The Jury 2015

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 Jury include the professors Guillermo Calvo (Columbia University), David Folkerts-Landau (Deutsche Bank’s Group Chief Economist, Global Head of Market Research and member of the Group Executive Committee), Michael Haliassos (CFS Director), Otmar Issing (CFS President), Nobuhiro Kiyotaki (Princeton University) and Holger Kraft (Goethe University Frankfurt).  CFS Director Jan P. Krahnen is serving as the Chairman of the Jury 2015. Furthermore the Jury includes the professors Robert C. Merton (Nobel Prize Winner; Massachusetts Institute of Technology), René M. Stulz (Ohio State University), Uwe Walz (CFS Director) and  Mirko Wiederholt (Goethe University Frankfurt).


Guillermo Calvo is Professor of Economics, International and Public Affairs, and Director of the Program in Economic Policy Management (PEPM) at Columbia University since January 2007. He is a Research Associate at the National Bureau of Economic Research (NBER). He is the former Chief Economist of the Inter-American Development Bank, President of the Latin American and Caribbean Economic Association, LACEA, and President of the International Economic Association, IEA. He graduated with a Ph.D. from Yale in 1974.
He was Professor of Economics at Columbia University, the University of Pennsylvania, and Distinguished University Professor at the University of Maryland. He was Senior Advisor in the Research Department of the IMF, and afterwards advised several governments in Latin America and Eastern Europe.

Professor Calvo published significant research in macroeconomics, especially monetary economics and the economics of emerging markets and transition economies. His award and honors include the following: Fellow of the National Academy of Economic Sciences (Argentina), since 1993. Fellow of the Econometric Society, since 1995. King Juan Carlos Prize in Economics, 2000. Fellow of the American Academy of Arts and Sciences, since 2005. The Latin America and Caribbean Association (LACEA) Carlos Diaz Alejandro Prize, 2006. Doctor Honoris Causa, Di Tella University, Buenos Aires, Argentina, 2012.
Calvo showed his commitment to narrowing the gap between academic and practitioners by splitting his time between academia and international financial institutions. In the latter, he was instrumental in helping to set up world class research departments in the International Monetary Fund (where he was a Senior Advisor during 1990–1992) and the Inter-American Development Bank (where he was the Chief Economist during 2001–2006). His IMF research on the relevance of external factors and the bond market, led eventually to a refocusing of the analysis in the IMF area departments, paying more attention to external financial conditions, and maturity and currency denomination of public and private debt.


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.


Michael Haliassos, Chairman of the Jury 2013 and Jury member in 2007, 2011 and 2015, is Director of the Center for Financial Studies (CFS) and of the Research Center SAFE. Haliassos holds the Chair for Macroeconomics and Finance at Goethe University. He is a Research Fellow of the Centre for Economic Policy Research (CEPR, UK) and of NETSPAR (The Netherlands), and advisor to the European Central Bank on the construction of a Eurozone Survey of Household Finances and Consumption. Haliassos received a B.A. from Cambridge University, and a Ph.D. in Economics from Yale University in 1987, where he was supervised by James Tobin.

His research interests lie in Macroeconomics and Finance with emphasis on household finance, an area in which he was among the very early contributors and to which he regularly contributes articles in major journals as well as volumes and special issues. His MIT Press volume on Household Portfolios (2001), co-edited with Guiso and Jappelli, is a standard reference in the field. He is currently editing a three-volume collection of critical papers in household finance and a journal special issue on the topic. His edited volume on “Financial Innovation: Too Much or Too Little?”, inspired by the DB Prize Symposium of 2011, appeared from MIT Press in January 2013 and is now in paperback and online. 

Haliassos has also been involved in policy analysis and advice. From 2010 to 2011 he was a panel member of the journal Economic Policy, while from 2010 to 2013 he served on the 11-member National Council on Research and Technology in Greece.


Otmar Issing, Jury member since 2007, has been President of the Center for Financial Studies since 2006. From June 1998 to May 2006, he was a member of the Executive Board of the European Central Bank, 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 German Council of Economic Experts. Issing is an active member of the 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). 
Prof. Issing has received numerous awards and prizes: In 2006 he was awarded 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. 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. Issing received honorary Professorships from Goethe University Frankfurt (2007) and the University of Würzburg (1991) and honorary doctorates from the Universities of Bayreuth, Frankfurt and Konstanz.
Issing headed the Advisory Council on a New Financial Order appointed by the German Chancellor Angela Merkel (2008-2012). He also was a member of the High Level Group of the European Commission chaired by J. De Larosière.
In addition to publishing numerous articles in scientific journals and periodicals, Issing is author of inter alia, 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. His book "Der Euro - Geburt, Erfolg, Zukunft" (English: "The Birth of the Euro") was published in 2008 (Chinese edition 2011).

Current positions: President of CFS, Chairman of the Board of Trustees of the Gesellschaft für Kapitalmarktforschung (2006); Chairman of the Board of Trustees of the House of Finance, Goethe University Frankfurt (2007); Member of the Hochschul­rat of the University of Würzburg (2004); International Advisor to Goldman Sachs (2006).

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).


Nobuhiro Kiyotaki is Professor of Economics at Princeton University, especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in studies of financial frictions and business cycle.
He received a B.A. from University of Tokyo in 1978. After receiving his doctorate in economics from Harvard University in 1985, Kiyotaki held faculty positions at the University of Wisconsin–Madison, the University of Minnesota, and the London School of Economics before moving to Princeton.
Prof. Kiyotaki is a fellow of the British Academy and of the Econometric Society. Furthermore, he is an Academic Consultant at the Federal Reserve Bank of New York. He was awarded the 1997 Nakahara Prize of the Japan Economics Association, the 1999 Yrjö Jahnsson Award of the European Economic Association, and the 2010 Stephen A. Ross Prize in Financial Economics, the latter two together with John Moore.


