The Bernácer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of

macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (econ ...

and

finance Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

. The prize is named after Germán Bernácer, an early Spanish macroeconomist. The prize was created in 2001 by the Observatory of the ECB (OBCE, Observatorio del Banco Central Europeo), a nonprofit association of economists that aims at promoting the public debate on the policies of the

European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

and, more broadly, on the problems the European economy is facing, with the aim of improving the quality of economic policies. The Germán Bernácer prize was established in 2001 to recognize the work of young economists from the European Union and to stimulate research on European macroeconomics and financial issues. Modelled on the

John Bates Clark Medal The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge." The award is named after the ...

, prizewinners are economists under the age of 40. The prize includes a diploma and a cash award of €30,000. From the first edition of the prize to the 10th edition, the prize was sponsored by Caja de Ahorros del Mediterráneo (CAM). Since the 11th edition the sponsor has been

Banco Santander Banco Santander S.A. trading as Santander Group ( , , ), is a Spanish multinational financial services company based in Santander, with operative offices in Madrid. Additionally, Santander maintains a presence in most global financial centres ...

. Prizewinners usually receive the diploma directly from the Chairman of the Selection Committee together with a representative of the sponsor and/or the Governor of

Bank of Spain The Bank of Spain (, ) is the national central bank for Spain within the Eurosystem. It was the Spanish central bank from 1874 to 1998, issuing the peseta. Since 2014, it has also been Spain's national competent authority within European Banki ...

, at a solemn ceremony award in Madrid. The diploma contains a text in English with the name of the laureate and a citation of why they received the award. Due to the Covid-19 pandemic, the award ceremony of the 19th and 20th editions took place in virtual format. After twenty one consecutive editions, the Bernacer Prize is widely regarded as one of the most prestigious awards for European economists.

Prizewinners

2001–2010

;2001 The 2001 Bernacer Prize was awarded to the Irish economist Philip Lane (

Trinity College Dublin Trinity College Dublin (), officially titled The College of the Holy and Undivided Trinity of Queen Elizabeth near Dublin, and legally incorporated as Trinity College, the University of Dublin (TCD), is the sole constituent college of the Unive ...

) "for outstanding contributions to European monetary economics". The award ceremony took place in

Madrid Madrid ( ; ) is the capital and List of largest cities in Spain, most populous municipality of Spain. It has almost 3.5 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 7 million. It i ...

on November 23, 2001. ;2002 The 2002 Bernacer Prize was awarded to the Spanish economist

José Manuel Campa José Manuel Campa Fernández (born 20 July 1964) is a Spanish economist, economy professor and politician who has been serving as the chairperson of the European Banking Authority since May 2019. Prior to this, he has been a senior member of San ...

(

IESE Business School IESE Business School is the Catholic Church, Catholic graduate business school of the University of Navarra. It was established in Barcelona in 1958 by Opus Dei. From 1963, in collaboration with Harvard Business School, it offers a two-year Maste ...

) "for his outstanding research on exchange rate behaviour and internacional finance". The award ceremony took place in

Alicante Alicante (, , ; ; ; officially: ''/'' ) is a city and municipalities of Spain, municipality in the Valencian Community, Spain. It is the capital of the province of Alicante and a historic Mediterranean Sea, Mediterranean port. The population ...

on December 3, 2002. ;2003 The 2003 Bernacer Prize was awarded to the Italian economist

Luigi Zingales Luigi Zingales (; born 8 February 1963) is an Italian academic who is a finance professor at the University of Chicago Booth School of Business. His book '' Saving Capitalism from the Capitalists'' (2003) is a study of "relationship capitalism" ...

( Chicago Booth School of Business) "for his important research on financial markets and fight of poverty". The award ceremony took place in

on April 19, 2004. ;2004 The 2004 Bernacer Prize was awarded to the German economist

Stephanie Schmitt-Grohe Stephanie Schmitt-Grohé is a German economist who has been a professor of economics at Columbia University since 2008.http://www.columbia.edu/~ss3501/cv.pdf Her research focuses on macroeconomics, fiscal policy, and monetary policy in open and c ...

