Faculty of the
Graduate School of Economics, Finance, and Management
Michael Binder is Professor of Economics at Goethe University Frankfurt (Chair for International Macroeconomics and Macroeconometrics), Dean of the Graduate School of Economics, Finance, and Management (GSEFM) , and Program Director for International Economics at the Center for Financial Studies (CFS). 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 . Michael 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 is/was an associate editor of the Journal of Applied Econometrics , the Journal of Economic Dynamics and Control and Empirical Economics , as well as a fellow of the Center for Economic Studies Munich (CESifo). Michael Binder has held visiting appointments inter alia at the University of Cambridge , the University of Magdeburg , at CESifo, the International Monetary Fund, the World Bank, and the Bank of Spain. His 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.
His publications include "The European Central Bank," (with V. Wieland), The New Palgrave Dictionary of Economics , 2008; "Estimation and Inference in Short Panel Vector Autoregressions with Unit Roots and Cointegration, " (with M.H. Pesaran and C. Hsiao), Econometric Theory, 2005; "Life-Cycle Consumption Under Social Interactions, " (with M.H. Pesaran), Journal of Economic Dynamics andControl, 2001; "Decision Making in the Presence of Heterogeneous Information and Social Interactions," (with M.H. Pesaran), International Economic Review, 1998.
Matthias Blonski received his doctorate in economics from the University of Mannheim in 1993. He taught at the Universities of Mannheim and Bonn before joining Goethe University Frankfurt as Professor of Economics (Chair for Microeconomics) in 2003. Inter alia he has held visiting appointments at Stanford University, Harvard University, and UCL A. His main research topics include economic theory, large games, contract theory, network economics, trust and recently also finance (asset pricing and corporate finance).
His publications include: "Network Externalities and Two-Part Tariffs in Telecommunication Markets, "Information Economics and Policy, 2001; "Characterisation of Pure Strategy Equilibria in Finite Anonymous Games, "Journal of Mathematical Economics, 2001; "Anonymous Games with Binary Actions, "Games and Economic Behavior, 2001; "Social Learning with Case Based Decisions, "Journal of Economic Behavior and Organization, 2001.
Volker Caspari received his doctorate and his Habilitation in economics from Goethe University Frankfurt in 1983 and 1991, respectively. Prior to joining the faculty of TU Darmstadt as Professor of Economics (Chair for Economic Theory) in 1995, he was Theodor Heuss Lecturer at New School University, New York, and faculty member at Goethe University Frankfurt. He is an associate member of the German Research Foundation excellence cluster "Normative Orders", and a member of the committee on the History of Economics of the Verein für Socialpolitik. He was Dean and Dean of Studies at the Faculty of Law and Economics at TU Darmstadt. His current research focuses on long-run growth, unified economic growth theory, history of economic theory, and normative implications of general equilibrium theory.
His publications include "John Maynard Keynes," Klassiker des Ökonomischen Denkens (Volume 2), 2009; "Alfred Marshall," Klassiker des Ökonomischen Denkens (Volume 1), 2009; "Education, Research and Economic Growth," (with G. Rehme und J. Rubart), Competitiveness and Growth in Europe: Lessons and Policy Implications for the Lisbon Strategy, 2006; "New Views and Old Perspectives: On Re-Reading Hicks's 'Mr. Keynes and the Classics'," (with I. Barens), The European Journal for the History of Economic Thought, 2000; "A Marshallian Perspective of Keynes' 'General Theory'," Metroeconomica, 1989.
Matei Demetrescu received his doctorate in economics from Goethe University Frankfurt in 2005. Prior to re-joining the faculty of Goethe University Frankfurt in 2008 (as Junior Professor of Applied Econometrics), he was a Max Weber postdoctoral fellow at the European University Institute in Florence. His current research focuses on time series econometrics, especially on long memory processes and cointegration.
His publications include "Testing for the Cointegrating Rank of a VAR Process with Uncertain Deterministic Trend Term," (with H. Lütkepohl and P. Saikkonen), The Econometrics Journal (Forthcoming); "Long Memory Testing in the Time Domain," (with V. Kuzin and U. Hassler), Econometric Theory, 2008; "Optimal Forecast Intervals under Asymmetric Loss," Journal of Forecasting, 2007; "Combining Significance of Correlated Statistics with Application to Panel Data," (with U. Hassler and A.I. Tarcolea), Oxford Bulletin of Economics and Statistics, 2006.
Horst Entorf received his doctorate and completed his Habilitation at Mannheim University. Before joining the faculty of Goethe University Frankfurt in 2007 (Chair for Econometrics), he was Professor of Econometrics at the Universities of Darmstadt and Würzburg. Horst Entorf has previously held research and teaching positions at, among others, the Université Catholique de Louvain-la-Neuve ( Belgium ), CREST-INSEE ( Paris ), and CERGE ( Prague ). He was a SPES Fellow of the European Union and a Fellow of the German Research Foundation. Horst Entorf currently is a Research Fellow at IZA ( Bonn ), a Research Associate at the Center for European Economic Research (ZEW) Mannheim , and member of the editorial board of the International Review of Law and Economics and of the Journal of Business Cycle Measurement and Analysis. He is heading research projects on labor markets, education, immigration, and the economics of crime.
His publications include "The Foreign Exchange Rate Exposure of Nations, " (with J. Möbert and K. Sonderhof), Open Economies Review, 2009; "Peer Effects, Social Multipliers and Migrants at School: An International Comparison, " (with M. Lauk), Journal of Ethnic and Migration Studies , 2008; "Socio-Economic and Demographic Factors of Crime in Germany: Evidence from Panel Data of the German States " (with H. Spengler), International Review of Law and Economics, 2000; "New Technologies, Wages and Worker Selection " (with F. Kramarz and M. Gollac), Journal of Labor Economics, 1999; "Random Walks with Drifts: Nonsense Regressions and Spurious Fixed Effect Estimation ", Journal of Econometrics, 1997.
