IMFS_2009_to_2013_web

IMFS 


Activities 

from 

2009-2013 

1

Institute for Monetary 

and Financial Stability 

Goethe University 

House of Finance 

Grüneburgplatz 1 

D-60323 Frankfurt am Main 

www.imfs-frankfurt.de 

info@imfs-frankfurt.de 


2

TABLE OF CONTENTS 

A. IMFS Objectives and Key Developments 4 

I. The Institute: Its Objectives and Professors 4 

II. Overview of Institute Activities and Achievements 6 

III. Key Results in Research 7 

IV. Notable Achievements in Doctoral and Post-Doctoral Training 9 

V. Key Developments in Research-Based Policy Advice 11 

VI. Notable Achievements in Public Outreach and Dissemination 12 

VII. Fellows 14 

B. IMFS Publications 15 

I. IMFS Working Papers 15 

II. IMFS Interdisciplinary Studies in Monetary and Financial Stability 17 

C. IMFS Events 2009-2013 18 

I. Conferences 19 

II. Distinguished Lectures 28 

III. IMFS Working Lunches 32 

IV. Public Lectures 34 

V. Summer Research Seminars on Monetary and Financial Stability 35 

VI. Smaller Workshops 35 

D. Endowed Chairs 36 

I. Endowed Chair of Monetary Economics 37 

I.1. Prof. Volker Wieland, Ph.D. (since 2012) 37 

I.2. Prof. Dr. Stefan Gerlach (until 2011) 47 

II. Endowed Chair of Financial Economics 51 

II.1. Prof. Dr. Roman Inderst (until 2012) 51 

III. Endowed Chair of Money, Currency, and Central Bank Law 54 

III.1. Prof. Dr. Dr. h.c. Helmut Siekmann (since 2007) 54 

E. Founding and Affiliated Professors 65 

I. Prof. Dr. Dres. h.c. Theodor Baums 65 

II. Prof. Dr. Dr. h.c. Reinhard H. Schmidt 74 

III. Prof. Michael Binder, Ph.D. (since 2013) 76 

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IMFS Objectives 

and Key Developments 

A.A.I. The Institute: Its Objectives and Professors 

A.I.1. The Institute and its Objectives 

The Institute for Monetary and Financial Stability (IMFS) is a 

research center of the Johann Wolfgang Goethe University, 

Frankfurt am Main, located in the “House of Finance”. The 

Institute was established as implementation of the project 

“Currency and Financial Stability” funded by a grant of the 

Stiftung Geld und Währung (Foundation of Monetary and 

Financial Stability). The Foundation of Monetary and Financial 

Stability was created January 1, 2002 by federal law. 

The Institute consists of three endowed chairs in monetary 

economics, finance, and money, currency and central bank law. 

These chairs are complemented by three Founding/Affiliated 

Professors from the University’s regular faculty. An advisory 

board supervises and guides the activities of the Institute. 

Promoting public awareness of the benefits of monetary and 

financial stability is the main objective of the IMFS. It is set 

up to fulfill this objective by (1) economic and legal research, 

(2) doctoral and post-doctoral training, (3) economic and legal 

policy advice, and (4) public outreach and dissemination. It 

focuses on questions regarding monetary and financial stability 

that are to be addressed from economic, financial and legal 

perspectives. The Institute provides a platform for interdisciplinary 

cooperation and debate covering all four dimensions 

of its work. 

(1) Economic and legal research. 

The research program of the “Currency and Financial Stability” 

project covers (i) monetary economics, (ii) financial market 

economics and systemic financial stability, and (iii) monetary, 

currency and central bank law. These areas define the activities 

of the three Endowed Chairs funded by the Foundation 

of Monetary and Financial Stability. Furthermore, the three 

Founding/Affiliated Professors from Goethe University’s regular 

faculty collaborate with the Institute in these areas. 

(i) Monetary Economics: This research area addresses questions 

pertaining to the importance of stable prices; the analysis 

of different stability-oriented strategies of monetary policy; the 

study of business cycles and the role of expectations in money 

and financial markets; the development and implementation 

of monetary macroeconomic models; and the analysis of the 

interactions between monetary, fiscal and macro-prudential 

policy. 

(ii) Financial Market Economics and Systemic Financial 

Stability: Financial regulation and supervision, and particularly 

its economic aspects and effects, are central to this research 

area. It addresses questions pertaining to guaranteeing financial 

stability in the national and international context and how 

to avoid or mitigate financial crises. Furthermore, it provides 

anaysis of the behavior of financial intermediaries and the 

functionality of financial markets. 