(

Duke University Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...

) "for her important research devoted to developing and applying the tools for evaluation of macroeconomic (fiscal and monetary) stabilization policies in the context of economies subject to nominal and real distortions". The award ceremony took place in

on June 29, 2005. ;2005 The 2005 Bernacer Prize was awarded to the German economist Monika Piazzesi (

Stanford University Leland Stanford Junior University, commonly referred to as Stanford University, is a Private university, private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth ...

) "for her important research in developing a unified approach that improves our understanding of the connection between asset prices- including bonds, equities and real estate- and the institutional features of monetary policy and the business cycles". The award ceremony took place in

on May 31, 2006. ;2006 The 2006 Bernacer Prize was awarded to the French economist

Hélène Rey Hélène Rey (born 1970) is a French economist who serves as Professor at London Business School (LBS). Her work focuses on international trade, financial imbalances, financial crises and the international monetary system. Early life and educatio ...

(

Princeton University Princeton University is a private university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial ...

) "for her important research on the determinants and consequences of external trade and financial imbalances, the theory of financial crisis and the internationalization of currencies. Her contributions help to improve our understanding of the connections among globalization, exchanges rates and external markets". The award ceremony took place in

on May 21, 2007. ;2007 The 2007 Bernacer Prize was awarded to the French economist

Pierre-Olivier Gourinchas Pierre-Olivier Gourinchas (born 30 March 1968) is a French economist who has been the chief economist of the International Monetary Fund since 2022. Gourinchas is also the S.K. and Angela Chan Professor of Management at the University of Californi ...

(

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after t ...

) "for his important research on explaining recent (puzzling) facts in global macroeconomics and finance, evaluating the gains of financial integration and analyzing the importance of precautionary saving in optimal life--cycle models of consumption expenditure in the presence of uncertain labour income". The award ceremony took place in

on May 27, 2008. ;2008 The 2008 Bernacer Prize was awarded to the German economist

Markus Brunnermeier Markus Konrad Brunnermeier (born March 22, 1969) is an economist, who is the Princeton University Department of Economics, Edwards S. Sanford Professor of Economics at Princeton University. Brunnermeier is a faculty member of Princeton's Princet ...

(

) "for his important research on explaining the emergence and persistence of asset price bubbles, the causes of liquidity crises in financial markets, and the implications of these phenomena for risk management and for financial regulators". The award ceremony took place in

on June 10, 2009. ;2009 The 2009 Bernacer Prize was awarded to the French economist

Emmanuel Farhi Emmanuel Farhi (8 September 1978 – 23 July 2020) was a French economist who served as the Robert C. Waggoner Professor of Economics at Harvard University from 2018 till his death in 2020. A specialist in macroeconomics, taxation and finance, h ...

(

Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...

) "for his relevant contributions to the design of optimal taxation in business cycle models with incomplete markets, and for improving our understanding of the macroeconomic mechanisms that underlie the relationships among global imbalances, financial crashes, speculative growth episodes and real activity". The award ceremony took place in

on June 2, 2010. ;2010 The 2010 Bernacer Prize was awarded to the French economist

Xavier Gabaix Xavier Gabaix (born August 1971) is a French economist, currently the Pershing Square Professor of Economics and Finance at Harvard University. He has been listed among the top 8 young economists in the world by ''The Economist''. He holds a B.A. ...

(

NYU Stern School of Business The Leonard N. Stern School of Business (also NYU Stern, Stern School of Business, or simply Stern) is the business school of New York University, a private research university based in New York City. Founded as the School of Commerce, Accounts a ...

) "for his original research contributions in financial and behavioural economics, including the consequences of seemingly irrational behaviour on asset markets, and his analysis of the level of compensation of corporate executives". The award ceremony took place in

on June 1, 2011.

