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Member of the ECB's Executive Board

Education

2003
PhD, Economics, University of Mannheim
1998
Diploma in Economics, University of Mannheim
1992-1998
Studies in Economics at the Universities of Mannheim, Paris I (Sorbonne) and UC Berkeley
1990-1992
Professional training, Deutsche Bank, Dortmund

Career

Since 2020
Member of the Executive Board, European Central Bank
Since 2015
Professor of Financial Economics, University of Bonn (on leave)
2014-2019
Member of German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamt-wirtschaftlichen Entwicklung)
2007-2015
Professor of Financial Economics, University of Mainz
2004-2007
Senior Research Fellow, Max Planck Institute for Research on Collective Goods, Bonn
2004-2005
Visiting Postdoctoral Fellow at Harvard University
2003-2004
Assistant Professor of Economics, University of Mannheim

Selected professional activities

  • Council Member, European Economic Association, since 2020
  • Research Affiliate, Max Planck Institute for Research on Collective Goods, Bonn (on leave), since 2007
  • Research Affiliate, Centre for Economic Policy Research (CEPR) (Research Fellow since 2015), since 2006
  • Spokesperson, Cluster of Excellence “ECONtribute – Markets & Public Policy”, 2019
  • Co-Chair, Franco-German Council of Economic Experts, 2019
  • Executive Board Member, Reinhard Selten Institute, Bonn and Cologne, 2017-2019
  • Member, Scientific Advisory Board of Research Data and Service Centre at Deutsche Bundesbank (Deputy Chair as of June 2017), 2016-2019
  • Member, Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) (Vice Chair in 2019), 2015-2019
  • Member, Administrative Council of BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), 2013-2019
  • Member, Advisory Board of BaFin (Chair as of 2016), 2008-2019

Research interest

  • Banking (banking stability and regulation, “too big to fail”, systemic risk)
  • International finance (financial crises, financial integration, capital flows)
  • Economic history (financial crises and institutions)
  • Financial law and economics

Selected awards

  • Member, North Rhine-Westphalian Academy of Sciences, Humanities and the Arts (currently inactive), since 2019
  • Member, Berlin-Brandenburg Academy of Sciences and Humanities (currently inactive), since 2018
  • Stolper Prize, Verein für Socialpolitik, 2018
  • Prize of Monetary Workshop, 2018
  • Best Teaching Award, Goethe University Frankfurt, 2010
  • Best Teaching Award, University of Mannheim, 2000
  • Scholarship of German National Academic Foundation (Studienstiftung des Deutschen Volkes), 1993-1998

Selected research publications in refereed journals

  • “Asset Price Bubbles and Systemic Risk,” with Markus K. Brunnermeier and Simon Rother, Review of Financial Studies, forthcoming.
  • “Financial Sector Reform After the Crisis: Has Anything Happened?”, with Alexander Schäfer and Beatrice Weder di Mauro, Review of Finance, 2016, 20(1), 77-125.
  • “Financial Integration and Growth – Why Is Emerging Europe Different?”, with Christian Friedrich and Jeromin Zettelmeyer, Journal of International Economics, 2013, 89, 522-538.
  • “Competition, Risk-Shifting, and Public Bail-out Policies,” with Reint Gropp and Hendrik Hakenes, Review of Financial Studies, 2011, 24(6), 2084-2120.
  • “Liquidity and Contagion: The Crisis of 1763,” with Hyun Song Shin, Journal of the European Economic Association, 2(6), December 2004, 929-968.
  • “The German Twin Crisis of 1931,” Journal of Economic History, 64(3), September 2004, 822-871.

Selected policy publications

  • Target-Salden, Leistungsbilanzsalden, Geldschöpfung, Banken und Kapitalmärkte [Target Balances, Current Account Balances, Money Creation, Banks and Capital Markets], with Martin Hellwig, Wirtschaftsdienst, 99(9), 2019, 632–640.
  • Verursachen Target-Salden Risiken für die Steuerzahler? [Do Target Balances Create Risks for Taxpayers?], with Martin Hellwig, Wirtschaftsdienst, 99(8), 2019, 553–561.
  • Completing Europe’s Banking Union means breaking the bank-sovereign vicious circle, with Nicolas Véron, VoxEU column, 16 May 2018, available at www.voxeu.org, also available at the Peterson Institute for International Economics and at Bruegel.
  • Breaking the stalemate on European deposit insurance, with Nicolas Véron, VoxEU column, 6 April 2018, available at www.voxeu.org, also available at the Peterson Institute for International Economics and at Bruegel.
  • Reconciling risk sharing with market discipline: A constructive approach to euro area reform, with Agnès Bénassy-Quéré, Markus K Brunnermeier, Henrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Jean Pisani-Ferry, Hélène Rey, Nicolas Véron, Beatrice Weder di Mauro, Jeromin Zettelmeyer, CEPR Policy Insight No. 91, also available at the Peterson Institute for International Economics and at Bruegel.