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The Deutsche Bank Prize in Financial Economics


In 2005 the Center for Financial Studies Center for Financial Studies(CFS) in cooperation with Goethe University Frankfurt  established an international academic prize, which is to be known as "The Deutsche Bank Prize in Financial Economics". The prize is awarded biannually. The prize honors an internationally renowned researcher, who has excelled through influential contributions to research in the fields of finance and money and macroeconomics, and whose work has lead to practice and policy-relevant results.

The prize, sponsored by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft, carries a cash award of € 50,000 and may not be shared. The prize holder will be appointed a "Distinguished Fellow" of the CFS.

The Deutsche Bank Prize in Financial Economics was awarded for the first time in Frankfurt on October 6, 2005. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG, presented the award to Eugene F. Fama for his fundamental contributions to financial economics, in particular, for developing and investigating the concept of market efficiency, which is now a cornerstone in the field of finance.

The Deutsche Bank Prize in Financial Economics for 2007 was awarded in Frankfurt on October 4, 2007. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG, presented the Deutsche Bank Prize in Financial Economics 2007 to Michael Woodford (economist), Professor of Political Economy at Columbia University in New York. The jury chose Professor Woodford for his fundamental contributions to the theory and practical analysis of monetary policy. Professor Woodford has developed an influential theory of the monetary economy that is built on microeconomic foundations. Its application has proved extremely useful for analyzing the role of expectations and communication in the implementation of monetary policy. Michael Woodford’s research is summarized in his monumental monograph, 'Interest and Prices: Foundations of a Theory of Monetary Policy', which has quickly become the standard reference for monetary theory and analysis among academic economists and their colleagues at central banks.The award ceremony was preceded by a scientific symposium on "The Theory and Practice of Monetary Policy Today".

The Center for Financial Studies awards the Deutsche Bank Prize in Financial Economics 2009 to Robert J. Shiller for his contributions to the field of financial economics. The Jury has chosen Professor Shiller for his pioneering research in the field of financial economics, relating to the dynamics of asset prices, such as fixed income, equities, and real estate, and their metrics. His work has been influential in the development of the theory as well as its implications for practice and policy-making. His contributions on risk sharing, financial market volatility, bubbles and crises, have received widespread attention among academics, practitioners and policy makers alike.