Young economists’ competition
Young economists can play an important role in shaping the future of Europe, and this competition gives them the chance to share their fresh perspectives on today’s challenges.
Every year we invite young economists to enter our research competition. Finalists are invited to the annual ECB Forum on Central Banking, and the overall winner is awarded €10,000.
Who can participate?
Students of any nationality who are currently enrolled in a PhD programme in economics or finance are invited to participate. Applications from female candidates are particularly welcome.
Students currently employed by, or collaborating with, the ECB or a national central bank within the European System of Central Banks are not eligible. Co-authors of eligible papers should either be students or have completed their PhD no more than five years ago.
Young economists’ competition 2020
Applicants to this year’s competition were invited to submit papers addressing this years’ theme: “Central banks in a shifting world”.
The selected finalists shared their research with policymakers, top academics and market economists from around the world at the ECB Forum on 11 and 12 November. A panel of senior ECB staff and top academics assessed the posters, taking into account votes cast by Forum participants.
Congratulations to Roxana Mihet, the winner of the 2020 competition!
University of Lausanne and Swiss Finance Institute
“I show that the explosion of financial technologies for retail investors does not guarantee broad increases in household wealth. Instead, the sophisticated investors who already have relatively high levels of wealth are most likely to benefit from many of the new technologies.”
Watch the interview with Roxana following her win
Meet the other young economists
“We study the effects of high-speed internet on banking in Africa through a unique natural experiment. We find that fast internet promotes financial technology adoption, interbank transactions and lending. Results indicate that infrastructure investment is a driver of capital markets integration.”
“Long-term investors such as insurance companies and pension funds are important investors in government bond markets. I study how long-term investors change their bond holdings following a shift in regulation and how these changes subsequently impact yields.”
University of Oxford
“Paying more attention to choosing a savings product will often earn you more interest. I find that savers increase attention in recessions - that’s when extra interest income is most useful. Higher interest rates push them to save more and spend less, making the recession worse.”
University of Bologna
“My paper analyses whether the policies of the ECB affect the risk premium of peripheral countries’ debt, measuring them by identifying several types of shocks around ECB press conferences. I find that these types of policies have tangible effects on the euro area economy and are effective in boosting inflation.”
Copenhagen Business School
“Combining loan and non-loan products (cross-selling) has two benefits. It increases credit supply, especially in recessions; and the likelihood of receiving lenient treatment in delinquency. Cross-selling affected lending by reducing information asymmetry and increasing banks’ return from the relationship.”
“I study the equilibrium level of prudential regulation set by an elected politician in a model with borrowing externalities. Low income borrowers support tight regulation as they suffer most in a crisis. Under imperfect enforcement (i.e. capture) preferences may be reversed, resulting in an inefficiently lax regulation.”
“I am building an analytical framework for monetary policy in an economy with many sectors that sell goods to each other and to final consumers. I study how policy impacts different producers, bringing new insights on the relationship between inflation and employment (Phillips curve) and on the optimal policy response to sector-level shocks.”
Vrije Universiteit Amsterdam and Tinbergen Institute
“This paper shows that a lenient bankruptcy environment in the cross-border capital markets union can improve banking stability and the welfare of a currency union that lacks a fully-fledged fiscal union. This result is broadly consistent with the 2016 legal directive by the European Commission.”
- Inês Cabral, Counsellor to the Executive Board, European Central Bank
- John Muellbauer, Professor of Economics at Nuffield College, Oxford
- Ricardo Reis, Professor of Economics at the London School of Economics
- Glenn Schepens, Economist, European Central Bank (Secretary)
Philipp Hartmann, Deputy Director General Research, European Central Bank (non-grading Chairman)