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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.

2023 Young Economist Prize

Meet our finalists.

Find out more about our finalists and their fields of research

What were the topics for 2023 paper submissions?

The theme of the 2023 ECB Forum on Central Banking was “Macroeconomic stabilisation in a volatile inflation environment”. Accordingly, PhD students were invited to submit papers on this theme, including the following topics:

  • monetary policy in the face of multiple supply shocks

  • assessing the costs of inflation
  • finding the right mix of fiscal and monetary policy in the context of high inflation
  • the scope for unconventional monetary policy and forward guidance during policy tightening
  • structural changes in the functioning of European and global energy markets, and their implications for the euro area macroeconomy
  • lessons from recent experiences in macroeconomic forecasting

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 CV and recommendation letter.

The 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.


  • Jordi Galí, Professor of Economics at Universitat Pompeu Fabra
  • Hélène Rey, Professor of Economics at the London Business School
  • Jiri Slacalek, Senior Lead Economist, European Central Bank (Secretary)
  • Isabel Vansteenkiste, Director General International and European Relations, European Central Bank
  • Philipp Hartmann, Deputy Director General Research, European Central Bank (non-grading Chairman)

What did the finalists do at the Forum?

The selected finalists had the unique opportunity to attend the ECB Forum on Central Banking from 26 to 28 June 2023. Their research papers are 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.

Congratulations to Lukas Nord, winner of the 2023 Young Economist Prize!

Claire Jones, International Economy News Editor at the Financial Times and moderator of this year’s Forum, interviews Lukas Nord about his prize-winning research and its relevance for policymakers and the economy.

Lukas Nord

European University Institute

Shopping, demand composition and equilibrium prices

“Households can reduce their cost of consumption by comparing prices across stores. In response, retailers set lower prices if more demand comes from buyers who compare prices carefully. This mechanism reduces inequality and affects how retail prices respond to aggregate shocks.”

Meet the other 2023 finalists

Find out more about our finalists and their fields of research.

Florencia S. Airaudo

Universidad Carlos III de Madrid

Exit strategies from quantitative easing: the role of the fiscal-monetary policy mix

“I study quantitative tightening (QT) policies in a model for the US. I find that the macroeconomic impact of QT hinges on the fiscal-monetary policy mix. QT contributes to faster disinflation but only under the appropriate fiscal framework to stabilize the public debt.”

Fernando Cirelli

New York University

Bank-dependent households and the unequal costs of inflation

“Inflation disproportionally harms low- and mid-wealth households' ability to save by lowering the real return on their assets. My research shows that banks play a critical role, and an economic model indicates significant welfare losses for these households due to inflation.”

Mridula Duggal

Universitat Autònoma de Barcelona & Barcelona School of Economics

Targeting inflation expectations?

“Do inflation expectations respond to changes in monetary policy? I show that introducing inflation targeting does not have a direct impact on short-run expectations but has an indirect effect through inflation itself. That is, inflation leads inflation expectations.”

Giulia Gitti

Brown University

Inflation since COVID: demand or supply

“Using US city-level variation in inflation and unemployment rates, we find that after the COVID period a drop in unemployment raises inflation by three times more than before. This implies demand factors can explain 25-38% of recent inflation increases in the United States.”

Joao Guerreiro

Northwestern University

Belief disagreement and business cycles

“I study origins and consequences of disagreement in expectations about GDP. People’s exposure to business cycles varies so they pay different levels of attention to the macroeconomy. This increases the severity of recessions and changes responses to monetary and fiscal policies.”

Marko Mlikota

University of Pennsylvania

Cross-sectional dynamics under network structure

“I build an econometric model suitable for estimating how price changes transmit through the supply chain network and drive sectoral prices over time. I find that shocks in sectors at the top of supply chains, e.g. energy, primary metals, take a longer time to affect aggregate prices.”

Elia Moracci

European University Institute

Payments and cash management in the euro area

“I study cash management and payment choices of euro area households. I find that variability in cashless acceptance rates alone cannot rationalise the observed cross-country variation in cash holdings and cashless usage: differences in tastes and withdrawal costs also matter.”

Rachel J. Nam

Goethe University Frankfurt & Leibniz Institute for Financial Research SAFE

Open banking and customer data sharing: implications for fintech borrowers

“With the introduction of open banking in Europe, consumers now have full discretion over data-sharing in loan applications. Borrowers with low credit ratings are more likely to share data, which increases the likelihood of loan approval and lower interest rates.”

Alba Patozi*

University of Cambridge

Green transmission: monetary policy in the age of ESG

“I evaluate the implications of firms becoming greener for the transmission of monetary policy in terms of asset prices, credit risk and firm-level investment. In response to a monetary policy shock, green firms feel significantly less impact than their high-emission counterparts.”

* The finalist could not attend the Forum in person and was thus not considered for the prize.


Find out more about related content

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.

Find out more

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