Ester Faia received her Ph.D. in economics from New York University in 2002. Prior to joining the faculty of Goethe University in 2008 (Chair for Monetary and Fiscal Policy), she was a faculty member at the Universitat Pompeu Fabra and the University of Rome. She has held visiting appointments inter alia at the European Central Bank, the Bank of England, Norges Bank, and the European University Institute. Currently Ester Faia is also affiliated with C EPRE MAP in Paris as well as IfW Kiel, and is an Associate Editor of the Journal of Economic Dynamics and Control. Her research focuses on the role of real frictions (financial, labor, and product market frictions) for monetary policy both in open and closed economy DSGE models.
Her publications include "Ramsey Monetary Policy with Labor Market Frictions," Journal of Monetary Economics, 2009; "Optimal Monetary Policy Rules with Labor Market Frictions," Journal of Economic Dynamics and Control, 2008; "Finance and International Business Cycle," Journal of Monetary Economics, 2007; "Financial Differences and Business Cycle Co-Movements in A Currency Area," Journal of Money Credit and Banking, 2007; "Optimal Monetary Policy Rules, Asset Prices and Credit Frictions," (with T. Monacelli), Journal of Economic Dynamics and Control, 2007.
Falko Fecht holds a doctoral degree from Goethe University Frankfurt. Before joining the European Business School (EBS) (Chair for the Economics of Financial Institutions), he was coordinator for research on "Financial Structures" and "Monetary Policy Implementation and Payment Systems" at the Deutsche Bundesbank. Falko Fecht has held visiting appointments at the Federal Reserve Banks of New York, Cleveland , and Kansas City , at the Dutch National Bank, and at the European Central Bank. Falko Fecht's research focuses on liquidity risks and liquidity crises. He investigates the institutional structures of interbank markets and payment systems, their implications for the efficiency and stability of the banking sector and policy measures mitigating financial fragility.
His publications include "Banks, Markets, and Efficiency," (with A. Martin), Annals of Finance, 2009; "Financial Intermediaries, Markets, and Growth," (with K. Huang and A. Martin), Journal of Money, Credit and Banking, 2008; "The Eurosystem Money Market Auctions: A Banking Perspective," (with B. Craig), Journal of Banking and Finance, 2007; "On the Stability of Different Financial Systems," Journal of the European Economic Association, 2004.
Guido Friebel holds the Chair for Human Resource Management at Goethe University Frankfurt. He graduated in economics from the University of Bielefeld in 1992. After one year of consulting experience in the Moscow region, he entered the Ph.D. Program of Université Libre de Bruxelles, where he graduated in 1996. Before joining Goethe University Frankfurt, he was a faculty member at SITE at the Stockholm School of Economics, and at EHESS, Toulouse School of Economics. His primary areas of research are organizations, incentives for teams and individuals, human capital and migration decisions.
His publications include " Fighting for Talent: Risk-Taking, Corporate Volatility, and Organizational Change , " (with M. Giannetti ), Economic Journal (Forthcoming); " Widening and Deepening: Reforming the European Union, " (with E. Berglof, M. Burkart, and E. Paltseva ), American Economic Review Papers and Proceedings, 2008; " Smuggling Humans: A Theory of Debt-Financed Migration, " (with S. Guriev ), Journal of the European Economic Association, 2006; " Abuse of Authority and Hierarchical Communication, " (with M. Raith ), Rand Journal of Economics, 2004; " Career Concerns in Teams " (with E. Auriol and L. Pechlivanos ), Journal of Labor Economics, 2002.
Nicola Fuchs-Schündeln received her Ph.D. in economics from Yale University in 2004. Prior to joining the faculty of Goethe University Frankfurt in 2009 (Chair for Macroeconomics and Development), she was a faculty member at Harvard University . She is also an NBER Faculty Research Fellow, a CESifo Research Network Affiliate, and a Co-Editor of the Economics of Transition. Her current research focuses on the analysis of household saving and labor supply behavior, labor market integration, and the endogeneity of economic preferences.
Her publications include "Inequality Facts for Germany : Levels, Trends, and their Interpretation," (with D. Krueger and M. Sommer), Review of Economic Dynamics (Forthcoming); "On Preferences for Being Self-Employed," Journal of Economic Behavior and Organization, 2009; "The Response of Household Saving to the Large Shock of German Reunification," American Economic Review, 2008; "Good Bye Lenin (or not?) – The Effect of Communism on People's Preferences," (with A. Alesina), American Economic Review, 2007; "Precautionary Savings and Self-Selection: Evidence from the German Reunification 'Experiment'," (with M. Schündeln), Quarterly Journal of Economics, 2005.
Stefan Gerlach is Professor of Economics (Chair for Monetary Economics) at the Institute for Monetary and Financial Stability at Goethe University Frankfurt, a CEPR Research Fellow, and a Fellow of the Center for Financial Studies (CFS). He has served as Head of Secretariat to the Committee on the Global Financial System at the BIS, as Executive Director (Research) at the Hong Kong Monetary Authority, and Director of the Hong Kong Institute for Monetary Research. He received his doctorate from the Graduate Institute of International Studies in Geneva in 1983, received tenure at Brandeis University, and has held visiting positions at Harvard and Brown Universities, and at INSEAD. Stefan Gerlach is an external member of the Monetary Policy Committee of the Bank of Mauritius and member of the Monetary Experts Panel of the European Parliament's Committee on Economic and Monetary Affairs.
His publications include "Interpreting Euro Area Inflation at High and Low Frequencies," (with K. Assenmacher-Wesche), European Economic Review, 2008; "Monetary Factors and Inflation in Japan," (with K. Assenmacher-Wesche and T. Sekine), Journal of the Japanese and International Economies, 2008; "Money Growth, Output Gaps and Inflation at Low and High Frequency: Spectral Estimates for Switzerland," (with K. Assenmacher-Wesche), Journal of Economic Dynamics and Control, 2008; "Interest Rate Setting by the ECB, 1999-2006: Words and Deeds," International Journal of Central Banking, 2007; "Money at Low Frequencies," Journal of the European Economic Association, 2007.