(iii) Monetary, Currency, and Central Bank Law: This field 

of research centers around the stability of financial markets, 

financial institutions and public finances from a legal perspective. 

Its focus is on the European Monetary Union encompassing 

the European system of central banks (ESCB); the legal aspects 

of money and monetary policy; provisions of the European and 

national law to secure sound government finances including 

government deficits and debt, support mechanisms, and fiscal 

federalism. Supervision and control of the financial sector is 

included as well. 

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IMFS Objectives and Key Developments 

The Foundation’s support allows for long-term, basic research 

with an interdisciplinary dimension. Particular emphasis is put 

on promoting the academic and interdisciplinary exchange of 

views by means of research seminars, lectures and conferences 

that are jointly organized and attended by the IMFS professors 

and involve researchers from around the world that work on 

economic, financial or legal aspects of the IMFS research areas. 

Typically, research findings are first made available in the form 

of IMFS Working Papers or, in the case of joint interdisciplinary 

work or interdisciplinary conference reports, in the form of 

IMFS Interdisciplinary Studies in Monetary and Financial Stability. 

Ultimately, research findings are to be published in scientific 

journals, collections or monographs according to the practice 

of the respective field. It is particularly valued, if IMFS research 

achieves high impact on the respective field as indicated, for 

example, by publication in a leading international journal or 

book series, by high citation counts in scientific journals, or 

frequent mentions in legal commentaries. 

(2) Doctoral and post-doctoral training. 

The IMFS also aims to advance knowledge about monetary and 

financial stability by contributing to doctoral and post-doctoral 

training at Goethe University. IMFS Professors teach advanced 

Master and Ph.D. level courses and organize research-oriented 

seminars on the Master and Ph.D. level. IMFS professors 

interact and collaborate with pre-doctoral and post-doctoral 

research staff and visitors at the IMFS in various formats, 

including dissertation supervision, discussions, seminars and 

sometimes also joint research. 

Pre-doctoral members of IMFS research staff typically participate 

in structured Ph.D. and doctoral programs at Goethe 

University under the roof of the Graduate School of Economics, 

Finance and Management and the Law. Training at IMFS 

involves a preparation for basic research and academic careers 

as well as practice-oriented work in international organisations, 

central banks, government and the financial sector. Key indicators 

of success in doctoral and post-doctoral training include 

new teaching and seminar formats, research publications by 

pre-doctoral and post-doctoral research staff and ultimately 

the placement of young researchers trained at IMFS at top 

academic or practice-oriented institutions. 

(3) Economic and legal policy advice. 

An essential task of the IMFS involves research transfer into 

the world of financial institutions, central banks, and political 

decision-makers. Joint interdisciplinary approaches to researchbased 

policy advice are explicitly encouraged. IMFS aims to 

further the interaction with policy makers and the transfer of 

research findings to policy by using the following four channels: 

(i) organization of lectures, seminars and policy-oriented 

conferences that involve key policy makers together with 

academics; (ii) producing IMFS working papers and studies 

with practical policy implications and contributing writings 

to external policy-oriented publications; (iii) participating in 

parliamentary hearings and government advisory bodies and 

contributing to advisory reports requested by governmental 

agencies; (iv) contributing interviews and commentaries on 

policy issues to the media. 

Indicators of success in this area include the level of the policy 

makers that interact with academics at IMFS events, the reputation 

of the policy publications to which IMFS faculty contribute, 

the importance of the hearings and government advisory 

bodies, in which IMFS faculty are invited to participate, and the 

public visibility and media impact of IMFS faculty contributions 

on policy issues. 

(4) Public outreach and dissemination. 

The IMFS aims to raise and promote awareness among the 

general public for the significance of a stable currency. The 

Institute pursues this objective via two channels: Locally, the 

IMFS reaches out to the financial community in Frankfurt, 

Germany’s financial center, by organizing occasional lectures 

and seminars with well-known speakers that deal with current 

issues in the area of monetary and financial stability. In order 

to reach out to the public on a national and international level, 

the Institute’s professors regularly contribute interviews and 

commentaries to national newspapers, international newspapers 

and magazines, English language websites and blogs and 

national TV and radio. 

Indicators of success include the quality of speakers at IMFS 

events that are open to the general public and the number of 

participants. Furthermore, the frequency of commentaries in 

leading national and international media provides an indication 

of the visibility of the IMFS faculty and the Institute as a whole. 

