Germán Bernácer Prize
|Awarded for||Outstanding contributions in the fields of macroeconomics and finance|
|Presented by||Observatorio del Banco Central Europeo, OBCE|
|No. of laureates||15 Laureates as of 2015[update]|
The Bernacer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of macroeconomics and finance. The prize is named after Germán Bernácer, an early Spanish macroeconomist.
The prize was created in 2001 by the OBCE (Observatorio del Banco Central Europeo), a European nonprofit association of economists focusing on watching the European Central Bank and promoting the public debate on issues related with the Eurozone economy and with the aim of improving the quality of economic policy.
The Bernacer prize was established to recognize the work of young European economists and to stimulate research on Eurozone macroeconomics and financial issues. Modelled on the John Bates Clark Medal, prizewinners are European economists under the age of 40.
The prize includes a diploma and a cash award of €30,000. From the first edition of the prize to the 10th edition, the prize was sponsored by CAM (Caja de Ahorros del Mediterráneo). Since the 11th edition the sponsor has been Banco Santander.
Prizewinners usually receive the diploma directly from the Chairman of the Selection Committee together with a representative of the sponsor and/or the Governor of Bank of Spain, at a solemn ceremony award in Madrid. The diploma contains a text in English with the name of the laureate and a citation of why they received the award.
The 2015 Bernacer prize was awarded to the Belgian economist Sitjn Van Nieuweburgh (NYU Stern School of Business) "for his influential research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets".
The award ceremony took place in Madrid on December 16, 2016.
The 2014 Bernacer prize was awarded to the Italian economist Veronica Guerrieri (University of Chicago Booth School of Business) "for her influential research contributions regarding the application of search theory to explain the emergence of illiquidity and fire sales in different asset markets".
The award ceremony took place in Madrid on May 13, 2016.
The 2013 Bernacer prize was awarded to the French economist Thomas Philippon (NYU Stern School of Business) "for his influential research on efficiency trends in the finance industry, the costs of financial distress and intervention policies in markets subject to adverse selection".
The award ceremony took place in Madrid on November 3, 2014.
The 2012 Bernacer prize was awarded to the British economist Nicholas Bloom (Stanford University) "for his influential research contributions on the sources, dynamics and effects of policy and economic uncertainty on business cycles as well as on the determinants of good management practices".
The award ceremony took place in Madrid on September 24, 2013.
The 2011 Bernacer prize was awarded to the Danish economist Lasse Heje Pedersen (Copenhagen Business School and NYU Stern School of Business) "for his original research contributions on how the interaction between market liquidity risk and funding liquidity risk can create liquidity spiral and systemic financial crisis".
The award ceremony took place in Madrid on June 28, 2012.
The 2010 Bernacer prize was awarded to the French economist Xavier Gabaix (NYU Stern School of Business) "for his original research contributions in financial and behavioural economics, including the consequences of seemingly irrational behaviour on asset markets, and his analysis of the level of compensation of corporate executives".
The award ceremony took place in Madrid on June 1, 2011.
The 2009 Bernacer prize was awarded to the French economist Emmanuel Farhi (Harvard University) "for his relevant contributions to the design of optimal taxation in business cycle models with incomplete markets, and for improving our understanding of the macroeconomic mechanisms that underlie the relationships among global imbalances, financial crashes, speculative growth episodes and real activity".
The award ceremony took place in Madrid on June 2, 2010.
The 2008 Bernacer prize was awarded to the German economist Markus Brunnermeier (Princeton University) "for his important research on explaining the emergence and persistence of asset price bubbles, the causes of liquidity crises in financial markets, and the implications of these phenomena for risk management and for financial regulators".
The award ceremony took place in Madrid on June 10, 2009.
The 2007 Bernacer prize was awarded to the French economist Pierre-Olivier Gourinchas (University of California, Berkeley) "for his important research on explaining recent (puzzling) facts in global macroeconomics and finance, evaluating the gains of financial integration and analyzing the importance of precautionary saving in optimal life--cycle models of consumption expenditure in the presence of uncertain labour income".
