The Jury 2013

A Jury of internationally renowned experts in financial research and practice decides on the recipient of the Deutsche Bank Prize in Financial Economics.

Members of the international Jury include the professors Ricardo Caballero (Massachusetts Institute of Technology), David Folkerts-Landau (Deutsche Bank’s Group Chief Economist, Global Head of Market Research and member of the Group Executive Committee) and Nicola Fuchs-Schündeln (Goethe University Frankfurt). CFS Director Michael Haliassos is serving as the Chairman of the Jury 2013. Furthermore the Jury inludes the professors Otmar Issing (CFS President), Jan Pieter Krahnen (CFS Director), Robert Merton (Nobel Prize Winner; Massachusetts Institute of Technology), the winner of the Deutsche Bank Prize in Financial Economics 2011, Kenneth Rogoff (Harvard University), Raman Uppal (EDHEC Business School) and CFS Director Uwe Walz.

Ricardo J. Caballero is the Ford International Professor of Economics and Director of the World Economic Laboratory at the Massachusetts Institute of Technology, an NBER Research Associate, and an advisor of QFR Capital Management LP. Caballero was the Chairman of MIT's Economics Department (2008-2011) and has been a visiting scholar and consultant at most major central banks and international financial institutions.

His teaching and research fields are macroeconomics, international economics, and finance. His current research looks at global capital markets, speculative episodes and financial bubbles, systemic crises prevention mechanisms, and dynamic restructuring. His policy work focuses on aggregate risk management and insurance arrangements for emerging markets and developed economies. He has also written about aggregate consumption and investment, exchange rates, externalities, growth, price rigidity, dynamic aggregation, networks and complexity.

Caballero has served on the editorial board of several academic journals and  has a very extensive list of publications in all major academic journals. Among his major awards, he was the winner of the 2002 Frisch Medal of the Econometric Society for “Explaining Investment Dynamics in U.S. Manufacturing: A Generalized(S,s) Approach”, Econometrica, 67(4), July 1999 (joint work with Eduardo Engel), and of the Smith Breeden Prize by the American Finance Association for “Collective Risk Management in a Flight to Quality Episode”, Journal of Finance, 63(5), October 2008 (joint work with Arvind Krishnamurthy).  In April 1998 Caballero was elected a Fellow of the Econometric Society and subsequently of the American Academy of Arts and Sciences in April 2010.


David Folkerts-Landau is Deutsche Bank’s Group Chief Economist and Global Head of Market Research, and a member of the Group Executive Committee. Before joining Deutsche Bank in 1997, Folkerts-Landau was the division head of International Capital Markets surveillance and financial markets research at the International Monetary Fund (IMF) since 1992. 
He was professor of Economics and Finance at the University of Chicago’s Graduate School of Business before joining the IMF. Folkerts-Landau holds a Bachelors Degree in Mathematics and Economics from Harvard University and a PhD in Economics from Princeton University. He is the author of several books and numerous articles on financial economics.


Nicola Fuchs-Schündeln is professor for Macroeconomics and Development at Goethe University since 2009 and CFS Fellow in the research area “Household Finance” since 2010. Previously, she was a faculty member at Harvard University. She received her Ph.D. in economics from Yale University in 2004. Her current research focuses on the analysis of household saving and labor supply behavior, labor market integration, and the endogeneity of economic preferences. Fuchs-Schündeln is Managing Editor of the Economic Policy journal and member of the Editorial Board of the Review of Economic Studies. She has published in the leading economic journals, among others the American Economic Review and the Quarterly Journal of Economics.

Fuchs-Schündeln is actively involved with a variety of academic and political institutions. She serves, inter alia, as member of the Scientific Advisory Boards of the German Federal Ministry of Finance, the IfW Kiel (Institut für Weltwirtschaft) and the RWI (Rheinisch-Westfälisches Institut für Wirtschaftsforschung) (all since 2011), and is affiliated with the Centre for Economic Policy Research (CEPR), the Institute for the Study of Labor (IZA), and the CESifo. In 2010, she provided an expert testimony before the European Parliament Special Committee on the Financial, Economic and Social Crisis. She was a member of the selection panel “Individuals, Institutions and Markets” of the European Research Council (ERC) (2011), and she served as the Program Chair of the Society for Economic Dynamics Annual Meetings 2012.

Fuchs-Schündeln was awarded a European Research Council Starting Grant, one of the most prestigious research grants within the European Union, for her research project “The Role of Preferences and Institutions in Economic Transitions”. Furthermore she was honored with the DAAD Prize for Distinguished Scholarship in German and European Studies in 2008, and the SOEP-Prize for the best publication based on the German Socio-Economic Panel in 2009.