It is valued especially if detailed indepth analysis of economic 

and legal questions concerning monetary and financial stability 

can be placed in the press and internet-based outlets. 

A.I.2. Professors at the Institute 

The chair of Monetary Economics is held by Professor Volker 

Wieland, Ph.D.; and the chair of Money, Currency and Central 

Bank law by Professor Dr. Dr. h.c. Helmut Siekmann. 

Prof. Volker Wieland, Ph.D., has held the IMFS Endowed Chair 

of Monetary Economics since March 1, 2012. He succeeded 

Prof. Dr. Stefan Gerlach who held the chair from September 

2007 to August 2011. Stefan Gerlach left the Institute in 

September 2011 after his nomination as Vice President of 

the Central Bank of Ireland. As one of the three founding 

professors, Volker Wieland was involved in the application for 

the “Currency and Financial Stability” project and has been 

affiliated with the Institute from its beginning. On June 1, 2012 

Volker Wieland was elected Managing Director. 

Prof. Dr. Dr. h.c. Helmut Siekmann has held the IMFS Endowed 

Chair of Money, Currency, and Central Bank Law since the 

summer of 2006. He is the founding director of IMFS and was 

the Institute’s Managing Director from summer 2006 to March 

2010, as well as from September 2011 to May 2012. He is 

currently the Deputy Managing Director of the IMFS. 

Prof. Vikrant Vig, Ph.D., assumed the Endowed Chair of 

Financial Economics on May 1, 2014. The Endowed Chair of 

Financial Economics was previously held by Prof. Dr. Roman 

Inderst from October 2006 to September 2012. Effective 

October 1, 2012, Professor Inderst transferred to a university 

professorship. 

The Founding/Affiliated Professors complement the endowed 

chairs. They are part of the Institute and members of its Executive 

Board. Affiliated Professors are currently Professor Michael 

Binder, Ph.D., from the Department of Money and Macroeconomics 

and Professor Dr. Dr. h.c. Reinhard H. Schmidt from the 

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Finance Department of the Faculty of Economics and Business. 

Michael Binder succeeded Volker Wieland as IMFS Affiliated 

Professor in 2013. In 2014, a member of the Law Faculty will 

be appointed to succeed Prof. Dr. Dr. h.c. Theodor Baums who 

served as IMFS Founding Professor from 2006 to 2013. 

A.II. Overview of Institute Activities and Achievements 

IMFS activities and achievements in research, policy advice, 

training of young researchers and public outreach and dissemination 

are briefly summarized in the following table. 

Particularly notable achievements in research, policy advice, 

young researchers’ promotion, and public research dissemination 

will be presented in the following sections. 

IMFS in Numbers 2009-2013 

2013 2012 2011 2010 2009 

Number of IMFS Professors 4 5 6 6 6 

IMFS Working Papers 9 19 7 5 18 

IMFS Interdisciplinary Studies in Monetary and Financial Stability 2 1 - - - 

Articles in scientific journals 6 12 13 21 14 

Chapters in scientific books 12 11 11 6 14 

Scientific books 3 1 0 1 2 

Completed dissertations 4 4 2 5 0 

IMFS Post-Docs placed at universities and central banks 2 5 3 3 0 

Keynote Speeches 2 5 5 4 5 

Conference and seminar presentations 43 47 66 68 95 

Policy Reports / Policy Papers 4 23 7 20 6 

Hearings 8 13 7 7 11 

Media References to IMFS research papers 5 18 2 15 21 

Editorials and interviews by IMFS researchers 28 10 5 21 4 

Press portraits of IMFS researchers 5 15 8 1 1 

Short press commentaries of IMFS researchers 26 62 28 31 21 

Radio and TV interviews with IMFS researchers 19 32 27 28 19 

IMFS Conferences 2 5 4 4 4 

IMFS Public and Distinguished Lectures 1 2 4 4 7 

IMFS Working Lunches and Research Seminars 3 4 0 0 7 

IMFS Workshops 0 2 2 0 0 

Registered participants at IMFS events 687 1126 863 385 651 

Registered media representatives at IMFS events 53 148 87 11 17 

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GOETHE UNIVERSITY FRANKFURT AM MAIN 


A.III. Key Results in Research 

Research is a top priority at the IMFS. A number of publications 

and other research-related achievements between 2009 and 

2013 deserve special mention. 

