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The Deutsche Bank Prize in Financial Economics

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The Deutsche Bank Prize in Financial Economics The award winners in 2005 and 2007 Please register for this event online by visiting www.db-prize-financialeconomics.org THE DEUTSCHE BANK PRIZE The number of participants is limited. The prize is presented to the award win- In 2007, Michael Woodford, Professor IN FINA NCIAL ECONOMICS ner by Josef Ackermann, Chairman of of Political Economy at Columbia Uni- Contact: the Management Board and the Group versity in New York, received the prize Sabine Neumann Executive Committee of Deutsche in recognition of his fundamental con- Center for Financial Studies Bank AG at a ceremony taking place in tributions to the theory and practical Goethe University Frankfurt 2009 Frankfurt. analysis of monetary policy. The aca- House of Finance demic CFS Symposium “The Theory Phone: +49 69 798-30066 The first Deutsche Bank Prize in Finan- and Practice of Monetary Policy Today”, Email: [email protected] cial Economics was awarded in 2005 to held in honor of Professor Woodford´s www.db-prize-financialeconomics.org Eugene F. Fama, Professor of Finance work, took place prior to the presenta- Venue: at the University of Chicago, for devel- tion of the award. Goethe University Frankfurt oping and researching the concept of Campus Westend market efficiency. An international sci- Lecture Hall 2 (Hörsaalzentrum) entific symposium headlined “Market Grüneburgplatz 1 Efficiency Today” was organized for 60323 Frankfurt the occasion of the award ceremony. Germany Renowned financial economists dis- If possible, please use public transportation, cussed the significance of Fama’s the- since the number of available parking lots is very limited. ses in the context of current develop- ments. Public transportation: Bus No. 36, bus stop: Oberlindau/Universität; underground U1, U2, U3, stop: Holzhausenstraße; underground U6, U7, stop: Westend. Invitation CFS Symposium “Financial Innovation and Economic Crisis” In honor of Robert J. Shiller, the award winner of 2009 September 30, 2009, 12:00 at Campus Westend, 2005 2007 Jury 2009 (l. to r.): J. Ackermann, J. Ackermann, N.Walter, V. Wieland, K. Schmidt- Goethe University Frankfurt, Germany E. F. Fama, M. Woodford, Hebbel, J. P. Krahnen, O. Issing, J. P. Krahnen V. Wieland M. Vassalou, T. Ito, M. Subrahmanyam, R. H. Schmidt, M. Binder Statements Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG The Center for Financial Studies and Goethe Uni- “There could probably not be a more appropriate time to honour Profes- The Center for Financial Studies, in sor Robert J. Shiller with the Deutsche Bank Prize in Financial Economics versity Frankfurt are delighted to announce that for his outstanding research work on the volatility of asset prices and the partnership with Goethe University related macroeconomic risks. Professor Shiller has not only developed Robert J. Shiller, the Arthur M. Okun Professor financial instruments and databases to gauge the extent of over-exuber- Frankfurt, is awarding the Deutsche of Economics at the Cowles Foundation for ance on capital and property markets. He has also used these instruments to give timely Research in Economics, Yale University, and warnings on the risks of such over-exuberance. However, his research has not been con- Bank Prize in Financial Economics fined to problem analysis; he has also published numerous studies aimed at solving the Professor of Finance at the International Center problems. For this reason, his research findings have spread far beyond the academic com- for Finance, Yale School of Management, has biannually since 2005. It carries an munity and are relevant for policymakers and financial market players alike.“ been awarded the Deutsche Bank Prize in endowment of EURO 50,000 which Financial Economics 2009. Otmar Issing, CFS President and member of the prize Jury, former board member and Chief Economist of the European Central Bank, Chairman of the Advisory Board of is donated by the Stiftungsfonds The Jury has chosen Professor Shiller for his pioneering research in the field of financial the House of Finance, „Honorarprofessor“ (Honorary Professor) at Goethe University Frankfurt economics, relating to the dynamics of asset prices, such as fixed income, equities, and Deutsche Bank im Stifterverband für “There is one name that has been at the centre of the debate around the real estate, and their metrics. His work has been influential in the development of the identification of “bubbles” in asset prices: Professor Robert Shiller. His diE Deutsche Wissenschaft*. The award theory as well as its implications for practice and policy-making. His contributions on warnings against excessive share and real estate prices are based on pi- risk sharing, financial market volatility, bubbles and crises, have received widespread oneering studies which have brought significant theoretical and empirical impulses to eco- honors internationally renowned attention among academics, practitioners and policy makers alike. nomic research. The combination of his top-class academic research and his contributions to objectifying the public debate make him the ideal candidate to receive the Deutsche Bank economic researchers whose work Prize in Financial Economics 2009.” We cordially invite you to join us at the international CFS Symposium “Financial Innovation and Economic Crisis”, a scientific discussion on themes highlighted in has significantly influenced research Jan Pieter Krahnen, Chairman of the Jury 2009, CFS Director, Professor of Finance Professor Shiller´s work. We are delighted to announce that Robert C. Merton, the at House of Finance, Goethe University Frankfurt in financial economics and macro- John and Natty McArthur University Professor at Harvard Business School and „Through his innovative work exploring the dynamics of asset prices, Rob- Nobel Laureate in Economics, has already confirmed his participation as plenary ert Shiller has become a pioneer in the field of financial economics. His economics, and has led to fundamen- speaker in this important event. findings on the volatility of share prices, the occurrence of price bubbles and resultant crises, as well as on the distribution of macroeconomic risks tal advances in economic theory and are not only of great academic importance, they have also broken new The symposium will take place prior to the award ceremony on Wednesday, ground in economic practice.“ practice. The prize is a decisive con- September 30, at 12:00 o’clock in the new lecture hall (Hörsaal 2) at Campus Westend, Goethe University Frankfurt, Germany. Klaus Schmidt-Hebbel, Chief Economist of the Organization for Economic Co-op- tribution to strengthening eration and Development We are looking forward to welcoming you to a lively and enriching discussion. „The Deutsche Bank Prize is awarded to an outstanding economist who Frankfurt’s role as a center has made path-breaking contributions to theory, empirics and /or policy in the fields of finance, money or macroeconomics. Nobody fulfills these for both research and finan- conditions better than Robert Shiller. His analytical and empirical work on asset price dynamics, equity price volatility, asset and housing price cial markets. bubbles, financial crises, and risk diversification has extended significantly the frontier of financial economics. His prescient work and warnings on the development of the 1990s- Josef Ackermann Jan Pieter Krahnen early 2000s stock market boom and bust and the 2000s housing and stock market bubble that led to the ongoing global financial crisis and recession are proof of Shiller‘s rare combi- Deutsche Bank AG Center for Financial Studies * Deutsche Bank Donation Fund in the Donor’s at House of Finance, nation of analytical strength and empirical insightfulness. There is no better recipient of the Association for German Science and Goethe University Frankfurt 2009 Deutsche Bank Prize in Financial Economics than Professor Shiller.“ .
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