The Jury 2011

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 Luigi Guiso (European University Institute Florence), CFS Director Michael Haliassos (Goethe University Frankfurt) and Charles Yuji Horioka (Osaka University). Also representing the Goethe University Frankfurt are the professors Otmar Issing (CFS President), Jan Pieter Krahnen (CFS Director) and Raimond Maurer. Dr. Thomas Mayer, Managing Director of Deutsche Bank Research and Chief Economist of Deutsche Bank, is also acting as a Jury member. Furthermore, the Jury includes Professor Carmen M. Reinhart (Peterson Institute for International Economics) and the winner of the Deutsche Bank Prize in Financial Economics 2009, Professor Robert J. Shiller (Yale University). Chairman of the Jury is CFS Director Professor Uwe Walz (Goethe University Frankfurt).

Luigi Guiso is professor of Economics at European University Institute, member of Einaudi Institute for Economics and Finance, Finance Programme Director at CEPR, and a Research Fellow at Center for Economic Policy Research. 
Luigi Guiso obtained Msc in Economics at London School of Economics (1980) and Mphil in Economics at University of Essex (1982).
Luigi Guiso has been visiting professor at London School of Economics and Imperial College in London and at University of Chicago, Graduate School of Business.
He is a recipient of numerous publishing awards. Guiso has held teaching appointments at European University Institute, University of Rome and University of Sassari.
Luigi Guiso has worked as a consultant in several international financial institutions such as European Central Bank, the European Commission, the Institute for Industrial Reconstruction and the Bank of Italy. Inter alia, he was engaged in conduction of economic research coordination. Luigi Guiso is a founding member of informational website Lavoce.
He is on the editorial board of the International Journal of Central Banking and has published in the Review of Economic Studies, Journal of Monetary Economics, Quarterly Journal of Economics, Journal of Political Economy, and American Economic Review.
The current areas of research are finance and growth, households’ savings and financial decisions, firms’ investment and adjustment policies and the transmission of monetary policy, culture and economic performance

Michael Haliassos, Jury member in 2007 and 2011, holds the Chair in Macro-economics and Finance at Goethe University Frankfurt. He is currently Director of the Center for Financial Studies, Deputy Dean for International Relations, and Director of the Master‘s Program in Money and Finance. He is a Research Fellow of the Centre for Economic Policy Research (CEPR), Research Professor at the Mannheim Research Institute on the Economics of Aging (MEA), International Research Fellow of NETSPAR, and External Fellow of the Centre for Finance and Credit Markets (University of Nottingham, UK). He currenty serves on the Panel of the journal Economic Policy. He is also Associate Editor of the Journal of Pension Economics and Finance and of the electronic journal Economics. Haliassos received a B.A. in Economics 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. He has repeatedly visited the European University Institute as Part Time Professor in the Chair of Finance and Consumption, and has recently served as advisor to the European Central Bank on the construction of a Eurozone Survey of Household Finances and Consumption. His research interests lie in 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 in various international journals, including the International Economic Review, the Economic Journal, the Journal of Money, Credit and Banking, the Journal of Economic Dynamics and Control, the Review of Finance, and Economic Policy; and in edited volumes, including the Handbook of Mone-tary Economics and the New Palgrave Dictionary of Economics and Finance. Haliassos has coordinated a number of international research projects. Results of an international 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. He is currently editing a volume for MIT Press on “Financial Innovation and Economic Crisis” inspired by the symposium in honor of the 2009 recipient of the DB Prize, Robert Shiller.


Charles Yuji Horioka is a professor of Economics at Institute of Social Economic Research, Osaka University. He received his B.A. (1977) and Ph.D. (1985) degrees from Harvard University. Prior to joining Osaka University Charles Yuji Horioka was teaching at Kyoto University. He was visiting professor at Stanford, Columbia and Tokyo Universities, visiting scholar at Federal Reserve Bank of San Francisco and has given number of lectures worldwide.
Charles Yuji Horioka has written numerous scholarly articles on household saving, consumption, bequest, and co-residence behavior and parent-child relations in Japan, the United States, China, and India.
Horioka is Co-Editor of the International Economic Review and on the Editorial Boards of several other journals, and he is a Research Associate of the National Bureau of Economic Research, Inc., and of the Center for Japan-U.S. Business and Economic Studies, Leonard N. Stern School of Business, New York University. Horioka is also a member of Committee on the Japanese Panel Survey of Consumers, Institute for Household Economy.
Horioka holds fellowships at US Department of Education Fulbright-Hays Doctoral Dissertation Research Abroad, Japan Foundation Doctoral Dissertation and Center for Economic Policy Research in Stanford University. He has received number of academic grants and aids.
His specialties are macroeconomics and the Japanese economy.