2013 

Helmut Siekmann and Volker Wieland jointly edited two IMFS 

Interdisciplinary Studies in Monetary and Financial Stability 

on “Central Banking: Where are we headed” and “The ECB 

and its Watchers” and co-authored a paper on “The European 

Central Bank’s Outright Monetary 

Transactions and the Federal Constitutional 

Court of Germany”. These 

HELMUT SIEKMANN, VOLKER WIELAND 

joint IMFS publications indicate 

their commitment to interdisciplinary 

collaboration. The recently 

Transactions and the 

The European Central Bank’s Outright Monetary 

Federal Constitutional Court of Germany 

launched IMFS Interdisciplinary 

Studies in Monetary and Financial 

Stability series, in particular, serves 

to present the results of the interdisciplinary 

work at the Institute 

Institute for Monetary and Financial Stability 

in form of co-authored papers or 

WORKING PAPER SERIES NO. 71 (2013) 

conference reports (see section B.II 

for further details). 

The Commentary on the European 

Monetary Union, edited by Helmut 

Siekmann, was published in April 

2013. The production of this legal 

commentary was a major IMFS 

project carried on over several 

years. The 1500-page commentary 

was published by the prestigious 

publisher Mohr & Siebeck in 

Tübingen. It aimed to satisfy the 

highest scientific standards and 

fills a gap between the existing 

works covering the Treaty on the 

European Union and the Treaty on the Functioning of the 

European Union in general and the detailed monographs on 

specific aspects of the Monetary Union. Leading experts from 

academia and central banking have joined to expound all 

relevant provisions of primary law – including protocols – and 

of secondary law. In particular, all rules of the Statute of the 

European System of Central Banks and the European Central 

Banks are comprehensively treated. The commentaries take 

into consideration all amendments and supplements by the 

Lisbon Treaty. Furthermore, they address in detail the problems 

that result from the current financial crisis and the budgetary 

crisis of single Member States of the European Union. A 

particular emphasis has been laid on court rulings concerning 

the European Monetary Union. This is of special interest for 

practitioners. The commentary provides an encompassing 

explanation of all provisions of European Union law in the 

version of the Lisbon Treaty, which are related to the European 

Monetary Union. It includes contributions by Florian Becker, 

Christof Freimuth, Charlotte Gaitanides, Christoph Herrmann, 

Heinz Herrmann, Stefan Kadelbach, Jörn Axel Kämmerer, 

Christoph Keller, Julian Langner, Katharina Muscheler-Lorange, 

Christoph Ohler, Marion Schmidt-Wenzel, Helmut Siekmann, 

Jochen Sprung, Christine Steven, Christian Waldhoff among 

others. 

Furthermore, a volume of selected writings by Helmut Siekmann 

on “A stable order of money, currency and finances” 

was published by Duncker & Humblot, 2013. It was edited by 

Theodor Baums, IMFS Founding Professor. 

Volker Wieland contributed two handbook chapters (former 

IMFS WP’s 52 and 62) to new volumes in the prestigious 

Arrow-Intriligator Handbooks of Economics series published 

by Elsevier in 2013. The chapter on “Forecasting and Policy 

Making” in, Graham Elliott and Allan Timmermann (eds), 

Handbook of Economic Forecasting: Vol 2, Elsevier 2013, is 

co-authored with former IMFS Post-Doc Maik Wolters (now 

Assistant Professor at the University of Kiel and the Kiel Institute 

for the World Economy). The chapter on “The New Keynesian 

Approach to Dynamic General Equilibrium Modeling: Models, 

Methods and Macroeconomic Policy Evaluation” in, Peter 

Dixon and Dale Jorgenson (eds), Handbook of Computable 

General Equilibrium Modeling Vol 1B, Elsevier 2013, was coauthored 

with former IMFS Pre-Doctoral Student Sebastian 

Schmidt (now Economist in the Directorate General Research, 

European Central Bank). 

Furthermore, Wieland published two articles in scientific 

journals. One article (former IMFS WP 61), which dealt with 

the question of “Fiscal Consolidation Strategy” appeared 

in the Journal of Economic Dynamics and Control and was 

co-authored with John Cogan, John B. Taylor and Maik Wolters. 

Another article co-authored with IMFS Research Fellow 

Athanasios Orphanides on “Complexity and Monetary Policy” 

appeared in the International Journal of Central Banking. 

