Financial economist Kenneth Rogoff receives Deutsche Bank Prize in Financial Economics 2011
(firmenpresse) - Center for Financial Studies an der Goethe Universität Frankfurt / Key
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Financial economist Kenneth Rogoff receives Deutsche Bank Prize in
Financial Economics 2011
DGAP-Media / 22.09.2011 / 09:05
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Financial economist Kenneth Rogoff receives Deutsche Bank Prize in
Financial Economics 2011
* Center for Financial Studies awards Harvard professor Rogoff the prize
for his groundbreaking work in the field of international finance and
macroeconomics
* Deutsche Bank CEO Josef Ackermann presents the prize
* Symposium of renowned academics discusses Rogoff's contributions to
research and possible solutions of the financial and sovereign debt crisis
Frankfurt, 22 September 2011 - Today the US economist Kenneth Rogoff
receives the Deutsche Bank Prize in Financial Economics 2011, which carries
an endowment of EUR50,000. Leading financial economists, including the
Governor of the Israeli central bank Stanley Fischer and CFS President
Otmar Issing, will take this opportunity to discuss Kenneth Rogoff's works
and their current political and economic relevance to the global financial
and economic crisis at a symposium entitled 'Global Perspective on the
Financial Crisis'.
'Kenneth Rogoff's research tells us that the crisis currently gripping the
entire credit structure at the core of the world economy is likely to lead
to less liberal financial markets, both nationally and internationally, to
explicit debt restructuring, both public and private, and to new monetary
and fiscal arrangements. His research also tells us that a remedy to this
epochal crisis will require a comprehensive approach that brings our
economies onto a slow and tortuous path towards debt sustainability,' says
Josef Ackermann, CEO of Deutsche Bank, awarding the prize in the course of
the symposium.
Kenneth Rogoff's empirical and theoretical works and analysis of economic
history cover subjects including exchange rate research, the credibility of
monetary policy and the independence of central banks, sovereign debt
restructuring and the history of financial crises. Rogoff is currently the
leading figure in international macroeconomics, his works covering all
aspects of the field.
Rogoff's work has had an important impact on both economic policy and
scientific research. This applies not only to his latest works with Carmen
Reinhart on the financial crisis, but also to his earlier studies on
central bank independence, exchange rates, and sovereign debt crises.
'It is a great honor to receive this prize both in light of the important
researchers who have won previously, as well as the distinguished
international academic committee that makes the selection,' says Kenneth
Rogoff. 'I am also fortunate to have worked with several extraordinary
co-author over the years,' added the prize winner.
Kenneth Rogoff is Professor of Economics and Thomas D. Cabot Professor of
Public Policy at Harvard University in Cambridge, USA. He has previously
held professorships at institutes including Princeton University and the
University of California, Berkeley. Rogoff has been a member of the Group
of Thirty (G30), an international committee made up of 30 leading current
and former policy-makers, financiers and academics, since 2008. Since 2004
he has been a member of theCouncil on Foreign Relations (CFR), which has a
significant influence on the formulation of the USA's foreign policy
strategies.
The academic prize, sponsored by the Deutsche Bank Donation Fund, is
awarded biannually by the CFS in partnership with Goethe University
Frankfurt. The Deutsche Bank Prize in Financial Economics honors
internationally renowned economic researchers whose work has a marked
influence on research concerning questions of financial economics and
macroeconomics, and has led to fundamental advances in economic theory and
practice.
Kenneth Rogoff has been elected by a Jury of internationally renowned
experts in financial research and practice. Members of the international
Jury, alongside the Chairman professor Uwe Walz, 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. 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).
In 2005, the first Deutsche Bank Prize in Financial Economics was awarded
to Eugene F. Fama, Professor of Finance at the University of Chicago, for
developing and researching the concept of market efficiency. In 2007
Michael Woodford, Professor of Political Economy at Columbia University in
New York, received the prize for his research on the theory of monetary
macroeconomics. In 2009 Robert J. Shiller was honored for his fundamental
contributions to research in the field of financial economics and, amongst
other things, his key contribution to the understanding of price
fluctuations on markets and to the development of financial instruments to
hedge against macroeconomic risks.
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About the Center for Financial Studies
The Center for Financial Studies (CFS) located in Goethe University's House
of Finance, is an independent non-profit research center, funded by
contributions from donors and members, as well as by national and
international research grants. CFS member institutions comprise almost all
major players in Germany's financial industry.
Mission: CFS affiliated professors and fellows conduct research in several
topical areas, ranging from Stability and Banking Regulation, to Household
Finance, Law and Economics of Financial Organizations, Monetary Policy, and
the Economics of Financial Markets. CFS is also a contributor to policy
debates and policy analyses, in particular on banking regulation and
monetary policy. CFS focuses on building a platform for research, relying
on its international network among academics, the financial industry and
central banks in Europe.
Activities: Among other recurring activities, CFS organizes a number of
widely recognized events, including the annual 'ECB and Its
Watchers'-conference, the ongoing ECB-CFS research network initiative on
financial integration in Europe, the Presidential Lectures under the
auspices of the CFS President Otmar Issing, the bi-annual Deutsche Bank
Prize in Financial Economics, and the quarterly CFS Financial Center Index.
Its community services at the House of Finance comprise a set of
research-enabling activities, consisting of an academic visitors program, a
financial market data center, the CFS-GSFEM policy research initiative, and
its role as co-founder of the House of Finance Policy Platform.
People: CFS President is Professor Otmar Issing, former chief economist and
member of the Executive Board of the ECB; Chairman of the Board is Rolf-E.
Breuer, former CEO of Deutsche Bank AG; CFS Directors are Professors
Michalis Haliassos, Jan Pieter Krahnen and Uwe Walz. For more details on
CFS activities and its research programs please visit www.ifk-cfs.de.
Contact
Sabine Kimmel
Center for Financial Studies
Goethe-Universität Frankfurt
House of Finance
Grüneburgplatz 1, HPF H5
60323 Frankfurt
Phone: +49 (0)69 798 30066
Email: kimmel(at)ifk-cfs.de
www.db-prize-financialeconomics.org
Johannes Marten
Deutsche Bank AG
Unter den Linden 13-15
10117 Berlin
Phone: +49 (0)30 340 74461
Email: johannes.marten(at)db.com
End of Media Release
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