Employment, internships, fellowships, research visits

Research economists interested in employment at the ECB within the Directorate General Research (DG-R) are invited to respond to vacancy notices that appear regularly on the ECB's careers pages.

In particular, DG-R recruits for entry-level positions on the job market organised by the American Economic Association. Consult this brochure for more information: Introducing Directorate General Research,

Student research assistants

The ECB runs the Student Research Traineeship Programme, a programme aimed at highly promising students who have completed a first degree and are aiming to enrol in a Masters/PhD programme in economics or a related field at a leading international university. Vacancy notices appear regularly on the ECB's recruitment pages.

Participants in the programme will have the opportunity to cooperate closely with the economists in DG Research and will be involved in all stages of research projects, the findings of which are then typically published in international academic journals. Participants will also have the chance to support economists in preparing policy-related notes and reports intended for the ECB's Executive Board.

The opportunity to work closely with the economists in DG-R will allow students to develop analytical skills and gain insight into the research activities and policy-making processes of the ECB, thereby enabling them to acquire new ideas and stimuli for their future graduate studies.

Participants will generally be expected to contribute, together with DG-R staff, to one or more of the following:

  • the construction and maintenance of databases of monetary, financial and economic data;
  • the presentation of data in conjunction with basic economic and econometric analysis;
  • the programming of mathematical and statistical procedures for research projects; and
  • the support and maintenance of software tools and hardware installations in DG-R.
Wim Duisenberg Fellowship

This fellowship is aimed at prominent economists in academia, central banks and research institutions who are recognised as international experts in their field. The fellowship, awarded annually, offers a short-term assignment for periods ranging from 3 to 11 months.

The programme aims to promote policy-relevant research that meets the highest academic standards; to offer research staff at the ECB the opportunity to gain exposure to and experience in the most recent advances in economic research; and to give prominent scholars the opportunity to gain an insight into the policy-making environment of the ECB.

While at the ECB, the research fellows are expected to complete research papers of a theoretical or empirical nature for presentation at internal and external conferences and for release in the ECB Working Paper Series and possibly, a refereed journal. The research project must focus on issues of relevance to the ECB.

Research fellows, coming from all nationalities, conduct their activities on the ECB's premises, in Frankfurt am Main. Therefore, they should be able to take a period of leave or a sabbatical from their current workplace. A monthly stipend will be paid according to the experience of successful candidates.

Interested? Respond to the call for research proposals.

Past and current Wim Duisenberg Fellows

Francesco Bianchi, Duke University
Enrico Perotti, University of Amsterdam
Suresh M. Sundaresan, Columbia Business School
Xavier Vives, IESE Business School
Juan F. Jimeno, Banco de España
Michael Koetter, Frankfurt School of Finance and Management
Andreas Schabert, University of Cologne
Gianluca Benigno, London School of Economics
Hans Peter Grüner, University of Mannheim
Frank de Jong, Tilburg University
Gert Peersman, University of Gent
Jörg Rocholl, European School of Management and Technology
Harald Uhlig, University of Chicago
Reint Gropp, European Business School
Christian Haefke, Institute for Advanced Studies
Alexander Michaelides, University of Cyprus
John Muelbauer, Oxford University
Tao Zha, Federal Reserve Bank of Atlanta
Fernando Alvarez, University of Chicago
Michael Devereux, University of British Columbia
Eric Ghysels, University of North Carolina
Harald Hau, INSEAD
Jean Imbs, Paris School of Economics
Philippe Bacchetta, University of Lausanne
Harry Huizinga, Tilburg University
Kenneth West, University of Wisconsin
Sylvester Eijffinger, CentER, Tilburg University
Charles Engel, University of Wisconsin
Steven Ongena, CentER, Tilburg University
Sebnem Kalemli-Ozcan, University of Houston/Bilkent University
Volker Wieland, Goethe University Frankfurt
Michael Burda, Humboldt University
Bruno Biais, Toulouse University
Alex Cukierman, Tel Aviv University
Paul de Grauwe, Katholieke Universiteit Leuven
Lars Ljungqvist, Stockholm School of Economics
Albert Marcet, Universitat Pompeu Fabra
Philippe Weil, Université Libre de Bruxelles (ECARES)
Lamfalussy Fellowship

