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Lamfalussy Research Fellowship

The Lamfalussy Fellowship programme was launched in 2003 and aims to promote high-quality research on the structure, integration and performance of the European financial system. 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.

About Baron Lamfalussy

Alexandre Lamfalussy was one of the leading central bankers of his time and also one of the main supporters of a single capital market within the European Union. He was a member of the Delors Committee for the Study of European Economic and Monetary Union (EMU), the General Manager of the Bank for International Settlements and the first President of the European Monetary Institute (in charge of preparing the third stage of EMU). Furthermore, he was an Executive Director of Banque Bruxelles Lambert and the Chairman of EuroMTS. He also chaired the “Committee of Wise Men on the Regulation of European Securities Markets”, whose reform proposals were adopted by the European Council in Stockholm in March 2001.

Baron Lamfalussy was born in Hungary in 1929 and studied at the Catholic University of Louvain in Belgium. He obtained a doctorate (DPhil) in economics from Oxford University (Nuffield College) and taught at the University of Louvain and Yale University. He was the author of numerous research articles and books on economic policy. He passed away on 9 May 2015.

About the fellowship

During their fellowship, the selected candidates are required to write a paper on a topic related to the Fellowship’s research priorities. Lamfalussy fellows are encouraged 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.

The call for projects is published in December each year. 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.

2024 Lamfalussy Fellows

Name Affiliation Paper Published in

Karoline Bax
Aida Cehajic

Postdoctoral researchers, Technical University of Munich

The Role of Biodiversity Risk in Shaping Bank Lending Decisions


Giovanni Bonfanti

Ph.D. Candidate in Economics, Columbia University

The mechanisms behind the determination of convenience yields in euros and their interaction with the ECB’s monetary policy


João Duarte

Ass. Professor, Nova School of Business and Economics

The Implications of Financial (Dis)Integration for Monetary Policy in the Euro Area


Rustam Jamilov

Postdoctoral Research Fellow, All Souls College, University of Oxford

The Geography of the Financial Accelerator


Shohini Kundu

Ass. Professor, UCLA

Financial Integration and the Transmission of Idiosyncratic Shocks


Past Lamfalussy Fellows

Name Affiliation Paper Published in

Felix Corell

Ass. Professor, VU Amsterdam

What constraints bank lending?


Mishel Ghassibe

Ass. Professor, CREI Barcelona

Large granular shocks, endogenous price rigidity and Monetary Policy


Federico Kochen

Ass. Professor, CEMFI

Equity financing and the transmission of financial and monetary policy shocks


Tsvetelina Nenova

PhD candidate, London Business School

Investment fund 'flight to safety' in bond markets


Quentin Vandeweyer

Ass. Professor, Chicago Booth

Quantitative Tightening with New Banking Regulation - A Dynamic Analysis


Name Affiliation Paper Published in

Magdalena Rola-Janicka

Ass. Professor at Tilburg University

Too Levered for Pigou? A Model of Environmental and Financial Regulation


Kilian Huber

Ass. Professor at Chicago Booth

The effect of ECB asset purchases on firms’ investment and innovation in green technology


Diego Kaenzig

Ph.D. student at London Business School

Climate policy, innovation and the transition to a low-carbon economy


Philip Schnorpfeil

Post-doctoral fellow at Goethe University

Inflation and household debt

Hui Xitong

Ph.D. candidate at the London School of Economics

Asset bubbles, wealth inequality fluctuations, and stabilization policies


Name Affiliation Paper Published in
Edoardo Dávila Ass. Professor, Yale University Corrective financial regulation with imperfect instruments  
Ye Li Ass. Professor, Ohio State University Central bank digital currency and dual interest rates under the scarcity of safe assets  
Kornelia Fabisik Ass. Professor, University of Bern Do Debt Investors Care about ESG Ratings?  
Isabella Müller and Eleonora Sfrappini (joint project) PhD students, Halle Institute for Economic Research Climate change regulatory risks and bank lending

Name Affiliation Paper Published in
Brian Higgins PhD student at Stanford Macroprudential policy - Mortgage borrowing limits, house prices and default  
Dick Oosthuizen and Ryan Zalla (joint project) PhD students, University of Pennsylvania Funding Deposit Insurance  
Jing Zeng Ass. Professor, Frankfurt School of Finance & Mgmt Voluntary Support and Ring-Fencing in cross-border banks  
Dmitry Kuvshinov Ass.Professor, Universitat Pompeu Fabra The shifts and the shocks: bank risk, leverage, and the macroeconomy  
Emanuele Rizzo Ass. Professor, Nova School of Business and Economics The real effects of FinTech lending on SMEs: evidence from loan applications