Michael Haliassos, Chairman of the Jury 2013 and Jury member in 2007 and 2011, is Director of the Center for Financial Studies (CFS) and Research Professor for the research area "Household Finance" at the CFS. Haliassos holds the Chair for Macroeconomics and Finance at Goethe University Frankfurt and he is Director of the Master's Program in Money and Finance. He is a Research Fellow of the Centre for Economic Policy Research (CEPR, UK), International Research Fellow of NETSPAR (The Netherlands), and External Fellow of the Centre for Finance and Credit Markets (University of Nottingham, UK). He is also advisor to the European Central Bank on the construction of a Eurozone Survey of Household Finances and Consumption and a member of the Greek National Council on Research and Technology (ESET).
Haliassos received a B.A. from Cambridge University, and a Ph.D. in Economics from Yale University in 1987. Prior to joining the faculty of Goethe University Frankfurt in 2004, he was a faculty member at the University of Maryland, and then at the University of Cyprus, where he also served as Deputy Dean of the School of Economics and Business. He has held visiting appointments inter alia at the European University Institute in the Chair of Finance and Consumption, and at the Center of Studies in Economics and Finance (CSEF).
His research interests comprise Macroeconomics and Finance with emphasis on household finance. He has studied household portfolio choice under labor income risk, stockholding behavior, consumer debt, portfolios of aging households internationally, the distribution of wealth, the impact of credit market imperfections, and the role of financial advice. His papers have appeared, or are soon to appear, in major international journals, including the Review of Economics and Statistics, the International Economic Review, the Economic Journal, the Review of Finance, the Journal of Money, Credit and Banking, the Journal of Economic Dynamics and Control, and Economic Policy; and in edited volumes, including the Handbook of Monetary Economics and the New Palgrave Dictionary of Economics and Finance. He recently edited a volume on Financial Innovation: Too Much or Too Little?, which is expected to appear from MIT Press in Fall 2012. He also co-edited (with Tullio Jappelli) a special issue of the Review of Finance on household finance.
Haliassos has coordinated a number of international research projects. Results of a major project on Household Portfolios, coordinated together with L. Guiso and T. Jappelli, were published by MIT Press in early 2002 and have become a standard reference in household finance. Guiso, Haliassos, and Jappelli also coordinated a project on Stockholding: A European Comparison, with results published in a 2002 volume by Palgrave Macmillan. Haliassos coordinated a University of Cyprus-Central Bank of Cyprus project that constructed the first (1999) and the second (2002) Cyprus Surveys of Consumer Finances, now included in the Luxembourg Wealth Study international database.

He has also been involved in policy analysis, with articles and interviews published by major German, Greek, and international press establishments. In addition to being active on the House of Finance Policy Platform, he edits, together with Yannis Ioannides (Tufts) and Dimitri Vayanos (LSE), the policy blog Greek Economists for Reform. He recently completed a two-year term on the Panel of the journal Economic Policy (2010-11).


Otmar Issing, Jury member since 2007, is President of the Center for Financial Studies (2006). Furthermore his current positions are: Chairman Kuratorium Gesellschaft für Kapitalmarktforschung; Chairman Kuratorium House of Finance, Goethe University Frankfurt; Honorary Professorships at the University of Würzburg (1991) and the Goethe University Frankfurt (2007); Hochschulrat University of Würzburg; International Advisor Goldman Sachs.
Professor Issing was a member of the Executive Board of the European Central Bank from 1 June 1998 to 31 May 2006, responsible for the Directorates General Economics and Research. Until May 1998 he was a Member of the Board of the Deutsche Bundesbank with a seat in the Central Bank Council. Prior to that he held Chairs of Economics at the Universities of Würzburg and Erlangen-Nürnberg. From 1988 to 1990 he was a member of the Council of Experts for the Assessment of Overall Economic Developments. He is an active member of Akademie der Wissen­schaften und der Literatur (Academy of Sciences and Literature), Mainz, and of the Academia Scientiarum et Artium Europaea (European Academy of Sciences and Arts). He has Honorary Doctorates from the Universities of Bayreuth, Frankfurt and Konstanz.
In 2004 he received the International Price of the Friedrich-August-von-Hayek-Stiftung, in 2004 the Bernhard-Harms-Medal of the Institute for World Economics, Kiel, 2005 the Hans-Möller-Medal of the University of Munich and 2006 the Ludwig-Erhard-Preis für Wirtschaftspublizistik. In 2006 he received the Große Verdienstkreuz des Verdienstordens der Bundesrepublik Deutsch­land. In the same year he was appointed Grand Officier de l`Ordre de Mérite du Grand-Duché de Luxembourg. In 2007 he received the Silver Insignia of the City of Würzburg. In 2010 he was awarded the Laurea Honoris Causa in International Economic Integration from the University of Pavia. In 2011 he received the Gustav Stolper Award of the Verein für Socialpolitik.
He was Head of the Advisory Group on the New Financial Order appointed by Chancellor Merkel (2008-2012). He also became a member of the High Level Group of the European Commission chaired by J. De Larosière.
Memberships: Aufsichtsrat Nürnberger Lebensversicherung A.G. and Fürst Fugger Privatbank; Advisory Board of Globalisation and Monetary Policy Institute at Federal Reserve Bank of Dallas; Führungskreis Institute for European Affairs (INEA); Euro50 Group; International Advisory Council Bocconi University, Milan; Council for the Future of Europe (Nicolas Berggruen Institute).
In addition to publishing numerous articles in scientific journals and periodicals, he is the author, inter alia, of two textbooks, namely "Einführung in die Geldtheorie" (Introduction to Monetary Theory), fifteenth edition 2011, and "Einführung in die Geldpolitik" (Introduction to monetary policy), sixth edition, 1996. “Der Euro - Geburt, Erfolg, Zukunft”, ("The Birth of the Euro”) was published in 2008, Chinese edition 2011.