Reint Gropp since 2008 is a Professor of Financial Economics and Taxation at the European Business School (EBS). Before joining EBS, he was an Economist at the IMF, and worked at the European Central Bank in Frankfurt , where until 2007 he was Deputy Head of Financial Research. Reint Gropp has also been a Visiting Professor at Goethe University Frankfurt. He is currently a Research Fellow of the Center of Financial Studies (CFS), and a Research Associate with the Center for European Economic Research (ZEW). He is also the Executive Director " Research Finance " at EBS. He is the winner of the 2007 Barclays Best Paper Award for the best paper presented at the European Finance Association Meetings. He holds M.S. and Ph.D. degrees in economics from the University of Wisconsin-Madison. His current research focuses on banking and financial economics.
His publications include " The Determinants of Bank Capital Structure, " (with F. Heider), Review of Finance, 2009; " Equity and Bond Market Signals as Leading Indicators of Bank Fragility, " (with J. Vesala and G. Vulpes), Journal of Money, Credit and Banking, 2006; " Deposit Insurance, Moral Hazard and Market Monitoring, " (with J. Vesala), Review of Finance, 2004; " Bank Concentration and Retail Interest Rates, " (with S. Corvoisier), Journal of Banking and Finance, 2002; " Personal Bankruptcy and Credit Supply and Demand, " (with J. Scholz and M. White), Quarterly Journal of Economics, 1997.
Brigitte Haar received her doctorate in law from the University of Hamburg in 2004. Prior to joining the Faculty of Law at Goethe University Frankfurt, she was a research associate at the Max-Planck-Institute for Foreign and International Private Law (from 1996 to 2002), a grantee of the German Research Foundation (in 2002 and 03), and a Visiting Scholar at Yale Law School, sponsored by the Max-Planck Society (Otto-Hahn-Award) in 1997/98. She also is a founding member of the Editorial Board of the European Business Organization Law Review and Director of the Doctorate/Ph.D. Program " Law and Economics of Money and Finance " at the Graduate School of Economics, Finance, and Management, funded by " Stiftung Geld und Währung " . Her current research focuses on corporate law, law and finance, law and economics, and antitrust issues.
Her publications include "Law and Economics of Money and Finance in Times of Financial Crisis (Editorial)", (with R. Inderst and U. Walz), European Business Organization Law Review, 2009; "Nachhaltige Ratingqualität durch Gewinnabschöpfung?", Zeitschrift für Bankrecht und Bankwirtschaft, 2009; "Bankrecht," "Europäischer Bankenmarkt," "Konzernrecht," "Verbraucherkredit," Handwörterbuch des Europäischen Privatrechts , 2009; " Die Personengesellschaft im Konzern ," 2006; "Law and Finance – Kapitalmarktentwicklung in interdisziplinärer Perspektive," JuristenZeitung, 2008.
Michael Haliassos received a B.A. in Economics from Cambridge University and a Ph.D. in Economics from Yale University in 1987. Prior to joining the faculty of Goethe University Frankfurt in 2004 (Chair for Macroeconomics and Finance), he was a faculty member at the University of Maryland , and then at the University of Cyprus , where he also served as Deputy Dean of the School of Economics and Business. He has held visiting appointments inter alia at the European University Institute in the Chair of Finance and Consumption, and at the Center of Studies in Economics and Finance (CSEF). He is currently Research Fellow of CEPR, Program Director of the Center of Financial Studies (CFS), Research Professor at the Mannheim Institute for the Economics of Ageing (MEA), International Research Fellow of NETS PAR, and Program Director of the Master's Program in Money and Finance at Goethe University. He has recently served as advisor to the European Central Bank on the construction of a Eurozone Survey of Household Finances and Consumption. His current research focuses on the analysis of household finance, with emphasis on holding of risky assets for retirement and other purposes, and on consumer indebtedness.
His publications include "Portfolio Choice and Stock Market Fluctuations," (with Y. Bilias and D. Georgarakos), Journal of Money, Credit and Banking (Forthcoming); "Credit Card Debt Puzzles and Debt Revolvers for Self-Control," (with C.C. Bertaut and M. Reiter), Review of Finance, 2009; "Household Portfolios", The New Palgrave Dictionary of Economics, 2008; "Portfolio Choice and Liquidity Constraints" (with A. Michaelides), International Economic Review, 2003; "Stockholding in Europe: Where Do We Stand and Where Do We Go?" (with L. Guiso and T. Jappelli), Economic Policy, 2003.
Uwe Hassler received his doctorate from Free University Berlin in 1993. Prior to joining the faculty of Goethe University Frankfurt in 2003 (Chair for Statistics and Econometric Methods), he was a faculty member at TU Darmstadt. He has held visiting appointments at the Universities of Madrid and Munich. He currently also is Research Associate at the Center for European Economic Research (ZEW) in Mannheim, an Associate Editor of Advances in Statistical Analysis, and Chairman of the "Ausschuss für Ökonometrie" of the Verein für Socialpolitik. His current research focuses on the developement of econometric methods to analyze nonstationary processes or time-series with long memory.
His publications include "Testing for General Fractional Integration in the Time Domain," (with P.M.M. Rodrigues and A. Rubia), Econometric Theory, 2009; "Long Memory Testing in the Time Domain," (with M. Demetrescu and V. Kuzin), Econometric Theory, 2008;"A Residual-Based LM Type Test Against Fractional Cointegration," (with J. Breitung), Econometric Theory, 2006; "Combining Significance of Correlated Statistics with Application to Panel Data," (with M. Demetrescu and A. Tarcolea), Oxford Bulletin of Economics and Statistics, 2006; "Residual Log-Periodogram Inference for Long-run Relationships," (with F. Marmol and C. Velasco), Journal of Econometrics, 2006.