2011–2021

;2011 The 2011 Bernacer Prize was awarded to the Danish economist

Lasse Heje Pedersen Lasse Heje Pedersen (born October 3, 1972) is a Danish financial economist known for his research on liquidity risk and asset pricing. He is Professor of Finance at the Copenhagen Business School. Before that, he held the position of a Profes ...

(

Copenhagen Business School Copenhagen Business School (Danish'': Handelshøjskolen i København'') often abbreviated and referred to as CBS (also in Danish), is a public university situated in Copenhagen, Denmark and is considered one of the most prestigious business scho ...

and

) "for his original research contributions on how the interaction between market liquidity risk and funding liquidity risk can create liquidity spiral and systemic financial crisis". The award ceremony took place in

on June 28, 2012. ;2012 The 2012 Bernacer Prize was awarded to the British economist

Nicholas Bloom Nicholas Alexander Bloom (born 5 May 1973) is the William Eberle Professor in the Department of Economics at Stanford University, a courtesy professor at Stanford Business School and Stanford Institute for Economic Policy Research, and a co-dire ...

(

) "for his influential research contributions on the sources, dynamics and effects of policy and economic uncertainty on business cycles as well as on the determinants of good management practices". The award ceremony took place in

on September 24, 2013. ;2013 The 2013 Bernacer Prize was awarded to the French economist

Thomas Philippon Thomas Philippon (born May 1974) is a French economist and professor of finance at the New York University Stern School of Business. Career Philippon earned a MA in Physics in 1997 from École Polytechnique, a Master in Economics in 1998 from th ...

(

) "for his influential research on efficiency trends in the finance industry, the costs of financial distress and intervention policies in markets subject to adverse selection". The award ceremony took place in

on November 3, 2014. ;2014 The 2014 Bernacer Prize was awarded to the Italian economist Veronica Guerrieri (

University of Chicago Booth School of Business The University of Chicago Booth School of Business (branded as Chicago Booth) is the graduate business school of the University of Chicago, a private research university in Chicago, Illinois. Founded in 1898, Chicago Booth is the second-oldest ...

) "for her influential research contributions regarding the application of search theory to explain the emergence of illiquidity and fire sales in different asset markets". The award ceremony took place in

on May 13, 2016. ;2015 The 2015 Bernacer Prize was awarded to the Belgian economist Stijn Van Nieuwerburgh (

) "for his influential research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets". The award ceremony took place in

on December 16, 2016. ;2016 The 2016 Bernacer Prize was awarded to the Portuguese economist

Ricardo Reis Ricardo A. M. R. Reis (born 1 September 1978) is a Portuguese economist who is currently the A. W. Phillips Professor of Economics at the London School of Economics. He works in macroeconomics, finance, and international economics and won the 2 ...

(

London School of Economics The London School of Economics and Political Science (LSE), established in 1895, is a public research university in London, England, and a member institution of the University of London. The school specialises in the social sciences. Founded ...

) for his "influential research on the transmission of shocks in the presence of sticky information and the analysis of automatic stabilizers during the business cycle". The award ceremony took place in

on November 24, 2017. ;2017 The 2017 Bernacer Prize was awarded to the German economist

Benjamin Moll Benjamin Moll (born June 29, 1983) is a German macroeconomist who is the Sir John Hicks Chair and Professor of Economics at the London School of Economics. He is the recipient of the 2024 Calvó-Armengol International Prize for his "groundbreaki ...

(

) for his "path-breaking contributions to incorporate consumer and firm heterogeneity into macroeconomic models and use such models to study rich interactions between inequality and the macroeconomy". ;2018 The 2018 Bernacer Prize was awarded to the French economist

Gabriel Zucman Gabriel Zucman (born 30 October 1986) is a French economist who is currently an associate professor of public policy and economics at the University of California, Berkeley‘s Goldman School of Public Policy, Chaired Professor at the Paris Sch ...

(

) for his "influential research on wealth inequality and the redistributive effects of globalization". The award ceremony took place in

on October 11, 2019. ;2019 The 2019 Bernacer Prize was awarded to the Greek economist Loukas Karabarbounis (

University of Minnesota The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint ...

