The Jury 2007

In addition to the CFS Directors Jan-Peter Krahnen (Frankfurt University) and Volker Wieland (Frankfurt University and Chairman of the jury), the jury  comprises top-class international financial experts from the fields of both research and practice. Thus, for example, Otmar Issing (President of the CFS and Frankfurt University) is lending his services for the first time as a jury member. The ECB is represented by Lucrezia Reichlin, and, for the second time running, the Chief Economist Norbert Walter is a member of the jury on behalf of the Deutsche Bank AG. The jury will be completed by further renowned professors in the persons of Michalis Haliassos and Reinhard H. Schmidt (both Frankfurt University), Günter Franke (University of Constance) and Lars E.O. Svensson (Princeton University). Last, but not least Patrick Lane, Finance Editor of The Economist  represents the media.




Günter Franke is a Professor of International Finance at the University of Konstanz since 1983, where he is also a  head of the "Center of Finance and Econometrics".  In 2006 he obtained a honorary degree from the University of Mannheim. From 1975 to 1983 he was a Professor of Finance at the Justus Liebig University, Giessen. Before he held teaching positions at the Saarland University, where he also obtained his doctoral degree and habilitation, the Pennsylvania State University and the Jiao Tong University in Shanghai. From 1989 to 1999 he was a  finance coordinator at the "European Institute for Advanced Studies in Management". Günter Franke is a research professor at the "Zentrum für Europäische Wirtschaftsforschung" in Mannheim since 1998, a member of the Berlin - Brandenburg Academy of Science since 2000, a co-director of the Thurgau Institute of Economics, Kreuzlingen since 2002, head of the research group "Price-, Liquidity- and Credit Risk: Measurement and Distribution" and a fellow of the Center for Financial Studies since 2006.



Michael Haliassos is Professor of Macroeconomics and Finance and Director of the Master’s Program in Money and Finance at Frankfurt University.
He did his undergraduate studies at the University of Cambridge, U.K., and graduate studies at Yale (Ph.D., 1987).
Prior to joining Frankfurt University, he was faculty member at the University of Maryland, and then at the University of Cyprus
where he served as Deputy Dean of the School of Economics and Business.

He has repeatedly visited the European University Institute as Part Time Professor in the Finance and Consumption Chair,
and has held various other visiting appointments.

His research focuses on household finance, with emphasis on household portfolio choice under labor income risk, stockholding behavior, consumer debt, the distribution of wealth, and economic integration and the structure of mature portfolios in aging economies. He is currently director of the research program “Household Wealth Management” at CFS, Research Professor at the Mannheim Institute on the Economics of Aging (MEA), and consultant to the ECB Network on Household Finances and Consumption, aimed at building a Eurozone database on household portfolios.



Otmar Issing is President of the Center for Financial Studies  and has been granted the title of "Honorarprofessor" (Honorary Professor) of Frankfurt University in July 2007.

Before that he was a member of the Executive Board of the European Central Bank (1998 to 2006) and the Executive Board of the Deutsche Bundesbank (1990 to 1998). From 1988 to 1990 Issing was a member of the Council of Experts for the Assessment of Overall Economic Trends at the German Federal Ministry of Economics.

Issing held full professorships at the University of Würzburg - Chair of Economics, Monetary Affairs and International Economic Relations - from 1973 to 1990 and at the University of Erlangen, Nuremberg - Faculty of Economics and Social Sciences - from 1967 to 1973 , where he also was the Director of the Institute for International Economic Relations at this time. He obtained his doctorate degree in 1961 and habilitation in 1965 at the University of Wuerzburg.

Otmar Issing was distinguished with several honorary degrees and awards, such as the International Prize of the Friedrich-August-Hayek Foundation in 2003, the honorary doctorate awarded by the Faculty of Economic Sciences of Frankfurt University in 1999, the honorary doctorate awarded by the Faculty of Economic Sciences and Statistics of the University of Constance in 1998,  the honorary doctorate awarded by the Faculty of Law and Economic Sciences of the University of Bayreuth in 1996 and since 1991 he helds  a honorary professorship at the University of Würzburg.


Issing is a full member of Akademie der Wissenschaften und der Literatur (Academy of Sciences and Literature), the Academia Scientiarum et Artium Europaea (European Academy of Sciences and Arts),  the board of trustees of ifo Institute (Munich), the American Economic Association, the Association for Economic and Social Sciences et al.

In different periods, he was an active member of the governance bodies of several other economic research institutions, among them: Walter Eucken Institute, CERP, Ludwig Boerne Foundation, Institute for Banking-related Historical Research, Institute for Global Economics (University of Kiel),   International Center  for Monetary and Banking Studies (Geneva), Center for European Integration Studies (ZEI).