Carsten Helm received his doctorate in economics from Humboldt University Berlin in 1999. Prior to joining the faculty of TU Darmstadt in 2005 (Chair for Applied Microeconomics and Institutional Economics), he was a faculty member at Humboldt University Berlin and at the Otto-von-Guericke University Magdeburg . He has held visiting appointments at the University of Osaka and at Free University of Bolzano. He currently is Vice Dean at TU Darmstadt and liaison professor of the Foundation of German Business. His current research focuses on the analysis of international environmental cooperation and incentive contracts.
His publications include "The Case for International Emission Trade in the Absence of Cooperative Climate Policy," (with J. Carbone and T.F. Rutherford), Journal of Environmental Economics and Management, 2009; "On the Fair Division of Greenhouse Gas Abatement Cost," (with C. Böhringer), Resource and Energy Economics, 2008; "Output and Wages with Inequity Averse Agents," (with D. Demougin and C. Fluet), Canadian Journal of Economics, 2006; "International Emissions Trading with Endogenous Allowance Choices," Journal of Public Economics, 2003; "On the Existence of a Cooperative Solution for a Coalitional Game with Externalities," International Journal of Game Theory, 2001.
Roman Inderst received his doctorate in economics from Free University Berlin in 1992, and his habilitation from the University of Mannheim in 2002. Prior to joining the faculty of Goethe University in 2006 (Chair for Finance and Economics funded by the " Stiftung Geld und Währung " ), he was a faculty member at the London School of Economics, at INSEAD, at University College London, and at the University of Mannheim . He currently also is a Visiting Professor at the London School of Economics, an Affiliated Professor at Imperial College London , a Research Professor at DIW Berlin, and a CEPR Research Fellow . Roman Inderst has been a Scholar of the German National Scholarship Foundation. His current research focuses on corporate finance, banking, competition policy, information economics.
His publications include "Misselling Through Agents," (with M. Ottaviani), American Economic Review (Forthcoming); "Early-Stage Financing and Firm Growth in New Industries," (with H. Müller), Journal of Financial Economics (Forthcoming); "Informed Lending and Security Design," (with H. Müller), Journal of Finance, 2006; "Conglomerate Entrenchment under Optimal Financial Contracting," (with A. Faure-Grimaud), American Economic Review, 2005; "Contractual Distortions in a (Labor) Market with Frictions," Journal of Economic Theory, 2004.
Daniel Klapper received his doctorate and habilitation in business administration from Humboldt University Berlin in 1997 and 2000, respectively. Prior to joining the faculty of Goethe University in 2006 (Chair for Marketing), he was a Professor at the University of Kie. He has held visiting scholar appointments at Stanford University and at the Anderson School of Management at UCLA. His current research focuses on the analysis of household purchase behavior, structural econometric models in marketing, and advertising research.
His publications include "A Larger Slice or a Larger Pie? An Empirical Investigation of Bargaining Power in the Distribution Channel," (with M. Draganska and S. Villas-Boas), Marketing Science, 2009; "Retail Environment and Manufacturer Competitive Intensity," (with M. Draganska), Journal of Retailing, 2007; "Goodwill and Dynamic Advertising Strategies," (with T. Doganoglu), Quantitative Marketing and Economics, 2006; "Another Look at Loss Aversion in Brand Choice Data: Can We Characterize the Loss Averse Consumer," (with C. Ebling and Y. Temme), International Journal of Research In Marketing, 2005.
Stefan Klonner joined Goethe University Frankfurt as Professor of International and Development Economics in 2007. He earned a Master's degree in statistics and econometrics from the University of Utah in 1996, and a doctorate in economics from the Ruprecht-Karls University , Heidelberg , in 2001. He was a postdoctoral fellow and visiting lecturer at Yale University and, from 2003 to 2006, an Assistant Professor at Cornell University . His research focuses on microeconomic aspects of low-income economies, in particular determinants and measurement of poverty, and the functioning of credit markets. His regional specialization is South Asia , where he has carried out several data collections and field studies.
His publications include " Private Information and Altruism in Bidding Roscas, "Economic Journal, 2008, "Credit Constraints as a Barrier to Technology Adoption by the Poor: Lessons from South-Indian Small-Scale Fishery, " (with X. Giné), Globalization and the Poor in Asia: Can Shared Growth Be Sustained? , 2008; "Inequality and Economic Performance in Rural India since 1955, " (with Clive Bell), Agricultural Economics, 2005; "Rotating Savings and Credit Associations when Participants are Risk-Averse, "International Economic Review, 2003; "The First-Order Stochastic Dominance Ordering of Singh-Maddala Distributions, "Economics Letters, 2000.
Rainer Klump received his doctorate and habilitation from the University of Erlangen-Nürnberg. Prior to joining the faculty of Goethe University Frankfurt in 2000, he was P rofessor of E conomics and E conomic D evelopment at the University of Würzburg (1992 to 1997) and Ludwig-Erhard P rofessor of E conomic P olicy at the University of Ulm (1997 to 2000). He has been a visiting fellow at the International Finance Division of the Federal Reserve Board and research visitor at the European Central Bank. He was Dean of the Faculty of Economics and Business Administration at Goethe University Frankfurt, and currently is a Vice-President of Goethe University Frankfurt. His current research deals with theoretical, empirical and political aspects of growth and development, economic integration and institutional aspects of economic policy.
His publications include " Factor Substitution and Factor Augmenting Technical Progress in the U.S.: A Normalized Supply-Side System Approach, " (with P. McAdam and A. Willman), Review of Economics and Statistics, 2007; " Trade, Money and Employment in Intertemporal Optimizing Models of Growth, " Journal of International Trade and Economic Development , 2001; " Economic Growth and the Elasticity of Substitution: Two Theorems and Some Suggestions, " (with O. De la Grandville), American Economic Review, 2000; " CES Production Functions and Economic Growth, " (with H. Preissler), Scandinavian Journal of Economics, 2000.
