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 researchWhat 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.
Jury
- 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.
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Lukas Nord
European University Institute
Shopping, demand composition and equilibrium prices
Poster
“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.
INSERTED BY ANONYMOUS PROXY
Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more
Florencia S. Airaudo
Universidad Carlos III de Madrid
Exit strategies from quantitative easing: the role of the fiscal-monetary policy mix
Poster
“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
Poster
“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?
Poster
“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
Poster
“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
Poster
“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
Poster
“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
Poster
“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
Poster
“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
Poster
“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.
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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.
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