Otmar Issing has published numerous books and articles, including: "Einführung in die Geldtheorie" (Introduction to monetary theory), 13th edition, 2003 and 6th edition, 1996;  "Monetary Policy in the Euro area - Strategy and Decision-Making at the European Central Bank" (2001) (with V. Gaspar, I. Angeloni, O. Tristani).

He was co-founder (1972) and co-editor (1972 - 1990) of the scientific journal "WiSt" (Wirtschaftswissenschaftliches Studium, Zeitschrift für Ausbildung und Hochschulkontakt - Economic Studies, Journal for Education and University Contacts).



Jan P. Krahnen is a Professor of Finance at Frankfurt University and Director of the Center for Financial Studies since 1995. He was the Chairman of the Jury of Deutsche Bank Prize in Financial Economics 2005.

From 1991 to 1995 he held a full professorship of Finance at the University of Giessen. Prior to this appointment, he held teaching positions at the universities of Frankfurt, Cologne and Berlin since 1985. He obtained his doctorate from Frankfurt University and wrote his Habilitation at the 'Freie Universität Berlin'.

Jan P. Krahnen is a CEPR Research Fellow and has been a visiting scholar at the Wharton School at the University of Pennsylvana and the Stern School of Business at New York University. He serves as an associate editor of the Journal of Banking and Finance and on the Editorial Board of the Journal of Financial Services Research and has served as an Executive Board Member of the European Finance Association.

Jan P. Krahnen's research and teaching interests are in the area of banking and financial intermediation. His research has been published in the Journal of Financial Intermediation, the Journal of Banking and Finance, European Finance Review, the European Journal of Finance and Perspektiven der Wirtschaftspolitik and other scientific journals. He has recently edited a comprehensive monograph on the 'German Financial System' published by Oxford University Press. His research has been supported by the German Science Foundation (DFG) and the European Commission.



Patrick Lane joined The Economist in 1993 as an Economics Correspondent, covering trade and the British economy, before becoming a Frankfurt correspondent, responsible for German business and finance, in 2000.

In December 2002 he returned to London, as a Finance Editor. He became Economics Editor in September 2006.
Mr. Lane has a bachelor's degree in economics from Cambridge University and a DPhil, also in economics, from Oxford University. He spent four years as an Economic Consultant before joining The Economist.



Lucrezia Reichlin, Jury member in 2007, is Professor of Economics at the London Business School and non-executive director of Unicredit Bank. Between March 2005 and September 2008, she served as Director General of Research at the European Central Bank. Reichlin received a Ph.D. in Economics from New York University. She has held a number of academic positions, including Professor of Economics at the Université Libre de Bruxelles. Among her many professional activities, Reichlin has been a consultant for several Central Banks around the world, including the Board of Governors of the Federal Reserve, she is a member of scientific advisory boards of a number of institutions, has been CEPR Programme Co-Director in International Macroeconomics, Chairman of the CEPR Euro Area Business Cycle Dating Committee, Scientist in Charge of the Euro Area Business Cycle Network. She is co-editor of the Journal of Applied Econometrics, Fellow of the European Economic Association and member of the council of the Royal Economic Society. Reichlin has published numerous papers on econometrics and macroeconomics. She is an expert on forecasting, business cycle analysis and monetary policy. One of her main areas of research has been the econometrics of large dimensional data where she has produced some of the earliest contributions on the theory of factor models with many time series and, more recently, studied Bayesian shrinkage in that environment. Some of the methods she has developed, in particular those for nowcasting, are widely used in central banks around the world. Her papers have appeared in top scientific journals, including American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Journal of Econometrics, Journal of Monetary Economics and Journal of the American Statistical Association.



Reinhard H. Schmidt, Jury member in 2007 and 2009, holds the Wilhelm Merton Chair of International Banking and Finance since 1998 after serving as a professor of international business, both at Goethe University. Schmidt’s academic career was largely focused on finance. After obtaining his doctoral degree from Goethe University in 1974, he was a visiting scholar in Stanford (1975/76), an assistant professor in Frankfurt (1977-81), an associate professor in Göttingen (1981-83) and a full professor at the University of Trier (1983-1991). Schmidt spent the academic year 1989/90 as the Konrad Adenauer-Professor at Georgetown University in Washington, D. C., and has later also been a visiting professor in Paris, Milano, Philadelphia and Columbus, Ohio. His current research is focused on banking, financial systems and corporate governance in different countries, including developing and transition countries. Schmidt has published 23 books including a widely used textbook on Finance and Investment Theory, and is the author or co-author of more than 130 scholarly articles in international and German journals and edited books. He served as the Dean of his school between 2001 and 2003 and is now a member of the Academic Senate of his University.