In terms of the impact of Wieland’s research it is worth noting 

that according to Google Scholar the most-cited journal article 

among all IMFS researchers’ publications in scientific journals 

since the establishment of IMFS in 2007 is “New Keynesian 

versus Old Keynesian Government Spending Multipliers”. This 

paper, which was published in the Journal of Economic Dynamics 

and Control (JEDC) in March 2010 and co-authored with 

John F. Cogan, Tobias Cwik and John B. Taylor has currently 

397 citations on Google Scholar (as of February 4, 2014). On 

the Elsevier website for JEDC it is currently listed as the most 

cited JEDC article since 2009 and also as the most downloaded 

article from the JEDC website (as of February 4, 2014). 

Another research-related achievement in 2013 was the acceptance 

of an application for a 2.5 million euros 3-year FP7 

Research Grant by the European Commission for a research 

network responding to the Commission’s call for “Better integrating 

financial markets into, policy-focused, macro models“. 

The proposal is titled “Integrated Macro-Financial Modelling for 

Robust Policy Design“ and uses the acronym MACFINROBODS. 

It was submitted in January 2013 by Volker Wieland as Coordinating 

Scientist. He received substantial support from Michael 

Binder, IMFS Affiliated Professor, in drafting the proposal. 

Besides the IMFS, the following institutes and universities are 

members of the consortium: CEPREMAP in Paris, IAE-UAB in 

Barcelona, CenDEF at the University of Amsterdam, the City 

University London, the University of Surrey, the Catholic University 

of Löwen, the CERGE Institute at the Charles University 

in Prague, the Catholic University in Milan, as well as the University 

of Pavia. Researchers in the consortium include Albert 

Marcet, Joseph Pearlman, Paul Levine, Cars Hommes, Frank 

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Smets, Raf Wouters, Michel Juillard, Ester Faia, Michael Binder, 

Maurizio Motolese, Domenico Delli Gatti, Guido Ascari, Sergey 

Slobodyan, and many more. 

There is typically intense competition for FP7 grants. The proposal 

submitted by Wieland garnered 15 out of 15 possible 

points in the evaluation by outside experts and is one of two 

proposals funded under the above-mentioned call. Due to 

Wieland’s appointment to the German Council of Economic 

Experts he was unable to take on the substantial managerial 

role as coordinator of the whole research network. It was 

decided that Cars Hommes from the University of Amsterdam 

research node would serve instead as network coordinator. 

Michael Binder will manage the contributions of the IMFS/ 

Frankfurt node and represent IMFS on the network’s steering 

committee. The IMFS contribution to the network’s research 

agenda will cover three areas (i) modeling of heterogeneous 

beliefs in financial markets, (ii) fiscal consolidation and sovereign 

debt and (iii) the design of robust monetary and macroprudential 

policies. Furthermore, the Macroeconomic Model 

Database (see www.macromodelbase.com and Wieland et 

al. (2012)) plays a key role in the overall proposal and several 

new policy-focused models and evaluation tools developed by 

the other nodes are to be integrated in this unique tool for 

research, teaching and policy analysis. 

2012 

The first issue of the new series IMFS Interdisciplinary Studies in 

Monetary and Financial Stability launched by Helmut Siekmann 

and Volker Wieland appeared in 2012. It reported on recent 

research on macro-prudential policy making from economic 

and legal perspectives and brought together contributions 

originally presented at the IMFS Conference on Monetary and 

Financial Stability “The ESRB at 1” in fall 2011. The issue was 

edited by Stefan Gerlach, Ernest Gnan and Jens Ulbrich. 

Publications by IMFS researchers in international scientific 

journals in 2012 covered topics such as the impact of monetary 

policy on the real economy in the Review of Economics and 

Statistics (John B. Taylor and Volker Wieland) and consumer 

protection in the financial sector in the Journal of Economic 

Literature and the Journal of Financial Economics (Roman 

Inderst and Marco Ottaviani). 

Furthermore, the comparative approach to macroeconomic 

modeling and robust policy analysis and the Macroeconomic 

Model Database developed over several years by Wieland and 

a group of IMFS post-doctoral and pre-doctoral researchers 

was presented in detail in an article in the Journal of Economic 

Behavior and Organisation (Wieland, Cwik, Müller, Schmidt 

and Wolters 2013). 

Helmut Siekmann contributed a chapter on the topic „Law and 

Economics of the European Monetary Union” to the research 

handbook „Law and Economics of the European Union” published 

by Edward Elgar Publishing. Furthermore, Siekmann 

co-edited a research volume commemorating the 80th birthday 

of Klaus Stern. Adding up to more than 1,500 pages, 

it featured contributions by some 90 renowned national and 

international scientists. It was titled “Der grundrechtsgeprägte 

Verfassungsstaat” and published with the well-established 

German publisher Duncker and Hublot. 