Jan Pieter Krahnen, Chairman of the Jury in 2005 and 2009 and Jury member in 2007, 2011 and 2013, is Director of the CFS since 1995 and Research Professor for the research area "Financial Stability and Banking Regulation" at the CFS. Professor Krahnen holds the Chair for Corporate Finance at the School of Business and Economics, House of Finance, Goethe University Frankfurt.
Krahnen holds degrees of the Goethe University and the Free University (Berlin), and has taught in Berlin, Giessen and Cologne. He was a Visiting Professor at the University of Pennsylvania’s Wharton School and at NYU’s Stern School.
Krahnens current research interests focus on risk transfer in securitization markets, and on implications of the financial turmoil for banking institutions and market regulation. Other work is on relationship lending and market microstructure. His papers have been published or are forthcoming, in renown international journals, including the Review of Economic Studies, the Journal of Financial Intermediation, the Journal of Banking and Finance, and Experimental Economics, the European Finance Review, the European Journal of Finance.
Jan Krahnen is involved in policy counselling on issues of development finance and financial market regulation. Most recently he was appointed as a member of the High-level Expert Group by EU Commissioner Michel Barnier, set to examine structural aspects of the EU's banking sector, chaired by Erkki Liikanen, Governor of the Bank of Finland. Furthermore he is a member of the expert team of the Issing Commission, advising German Government on G20 meetings together with Otmar Issing (Chairman), Klaus Regling and Bill White (since 2008). Krahnen is also member of the Group of Economic Advisors (GEA), Committee of Economic and Markets Analysis (CEMA), European Securities and Markets Authority (ESMA) in Paris (since 2011) and he serves as a member of the Academic Advisory Board of the Federal Ministry of Finance, Berlin (since 2010).
Krahnen serves on a variety of Boards and Steering Committees of academic and non-academic institutions: as member of the Academic Advisory Board of the Deutsches Aktieninstitut (DAI) (since 2007); member of the Executive Committee of the European Finance Association (EFA) (since 2009 and 1999 - 2002), President of the EFA in 2011 and Program Chair of the 2010 EFA Annual Meeting in Frankfurt; CEPR-Research Fellow (since 1998); Member of the Financial Economists Roundtable (FER) (since 2009); founding member of the Policy Platform of the House of Finance, Goethe University (since 2009); member of the Board (Kuratorium), Institute of Law and Finance (ILF), Frankfurt (since 2003); member of the Corporate Advisory Board (Unternehmensbeirat) of DZ Bank, Frankfurt (since 2004).
Further more he was inter alia a founding member of the ECB - CFS research network initiative “Capital markets and financial integration in Europe” (2002 – 2011); member of the evaluation teams of the Wissenschaftsgemeinschaft Gottfried-Wilhelm-Leibniz (2009-2010);
member of Steering Committee “European Corporate Governance and Training Network (ECGTN)”(2005 – 2008); founding member and officer of the Financial Intermediation Research Society (2004 -2010).
He serves on the Advisory Board of the Journal of Financial Stability (since 2010) and the Editorial Board of the Journal of Financial Services Research (since 1999). Furthermore he was Associate Editor of the Journal of Banking and Finance (2000 – 2007).
His research and counselling activities are supported by the Deutsche Bank Donation Fund (Deutsche Bank Stiftungsfonds), the DZ Bank and German National Science Foundation (DFG)

Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management and University Professor Emeritus at Harvard University. He was the George Fisher Baker Professor of Business Administration (1988–98) and the John and Natty McArthur University Professor (1998–2010) at Harvard Business School. He previously served on the finance faculty of MIT from 1970 to 1988, after receiving his Ph.D. in Economics from MIT (1970). He is currently Resident Scientist at Dimensional Fund Advisors, where he is implementing a next-generation, integrated retirement-funding solution system that addresses the deficiencies associated with traditional defined-benefit and defined-contribution pension plans. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives. He is past president of the American Finance Association, a member of the National Academy of Sciences, and a Fellow of the American Academy of Arts and Sciences. He received the inaugural Financial Engineer of the Year Award from the International Association of Financial Engineers in 1993. Merton’s research focuses on finance theory, including lifecycle and retirement finance, optimal portfolio selection, capital asset pricing, pricing of options, credit risk, loan guarantees, and improving the methods of measuring and managing macro-financial risk.