Lars E.O. Svensson is a Professor of Economics at  Princeton University since the fall of 2001.  He was  a Professor of International Economics at the Institute for International Economic Studies, Stockholm University from 1984.  He has published extensively in scholarly journals on monetary economics and monetary policy, exchange-rate theory and policy, and general international macroeconomics.  He gives lectures in many universities, central banks, and international organizations worldwide.

He is a member of the Royal Swedish Academy of Sciences, Academia Europae, a foreign member of the Finnish Academy of Science and Letters, a foreign honorary member of the American Academy of Arts and Sciences, a fellow of the Econometric Society, a fellow of the European Economic Association, a research associate of the NBER, and a research fellow of the Centre for Economic Policy Research, London.  He was chair of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences during 1999-2001, member during 1993-2002, and secretary during 1988-1992. 

He is active as advisor to Sveriges Riksbank (the central bank of Sweden), a member of the Monetary Policy Advisory Board of the Federal Reserve Bank of New York, and a member of the Economic Advisory Panel of the Federal Reserve Bank of New York.  He regularly consults for international, U.S., and Swedish agencies and organizations.  In 2000-2001 he undertook a review of monetary policy in New Zealand, commissioned by the New Zealand government.  In 2002 he chaired a committee reviewing monetary policy in Norway.



Norbert Walter is the Chief Economist of Deutsche Bank Group and CEO of Deutsche Bank Research. Previously he was a professor and director at the renowned Kiel Institute for World Economics and a John J. McCloy Distinguished Research Fellow at the American Institute for Contemporary Studies at the Johns Hopkins University in Washington, DC (1986-1987). He holds a Ph.D. in Economics from Frankfurt University. As Chief Economist of Deutsche Bank Group Norbert Walter is responsible for a globally integrated approach in economic research. He manages Deutsche Bank Research, Deutsche Bank's think tank, which covers a wide spectrum of issues ranging from economic forecasting to country rating and sector analysis. Services are rendered to the Bank's board, staff, customers and the general public. In addition to holding these responsibilities at Deutsche Bank, Professor Walter is an adviser to politicians, including some members of the European Parliament. Since October 2002 he has been a member of the inter-institutional monitoring group (appointed by the European Parliament, the Council and the European Commission) for securities markets. 



Volker Wieland, Chairman of the Jury in 2007 and Jury member in 2005, and 2009, is Professor of Monetary Theory and Policy in the House of Finance at Goethe University of Frankfurt. He pursued his undergraduate and graduate studies at the University of Wuerzburg, the State University of New York at Albany, the Institute for the World Economy in Kiel and Stanford University. In 1995 he received a Ph.D. in Economics from Stanford. He was awarded the Wim Duisenberg Research Fellowship by the European Central Bank for the academic year of 2008/09. He is also a Research Fellow of the Center for Economic Policy Research in London, a member of the CEPR‘s Euro Area Business Cycle Dating Committee and Program Director for Central Banking and Monetary Economics at the Center for Financial Studies in Frankfurt. From April 2003 until April 2009 he served as Director of the Center for Financial Studies. Before joining the Frankfurt faculty in November 2000 Volker Wieland was a senior economist at the Board of Governors of the Federal Reserve System in Washington, DC. He has also been a Visiting Professor at the Stanford Center for International Development, a visiting researcher at the Institute for International Economic Studies at Stockholm University and the Center for European Integration at the University of Bonn, a consultant at the European Central Bank and an Adjunct Professor at the University of Maryland Business School. He has served as Managing Editor of the Journal of Economic Dynamics and Control from 2002 to 2006 and is currently a member of the JEDC Advisory Board. He has also served on the Advisory Council of the Society for Computational Economics from 1998 to 2006 as an Associate Editor of the European Economic Review (2001 to 2004) and as a Member of the Referee Panel of Economic Policy (2004 - 2006). Wieland‘s research interests include monetary and fiscal policy, business cycles and macroeconomic models, inflation and deflation, learning and economic dynamics as well as numerical methods in macroeconomics. His research has been published in leading economic journals such as the American Economic Review, the Journal of Monetary Economics, the Journal of the European Economic Association, the European Economic Review and the Journal of Economic Dynamics and Control. He also participates actively in the public debate on topics in the area of central banking, fiscal policy, inflation and business cycles. His research and his assessments have been quoted by the Wall Street Journal, Neue Zürcher Zeitung, Frankfurter Allgemeine, Zeit, Handelsblatt, Financial Times Deutschland, Süddeutsche Zeitung and other English and German media.