) “for his influential research on the interaction between labor and capital market imperfections and macroeconomic outcomes." The award ceremony took on October 21, 2020, and for the first time in virtual format due to the Covid-19 pandemic. ;2020 The 2020 Bernacer Prize was awarded to the Dutch economist Ralph Koijen (

) “for his influential research on the pricing of risk in equity and insurance markets”. The award ceremony took on November 22, 2021, and for the second year in a row in virtual format due to the Covid-19 pandemic. ;2021 The 2021 Bernacer Prize was awarded to the Italian economist Matteo Maggiori (

Stanford Graduate School of Business The Stanford Graduate School of Business is the Postgraduate education, graduate business school of Stanford University, a Private university, private research university in Stanford, California. For several years it has been the most selective ...

) “for his influential research on international finance and macroeconomics, including asset pricing and exchange rate dynamics”.

Selection Committee

The prize nominations are assessed by an independent Selection Committee made up of recognized members of the academic community. The committee member from the

Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. The executive boar ...

also serves as the Chairperson of the Selection Committee, while the members choose a Secretary of the Selection Committee from within the group. Should two candidates receive the same number of votes, the Chairperson of the Committee will cast the deciding vote. ;Chairperson and Committee Member * 2001:

Otmar Issing Otmar Issing (born 27 March 1936 in Würzburg) is a German economist who served as a member of the Executive Board of the European Central Bank from 1998 to 2006 and concurrently as ECB chief economist. He developed the 'two-pillar' approach to m ...

, Chief Economist of the

(ECB) * 2002–2010:

Lucas Papademos Lucas Demetrios Papademos (; born 11 October 1947) is a Greek economist and academic who served as Prime Minister of Greece from November 2011 to May 2012, leading a national unity government in the wake of the Greek government debt crisis, Greek ...

, Vice-President of the ECB * 2011–2018:

Vítor Constâncio Vítor Manuel Ribeiro Constâncio (born 12 October 1943) is a Portuguese economist and academic who most recently served as Vice President of the European Central Bank, from 2010 to 2018. He previously served as Minister of Finance in 1978 an ...

, Vice-President of ECB * 2019– :

Luis de Guindos Luis de Guindos Jurado (born 16 January 1960) is a Spanish politician serving as Vice-President of the European Central Bank since 2018. He previously served as Spain's Minister of Economy, Industry and Competitiveness from 2011 to 2018. Early ...

, Vice-President of ECB ;Secretary and Committee Member * 2001–2002:

Miguel Sebastián Gascón Miguel Sebastián Gascón (Madrid, 13 May 1957) is a Spanish politician and economist. He was a former member of the Spanish cabinet serving as Minister of Industry, Trade and Tourism between 2008 and 2011. Sebastián Gascón served as Zapatero ...

, Professor of Economics at

Complutense University of Madrid The Complutense University of Madrid (, UCM; ) is a public research university located in Madrid. Founded in Alcalá in 1293 (before relocating to Madrid in 1836), it is one of the oldest operating universities in the world, and one of Spain's ...

* 2003–2016: , Professor of Economics at

European University Institute The European University Institute (EUI) is an international postgraduate and post-doctoral research-intensive university and an intergovernmental organisation with juridical personality, established by its founding member states to contribu ...

* 2017– : ;Committee Members (various during 2001-2019): members during selection of 2018 prize winner, if not earlier: *

Olivier Blanchard Olivier Jean Blanchard (; born December 27, 1948) is a French economist and professor. He is Robert M. Solow Professor Emeritus of Economics at the Massachusetts Institute of Technology, Professor of Economics at the Paris School of Economics, an ...

, Professor of Economics emeritus at

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a Private university, private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of moder ...

(MIT), Senior Fellow at the

Peterson Institute for International Economics The Peterson Institute for International Economics (PIIE), known until 2006 as the Institute for International Economics (IIE), is an American think tank based in Washington, D.C. It was founded by C. Fred Bergsten in 1981 and has been led by ...