Kenneth Rogoff, the award winner of the Deutsche Bank Prize in Financial Economics 2011 and Jury member in 2013, is Thomas D. Cabot Professor of Public Policy (2004) and Professor of Economics (1999) at Harvard University. From 2001-2003, Rogoff served as Chief Economist and Director of Research at the International Monetary Fund (IMF). Prior to his time at Harvard, Rogoff taught at the University of California, Berkeley and at Princeton University. He has taught as a visiting professor at institutes including the London School of Economics and New York University, and has worked as a guest researcher for the Board of Governors of the Federal Reserve System.
Rogoff's treatise Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the standard graduate text in the field worldwide, and his monthly syndicated column on global economic issues is published regularly in over 50 countries. His recent academic book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly (Princeton University Press), builds on a massive new data set covering 66 countries and 800 years. The book (a New York Times, Amazon, and international bestseller) shows the remarkable quantitative similarities across time and countries in both the run-up to, and the aftermath of, severe financial crises. Rogoff is also known for his early research on central bank independence and inflation targeting as an institutional device for enhancing the credibility of monetary policy.
Rogoff is an elected member of the National Academy of Sciences and the American Academy of Arts and Sciences, as well as the Council on Foreign Relations and the Group of Thirty. He has been invited to give numerous named campus-wide research lectures at universities around the world, and also speaks widely on global economic issues. Rogoff is on the Economic Advisory Panel of the Federal Reserve Bank of New York.

He holds the life title of international grandmaster of chess.

Raman Uppal is Professor of Finance at Edhec Business School. He holds a bachelors degree in Economics (Honors) from St. Stephens College, Delhi University, and M.A., M.B.A and Ph.D. degrees from The Wharton School of the University of Pennsylvania. Prior to working at Edhec Business School, he was at London Business School and the University of British Columbia. He has held visiting positions at Catholic University (Leuven), the MIT Sloan School of Management, and the London School of Economics and Political Science, and has served as Co-Director of the Financial Economics Programme of the Centre for Economic Policy Research (CEPR).
His research focuses on optimal portfolio selection and asset allocation in dynamic environments, valuation of securities in capital markets, risk management, and exchange rates. This research has been published in The Journal of Finance, The Review of Financial Studies, Journal of Economic Theory, Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, and Management Science. He is an associate editor of The Review of Asset Pricing Studies and The Critical Finance Review, a member of the editorial board of Mathematics and Financial Economics, and a former editor of the The Review of Financial Studies and the Review of Finance.
With Piet Sercu, he is the author of the textbook, International Financial Markets and the Firm, (1995, South-Western Publishing) and of the research monograph, Exchange Rate Volatility, Trade and Capital Flows under Alternative Exchange Rate Regimes, (2000, Cambridge University Press), which received the Sanwa Monograph Award from New York University.
He has taught courses on Portfolio Choice and Asset Pricing, International Financial Markets, Multina- tional Financial Management, Risk Management, and Corporate Finance to students in undergraduate, masters, doctoral and executive programs. He has received awards for his teaching at The Wharton School, The University of British Columbia, and London Business School.
He lives in London with his wife and daughter. When not working, he spends his time reading, thinking about the human condition, playing field hockey, and rock climbing.

Uwe Walz, Chairman of the Jury in 2011, is Director of the Center for Financial Studies (CFS) and Research Professor for the research area "Law and Economics of Financial Organizations" at the CFS. Walz is a Professor in Economics and holds the Chair of Industrial Organization at Goethe University Frankfurt since October 2002. Furthermore he is serving as a Research Professor at the Center for European Economic Research (ZEW).

He received his Dr. rer. pol. in Economics from University of Tuebingen (1992), where from 1997 to 2002 he also held a full professor position. He was habilitated from University of Mannheim in 1995. Professor Walz was a visiting research fellow at University of California at Berkely and London School of Economics. From 1995 to 1997 he was a professor at University of Bochum.

His research interests are in the field of Contract Theory, Venture Capital, Capital Markets, Corporate Finance, Industrial Organization, and Economics of Network Industries.