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The Deutsche Bank Prize in
Financial Economics Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on ''both sides'' of a trade".William F. Sharpe"Financial Economics", in Its co ...
honors renowned researchers who have made influential contributions to the fields of finance and money and
macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (econ ...
, and whose work has led to practical and policy-relevant results."The Deutsche Bank Prize Statutes"
.
It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with
Goethe University Frankfurt Goethe University Frankfurt () is a public research university located in Frankfurt am Main, Germany. It was founded in 1914 as a citizens' university, which means it was founded and funded by the wealthy and active liberal citizenry of Frankfurt ...
, and is sponsored by
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
Donation Fund. The award carried an endowment of 50,000, which was donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.


Prize winners


2005

Eugene F. Fama Eugene Francis "Gene" Fama (; born February 14, 1939) is an American economist, best known for his empirical work on portfolio theory, asset pricing, and the efficient-market hypothesis. He is currently Robert R. McCormick Distinguished Servic ...
, Professor of Finance at the
University of Chicago Booth School of Business The University of Chicago Booth School of Business (branded as Chicago Booth) is the graduate business school of the University of Chicago, a private research university in Chicago, Illinois. Founded in 1898, Chicago Booth is the second-oldest ...
, was the first winner of the prize. He was awarded 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 at Goethe University Frankfurt on 6 October 2005, preceded by an academic CFS symposium entitled “Market Efficiency Today”. Fama is the joint recipient of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Lars Peter Hansen of the University of Chicago and Robert J. Shiller of Yale University.


2007

Michael Woodford, Professor of Political Economy at
Columbia University Columbia University in the City of New York, commonly referred to as Columbia University, is a Private university, private Ivy League research university in New York City. Established in 1754 as King's College on the grounds of Trinity Churc ...
in New York, was awarded with the DB Prize 2007 for his fundamental contributions to the theory and practical analysis of monetary policy. Woodford has developed a theory of monetary macroeconomics that holds widespread appeal to academic researchers owing to its rigorous microeconomic foundations. Woodford has proved the immense practical value of his theory by analyzing the central role played by expectations and communication in the implementation of monetary policy. The award ceremony was preceded by an international academic CFS symposium on "The Theory and Practice of Monetary Policy Today".


2009

Robert J. Shiller, Professor of Economics at
Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...
, and Professor of Finance and Fellow at Yale School of Management, was awarded the 2009 prize for his contributions to the field of financial economics. Through his innovative work exploring the dynamics of asset prices, Robert Shiller has become a pioneer in the field of financial economics. His findings on the volatility of share prices, the occurrence of price bubbles and resultant crises, as well as on the distribution of macroeconomic risks are not only of great academic importance, they have also broken new ground in economic practice. An international academic symposium titled “Financial Innovation and Economic Crisis” was held in connection with the award ceremony on 30 September 2009. Leading financial economists, including Nobel Prize laureate
Robert C. Merton Robert Cox Merton (born July 31, 1944) is an American economist, Nobel Memorial Prize in Economic Sciences laureate, and professor at the MIT Sloan School of Management, known for his pioneering contributions to continuous-time finance, especia ...
of the MIT Sloan School of Management and Otmar Issing, President of the Center for Financial Studies, discussed the topics explored in Robert Shiller's research. Shiller is the joint recipient of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Eugene F. Fama, University of Chicago Booth School of Business, and Lars Peter Hansen of the University of Chicago.


2011

Kenneth Rogoff, Professor of Economics and Professor of Public Policy at
Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...
, was awarded the 2011 prize for his pioneering contributions to the field of international finance and macroeconomics. Rogoff's works examine
sovereign default A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it wil ...
and
debt restructuring Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continu ...
, exchange rate developments, global imbalances and the development of
financial crises A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with Bank run#Systemic banki ...
and are highly relevant for understanding and addressing global challenges. He has not only contributed pioneering work of great academic importance, he has also made his findings accessible to a broad public. The award was presented during the international academic CFS symposium "Global Perspective on Financial Crisis" on 22 September 2011 at Goethe University Frankfurt. Leading financial economists, including the Governor of the Israeli central bank Stanley Fischer and Otmar Issing, President of the CFS, discussed Rogoff's works and their current political and economic relevance to the global financial and
economic crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and ma ...
.


2013

Raghuram G. Rajan, Governor of
Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...
, received the DB Prize 2013 for his highly influential contributions in a remarkably broad range of areas in Financial Economics, most important to the development of economies worldwide, ranging from the central role of banks in creating liquidity and the role of finance in economic growth to the nature of corporations and their financing. His work develops novel empirical and theoretical approaches with significant policy implications.
The award was presented during the international academic CFS symposium “Banking, Liquidity, and Monetary Policy” on 26 September 2013 at Goethe University Frankfurt, Germany. Leading academic economists, including Viral Acharya, Markus Brunnermeier and Luigi Zingales discussed Rajan's highly influential contributions in a broad range of research areas in financial economics. Policy panel members addressed topical policy issues relating to Rajan's work. They included European Central Bank Vice-President Vítor Constâncio, CFS President Otmar Issing and Governor of the Federal Reserve System Jeremy Stein.


2015

Stephen Ross, the Franco Modigliani Professor of Financial Economics and Professor of Finance at the
MIT Sloan School of Management The MIT Sloan School of Management (branded as MIT Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. MIT Sloan offers bachelor's, master's, and doctoral degree progra ...
, is the recipient of the 2015 prize. The Jury chose Professor Ross for his groundwork and fundamental contributions to the analytical development of financial economics. For more than 25 years major models developed by him have marked the economic world. His models relate to the theory of asset pricing, the analysis of the term structure of interest rates, understanding option prices, and the basic structure of the principal-agent problem. The work of Stephen A. Ross has shaped today's thinking in financial innovation, practice, and policy. The prize was officially presented as part of the academic symposium entitled “What Market Prices Tell Us” on 24 September 2015 at Goethe University Frankfurt. Leading financial economists will discuss Ross's work, its relevance and its contribution to the global financial industry and academic world. Plenary lectures about “Term Structure of Interest Rates” and “Historical Asset Prices” will be held by Nobel Laureate and Jury member Robert C. Merton and by K. Geert Rouwenhorst, Professor of Corporate Finance at Yale University. A panel of renowned economists will subsequently discuss the topic “Understanding Efficient Markets: Limits of Policy Influence”. The panel will include Eugene F. Fama, winner of the Deutsche Bank Prize 2005 and Nobel Laureate 2013, Martin F. Hellwig, Director of the Max Planck Institute for Research on Collective Goods, and Josef Zechner, CFS Jury member 2005 and Professor of Finance and Investments at WU Vienna University of Economics and Business.


Nomination process

Every two years, around 4,000 professors and academics from each of the top 30 universities in the US, Europe, Latin America and the Asia-Pacific region are invited to submit entries and propose nominees for the prize. In addition, a total of more than 300 members of national banks, the
European Central Bank The European Central Bank (ECB) is the central component of the 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 Big Four (banking)#International ...
, the Organisation for Economic Co-operation and Development (
OECD The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...
), the Bank for International Settlements ( BIS) and the
World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
will have the opportunity to suggest an academic as a potential prize winner.


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 them; :* A representative of
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
; :* The Directors of the CFS.


Jury members 2005–2015


See also

* List of economics awards


References


External links


Deutsche Bank Prize
at the Center for Financial Studies {{Financial economics awards Economics awards Financial economics