In addition to IMFS researchers’ publications, invitations to 

keynotes or plenary lectures at major conferences underline the 

emphasis put on research at the IMFS. In 2012, for example, 

Volker Wieland gave keynotes on the evaluation of monetary 

policy strategies at the Rimini Centre for Economic Analysis 

(RCEA) conference “After () the Storm: Lessons from the 

Great Recession” in Rimini, Italy, and at the third conference 

“Recent Developments in Macroeconomics“ at the Zentrum 

für Europäische Wirtschaftsforschung (Centre for European 

Economic Research) in Mannheim. 

In 2012 the IMFS, represented 

by Helmut Siekmann and 

Volker Wieland, once again 

supported a university proposal 

for research funding from the 

state’s research promotion 

program (Landesoffensive zur Entwicklung wissenschaftlichökonomischer 

Exzellenz, LOEWE). The application to become 

a LOEWE research center was submitted jointly by Goethe 

University and the Center for Financial Studies. From the IMFS 

side Helmut Siekmann and Volker Wieland as well as IMFS 

Affiliated Professor Michael Binder and IMFS Research Fellow 

Günter Beck participated as Principal Investigators in the proposal. 

The overall coordination of the proposal was provided 

by Jan Krahnen, Michael Haliassos and Uwe Walz from the 

Center for Financial Studies. Volker Wieland also took on the 

role of the co-ordinator of one of the five research areas and 

presented the concept for “Macro-Finance” to the selection 

committee. The proposal was successful. For the next three 

years, the State of Hessen will give 13 million euros to support 

the new LOEWE Center, “Sustainable Architecture for Finance 

in Europe“ (SAFE), based at the House of Finance. The research 

funds will be administered by the Center for Financial Studies. 

Due to his appointment as member of the German Council of 

Economic Experts Wieland had to give up the managerial role 

of coordinating the Macro Finance Research Program in SAFE 

in 2013. However, two IMFS research projects conducted 

by Wieland and Beck will be funded by SAFE from 2012 

to 2014. One project deals with “Macroeconomic modeling 

after the financial crisis: Including models with financial frictions 

and new policy evaluation tools in the Macro-economic 

Model Database” while the other project intends to investigate 

“Monetary Policy under Uncertainty: Money Growth and the 

Risk-taking Channel”. 

2011 

Publications of IMFS researchers in international scientific journals 

in the areas of macroeconomics and finance addressed 

topics such as „ECB repo rate setting during the financial crisis“, 

Economic Letters, by Stefan Gerlach, „Pre-Sale Information“, 

Journal of Economic Theory, by IMFS post-doctoral researcher 

Florian Hoffmann and Roman Inderst, “Consumer protection 

and the role of advice in the market for retail financial services”, 

Journal of Institutional and Theoretical Economics, by Roman 

Inderst, and “Keynesian government spending mulitpliers and 

spillovers in the euro area” in Economic Policy by post-doctoral 

researcher Tobias Cwik and Volker Wieland. 

Helmut Siekmann contributed a chapter on “Life in the Eurozone 

with or without sovereign default” The current situation 

to a volume titled Life in the Eurozone with or without 

sovereign default that was edited by Franklin Allen, Giancarlo 

8


Corsetti and Elena Carletti and published by the European University 

Institute. 

Other research-related achievements 

included the appointment of Volker 

Wieland as Chair of the Committee 

of Monetary Theory and Policy of the German Economic 

Association and the award of a research grant by the German 

Science Foundation (DFG) to Wieland. The project deals with 

the “Recursive estimation, forecasting and adaptive learning 

in dynamic macroeconomic models” and will be funded for 

three years. 

2010 

Publications of IMFS researchers in international scientific 

journals in the areas of macroeconomics and finance in 2010 

addressed topics such as “Monetary policy and financial imbalances: 

Facts and fiction”, Economic Policy, by Stefan Gerlach 

and Kathrin Assenmacher-Wesche, “Misselling financial 

products”, Economics Letters, by Roman Inderst, “Insurance 

policies for monetary policy in the euro area”, Journal of the 

European Economic Assocation, by Keith Kuester and Volker 

Wieland, “New Keynesian versus old Keynesian government 

spending mulitpliers”, Journal of Economic Dynamics and 

Control, by John Cogan, Tobias Cwik, John Taylor and Volker 

Wieland and “The diversity of forecasts from macroeconomic 

models of the U.S. economy”, Economic Theory, by V. Wieland 

and M. Wolters. 

