The Jury 2009

A Jury of international financial experts decides on the recipient of the Deutsche Bank Prize in Financial Economics.
The members of this year’s Jury are:

Michael Binder (Goethe University and CFS), Otmar Issing (CFS President), Takatoshi Ito (University of Tokyo), Jan Pieter Krahnen (Goethe University and CFS), Reinhard H. Schmidt (Goethe University), Klaus Schmidt-Hebbel (Catholic University of Chile), Marti Subrahmanyam (Stern School, New York University), Maria Vassalou (SAC Capital Advisors LLC and EFA), Norbert Walter (Deutsche Bank Group), and Volker Wieland (Goethe University and CFS). Chairman of the Jury is CFS Director Jan Pieter Krahnen.



Michael Binder is Professor of Economics at Goethe University Frankfurt, holding the Chair for International Macroeconomics and Macroeconometrics since 2003. At Goethe University, he is also founding director of the Ph.D. Program in Economics, director of the Master in Quantitative Economics program, a member of the Board of Directors of the House of Finance, and program director for International Economics at the Center for Financial Studies.

Binder did his undergraduate coursework in economics, business administration and law at the University of Kiel, and received a Ph.D. in economics from the University of Pennsylvania in 1995. Upon completion of his Ph.D. he was a faculty member at the University of Maryland until 2003. Binder has been a Fulbright scholar, a Marie Curie research fellow, a scholar of the German National Scholarship Foundation, and has been the recipient of numerous teaching and advising awards. He has published on a variety of topics in macroeconomics and applied econometrics, and is/was an associate editor of the Journal of Applied Econometrics, the Journal of Economic Dynamics and Control, and Empirical Economics. Binder has held visiting appointments inter alia at the University of Cambridge, the University of Munich, the International Monetary Fund, the World Bank, and the Bank of Spain.

Binder's current research in part examines the implications of financial and trade globalization for business cycle dynamics, output growth and exchange rate dynamics. This research involves the development of new econometric methods for macroeconomic panels, as well as the assembly of new cross-country panel data sets.


Otmar Issing is President of the Center for Financial Studies and Chairman of the Advisory Board of the House of Finance, Goethe University Frankfurt. He is Chairman of group of experts advising the German Government on the new financial architecture, member of High Level Group of EU (De Larosiere Group), International Advisor to Goldman Sachs Int.(2006) and member of the Advisory Board of Globalisation and Monetary Policy Institute at Federal Reserve Bank of Dallas.

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 (1967-1973).

In addition to many distinctions Professor Issing received the Große Verdienstkreuz des Verdienstordens der Bundesrepublik Deutschland (order of merit of the Federal Republic of Germany) in 2006. He holds Honorary Doctorates from the Universities of Frankfurt (1999), Konstanz (1998), and Bayreuth (1996).

Otmar Issing 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).

Besides publishing numerous articles in scientific journals and periodicals, he is the author of, inter alia, two textbooks, namely "Einführung in die Geldtheorie" (Introduction to monetary theory), fourteenth edition, 2006, and "Einführung in die Geldpolitik" (Introduction to monetary policy), sixth edition, 1996. His recent publication is "Der Euro -- Geburt - Erfolg - Zukunft" (The Euro -- Birth - Success - Future), 2008.


Takatoshi Ito, Jury member in 2009, is Professor at Graduate School of Economics and Graduate School of Public Policy, University of Tokyo. He has taught extensively both in the United States and Japan in the past three decades, after finishing Ph.D. in economics at Harvard University in 1979. He taught as tenured Associate Professor (1979-88) at University of Minnesota, as Associate and full Professor at Hitotsubashi University (1988-2002), as professor at the Research Center for Advanced Science and Technology, University of Tokyo (2002-2004) before assuming the current position in 2004. He held visiting professor positions at Harvard University (1986-87 and 1992-94), Stanford University (as National Fellow; 1984-85); Columbia Business School (fall semester, 2009), and Tun Ismail Ali Chair Professor at University of Malaya (summer semester, 2008). He has distinguished academic and research appointments such as President of the Japanese Economic Association in 2004; Fellow of Econometric Society, since 1992; Research Associate at National Bureau of Economic Research since 1985; and Faculty Fellow, Centre for Economic Policy Research, since 2006. He has been Editor-in-chief of Journal of the Japanese and International Economies (in the past) and Co-Editor of Asian Economic Policy Review (currently), and Associate Editors of many journals. As unusual moves for a Japanese academic, Ito was also appointed in the official sectors, as Senior Advisor in the Research Department, International Monetary Fund (1994-97) and as Deputy Vice Minister for International Affairs at Ministry of Finance, Japan (1999-2001). He served as a member of the Prime Minister’s Council on Economic and Fiscal Policy (2006-2008). In March 2007, he was nominated by the government and voted affirmative in the House of Representatives for Deputy Governor of the Bank of Japan, but the opposition parties, which hold majority in the House of Councilors, vetoed the appointment. He is an author of many books including The Japanese Economy (MIT Press, 1992), The Political Economy of the Japanese Monetary Policy(1997) and Financial Policy and Central Banking in Japan (2000) (both with T. Cargill and M. Hutchison, MIT Press), An Independent and Accountable IMF (with J. De Gregorio, B. Eichengreen, and C. Wyplosz, 1999), and more than 130 academic (refereed) journal articles and chapters in books on international finance, monetary policy, and the Japanese economy in top journals, including Econometrica, American Economic Review, and Journal of Monetary Economics. His research interest includes capital flows and currency crises, microstructures of the foreign exchange rates, and inflation targeting. He has several books written in Japanese on these topics. He contributes frequently op-ed columns and articles to Financial Times, Nihon Keizai Shinbun, Mainichi Shinbun, and Toyo Keizai Weekly.