This fellowship is aimed at promising young economists in academia, central banks and research institutions. The Lamfalussy Fellows programme was launched in 2003 in the context of the ECB-CFS Research Network on Capital Markets and Financial Integration in Europe. It aims to promote high-quality, policy-relevant research on the structure, integration and performance of the European financial system and links with other financial systems. The programme is named after the late Baron Alexandre Lamfalussy, the first President of the European Monetary Institute. Up to five fellowships are awarded annually and each fellowship is endowed with an honorarium of €10,000.

The successful candidates will be required to write a research paper within a year after the scholarship is awarded on one of the topics specified in the Call for Projects. Lamfalussy Fellows are expected to present their papers at relevant ECB workshops and conferences and ultimately to have them published in leading refereed journals. Past Lamfalussy papers have been published in journals such as the American Economic Review, the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies. They have made valuable contributions to policy debates.

Applicants should be no more than 36 years old by the deadline for submission. Researchers at assistant professor level and very advanced PhD students are particularly encouraged to apply.

Interested? Respond to the Call for Projects on the SSRN website.

Past and current Lamfalussy Fellows


Name Affiliation Paper Published in
Mc Mahon, Michael  University of Warwick Unconventional monetary policy and central bank communication  
Malamud, Semyon Swiss Finance Institute - Zurich Liquidity, creative destruction, and growth  
Fornaro, Luca  Universitat Pompeu Fabra Monetary policy, endogenous growth and stagnation traps  
Neuhan, Daniel University of Pennsylvania Macroeconomic effects of secondary market trading  
Roland, Isabelle  London School of Economics Credit market frictions and productivity: Theory and evidence  


Name Affiliation Paper Published in
Berg, Tobias  University of Bonn Got rejected? Real effects of not getting a loan  
Cerqueiro, Geraldo Universidade Católica Portuguesa Collateral damage? On collateral, corporate financing and performance  
Gete, Pedro Georgetown University  The extensive margin of credit, monetary policy and interest on reserves  
Werger, Charlotte European University Institute  Between capture and discretion - The determinants of distressed bank treatment and expected government support  
Wolski, Marcin  University of Amsterdam Interbank loans, collateral and modern monetary policy  


Name Affiliation Paper Published in
Korte, Josef  Goethe University Wishful thinking or effective threat? Tightening bank resolution regimes and bank risk-taking Journal of Financial Stability (2014), Vol. 15, pp. 264-281.
Sergeyev, Dmytro  Columbia University Optimal macroprudential and monetary policy in a currency union
Sebestyén, Szabolcs  ISCTE-IUL Business School The interdependence of credit risk between banks and sovereigns during the European debt crisis
Wieladek, Tomasz  Bank of England Capital requirements, risk shifting and the mortgage market
Malherbe, Frederic London School of Economics Optimal capital requirements over the business and financial cycles 


Name Affiliation Paper Published in
De Bruyckere, Valerie  Ghent University Systemic risk rankings and network centrality in the European banking sector
Taddei, Filippo Collegio Carlo Alberto Financial frictions, international capital flows and welfare
Bongaerts, Dion  Rotterdam School of Management Alternatives for issuer-paid credit rating agencies 
Parlatore, Cecilia New York University Fragility in money market funds: sponsor support and regulation Journal of Financial Economics, forthcoming.
Pérez, Ander Universitat Pompeu Fabra  Bank lines of credit as contingent liquidity: A study of covenant violations and their implications


Name Affiliation Paper Published in
Ahnert, Toni  London School of Economics Rollover risk, liquidity, and macro-prudential regulation
Buss, Adrian Goethe University Capital controls and international financial stability: a dynamic general equilibrium analysis in incomplete markets
Georg, Co-Pierre Friedrich Schiller University Jena Contagious herding and endogenous network formation in financial networks Journal of Banking and Finance (2015), Vol. 50, pp. 273-285.
Riordan, Ryan  Karlsruhe Institute for Technology  High frequency trading and price discovery Review of Financial Studies (2014), Vol. 27, No 8, pp. 2267-2306.


