Germán Bernácer Prize

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Bernacer Prize
Awarded for Outstanding contributions in the fields of macroeconomics and finance
Location Madrid, Spain
Presented by Observatorio del Banco Central Europeo, OBCE
First awarded 2001
No. of laureates 15 Laureates as of 2015
Website http://bernacerprize.com/

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.

Prizewinners[edit]

2015

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.

2014

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.

2013

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.

2012

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.

2011

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.

2010

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.

2009

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.

2008

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.

2007

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.

2006

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.

2005

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.

2004

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.

2003

The 2003 Bernacer prize was awarded to the Italian economist Luigi Zingales (Chicago Booth School of Business) "for his important research on financial markets and fight of poverty".

The award ceremony took place in Madrid on April 19, 2004.

2002

The 2002 Bernacer prize was awarded to the Spanish economist José Manuel Campa (IESE Business School) "for his outstanding research on exchange rate behaviour and internacional finance".

The award ceremony took place in Alicante on December 3, 2002.

2001

The 2001 Bernacer prize was awarded to the Irish economist Philip Lane (Trinity College Dublin) "for outstanding contributions to European monetary economics".

The award ceremony took place in Madrid on November 23, 2001.

Selection Committee[edit]

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):

About Prizewinners[edit]

Nationality of the Prizewinner[edit]

Number of prizewinners Country Prizewinner
1  Ireland Philip Lane
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

University Affiliation[edit]

University Country Prizewinner
Trinity College Dublin  Ireland Philip Lane
IESE Business School  Spain José Manuel Campa
Chicago Booth School of Business  United States Luigi Zingales and Verónica Guerrieri
Duke University  United States Stephanie Schmitt-Grohe
Stanford University  United States Monika Piazzesi and Nicholas Bloom
Princeton University  United States Hélène Rey and Markus Brunnermeier
University of California, Berkeley  United States Pierre-Olivier Gourinchas
Harvard University  United States Emmanuel Farhi
NYU Stern School of Business  United States Xavier Gabaix, Lasse H. Pedersen, Thomas Philippon and Stijn Van Nieuwerburgh
Copenhagen Business School  Denmark Lasse H. Pedersen

Gender of the Prizewinner[edit]

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

External links[edit]