Jan P. Krahnen is a Professor of Finance at Frankfurt University and Director of the Center for Financial Studies since 1995. He is representing the Deutsche Bank Prize in Financial Economics 2009 as Chairman of the Jury.

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.


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.


Klaus Schmidt-Hebbel is Professor of Economics at the Catholic University of Chile since May 2009 and an international consultant.

Mr. Schmidt-Hebbel held the position of Chief Economist of the OECD and Director of the OECD Economics Department in Paris during 2008-2009. He spent the previous 12 years as Chief of Economic Research at the Central Bank of Chile. Before that he was Principal Economist in the Research Department of the World Bank in Washington.

He has worked closely with international organisations, global firms, central banks, governments, and universities, providing key financial and policy advice on a wide array of topics ranging from financial markets,  macroeconomics and growth policies, to pension systems and capital market reforms, institutional organisation and policy design.

Mr. Schmidt-Hebbel is Full Professor of Economics at the Catholic University of Chile and Associate Professor of Economics at University of Chile. In 2007-2008 he was President of the Chilean Economic Association. In 2008 he was elected “Economist of the Year” by his peers in Chile. He has been widely published in the fields of macroeconomics, international finance, monetary policy, economic growth, and development.  He speaks fluent Spanish, English, German, and Portuguese, as well as basic French.

Mr. Schmidt-Hebbel holds a PhD in Economics from the Massachusetts Institute of Technology, and a BA and a MA in Economics from the Catholic University of Chile.


Marti G. Subrahmanyam, Jury member in 2009, is the Charles E. Merrill Professor of Finance, Economics and International Business in the Stern School of Business at New York University. He holds a degree in mechanical engineering from the Indian Institute of Technology, Madras, a postgraduate diploma in business administration from the Indian Institute of Management, Ahmedabad and a doctorate in finance and economics from the Massachusetts Institute of Technology. Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets and international finance. He has been a visiting professor at leading academic institutions around the world. He has served as a consultant to several corporations, industrial groups, and financial institutions in the U.S., Europe, Asia and Latin America. He also sits on the boards of several companies, including the ICICI Prudential Life Insurance Co. Ltd., Infosys Technologies Ltd. (NASDAQ: INFY), and Nomura Asset Management Inc. He has served as an advisor to international and government organizations including the Securities and Exchange Board of India. He has taught extensively on executive programs in over twenty countries around the world. Professor Subrahmanyam currently serves or has served on the editorial boards of several leading journals in finance. He was the Founding Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, asset pricing, market microstructure, and fixed income markets. He has published several papers in these areas in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, and The Review of Financial Studies. Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.


Maria Vassalou is a Global Macro Portfolio Manager at SAC Capital Advisors LLC, in New York where she joined in October 2008. Prior to that, she was Head of Quantitative Strategies at Soros Fund Management in New York. Between 1995 and 2006 she was a faculty member at the Graduate School of Business, Columbia University, where she held the positions of Assistant and Associate Professor of Finance. In October 2005 she was elected Full Professor of Finance at the Athens University of Economics and Business (AUEB). Maria Vassalou is the President of the European Finance Association, and she was the Program Chair of the 2008 European Finance Association Meetings that were held in Athens, Greece. Vassalou’s academic research focuses on the effects of macroeconomic factors on equity returns and provides rational explanations for several longstanding asset pricing anomalies.

Maria Vassalou has been a member of the Academic Advisory Board of the Vienna-based Guttmann Center of Competence in Portfolio Management, a member of the Executive Committee of the European Finance Association, and a Research Affiliate of the Centre for Economic Policy Research in London. A frequent speaker at both academic and practitioner-oriented seminars and conferences, she has published in leading journals including the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of International Money and Finance, and the Journal of Economic Dynamics and Control. She is the recipient of several prizes and awards. Dr. Vassalou holds a Ph.D. in Financial Economics from London Business School.


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.