IMFS_2009_to_2013_web

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Smets, Raf Wouters, Michel Juillard, Ester Faia, Michael Binder, Maurizio Motolese, Domenico Delli Gatti, Guido Ascari, Sergey Slobodyan, and many more. There is typically intense competition for FP7 grants. The proposal submitted by Wieland garnered 15 out of 15 possible points in the evaluation by outside experts and is one of two proposals funded under the above-mentioned call. Due to Wieland’s appointment to the German Council of Economic Experts he was unable to take on the substantial managerial role as coordinator of the whole research network. It was decided that Cars Hommes from the University of Amsterdam research node would serve instead as network coordinator. Michael Binder will manage the contributions of the IMFS/ Frankfurt node and represent IMFS on the network’s steering committee. The IMFS contribution to the network’s research agenda will cover three areas (i) modeling of heterogeneous beliefs in financial markets, (ii) fiscal consolidation and sovereign debt and (iii) the design of robust monetary and macroprudential policies. Furthermore, the Macroeconomic Model Database (see www.macromodelbase.com and Wieland et al. (2012)) plays a key role in the overall proposal and several new policy-focused models and evaluation tools developed by the other nodes are to be integrated in this unique tool for research, teaching and policy analysis. 2012 The first issue of the new series IMFS Interdisciplinary Studies in Monetary and Financial Stability launched by Helmut Siekmann and Volker Wieland appeared in 2012. It reported on recent research on macro-prudential policy making from economic and legal perspectives and brought together contributions originally presented at the IMFS Conference on Monetary and Financial Stability “The ESRB at 1” in fall 2011. The issue was edited by Stefan Gerlach, Ernest Gnan and Jens Ulbrich. Publications by IMFS researchers in international scientific journals in 2012 covered topics such as the impact of monetary policy on the real economy in the Review of Economics and Statistics (John B. Taylor and Volker Wieland) and consumer protection in the financial sector in the Journal of Economic Literature and the Journal of Financial Economics (Roman Inderst and Marco Ottaviani). Furthermore, the comparative approach to macroeconomic modeling and robust policy analysis and the Macroeconomic Model Database developed over several years by Wieland and a group of IMFS post-doctoral and pre-doctoral researchers was presented in detail in an article in the Journal of Economic Behavior and Organisation (Wieland, Cwik, Müller, Schmidt and Wolters 2013). Helmut Siekmann contributed a chapter on the topic „Law and Economics of the European Monetary Union” to the research handbook „Law and Economics of the European Union” published by Edward Elgar Publishing. Furthermore, Siekmann co-edited a research volume commemorating the 80th birthday of Klaus Stern. Adding up to more than 1,500 pages, it featured contributions by some 90 renowned national and international scientists. It was titled “Der grundrechtsgeprägte Verfassungsstaat” and published with the well-established German publisher Duncker and Hublot. In addition to IMFS researchers’ publications, invitations to keynotes or plenary lectures at major conferences underline the emphasis put on research at the IMFS. In 2012, for example, Volker Wieland gave keynotes on the evaluation of monetary policy strategies at the Rimini Centre for Economic Analysis (RCEA) conference “After () the Storm: Lessons from the Great Recession” in Rimini, Italy, and at the third conference “Recent Developments in Macroeconomics“ at the Zentrum für Europäische Wirtschaftsforschung (Centre for European Economic Research) in Mannheim. In 2012 the IMFS, represented by Helmut Siekmann and Volker Wieland, once again supported a university proposal for research funding from the state’s research promotion program (Landesoffensive zur Entwicklung wissenschaftlichökonomischer Exzellenz, LOEWE). The application to become a LOEWE research center was submitted jointly by Goethe University and the Center for Financial Studies. From the IMFS side Helmut Siekmann and Volker Wieland as well as IMFS Affiliated Professor Michael Binder and IMFS Research Fellow Günter Beck participated as Principal Investigators in the proposal. The overall coordination of the proposal was provided by Jan Krahnen, Michael Haliassos and Uwe Walz from the Center for Financial Studies. Volker Wieland also took on the role of the co-ordinator of one of the five research areas and presented the concept for “Macro-Finance” to the selection committee. The proposal was successful. For the next three years, the State of Hessen