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Young Economist Prize

Young economists can play an important role in shaping the future of Europe. Every year we recognise this through the Young Economist Prize, a research competition that offers talented students the chance to share their fresh perspectives on today’s challenges.

Finalists are invited to the annual ECB Forum on Central Banking, and the overall winner is awarded €10,000.

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We want to open up the debate on social media, and we encourage everyone to get involved in the discussions. Join the conversation by using hashtags #ECBForum and #YoungEconomistPrize.

2024 Young Economist Prize

What were the research topics for the 2024 Young Economist Prize?

The theme of the 2024 ECB Forum on Central Banking was “Monetary policy in an era of transformation”. PhD students were invited to submit papers on this theme for the 2024 Young Economist Prize, including on the following topics:

  • the rise and fall of inflation in the euro area – past, present and future
  • monetary policy cycles
  • euro area productivity in the short and long run
  • the economics of biodiversity
  • drivers of equilibrium interest rates
  • geopolitical shocks and inflation

Papers on other topics relevant to euro area central banking (including monetary policy, new means of payment and payments infrastructures, the deepening of Economic and Monetary Union, the functioning of the euro area economy and financial system, financial stability, and banking regulation and supervision) were also considered.

How did we select the finalists?

The papers were assessed using three selection criteria: (i) innovative thinking and scientific merit, (ii) relevance for ECB/euro area policies, and (iii) pertinence to the Forum theme and aforementioned topics, also taking into account the information provided in the entrant's CV and recommendation letter.

What will the finalists do at the Forum?

The selected finalists had the unique opportunity to attend the ECB Forum on Central Banking from 1 to 3 July 2024. Their research papers have been available on the ECB’s website and were shared with all Forum participants, including policymakers, top academics and market economists from around the world.

During the Forum, the finalists had the opportunity to attend a varied programme of panel discussions and expert talks.

Their papers were assessed by a jury of top academics and senior ECB staff, taking into account votes to be cast by Forum participants. Please see the prize rules  and privacy statement for further details.

The call for papers closed on 12 February 2024.

Congratulations to Tsvetelina Nenova from London Business School, the winner of the 2024 Young Economist Prize!

Global or Regional Safe Assets: Evidence from Bond Substitution Patterns

“Different roles of safe assets in international portfolios imply different spillovers from US and euro area monetary policies. US Treasuries affect investments across global risky bonds. German Bunds trigger spillovers, mostly within the euro area government bond market.”

Meet the other 2024 finalists

Anastasiia Antonova

Aix-Marseille University

State-dependent pricing and cost-push inflation in a production network economy

“Understanding whether observed inflation is demand-pull or cost-push is crucial for effective monetary policy. My work explores the origins of cost-push inflation in an input-output network economy. Specifically, I investigate the role of state-dependent pricing in shaping cost-push inflation.”

Clement E. Bohr

Northwestern University

Capacity Buffers: Explaining the Retreat and Return of the Phillips Curve

“Firms’ excess production capacity affects the slope of the Phillips curve. Between 1960 and 2019, larger markups induced firms to hold more excess capacity, flattening the Phillips curve, while COVID-19 made the capacity buffers in the goods sector collapse, steepening the Phillips curve.”

Arnaud Dyèvre

London School of Economics

Public R&D Spillovers and Productivity Growth

“The share of US GDP dedicated to public R&D has halved over the last 60 years. The impact of public R&D on firms’ productivity growth is substantial – double that of private R&D. A calibrated model suggests this shift can account for a third of the decline in productivity growth.”

Manuel Menkhoff

Ludwig-Maximilians-University Munich and ifo Institute

Firms' Pass-Through Dynamics: A Survey Approach

“Firms adjust prices slowly after cost increases to avoid diverging from competitors. This is amplified when the cost increase is expected to only be temporary, highlighting the importance of firms’ beliefs. The sluggish pass-through implies a persistent impact of monetary policy.”

Morgane Richard

University College London

The Spatial and Distributive Implications of Working-from-Home: A General Equilibrium Model

“I study the impact of the rise in remote work on households' consumption and wealth. Working from home triggers suburb-wide gentrification, as wealthy telecommuters opt for larger suburban homes, displacing marginal owners who turn to renting. It also gives rise to a tele-premium.”

Julia Selgrad

NYU Stern School of Business

Testing the Portfolio Rebalancing Channel of Quantitative Easing

“Central banks' government bond purchases induce investors to rebalance into corporate bonds. This lowers corporate bond yields and, thus, firms' financing costs. Firms then borrow more via the corporate bond market, using the funds raised to increase their investments.”

Eleonora Sfrappini

Halle Institute for Economic Research

Financial Constraints and Emission Intensity

“When firms face financial constraints, they can reallocate resources to protect more profitable projects. If these projects are dirty, this can worsen environmental performance. However, when constraints arise from a firm’s dirty status, funding may go to cleaner projects to improve access to credit.”

Yasmine Van der Straten

University of Amsterdam

Flooded House or Underwater Mortgage? The Implications of Rising Climate Risk and Adaptation on Housing, Income and Wealth

“I study the implications of climate change and adaptation on housing, income, and wealth, and show that the effects are heterogeneous across households and asset classes. Access to finance affects constrained households’ incentives to adapt, which has implications on wealth inequality and mortgage default rates.”

Paolo Varraso

New York University

Banks and the Macroeconomic Transmission of Interest-Rate Risk

“I research how financial markets and intermediaries shape the transmission of macroeconomic shocks. I also ask which policies governments can implement to mitigate inefficiencies in financial markets. My methodology combines macroeconomic modelling techniques with microdata and computational tools.”


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ECB Forum on Central Banking

The ECB Forum on Central Banking is an annual event organised by the European Central Bank and is held in Sintra, Portugal.

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