Michael Kosfeld holds the Chair for Organization and Management at Goethe University Frankfurt. He graduated in mathematics from the University of Bonn in 1995, and received his Ph.D. in economics at Tilburg University in 1999. Before joining Goethe University Frankfurt, he was a faculty member at the Institute for Empirical Research at the University of Zurich. His primary area of research is behavioral and organizational economics, with particular interest in the theoretical and experimental analysis of social interaction, boundedly rational decision-making, and the psychology of incentives.
His publications include " Institution Formation in Public Goods Games, " (with A. Okada and A. Riedl), American Economic Review, 2009; " Worker Self-Selection and the Profits from Cooperation, " (with F. von Siemens), Journal of the European Economic Association, 2009; " The Dynamics of Neighbourhood Watch and Norm Enforcement, " (with S. Huck), Economic Journal, 2007; " The Hidden Cost of Control, " (with A. Falk), American Economic Review , 2006; " Rumours and Markets, " Journal of Mathematical Economics, 2005.
Jan Krahnen is Professor of Finance (Chair for Corporate Finance) at Goethe University Frankfurt. He holds degrees of Goethe University Frankfurt and Free University Berlin, and has taught in Berlin , Giessen and Cologne . He was a Visiting Professor at the University of Pennsylvania 's Wharton School and at NYU's Stern School . Jan Krahnen is also a Director of the Center for Financial Studies (CFS). Jan Krahnen is a CEPR Fellow, a member of the Steering Committee of the ECB-CFS Research Network "Capital Markets and Financial Integration in Europe", and Vice-President of the European Finance Association. His current research interests focus on risk transfer in securitization markets, and on implications of the financial turmoil for banking institutions and market regulation. Other work is on relationship lending and market microstructure. He has served on the Editorial Board of the Journal of Banking and Finance, and the Journal of Financial Services Research. Jan Krahnen has been involved in policy counselling on issues of development finance and financial market regulation, most recently as a member of the Issing-Commission, advising on the G-20 meetings.
His publications include "The Future of Securitization," (with G. Franke), Prudent Lending Restored, 2009; "Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring," (with A. Brunner), Review of Economic Studies, 2008; "Default Risk Sharing between Banks and Markets: The Case of Collateralized Debt Obligation," (with G. Franke), Risks of Financial Institutions, 2007; "The Anatomy of a Call Market," (with C.H. Kehr and E. Theissen), Journal of Financial Intermediation, 2001; "Generally Accepted Rating Principles: A Primer," (with M. Weber), Journal of Banking and Finance, 2001
Thomas Laubach received his Ph.D. in economics from Princeton University in 1997. Prior to joining the faculty of Goethe University Frankfurt (Chair for Macroeconomics) in 2008, he worked as an economist at the Federal Reserve Bank of Kansas City , and as an economist and, since 2005, as a senior economist at the Federal Reserve Board. From 2003 to 2005, he was on secondment to the OECD's Economics Department. He currently also is Director of the MSQE Program and of the Ph.D. Program in Economics at the Graduate School of Economics, Finance, and Management (GSEFM), a Research Professor at the Deutsche Bundesbank, and a Research Visitor at the European Central Bank. His current research focuses on macroeconomic effects of fiscal policies as well as the implications of alternative hypotheses about expectations formation in macroeconomics and finance.
His publications include "Welfare-Maximizing Monetary Policy under Parameter Uncertainty," (with J. Williams and R. Edge), Journal of Applied Econometrics (Forthcoming); "New Evidence on the Interest Rate Effects of Budget Deficits and Debt," Journal of the European Economic Association, 2009, "Learning and Changes in Trend Productivity Growth," (with J. Williams and R. Edge), Journal of Monetary Economics, 2007; and "Inflation Targeting: Lessons from the International Experience," (with B. Bernanke, F. Mishkin, and A. Posen), 1999.
Andrey Launov received his doctorate degree in economics from the University of Munich in 2006. Prior to joining the faculty of Johannes Gutenberg University Mainz in 2009, he was a faculty member at the University of Würzburg and has held a research fellowship at the UC Louvain-la-Neuve. He is currently also an IZA Research Fellow and a Board of Editors Member of the Review of Income and Wealth. His current research focuses on econometric modeling of non-stationary job search with monitoring and sanctions, estimation of equilibrium search models of welfare-to-work transition and on analysis of returns to education in markets with information asymmetries.
His publications include "Search equilibrium and social and private returns to education," (with C. Holzner), European Economic Review (Forthcoming); "Analysis of the Determinants of Fertility Decline in the Czech Republic ," (with S. Klasen ), Journal of Population Economics, 2006.
Raimond Maurer currently holds the Chair for Investment, Portfolio Management, and Pension Finance at Goethe University Frankfurt. He received his dissertation and habilitation from the University of Mannheim , and has previous working experience in the areas of banking, asset management, and policy consulting. Raimond Maurer holds various professional positions, inter alia at the Society of Actuaries (Academic Chairman of AFIR Group), the Association of Certified International Investment Analysts (Member of the International Examination Committee), and the Pension Research Council at the Wharton School of the University of Pennsylvania (Member of Advisory Board). His main research interests focus on asset management, life-time portfolio choice, and pension finance.
His publications include "Variable Payout Annuities and Dynamic Portfolio Choice in Retirement," (with W. Horneff , O.S. Mitchell, and M. Stamos), Journal of Pension Economics and Finance (Forthcoming); "Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints," (with O.S. Mitchell and R. Rogalla), Insurance: Mathematics and Economics, 2009; "Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts," (with W. Horneff, O.S. Mitchell, and M. Stamos), Journal of Banking and Finance, 2009;
"Optimal Gradual Annuitization: Quantifying the Costs of Switching to Annuities", (with W. Horneff and M. Stamos), Journal of Risk and Insurance, 2008; "Life-Cycle Asset Allocation with Annuity Markets" (with W. Horneff and M. Stamos), Journal of Economic Dynamics and Control, 2008.