Name Affiliation Paper Published in
 Steffen, Sascha University of Mannheim  On the importance of prior relationships in bank loans to retail customers  
 Gourio, François Boston University Macroeconomic implications of time-varying risk premia American Economic Review (2012), Vol. 102, No 6, pp. 2734-2766. 
Pukthuanthong, Kuntara  San Diego State University  Internationally correlated jumps Review of Asset Pricing Studies (2015), Vol. 5, No 1, pp. 92-111.
Sarkisyan, Anna  City University London Retained interests in securitisations and implications for bank solvency


Name Affiliation Paper Published in
Cohen-Cole, Ethan University of Maryland Monetary policy and capital regulation in the US and Europe International Economics (2013), Vol. 134, pp. 56-77.
Faia, Ester Goethe University Credit risk transfers and the macroeconomy Macroeconomic Dynamics, forthcoming.
Korinek, Anton University of Maryland Systemic risk-taking - Amplification effects, externalities, and regulatory responses  
Martin, Alberto Universitat Pompeu Fabra Theoretical notes on bubbles and the current crisis IMF Economic Review (2011), Vol. 59, No 1, pp. 6-40. 
Petrasek, Lubomir Penn State University Multimarket trading and the cost of debt - Evidence from global bonds Journal of Banking & Finance (2012), Vol. 36, Issue 7, pp. 2110-2121.


Name Affiliation Paper Published in
Dorn, Daniel Drexel University, LeBow College of Business Investors with too many options?  
Fernandes, Nuno Universidade Católica Portuguesa - FCEE On the fortunes of stock exchanges and their reversals - Evidence from foreign listings Journal of Financial Intermediation (2014), Vol. 23, No 2, pp. 157-176. 
Ratnovski, Lev Bank of England The dark side of bank wholesale funding Journal of Financial Intermediation (2011), Vol. 20, No 2, pp. 248-263. 
White, Lucy Harvard Business School  Reputational contagion and optimal regulatory forbearance Journal of Financial Economics (2013), Vol. 110, No 3, pp. 642-658. 
Yue, Vivian Z. New York University Interest rate swaps and corporate default


Name Affiliation Paper Published in
Matos, Pedro USC Marshall School of Business Universal banks and corporate control - Evidence from the global syndicated loan market Review of Financial Studies (2012), Vol. 25, No 9, pp. 2703-2744.
Montoriol-Garriga, Judit Universitat Pompeu Fabra Bank mergers and lending relationships  
Roscovan, Viorel Tilburg University, CentER Bank loan announcements and borrower stock returns - Does bank origin matter? International Review of Finance (2013), Vol. 13, No 2, pp. 137-159.
Schaeck, Klaus University of Southampton How does competition affect efficiency and soundness in banking? New empirical evidence  
Zhang, Xiaoyan Cornell University International stock return comovements Journal of Finance (2009), Vol. 64, No 6, pp. 2591-2626.


Name Affiliation Paper Published in
Ehling, Paul BI Norwegian Business School Do international portfolio investors follow firms' foreign investment decisions?  
Gürkaynak, Refet Bilkent University Convergence and anchoring of yield curves in the euro area Review of Economics and Statistics (2011), Vol. 93, No 1, pp. 350-364. 
Huang, Rocco The World Bank Evaluating the real effect of bank branching deregulation - Comparing contiguous countries across U.S. state borders Journal of Financial Economics (2008), Vol. 87, No 3, pp. 678-705. 
Obreja, Iulian  Carnegie Mellon University The pricing of risk in European credit and corporate bond markets Review of Finance (2010), Vol. 14, No 2, pp. 189-233.
Rocholl, Jörg The University of North Carolina at Chapel Hill The price of liquidity - The effects of market conditions and bank characteristics Journal of Financial Economics (2011), Vol. 102, No 2, pp. 344-362. 