Name Affiliation Paper Published in
Bianca Barbaro PhD student University of Bicocca, Milano Forbearance vs foreclosure in a general equilibrium model  
Robin Doettling Assistant professor at Erasmus University Rotterdam Bank capital regulation in a zero interest environment  
Matthias Meier Assistant professor at University of Mannheim Monetary policy, markup dispersion, and aggregate TFP  
Gil Nogueira PhD candidate at NYU Stern Not all shocks are created equal: assessing heterogeneity in the bank lending channel  
Linda Schilling Assistant professor at Ecole Polytechnique (CREST) Central bank digital currency and the reorganization of the banking system  

Name Affiliation Paper Published in
Kyle Dempsey Assistant Professor, The Ohio State University Macroprudential capital requirements with non-bank finance  
Maria Loumioti Assistant Professor, University of Texas at Dallas Lifting the banking veil: credit standards’ harmonization through lending transparency Journal of Accounting & Economics (2021). Vol. 71, Issue 1, Art. 101386, under the title “The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency”.
Julia Schaumburg Assistant Professor, Vrije Universiteit Amsterdam Networking the yield curve  
Olivier Wang PhD candidate, MIT Banks, low interest rates, and monetary policy transmission  

Name Affiliation Paper Published in
Ansgar Walther Assistant Professor, Warwick Business School Financial policy in an exuberant world  
Eva Schliephake Post-doctoral researcher, Institute of Financial Economics and Statistics of Bonn University Bank risk-taking and impaired monetary policy transmission  
Laura Blattner PhD student, Harvard University When losses turn into loans: the cost of undercapitalized banks

Blattner, Laura, Luisa Farinha, and Francisca Rebelo. "When losses turn into loans: The cost of weak banks." American Economic Review 113.6 (2023): 1600-1641.

Ralph Luetticke Assistant Professor, University College of London Financial frictions: micro vs macro volatility  

Name Affiliation Paper Published in
Anil Ari University of Cambridge Gambling traps  
Andrade Bilan and Claire Celerier University of Zurich Credit supply and human capital: evidence from bank pension liabilities  
David Martinez-Miera Universidad Carlos III of Madrid Markets, Banks and Shadow Banks  
Nitya Pandalai-Nayar University of Michigan Convex Supply Curves
Michael Weber University of Chicago Price rigidities and the granular origins of aggregate  

Name Affiliation Paper Published in
McMahon, Michael University of Warwick The long-run information effect of central bank communication Journal of Monetary Economics (2019), Vol. 108, pp. 185-202, under the title “The long-run information effect of central bank communication”.
Malamud, Semyon Swiss Finance Institute - Zurich Liquidity, innovation, and endogenous growth Journal of Financial Economics (2019), Vol. 132, Issue 2, pp. 519-541.
Fornaro, Luca Universitat Pompeu Fabra Stagnation Traps The Review of Economic Studies (2017), Vol. 85, pp. 1425-1470.
Neuhann, Daniel University of Pennsylvania Macroeconomic effects of secondary market trading  
Roland, Isabelle London School of Economics The aggregate consequences of default risk: evidence from firm-level data  

Name Affiliation Paper Published in
Berg, Tobias University of Bonn Got rejected? Real effects of not getting a loan Review of Financial Studies 31(12), 4912-4957.
Cerqueiro, Geraldo Universidade Católica Portuguesa Collateral damage? On collateral, corporate financing and performance Journal of Financial Intermediation (2020), Volume 44, Art. 100824, under the title: “Collateral damaged? Priority structure, credit supply, and firm performance”
Gete, Pedro Georgetown University Lending standards and macroeconomic dynamics  
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 Journal of Economic Dynamics and Control (2016), Vol. 73, pp. 388-416.

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.
Wieladek, Tomasz Bank of England Capital requirements, risk shifting and the mortgage market Journal of Financial Intermediation (2018), Vol. 35, Part B, pp. 3-16.
Malherbe, Frederic London School of Economics Optimal capital requirements over the business and financial cycles American Economic Journal: Macroeconomics (2020) Vol. 12, No. 3, pp. 139-174.

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 (2016), Vol. 121, pp. 595-623.
Pérez, Ander Universitat Pompeu Fabra Bank lines of credit as contingent liquidity: A study of covenant violations and their implications Journal of Financial Intermediation (2020), Vol. 44, Art 100817

Name Affiliation Paper Published in
Ahnert, Toni London School of Economics Rollover risk, liquidity, and macro-prudential regulation Journal of Money, Credit and Banking (2016), Vol. 48 (8), pp.1753-1785.
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, under the title “Contagious synchronization and endogenous network formation in financial networks”.
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 Journal of Financial intermediation (2017), Vol. 31, pp. 1-15 under the title “What do a million observations have to say about loan defaults? Opening the black box of relationships”.
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 (2018), Vol. 22, Issue 4, pp. 1096-1111.
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 Journal of Economic Dynamics and Control (2018), Volume 88, pp. 104-120.

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 Competition, Efficiency and Stability in Banking Financial Management (2014), Vol. 43, No. 6, pp. 215-241.
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  

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