Jordi Galí Jordi Galí (born January 4, 1961) is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is a Senior Researcher at the Centre de Recerca en Economia Internacional (CREI), a Professor at ...

, Research Professor at

Barcelona Graduate School of Economics The Barcelona School of Economics (BSE) is an institute for research and graduate education in Economics, Finance, Data Science, and the social sciences located in Barcelona, Spain. BSE research has been ranked among the top Economics Department ...

, Director of

Pompeu Fabra University Pompeu Fabra University (, ; ) is a public university located in the city of Barcelona, Catalonia in Spain. Established in 1990 by the Autonomous Government of Catalonia and named after Pompeu Fabra, it is known for its competitiveness in resea ...

's Centre de Recerca en Economia Internacional (CREI) *

Francesco Giavazzi Francesco Giavazzi (born 11 August 1949 in Bergamo) is an Italian economist. He is Professor of Economics at Bocconi University and a regular visiting professor at MIT. Biography Giavazzi graduated in electrical engineering from the Politecnico d ...

, Professor of Economics at

Bocconi University Bocconi University or Università Bocconi (formally known in Italian language, Italian as ''Università Commerciale Luigi Bocconi'' – Luigi Bocconi Commercial University) is a private university in Milan, Italy. The university is consistently ...

's Innocenzo Gasparini Institute for Economic Research (IGIER), Visiting Professor at MIT * , Professor of Economics at the

, Research Fellow with

Centre for Economic Policy Research The Centre for Economic Policy Research (CEPR) is an independent, non-partisan, pan-European non-profit organisation. It aims to enhance the quality of policy decisions through providing policy-relevant research, based soundly in economic schola ...

(CEPR) *

Edward C. Prescott Edward Christian Prescott (December 26, 1940 – November 6, 2022) was an American economist. He received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, Nobel Memorial Prize in Economics in 2004, sharing the award with ...

Nobel Prize in Economics The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences adminis ...

(2004), Professor and Chair of Economics at

Arizona State University Arizona State University (Arizona State or ASU) is a public university, public research university in Tempe, Arizona, United States. Founded in 1885 as Territorial Normal School by the 13th Arizona Territorial Legislature, the university is o ...

's W. P. Carey School of Business * , Professor and Director of the Centro de Estudios Monetarios y Financieros (CEMFI) and Co-Director of CEPR *

Charles Wyplosz Charles Wyplosz (born 5 September 1947) is a French economist. He is an editor of the International Centre for Economic Policy Research's VoxEU and is currently the director of the International Centre for Monetary and Banking Studies (ICMB) and ...

, Professor of International Economics at

Graduate Institute of International and Development Studies The Graduate Institute of International and Development Studies (, abbreviated IHEID), commonly referred to as Geneva Graduate Institute, is a graduate-level research university in Geneva, Switzerland dedicated to international relations, dev ...

, Editor of CEPR's VoxEU members prior to selection of 2018 prize winner: * Charles Goodhart, Professor at

Eduardo Schwartz Eduardo Saul Schwartz (born 1940) is a professor of finance at SFU's Beedie School of Business, where he holds the Ryan Beedie Chair in Finance. He is also a Distinguished Research Professor at the University of California, Los Angeles. He is kno ...

, Professor of Economics and Finance at the

UCLA Anderson School of Management The John E. Anderson Graduate School of Management (branded as UCLA Anderson) is the graduate business school at the University of California, Los Angeles. The school offers MBA (full-time, part-time, executive), Post Graduate Program for Executi ...

* José Viñals, Director of the Monetary and Capital Markets Department of

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

About Prizewinners

Nationality of the Prizewinner

University Affiliation

Gender of the Prizewinner

References

External links

Web page of the Bernácer Prize
{{DEFAULTSORT:German Bernacer Prize Economics awards Early career awards Awards established in 2001 European Central Bank European awards Spanish awards