Martin Natter holds the Hans Strothoff Chair for Retailing at Goethe University Frankfurt since 2005. He received his doctorate from the University of Vienna in 1994. He was guest lecturer at the University of Vienna (from 2002 to 2005), the University of Regensburg (2001), the University of Essen (2002), the University of St. Gallen (1996) and Goethe University Frankfurt (2004). Moreover he was a visiting scholar at Erasmus University Rotterdam (1997), University Pompeu Fabra Barcelona (2000, 2001) and at the University of Regensburg (2001). Since 2006, Martin Natter supervises Unibator, a project which encourages and supports the entrepreneurs at Goethe University Frankfurt. His research interests include retail pricing, new product decisions, and competitive analysis.
His publications include "Pay-What-You-Want – A New Participative Pricing Mechanism," (with J. Kim and M. Spann), Journal of Marketing, 2009; "Planning New Tariffs at Tele.Ring – the Application and Impact of an Integrated Segmentation, Targeting and Positioning Tool," (with A. Mild, U. Wagner, and A. Taudes), Marketing Science, 2008; "An Assortment-Wide Decision-Support System for Dynamic Pricing and Promotion Planning in DIY Retailing," (with T. Reutterer, A. Mild, and A. Taudes), Marketing Science, 2007; "The Effect of Incentive Schemes and Organizational Arrangements on the New Product Development Process," (with A. Mild, M. Feurstein, G. Dorffner, and A. Taudes), Management Science, 2001.
Hans-Theo Normann is Professor of Applied Microeconomics at Goethe University Frankfurt. He is also a Senior Research Fellow at the Max-Planck Institute for Research on Collective Goods in Bonn, and a Fellow at the Economics Network for Competition and Regulation (ENCORE). Hans-Theo Normann received a Ph.D. in Economics from the European University Institute ( Florence ). He has previously taught at Humboldt University Berlin and Royal Holloway College ( University of London ). His main areas of interest are industrial economics and competition policy, and he has made numerous theoretical and experimental contributions to these fields.
His publications include " Vertical Mergers, Raising Rival's Cost and Upstream Collusion, " European Economic Review 2009; " Mergers, Asymmetries and Collusion: Experimental Evidence, " (with M. Fonseca), Economic Journal, 2008; " Job Market Signalling and Screening in Laboratory Experiments, " (with D. Kübler and W. Müller ), Games and Economic Behavior, 2008; " Do Buyer-Size Discounts Depend on the Shape of the Surplus Function? " (with B. Ruffle and C. Snyder), RAND Journal of Economics, 2007; " Through Trial and Error to Collusion, " (with S. Huck and J. Oechssler), International Economic Review, 2005.
Thomas Otter received his doctorate in business administration in 2001 from WU Wien. Prior to joining the faculty of Goethe University Frankfurt (Chair for Marketing) in 2007, he was a faculty member at the University of California , Riverside and at Ohio State University . His research focuses on Bayesian modeling with applications to marketing. He uses Bayesian statistics and MCMC techniques to develop and refine quantitative marketing models by incorporating psychological and economic theory.
His publications include "An Integrated Model of Choice and Response Time," (with G. M. Allenby and T. von Zandt), Journal of Marketing Research, 2008; "Dependent Poisson Race Models and Modeling Dependence in Conjoint Choice Experiments," (with S. Ruan, S. MacEachern, and A. Dean), Psychometrika, 2008; "Heterogeneity Distributions of Willingness-to-Pay in Choice Models," (with G. Sonnier and A. Ainslie), Quantitative Marketing and Economics, 2007; "Investigating Endogeneity Bias in Marketing," (with L. Qing and G. M. Allenby), Marketing Science, 2007.
Christian Schlag received his doctorate in business administration from the University of Karlsruhe in 1994. Prior to joining the faculty of Goethe University Frankfurt in 1997 (Chair for Derivatives and Financial Engineering), he held a position as a postdoctoral researcher at the University of Karlsruhe. He has held visiting appointments at Vanderbilt University and at the University of Melbourne. Christian Schlag currently also is the Director of the Ph.D. Program in Finance at the Graduate School of Economics, Finance, and Management (GSEFM). His current research focuses on asset pricing and asset allocation in continuous-time models and on the pricing and hedging of derivative securities.
His publications include "Can Tests Based on Option Hedging Errors Correctly Identify Volatility Risk Premia?" (with N. Branger), Journal of Financial and Quantitative Analysis, 2008; "Optimal Portfolios When Volatility Can Jump," (with N. Branger and E. Schneider), Journal of Banking and Finance, 2008; "Price Impact of Option Volume," (with H. Stoll), Journal of Financial Markets, 2005; "Internationally Cross-Listed Stock Prices During Overlapping Trading Hours: Price Discovery and Exchange Rate Effects," (with J. Grammig and M. Melvin), Journal of Empirical Finance, 2005; "Why is the Index Smile so Steep?," (with N. Branger), Review of Finance, 2004.
Isabel Schnabel, Professor of Financial Economics at Johannes Gutenberg University Mainz, received her doctorate in economics from the University of Mannheim in 2003. Upon completion of her doctorate she was Assistant Professor at the University of Mannheim , Visiting Postdoctoral Fellow at Harvard University, and Senior Research Fellow at the Max Planck Institute for Research on Collective Goods in Bonn, before joining Johannes Gutenberg University Mainz in 2007. She currently is a Research Affiliate of the Max Planck Institute for Research on Collective Goods and of the CEPR, an Editor of The Economics of Transition, and Deputy Dean of the Graduate School of Economics, Finance, and Management (GSEFM). Her current research is on financial crises, banking stability and regulation, and economic history of financial institutions.