Helmut Siekmann published an article on “Die Neuordnung 

der Finanzmarktaufsicht / the new order of financial market 

supervision” in the Zeitschrift für Verwaltungsrecht und Verwaltungswissenschaften. 

Stefan Gerlach edited a volume on 

“Inflation targeting twenty years on” together with D. Cobham, 

O. Eitrheim and J.F. Qvigstand. It was published by Cambridge 

University Press and included contributions by many leading 

monetary economists and policy makers. 


In December 2009 Roman Inderst was awarded the “Gottfried 

Wilhelm Leibniz-Preis” of the German Science Foundation 

DFG. This prize is the most highly reputed scientific prize in 

Germany. It also enjoys great international reputation. The 

prize was awarded to ten German scientists in different areas. 

Each prize recipient received 2.5 million euros in research 

funding. 

Publications of IMFS researchers in international scientific 

journals and book chapters in the areas of macroeconomics 

and finance in 2009 addressed topics such as “The risk of 

deflation” by Stefan Gerlach in Dewatripont, Portes and Reixas, 

“Macroeconomic stability and financial regulation: Key issues 

for the G20”, “Early-stage financing and firm growth in new 

industries”, Journal of Financial Economics, by Holger Müller 

and Roman Inderst, “Retail Finance: Thoughts on reshaping 

regulation and consumer protection after the financial crisis”, 

European Business Organization Law Review, by Roman Inderst, 

and “Quantitative easing: A rationale and some evidence from 

Japan“, NBER International Seminar on Macroeconomics and 

Chicago Press, by Volker Wieland. Wieland also edited a book 

volume on “The science and practice of monetary policy today” 

which was published by Springer Press. 

A.IV. Notable Achievements in Doctoral 

and Post-Doctoral Training 

All Endowed Chairs at the IMFS contribute to the training of 

doctoral students as part of structured Ph.D. and doctoral programs. 

For this purpose the chairs have offered several lectures 

and seminars at doctoral level. In addition, many doctoral candidates 

work as research assistants in IMFS research projects. 

Supervision for individual research projects is also available. 

The successful completion of a dissertation and the subsequent 

employment at a university, research institute, central bank, 

ministry, international organization, commercial enterprise, or 

law firm, is of particular importance. 

Doctoral and post-doctoral training at the IMFS also focuses on 

providing a productive research environment for post-docs who 

were either hired as research assistants or received third-party 

funding to temporarily work at the IMFS. Thus, the subsequent 

placement of post-docs also represents an important benchmark 

of the success of doctoral and post-doctoral training. 


In 2012 two doctoral candidates, who were supervised by 

Helmut Siekmann, earned their doctorates in law. 

Christian Hissnauer‘s dissertation was titled “Die Reform der 

Einlagensicherung und Anlegerentschädigung in Deutschland”. 

Thus, it dealt with the reform of deposit insurance and 

investors’ compensation in Germany. Hissnauer is now in the 

regular German legal intern/clerkship stage (Refendariat). 

Volker Perten’s dissertation was titled “Rundfunkfinanzierung 

in Europa”. It investigated the financing of public radio and 

television in Europe. Perten is now working as lawyer at the 

prestigious partnership Prinz Neidhardt Engelschall in Hamburg. 

Matthias Burgert, a pre-doctoral researcher in the research 

team of Volker Wieland, was hired for a research staff position 

in the economic modelling group of the Directorate General 

Economic and Financial Affairs at the European Commission. 

He is a co-author of Wieland on a paper titled “The role of 

tax policy in fiscal consolidation: Insights from Macroeconomic 

Modelling” that recently appeared in a conference proceedings 

volume of European Economy, titled “The role of tax policy in 

times of fiscal consolidation”. Burgert plans to complete his 

dissertation on topics in fiscal policy by fall 2014. 

2012 

In 2012, Sebastian Schmidt, a research assistant at the 

Endowed Chair of Monetary Economics of Volker Wieland, 

earned his doctorate. His dissertation was titled “Essays on 

Monetary and Fiscal Stabilization Policy“. He received several 

offers on the international job market for young economists 

and has taken up a position as economist in the Directorate 

General Research at the European Central Bank (ECB). 

In 2012 the following placements of post-doctoral IMFS 

researchers and visitors were achieved: 

Vivien Lewis, a post-doctoral fellow and research visitor at 

the IMFS from October 2010 to March 2012, was appointed 

assistant professor at the Catholic University Leuven starting 

October 2012. 