Holger Kraft  is Professor of Finance at Goethe University since 2008. He holds the UBS Endowed Chair of Asset Pricing and is currently the Chair of the Department of Finance. Professor Kraft is CFS Fellow in the research area “Household Finance” and has been a Visiting Professor at the UCLA Anderson School. Previously, he was Assistant Professor at the Technical University Kaiserslautern, Germany from where he also received his Ph.D. in 2002. Professor Kraft´s research fields are Asset Pricing, Portfolio Management, Risk Management and Modeling of Credit Risk. 
Furthermore he is an Associate Editor of the Journal of Economic Dynamics and Control.


Jan Pieter Krahnen is Chairman of the Jury 2015. Previously, he served Jury member in 2007, 2011 and 2013, and as Chairman of the Jury in 2005 and 2009. He has been Director of the Center for Financial Studies (CFS) since 1995 and Director of the Research Center SAFE since January 2013. He is Research Professor of the CFS research area "Financial Stability and Banking Regulation". Prof. Krahnen holds the Chair of Corporate Finance at Goethe University Frankfurt, House of Finance.
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.
Jan Krahnens current research interests focus on systemic risks and banking regulation. His papers have been published 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. In 2012 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, Krahnen was a member of the German Government's Advisory Council on a New Financial Order ("Issing Commission", 2008-2012). 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 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); member of the Academic Advisory Board of the Deutsches Aktieninstitut (DAI) (since 2007); founding member of the Policy Platform of the House of Finance, Goethe University (now: SAFE Policy Center); 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).
Krahnen 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. After receiving a Ph.D. in Economics from MIT in 1970, Merton served on the finance faculty of MIT's Sloan School of Management until 1988 at which time he was J.C. Penney Professor of Management. He is currently Resident Scientist at Dimensional Holdings, Inc., where he developed a next-generation integrated pension-management solution system that addresses deficiencies associated with traditional defined-benefit and defined-contribution 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.
Merton has also been recognized for translating finance science into practice. He received the inaugural Financial Engineer of the Year Award from the International Association for Quantitative Finance (formerly International Association of Financial Engineers), which also elected him a Senior Fellow. He received the 2011 CME Group Melamed-Arditti Innovation Award,  and the 2013 WFE Award for Excellence from World Federation of Exchanges.  A Distinguished Fellow of the Institute for Quantitative Research in Finance ('Q Group') and a Fellow of the Financial Management Association, Merton received the Nicholas Molodovsky Award from the CFA Institute.  He is a member of the Halls of Fame of the Fixed Income Analyst Society, Risk, and Derivative Strategy magazines. Merton received Risk’s Lifetime Achievement Award for contributions to the field of risk management.
Merton’s research focuses on finance theory, including lifecycle and retirement finance, optimal portfolio selection, capital asset pricing, pricing of derivative securities, credit risk, loan guarantees, financial innovation, the dynamics of institutional change, and improving the methods of measuring and managing macro-financial risk.
Merton received a B.S. in Engineering Mathematics from Columbia University, a  M.S. in Applied Mathematics from California Institute of Technology and a Ph.D. in Economics from Massachusetts Institute of Technology and honorary degrees from eleven universities.


René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at The Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the Risk Manager Award of the Global Association of Risk Professionals. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. A recent study found that he was the sixth most often cited contributor to the top journals in financial economics from 2003 to 2008. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, of the Financial Management Association, and of the European Corporate Governance Institute.René M. Stulz was the editor of the Journal of Finance, the leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs and the director of the Risk of Financial Institutions Group of the National Bureau of Economic Research. He is also a member of the Squam Lake Group.
He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Finance, and the Review of Financial Studies. He is the author of a textbook titled Risk Management and Derivatives, a co-author of the Squam Lake Report: Fixing the Financial System, and has edited several books, including the Handbook of the Economics of Finance.
René M. Stulz has taught in executive development programs in the U.S., Europe, and Asia. He has consulted for major corporations, law firms, the New York Stock Exchange, the IMF, and the World Bank. He is a director of Banque Bonhote, the president of the Gamma Foundation, and a trustee of the Global Association of Risk Professionals.


Uwe Walz, Chairman of the Jury in 2011 and Jury member 2013, is Director of the Center for Financial Studies (CFS) and the Research Center SAFE. He coordinates the CFS research area "Corporate Finance & Financial Markets". Walz holds the Chair of Industrial Organization at Goethe University Frankfurt since October 2002.
Walz received his Dr. rer. pol. in Economics from University of Tuebingen (1992), where he also held a full professor position from 1997 to 2002. 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.


Mirko Wiederholt is Professor of Macroeconomics at Goethe University.  
He holds the Chair of Macroeconomics and is currently Director of the Department of Money and Macroeconomics. Prior to joining the faculty of Goethe University in 2012, he was an assistant professor of economics at Northwestern University.
Professor Wiederholt
received his PhD in economics from the European University Institute in 2003. His research focuses on business cycles and monetary policy. He has published in the American Economic Review, the Review of Economic Studies, and the Journal of Monetary Economics. Wiederholt is a CEPR Research Fellow and a member of the editorial board of the Review of Economic Studies.