Her publications include "Banks without Parachutes – Competitive Effects of Government Bail-out Policies," (with H. Hakenes), Journal of Financial Stability, 2009; "The Role of Liquidity and Implicit Guarantees in the German Twin Crisis of 1931," Journal of International Money and Finance, 2009; "How Do Official Bailouts Affect the Risk of Investing in Emerging Markets?", (with G. dell'Ariccia and J. Zettelmeyer), Journal of Money, Credit, and Banking, 2006; "Liquidity and Contagion: The Crisis of 1763," (with H.S. Shin), Journal of the European Economic Association, 2004; "The German Twin Crisis of 1931," Journal of Economic History, 2004.
Matthias Schündeln received his Ph.D. in economics from Yale University in 2004. Prior to joining the faculty of Goethe University Frankfurt in 2009 (Messe Frankfurt Chair for International Economic Policy), he was a faculty member at Harvard University . He has held visiting appointments at IZA ( Bonn ) and at CESifo ( Munich ), and was a consultant to the World Bank. He is also an affiliate of the Bureau for Research and Economic Analysis of Development (BREAD). His current research focuses on development economics, including empirical analyses of firm behavior in developing countries, and applications of methods of program evaluation.
His publications include "The Incorporation Choices of Privately Held Corporations," (with J. Dammann), Journal of Law, Economics, and Organization (Forthcoming); "Who Stays, Who Goes, Who Returns? East-West Migration within Germany since Reunification," (with N. Fuchs-Schündeln), Economics of Transition, 2009; "Precautionary Savings and Self-Selection: Evidence from the German Reunification 'Experiment'," (with N. Fuchs-Schündeln), Quarterly Journal of Economics, 2005.
Bernd Skiera received his doctoral degree in 1995 and his habilitation in 1999 from the University of Kiel. He is a Professor in the Marketing Department at Goethe University Frankfurt (Chair for Marketing), and is also Director of the E-Finance Lab and the Retail Banking Competence Center in the House of Finance at Goethe University Frankfurt. He was a Visiting Scholar and Visiting Professor at the Anderson School at UCLA, the eBRC ( Electronic Business Research Center ) at the Smeal College of Business, Penn State University, the Graduate School of Business at Stanford University , the University of Economics & Business Administration in Vienna , Fuqua School of Business at Duke University , and University of Technology at Sydney. His current research focuses on electronic commerce, pricing, and customer management.
His publications include "Customer Equity – An Integral Part of Financial Reporting," (with T. Wiesel and J. Villanueva), Journal of Marketing, 2008 (Finalist for the Journal of Marketing’s 2008 MSI/H. Paul Root Award); "Does Uncertainty Matter? Consumer Behavior under Three-Part Tariffs," (with A. Lambrecht and K. Seim), Marketing Science, 2007; "Paying Too Much and Being Happy About It: Existence, Causes and Consequences of Tariff-Choice Biases," (with A. Lambrecht), Journal of Marketing Research, 2008 (Best Paper Award of German Association of Business Research for Best International Paper in 2006); "Internet-Based Virtual Stock Markets for Business Forecasting," (with M. Spann), Management Science, 2003; "Measuring Consumer Willingness to Pay at the Point of Purchase, " (with K. Wertenbroch), Journal of Marketing Research, 2002.
Louis Velthuis was born in 1964 in Johannesburg, South Africa. He came to Germany as a scholar and became a bank clerk. He studied business management, did a doctorate and completed his habilitation at Goethe University Frankfurt. In 2008, he was appointed as a Professor for Management Accounting at Johannes Gutenberg University Mainz. His research interests are in particular agency theory, incentive systems, performance measurement, value based management, and accounting theory. Louis Velthuis also gives courses for auditors and is a member of the group "Management Accounting" of the Schmalenbach-Gesellschaft.
His publications include "Incentive System Design Based on Accruals: a Summary and Analysis," (with T. Pfeiffer), Journal of Management Accounting Research, 2009; "Effiziente Kapitalallokation in der Banksteuerung," Zeitschrift für betriebswirtschaftliche Forschung, 2007; "On the Optimality of Linear Contracts to Induce Goal-Congruent Investment Behavior" (with T. Pfeiffer), Applied Economics Letters, 2005; "Managemententlohnung auf Basis des Residualgewinns: Theoretische Anforderungen und praxisrelevante Konzepte," Zeitschrift für Betriebswirtschaft, 2003.
Klaus Wälde received his doctorate in economics from the University of Kiel in 1994. Prior to joining the faculty of Johannes Gutenberg University Mainz in 2009 (Research Professor of Economics), he was a faculty member at the Universities of Glasgow, Würzburg, and Dresden . He has held visiting appointments inter alia at the World Bank and the European Commission. He currently also is an Extramural Fellow at the University of Louvain la Neuve, an Associate Editor of the Journal of Economics, and a CESifo Research Fellow. He holds a five-year research position at the Gutenberg Forschungskolleg Mainz. His current research focuses on the analysis of labor markets using, inter alia, structural estimation methods, and on emotional economics.
His publications include "Optimal Saving under Poisson Uncertainty," Journal of Economic Theory, 2008 and 1999; "International Competition, Downsizing and Wage Inequality," (with P. Weiß), Journal of International Economics, 2007; "Bequests, Taxation and the Distribution of Wealth in a General Equilibrium Model," (with M. Bossmann and C. Kleiber), Journal of Public Economics, 2007, "Endogenous Growth Cycles," International Economic Review, 2005; "A Model of Creative Destruction with Undiversifiable Risk and Optimising Households," Economic Journal, 1999.
Uwe Walz is a Professor of Economics (Chair for Industrial Organization)) at Goethe University Frankfurt. He obtained his doctorate from the University of Tübingen in 1992. After having been a visiting research fellow to the London School of Economics (1992 to 1993) and the University of California at Berkeley (1994 to 1995), he completed his habilitation at the University of Mannheim in 1995. Thereafter he joined the University of Bochum (1995 to 1997) as Associate Professor and the University of Tübingen (1997 to 2000) as Professor. In 2003, he became Program Director of the Center for Financial Studies (CFS). Since 2004 he also is a Research Professor at the Center for European Economic Research (ZEW). His main current research focuses on venture capital, entrepreneurial finance, and contract theory as well as on the economics of network industries.