will give 13 million euros to support the new LOEWE Center, “Sustainable Architecture for Finance in Europe“ (SAFE), based at the House of Finance. The research funds will be administered by the Center for Financial Studies. Due to his appointment as member of the German Council of Economic Experts Wieland had to give up the managerial role of coordinating the Macro Finance Research Program in SAFE in 2013. However, two IMFS research projects conducted by Wieland and Beck will be funded by SAFE from 2012 to 2014. One project deals with “Macroeconomic modeling after the financial crisis: Including models with financial frictions and new policy evaluation tools in the Macro-economic Model Database” while the other project intends to investigate “Monetary Policy under Uncertainty: Money Growth and the Risk-taking Channel”. 2011 Publications of IMFS researchers in international scientific journals in the areas of macroeconomics and finance addressed topics such as „ECB repo rate setting during the financial crisis“, Economic Letters, by Stefan Gerlach, „Pre-Sale Information“, Journal of Economic Theory, by IMFS post-doctoral researcher Florian Hoffmann and Roman Inderst, “Consumer protection and the role of advice in the market for retail financial services”, Journal of Institutional and Theoretical Economics, by Roman Inderst, and “Keynesian government spending mulitpliers and spillovers in the euro area” in Economic Policy by post-doctoral researcher Tobias Cwik and Volker Wieland. Helmut Siekmann contributed a chapter on “Life in the Eurozone with or without sovereign default” The current situation to a volume titled Life in the Eurozone with or without sovereign default that was edited by Franklin Allen, Giancarlo 8
IMFS Objectives and Key Developments Corsetti and Elena Carletti and published by the European University Institute. Other research-related achievements included the appointment of Volker Wieland as Chair of the Committee of Monetary Theory and Policy of the German Economic Association and the award of a research grant by the German Science Foundation (DFG) to Wieland. The project deals with the “Recursive estimation, forecasting and adaptive learning in dynamic macroeconomic models” and will be funded for three years. 2010 Publications of IMFS researchers in international scientific journals in the areas of macroeconomics and finance in 2010 addressed topics such as “Monetary policy and financial imbalances: Facts and fiction”, Economic Policy, by Stefan Gerlach and Kathrin Assenmacher-Wesche, “Misselling financial products”, Economics Letters, by Roman Inderst, “Insurance policies for monetary policy in the euro area”, Journal of the European Economic Assocation, by Keith Kuester and Volker Wieland, “New Keynesian versus old Keynesian government spending mulitpliers”, Journal of Economic Dynamics and Control, by John Cogan, Tobias Cwik, John Taylor and Volker Wieland and “The diversity of forecasts from macroeconomic models of the U.S. economy”, Economic Theory, by V. Wieland and M. Wolters. Helmut Siekmann published an article on “Die Neuordnung der Finanzmarktaufsicht / the new order of financial market supervision” in the Zeitschrift für Verwaltungsrecht und Verwaltungswissenschaften. Stefan Gerlach edited a volume on “Inflation targeting twenty years on” together with D. Cobham, O. Eitrheim and J.F. Qvigstand. It was published by Cambridge University Press and included contributions by many leading monetary economists and policy makers. 2009 In December 2009 Roman Inderst was awarded the “Gottfried Wilhelm Leibniz-Preis” of the German Science Foundation DFG. This prize is the most highly reputed scientific prize in Germany. It also enjoys great international reputation. The prize was awarded to ten German scientists in different areas. Each prize recipient received 2.5 million euros in research funding. Publications of IMFS researchers in international scientific journals and book chapters in the areas of macroeconomics and finance in 2009 addressed topics such as “The risk of deflation” by Stefan Gerlach in Dewatripont, Portes and Reixas, “Macroeconomic stability and financial regulation: Key issues for the G20”, “Early-stage financing and firm growth in new industries”, Journal of Financial Economics, by Holger Müller and Roman Inderst, “Retail Finance: Thoughts on reshaping regulation and consumer protection after the financial crisis”, European Business Organization Law Review, by Roman Inderst, and “Quantitative easing: A rationale and some evidence from Japan“, NBER International Seminar on Macroeconomics and Chicago Press, by Volker Wieland. Wieland also edited a book volume on “The science and practice of monetary policy today” which was published by Springer Press. A.IV. Notable Achievements