Otmar Issing, Jury member in 2007, 2009 and 2011, is President of the Center for Financial Studies (2006) and Chairman of the Advisory Board of the House of Finance, Goethe University Frankfurt (2007). He is Chairman of the group of experts advising the German Government on reforms in financial architecture (2008), International Advisor to Goldman Sachs International (2006) and member of the Advisory Board of Globalisation and Monetary Policy Institute at Federal Reserve Bank of Dallas (2007). Otmar Issing was member of the High Level Expert Group on EU financial supervision (De Larosière Group) (2008-2009). As a member of the Executive Board of the European Central Bank from June 1998 to May 2006 Professor Issing was responsible for the Directorates General Economics and Research. From 1990 to 1998 he was a member of the Board of the Deutsche Bundesbank with a seat in the Central Bank Council. From 1988 to 1990 he was a member of the Council of Experts in Germany for the Assessment of Overall Economic Developments. Otmar Issing is Honorary Professor at University of Frankfurt (2007) and University of Würzburg (1991). He held Chairs of Economics at the Universities of Würzburg (1973-1990) and Erlangen-Nuremberg (1967- Besides publishing numerous articles in scientific journals and periodicals, he is the author of, inter alia, the textbook, namely “Einführung in die Geldtheorie“ (Introduction to monetary theory (14th edition)). His recent publication is “Der Euro – Geburt - Erfolg - Zukunft“ (The Euro – Birth - Success - Future), 2008, English edition “The Birth of the Euro“, 2008.

Jan Pieter Krahnen, Chairman of the Jury in 2005 and 2009 and Jury member in 2011, teaches Corporate Finance at the School of Business and Economics, House of Finance, Goethe University in Frankfurt and is Director of the Center for Financial Studies (CFS) since 1995. He 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’a Wharton School and at NYU’s Stern School. Krahnen is a CEPR-Fellow, a member of the Steering Committee of the ECB-CFS research network “Capital markets and financial integration in Europe,” and Vice-President of the European Finance Association. His 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 most recent publications appeared in the Review of Economic Studies, the Journal of Financial Intermediation, the Journal of Banking and Finance, and Experimental Economics. He has served on the Editorial Board of the Journal of Banking and Finance, and the Journal of Financial Services Research and the Journal of Financial Stability. Jan Krahnen has been involved in policy counselling on issues of development finance and financial market regulation, most recently as a member of the Issing-Commission, advising the German government on banking regulation and the G-20 meetings.

Raimond Maurer is professor in Finance and Chair for Investment Portfolio Management and Pension Finance at Goethe University Frankfurt. Maurer also serves as Executive Director of Dissertation Commission (1992), member of Faculty Council (2002), Scientific Chairman of the German AFIR Section (2003), member of International Actuarial Association (2005), Board member at German Insurance & Financial Mathematics Association (2007), Scientific Director of the Certified International Investment Analysts Program (2005).
Raimond Maurer defended his dissertation in Economics and Business Administration at the University of Mannheim (1995) and later obtained Habilitation and venia legend in Business Adminstration also at the University of Mannheim (1999). During studies and after he held teaching and research positions at alma mater.
Prior joining Goethe University Frankfurt, Raimond Maurer taught at Mannheim University. He was also visiting scholar at University of Pennsylvania and ESSEC and held visiting lectures Moscow State and Sankt Petersburg Universities.
Maurer also has solid experience in consulted European and German policy and regulatory authorities in the finance area. He is the recipient of several awards and research grants.
The research interests cover investment and asset management, institutional investors, pension finance and real estate finance.

Thomas Mayer is Chief Economist of Deutsche Bank Group and Head of Deutsche Bank Research.
From 2002 to 2009 he was Chief European Economist at Deutsche Bank in London and co-head of the Bank’s Global Economics Group. Before Thomas Mayer joined Deutsche Bank in 2002, he worked for Goldman Sachs in Frankfurt and London (1991-2002), and for Salomon Brothers in London (1990-91). Before moving to the private sector, he held positions at the International Monetary Fund in Washington D.C. (1983-1990) and at the Kiel Institute for the World Economy (1978-82). In 1982, he received a Ph.D. in economics from the University of Kiel and is a CFA Charterholder since 2002.
Thomas Mayer has published numerous articles on international and European economic issues in professional journals and has commented on these issues in the media.