His publications include " Cross-Selling Lending and Underwriting: Scope Economies and Incentives, " (with C. Laux), Review of Finance, 2009; " Exit Timing of Venture Capitalists in the Course of an IPO, " (with W. Neus ), Journal of Financial Intermediation, 2005; " Does an Enlargement of a Common Market Stimulate Growth and Regional Convergence? " Journal of International Economics , 1998; " Why Do Rich Countries Prefer Free Trade over Free Migration? The Role of the Modern Welfare State, " (with D. Wellisch), European Economic Review, 1998; " Is Free Trade in the Interest of Exporting Countries when there is Ecological Dumping? " (with D. Wellisch), Journal of Public Economics, 1997.
Michael Weba received his doctorate from TU Darmstadt. He was a faculty member at TU Darmstadt, the University of Hamburg and the University of Applied Sciences in Fulda. He is currently interested in statistical estimation, statistics of stochastic processes, risk theory, and mathematical finance.
His publications include " A Quantitative Weak Law of Large Numbers and Its Application to the Delta Method, " Mathematical Methods of Statistics, 2009; " Optimal Prediction of Compound Mixed Poisson Processes, " Journal of Statistical Planning and Inference, 2007; " Estimation of Regression Coefficients in Case of Differentiable Error Processes, " Statistics, 2006; “An Optimal Bound for the Bernstein Approximation of Multivariate Lipschitz-Continuous Functions, " East Journal on Approximations, 2006; “Optimal Trend Estimation in Geometric Asset Price Models, " Discussiones Mathematicae: Probability and Statistics, 2005.
Beatrice Weder di Mauro received her doctorate in economics from the University of Basel in 1991. Prior to joining the faculty of Johannes Gutenberg University Mainz in 2000 (Chair for Economic Policy and International Macroeconomics), she was an economist at the International Monetary Fund. She held visiting appointments at Harvard University, the National Bureau of Economic Research, the World Bank, and the United Nations University in Tokyo. She serves as a consultant, inter alia, for the Swiss and the Austrian government. She is a fellow at the Center for Economic Policy Research (CEPR), and a member of the German Council of Economic Experts. Her current research focuses on the analysis of financial crisis, international capital flows, bank governance and growth.
Her publications include " International Competitiveness, Job Creation and Job Destruction, " (with C. Moser und D. Urban), Journal of International Economics (Forthcoming); "The Politics of Sovereign Debt Crises, " (with C. van Rijckeghem ), Public Choice, 2009; "Effects of Basel II on German Bank Lending to Emerging Markets: A Bank-Level Analysis, " (with T. Liebig, D. Porath und M. Wedow), Journal of Banking and Finance , 2007; " A Free Press is Bad News for Corruption," (with A. Brunetti), Journal of Public Economics, 2003; "Do Corrupt Governments Receive Less Foreign Aid?" (with A. Alesina), American Economic Review, 2002.
Alfons J. Weichenrieder received his doctorate in economics in 1995 from the University of Munich under the supervision of Hans-Werner Sinn. Alfons J. Weichenreider taught in Munich , at Princeton University , and at the University of Vienna before taking up the Chair of Public Finance at Goethe University Frankfurt in 2002. He is a co-opted member of the Public Finance Section of the German Economic Association, and an International Research Fellow of the Oxford University Center for Business Taxation, where he visited in 2008/09. He is also a Research Professor at Ifo Institute Munich, a CESifo Research Fellow, and a Member of the Scientific Council of the German Ministry of Finance. Alfons J. Weichenrieder is Managing Editor of FinanzArchiv/Public Finance Analysis and Associate Editor of International Tax and Public Finance. His current research concentrates on topics in international business taxation.
His publications include "Control Rights, Pyramids, and the Measurement of Ownership Concentration," (with J.S.S. Edwards), Journal of Economic Behavior and Organization, 2009; "Profit Shifting in the EU: Evidence from Germany," International Tax and Public Finance, 2009; "Delayed Integration as a Possible Remedy for the Race to the Bottom," (with O. Busch), Journal of Urban Economics, 2007; "Taxes and the Financial Structure of German Inward FDI," (with F. Ramb), Review of World Economics, 2005; "Tariff Jumping Foreign Investment and Capital Taxation" (with V. Dehejia), Journal of International Economics, 2001.
Volker Wieland received his Ph.D. in Economics from Stanford University in 1995. Prior to joining the faculty of Goethe University Frankfurt ( Chair for Monetary Theory and Policy) in 2000, he was a senior economist at the Board of Governors of the Federal Rerserve System in Washington , DC . He has inter alia also been the Wim Duisenberg Research Fellow of the European Central Bank, Visiting Professor at the Stanford Center for International Development, and an Adjunct Professor at the University of Maryland Business School. Volker Wieland is also a Research Fellow of the Center for Economic Policy Research (CEPR), a member of the CEPR's Euro Area Business Cycle Dating Committee, External Research Director of the Institute of the World Economy (IfW) in Kiel , and Program Director for Central Banking and Monetary Economics at the Center for Financial Studies (CFS). 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 Journal of Economic Dynamics and Control Advisory Board. He has also served on the Advisory Council of the Society of 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 to 2006).
His publications include "Insurance Policies for Monetary Policy in the Euro Area," (with K. Küster), Journal of the European Economic Association (Forthcoming); "Central Bank Misperceptions and the Role of Money in Interest Rate Rules," (with G. Beck), Journal of Monetary Economics, 2008; "Economic Projections and Rules-of-Thumb for Monetary Policy," (with A. Orphanides), Federal Reserve Bank of St. Louis Review, 2008; "The Performance of Monetary Policy Rules under Model Uncertainty," (with J.C. Williams and A. Levin), American Economic Review, 2003; "NAIRU Uncertainty and Nonlinear Monetary Policy Rules," (with L. Meyer and E. Swanson), American Economic Review, 2001.