in Doctoral and Post-Doctoral Training All Endowed Chairs at the IMFS contribute to the training of doctoral students as part of structured Ph.D. and doctoral programs. For this purpose the chairs have offered several lectures and seminars at doctoral level. In addition, many doctoral candidates work as research assistants in IMFS research projects. Supervision for individual research projects is also available. The successful completion of a dissertation and the subsequent employment at a university, research institute, central bank, ministry, international organization, commercial enterprise, or law firm, is of particular importance. Doctoral and post-doctoral training at the IMFS also focuses on providing a productive research environment for post-docs who were either hired as research assistants or received third-party funding to temporarily work at the IMFS. Thus, the subsequent placement of post-docs also represents an important benchmark of the success of doctoral and post-doctoral training. 2013 In 2012 two doctoral candidates, who were supervised by Helmut Siekmann, earned their doctorates in law. Christian Hissnauer‘s dissertation was titled “Die Reform der Einlagensicherung und Anlegerentschädigung in Deutschland”. Thus, it dealt with the reform of deposit insurance and investors’ compensation in Germany. Hissnauer is now in the regular German legal intern/clerkship stage (Refendariat). Volker Perten’s dissertation was titled “Rundfunkfinanzierung in Europa”. It investigated the financing of public radio and television in Europe. Perten is now working as lawyer at the prestigious partnership Prinz Neidhardt Engelschall in Hamburg. Matthias Burgert, a pre-doctoral researcher in the research team of Volker Wieland, was hired for a research staff position in the economic modelling group of the Directorate General Economic and Financial Affairs at the European Commission. He is a co-author of Wieland on a paper titled “The role of tax policy in fiscal consolidation: Insights from Macroeconomic Modelling” that recently appeared in a conference proceedings volume of European Economy, titled “The role of tax policy in times of fiscal consolidation”. Burgert plans to complete his dissertation on topics in fiscal policy by fall 2014. 2012 In 2012, Sebastian Schmidt, a research assistant at the Endowed Chair of Monetary Economics of Volker Wieland, earned his doctorate. His dissertation was titled “Essays on Monetary and Fiscal Stabilization Policy“. He received several offers on the international job market for young economists and has taken up a position as economist in the Directorate General Research at the European Central Bank (ECB). In 2012 the following placements of post-doctoral IMFS researchers and visitors were achieved: Vivien Lewis, a post-doctoral fellow and research visitor at the IMFS from October 2010 to March 2012, was appointed assistant professor at the Catholic University Leuven starting October 2012. 9
Page 1 and 2: IMFS IMFS Activities from 2009-2013
Page 3 and 4: TABLE OF CONTENTS A. IMFS Objective
Page 5 and 6: IMFS Objectives and Key Development
Page 7: GOETHE UNIVERSITY FRANKFURT AM MAIN
Page 15 and 16: GOETHE UNIVERSITY FRANKFURT AM MAIN
Page 17 and 18: IMFS publications B.II. IMFS Interd
Page 19 and 20: IMFS Events IV. Public Lectures 23.
Page 21 and 22: IMFS Events 07.02.2013 IMFS-House o
Page 23 and 24: IMFS Events 21.06.2012 State Aid in
Page 25 and 26: IMFS Events Armstrong (University o
Page 27 and 28: IMFS Events overview of the state o
Page 29 and 30: IMFS Events the promise could even
Page 31 and 32: IMFS Events 08.03.2011 Masaaki Shir
Page 33 and 34: IMFS Events trate this they used a
Page 35 and 36: IMFS Events V. Summer Research Semi
Page 37 and 38: Endowed chairs I. Endowed Chair of
Page 39 and 40: Endowed chairs 2009 11.12. Frankfur
Page 41 and 42: Endowed chairs 4. Public Outreach a
Page 43 and 44: Endowed Chairs 13.11. Spiegel Onlin
Page 45 and 46: IMFS Key Developments and Strategy
Page 47 and 48: Endowed chairs • “ECB repo rate
Page 49 and 50: Endowed chairs CFS-ECB Workshop on
Page 51 and 52: Endowed chairs II. Endowed Chair of
Page 53 and 54: Endowed chairs 2. Doctoral and Post
Page 55 and 56: Endowed chairs (3) Editorships 2013
Page 57 and 58: Endowed chairs 12.07. House of Fina
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Endowed chairs 2012 Timon Backes
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Endowed chairs Profiles 23.11.2012
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Endowed chairs IMF and the end of t
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Endowed chairs E. Founding and Affi
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Founding and Affiliated Professors
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