graduated in electrical engineering from the Politecnico ...

, Professor of Economics at

Bocconi University Bocconi University ( it, Università Commerciale Luigi Bocconi, ) is a private university in Milan, Italy. Bocconi provides education in the fields of economics, finance, law, management, political science, public administration and comput ...

's Innocenzo Gasparini Institute for Economic Research (IGIER), Visiting Professor at MIT * , Professor of Economics at the

, Research Fellow with

Centre for Economic Policy Research The Centre for Economic Policy Research (CEPR) is an independent, non‐partisan, pan‐European non‐profit organisation. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in e ...

(CEPR) *

Edward C. Prescott Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: ...

Nobel Prize in Economics The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...

(2004), Professor and Chair of Economics at Arizona State University's

W. P. Carey School of Business The W. P. Carey School of Business is the business school of Arizona State University and is one of the largest business schools in the United States, with over 300 faculty, and more than 1,582 graduate and 15,077 undergraduate students (2019-2 ...

* , Professor and Director of the Centro de Estudios Monetarios y Financieros (CEMFI) and Co-Director of CEPR * Charles Wyplosz, Professor of International Economics at

Graduate Institute of International and Development Studies The Graduate Institute of International and Development Studies, or the Geneva Graduate Institute (french: Institut de hautes études internationales et du développement), abbreviated IHEID, is a government-accredited postgraduate institution ...

, Editor of CEPR's

VoxEU The Centre for Economic Policy Research (CEPR) is an independent, non‐partisan, pan‐European non‐profit organisation. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in e ...

members prior to selection of 2018 prize winner: *

Charles Goodhart Charles Albert Eric Goodhart, (born 23 October 1936) is a British economist. His career can be divided into two sections: his term with the Bank of England and its associated public policy; and his academic work with the London School of Econom ...

, Professor at

Eduardo Schwartz Eduardo Saul Schwartz (born 1940) is a professor of finance at SFU's Beedie School of Business, where he holds the Ryan Beedie Chair in Finance. He is also a Distinguished Research Professor at the University of California, Los Angeles. He is know ...

, Professor of Economics and Finance at the

UCLA Anderson School of Management The John E. Anderson Graduate School of Management, also known as the UCLA Anderson School of Management, is the graduate business school at the University of California, Los Angeles, one of eleven professional schools. The school offers MBA (ful ...

* José Viñals, Director of the Monetary and Capital Markets Department of

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

About Prizewinners

Nationality of the Prizewinner

University Affiliation

Gender of the Prizewinner

References

External links

Web page of the Bernácer Prize
{{DEFAULTSORT:German Bernacer Prize Economics awards Early career awards Awards established in 2001 European Central Bank European awards Spanish awards