The award ceremony took place in Madrid on May 27, 2008.
The 2006 Bernacer prize was awarded to the French economist Hélène Rey (Princeton University) "for her important research on the determinants and consequences of external trade and financial imbalances, the theory of financial crisis and the internationalization of currencies. Her contributions help to improve our understanding of the connections among globalization, exchanges rates and external markets".
The award ceremony took place in Madrid on May 21, 2007.
The 2005 Bernacer prize was awarded to the German economist Monika Piazzesi (Stanford University) "for her important research in developing a unified approach that improves our understanding of the connection between asset prices- including bonds, equities and real estate- and the institutional features of monetary policy and the business cycles".
The award ceremony took place in Madrid on May 31, 2006.
The 2004 Bernacer prize was awarded to the German economist Stephanie Schmitt-Grohe (Duke University) "for her important research devoted to developing and applying the tools for evaluation of macroeconomic (fiscal and monetary) stabilization policies in the context of economies subject to nominal and real distortions".
The award ceremony took place in Madrid on June 29, 2005.
The award ceremony took place in Madrid on April 19, 2004.
The award ceremony took place in Alicante on December 3, 2002.
The award ceremony took place in Madrid on November 23, 2001.
The prize nominations are assessed by an independent Selection Committee made up of recognized members of the academic community. Since the first edition of the Prize, the Selection Committee has been chaired by a member of the Executive Board of the European Central Bank: Otmar Issing (2001), Lucas Papademos (2002-2010) and Vitor Constâncio (2011-2015). The Secretary of the Committee is a member of the OBCE.
Members of the Selection Committee (2001-2015):
- Otmar Issing, Member of the Executive Board, European Central Bank. Chairman of the Selection Committee (2001).
- Miguel Sebastian, Professor at Complutense University of Madrid. Secretary of the Selection Committee (2001-2002).
- Francesco Giavazzi, Professor of Economics at MIT and Professor of Economics at IGIER, Bocconi University.
- Charles Goodhart, Professor at London School of Economics.
- Charles Wiplosz, Professor of Economics at Graduate Institute, Geneva.
- Lucas Papademos, Vice-President of European Central Bank. Chairman of the Selection Committee (2002-2010).
- Juan J. Dolado, Professor of Economics at European University Institute. Secretary of the Selection Committee (2003-2015)
- Jordi Gali, Professor of Economics at Pompeu Fabra University and Director of CREI.
- Eduardo Schwartz, Professor of Economics and Finance at the UCLA Anderson School of Management.
- José Viñals, Director of the Monetary and Capital Markets Department of International Monetary Fund.
- Edward C. Prescott, Nobel Prize of Economics in 2004 and Professor of Economics at Arizona State University.
- Vítor Constâncio, Vice-President of the European Central Bank. Chairman of the Selection Committee (2011-2015).
- Evi Pappa, Professor of Economics at the European University Institute.
Nationality of the Prizewinner
|Number of prizewinners||Country||Prizewinner|
|1||Spain||José Manuel Campa|
|2||Italy||Luigi Zingales and Verónica Guerrieri|
|3||Germany||Stephanie Schmitt-Grohe, Monika Piazzesi and Markus Brunnermeier.|
|5||France||Hélène Rey, Pierre-Olivier Gourinchas, Emmanuel Farhi, Xavier Gabaix and Thomas Philippon|
|1||Denmark||Lasse H. Pedersen|
|1||United Kingdom||Nicholas Bloom|
|1||Belgium||Stijn Van Nieuwerburgh|
Gender of the Prizewinner
|Gender||Number of prizewinners||Prizewinner|
|Female||4 (27%)||Stephanie Schmitt-Grohe, Monika Piazzesi, Hélène Rey and Veronica Guerrieri|
|Male||11 (73%)||Philip Lane, José Manuel Campa, Luigi Zingales, Markus Brunnermeier, Pierre-Olivier Gourinchas, Emmanuel Farhi, Xavier Gabaix, Thomas Philippon, Lasse H. Pedersen, Nicholas Bloom and Stijn Van Nieuwerburgh|