Carmen M. Reinhart is the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics. She was previously Professor of Economics and Director of the Center for International Economics at the University of Maryland. She received her Ph.D. from Columbia University. Professor Reinhart held positions as Chief Economist and Vice President at the investment bank Bear Stearns in the 1980s. Subsequently, she spent several years at the International Monetary Fund. She is a Research Associate at the National Bureau of Economic Research, a Research Fellow at the Centre for Economic Policy Research and a member of the Council on Foreign Relations. Professor Reinhart has served on numerous editorial boards, panels, and has testified before congress. She has written and published on a variety of topics in macroeconomics and international finance and trade including: international capital flows, exchange rates, inflation and commodity prices, banking and sovereign debt crises, currency crashes, and contagion. Her papers have been published in leading scholarly journals, including the American Economic Review, the Journal of Political Economy, and the Quarterly Journal of Economics.

Her work has helped to inform the understanding of financial crises for over a decade. In the early 1990s, she wrote (with Guillermo Calvo) about the fickleness of capital flows to emerging markets and the likelihood of abrupt reversals--before the Mexican crisis of 1994-1995. Prior to the Asian crisis (1997-1998), she documented (with Graciela Kaminsky) the international historical links between asset price bubbles and banking crises, and how the latter could lead to currency crashes creating a "twin crisis." She identified (with Ken Rogoff) the possibility of severe economic dislocations from the sub-prime crisis in 2007. Her work is frequently featured in the financial press around the world, including The Economist, The Financial Times, The Washington Post, The New York Times, and The Wall Street Journal. She has appeared in CNBC, CNN, CSPAN, BBC, and NPR, among others.

Her latest book (with Kenneth S. Rogoff) entitled This Time is Different: Eight Centuries of Financial Folly (Princeton Press) documents the striking similarities of the recurring booms and busts that have characterized financial history.

Robert J. Shiller,  the award winner of the Deutsche Bank Prize in Financial Economics 2009 and Jury member in 2011, is the Arthur M. Okun Professor of Economics at the Cowles Foundation for Research in Economics, Yale University, and Professor of Finance at the International Center for Finance, Yale School of Management. He has written about financial markets, behavioral economics, macroeconomics, real estate, statistical methods, and public attitudes, opinions and moral judgments regarding markets. His book Irrational Exuberance (Princeton University Press, 2000 & 2005 in 15 foreign language editions, Broadway Books 2001) is an analysis and explication of the stock market boom since 1982. It won the Commonfund Prize, 2000, and was a New York Times nonfiction bestseller. His book Animal Spirits: How Human Psychology Drives the Economy and Why It Matters for Global Capitalism (with George Akerlof, Princeton University Press 2009 and in 18 foreign language editions) won the the getAbstract International Book Award and the Paul A. Samuelson Award from TIAA-CREF. He developed, with Karl E. Case Jr., the Standard & Poor‘s/Case-Shiller Home Price Indices. Professor Shiller is co-founder of Case Shiller Weiss, Inc. in Cambridge, Mass., an economics research and information firm, and a co-founder of MacroMarkets LLC in Madison, NJ., which promotes securitization of unusual risks. He‘s also the former vice president of the American Economic Association and former president of the Eastern Economic Association. Professor Shiller‘s column; “Economic View,” appears in the New York Times every five weeks, and his column, “Finance in the 21st Century,“ appears every other month in Project Syndicate, an international association of newspapers.

Uwe Walz is Director of the Center for Financial Studies, Program Director of the CFS research area "Entrepreneurial Finance" and research professor at the center for European Economic Research (ZEW).

He is professor in Economics at Goethe University since October 2002. He got his Dr. rer.pol. in economics from University of Tuebingen (1992), where from 1997 to 2002 he held a full professor position. He was habilitated from University of Mannheim in 1995. Prof. 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 main current research focuses on the field of Contract theory, Venture Capital, Capital Markets, Corporate Finance, Industrial Organization, and Economics of Network Industries.