Name Affiliation Paper Published in
Becker, Bo University of Illinois at Urban-Champaign The effect of financial development on the investment-cash flow relationship - Cross-country evidence from Europe B.E. Journal of Economic Analysis & Policy (2010), Vol. 10, No 1, pp. 1-49.
Cantillon, Estelle Université Libre de Bruxelles, ECARES How and when do markets tip? Lessons from the battle of the bund  
Champonnois, Sylvain Princeton University Comparing financial systems - A structural analysis  
Hainz, Christa University of Munich Acquisition versus greenfield - The impact of the mode of foreign bank entry on information and bank lending rates Journal of Comparative Economics (2014), Vol. 42, No 1, pp. 160-177.


Name Affiliation Paper Published in
Dvorak, Tomas Union College European Union enlargement and equity markets in accession countries Emerging Markets Review (2006), Vol. 7, No 2, pp. 129-146.
Giannetti, Mariassunta Stockholm School of Economics Financial integration and entrepreneurial activity - Evidence from foreign bank entry in emerging markets Review of Finance (2009), Vol. 13, No 2, pp. 181-223.
Koren, Miklós  The Federal Reserve Bank of New York Technological diversification American Economic Review (2013), Vol. 103, No 1, pp. 378-414.
Kollo, Michael  London School of Economics Underwriter competition and gross spreads in the eurobond market  
Lane, Philip  Trinity College Dublin Global bond portfolios and EMU International Journal of Central Banking (2006), Vol. 2, pp. 1-23.


Name Affiliation Paper Published in
Albuquerque, Rui  Boston University International equity flows and returns: A quantitative equilibrium approach Review of Economic Studies (2007), Vol. 74, No 1, pp. 1-30.
Iori, Giulia  City University London An analysis of systemic risk in alternative securities settlement architectures E.J. Konotghiorghes, B. Rustem and P. Winker (eds.), Computational Methods in Financial Engineering, Springer, Heidelberg, 2008.
Kaas, Leo University of Konstanz Financial market integration and loan competition - When is entry deregulation socially beneficial?  
Menkveld, Albert J.  Vrije Universiteit Amsterdam Euro area sovereign yield dynamics - The role of order imbalance  
Research Visitors

DG Research periodically seeks applications from leading academic senior economists to act as Regular Research Visitors. They become academic advisers and mentors to DG-R staff and management. Successful candidates are offered a contract as a consultant to DG-R. The Regular Research Visitors are expected to visit the ECB at regular intervals over a prolonged period of time (two to four years).

Vacancy notices for this programme are posted on the ECB's careers pages. For more information, please contact Günter Coenen.

Current regular research visitors

Carlo Altomonte, Università Bocconi
Fernando Alvarez, University of Chicago
Eric J. Bartelsman, VU University of Amsterdam
Geert Bekaert, Columbia Business School
Bruno Biais, Toulouse School of Economics
Fabio Canova, European University Institute
Russell Cooper, Pennsylvania State University
Giancarlo Corsetti, Cambridge University & CEPR
Hans Degryse, K.U. Leuven and Tilburg University
Jordi Gali, CREI
Domenico Giannone, ECARES Université Libre de Bruxelles
Michael Haliassos, House of Finance, Goethe University
John C. Haltiwanger, University of Maryland
Tullio Jappelli, CSEF, Università di Napoli
Siem Jan Koopman, VU University of Amsterdam, Tinbergen Institute
Augustin Landier, Toulouse School of Economics
Giorgio Primiceri, Northwestern University
Peter Tufano, Said Business School, University of Oxford
Harald Uhlig, University of Chicago
Philippe Weil, ECARES Université Libre de Bruxelles