9

Fabio Verona, a post-doctoral fellow and research visitor at the 

IMFS from the summer of 2011 to the summer of 2012, started 

as Research Economist at the Monetary Policy and Research 

Department of the Central Bank of Finland in September 2012. 

Maik Wolters, a post-doctoral fellow and research assistant at 

the IMFS until September 2012, obtained a junior professorship, 

established in Kiel by the University of Kiel and the Kiel 

Institute for the World Economy, in October 2012. 

It is also worth mentioning that in the summer of 2012 three 

IMFS doctoral students and research assistants, Elena Afanasyeva, 

Anamaria Piloiu and Matthias Burgert, completed 

coveted research internships at the International Monetary 

Fund in Washington, DC. 

The nomination of Volker Wieland for the 1822-University 

Prize for Excellence in Teaching (1822-Universitätspreis für 

exzellente Lehre) further underlines the successful doctoral 

and post-doctoral training at the IMFS. The prize is awarded 

once a year to the professors whose teaching performance 

was deemed particularly valuable by the student body of the 

university. Wieland was the only nominee from the Faculty of 

Economics and Business in that year. 

Jochen Schmittmann visited the International Monetary Fund. 

Florian Hoffmann and Sebastian Pfeil visited Princeton University 

and Columbia University, respectively, for one semester. 

Among the pre-doctoral researchers in the team of Helmut 

Siekmann, Jenny Döge completed a post-graduate course 

at the University of Minnesota and passed the New York Bar 

Exam. Emilie Yoo received a prestigious stipend of the Euro- 

Hypo Foundation for a visit as guest researcher at the Law 

School of Columbia University. Miriam Meixner received a 

stipend for a post-graduate course in Korea. 


IMFS Professors have contributed to Goethe University’s successful 

application for a graduate program (Graduiertenkolleg) 

in „Law and Economics of Money and Finance“. The 

program will be funded by the Foundation of Monetary and 

Financial Stability. 

2011 

In 2011 IMFS researcher Vladimir Vladimirov from the research 

team of Roman Inderst spent one semester at the London 

School of Economics and Imperial College. He secured a position 

in the Finance Department of University of Amsterdam 

starting fall 2012. Sebastian Pfeil earned his doctorate in 2011 

and stayed on as post-doctoral researcher in Roman Inderst’s 

team. 

IMFS post-doctoral visitor Tobias Cwik received several job 

offers on the international job market for young economists 

and took on a position as economist, in the Division of Research 

and Statistics at the Board of Governors of the Federal Reserve 

System in Washington D.C. Post-doctoral researcher Maik 

Wolters returned to the IMFS from a visit to the Stanford Institute 

for Economic Policy Research, Stanford University. Both 

IMFS visitors where funded by research funds obtained by IMFS 

Founding Professor Volker Wieland. 

Stefan Gerlach and Helmut Siekmann offered a joint doctoral 

seminar on “Monetary Policy and Financial Supervions and 

Regulation in the European Union” in the LEMF program in the 

summer semester of 2011. Also, Theodor Baums and Helmut 

Siekmann offered a joint doctoral seminar in law. 

2010 

In 2010, Tim Oliver Berg, research assistant at the Chair of 

Monetary Economics with Stefan Gerlach, earned his doctorate 

and obtained a position as post-doctoral researcher at the Ifo 

Institute in Munich. Berg’s dissertation was titled “VAR models 

on the relation between stock prices and the macroeconomy”. 

Pre-doc researcher Long-mei Zhang from Gerlach’s team 

received a job offer as economist at the International Monetary 

Fund. 

Among the pre-doctoral researchers in the team of Roman 

Inderst, Hasan Doluca obtained a position as staff economist 

at the German Council of Economic Experts in Wiesbaden. 

10


A.V. Key Developments in Research-Based Policy Advice 

A central pillar of the IMFS mandate within the framework of 

the “Currency and Financial Stability” project funded by the 

Foundation of Monetary and Financial Stability is the transfer 

of knowledge into the world of financial institutes and central 

banks, as well as consultations and discussions with political 

decision-makers. This occurs through a number of conferences 

that serve as platforms for exchange between scholars, business, 

and politics (see section C). 

Research-based policy advice also takes place directly through 

the IMFS professors. They are active in certain advisory committees, 

they participate in parliamentary hearings and more 

informal meetings with policy makers, and they write particular 

policy reports and policy papers that aim to provide researchbased 

policy advice. 


A special event for the IMFS was the appointment of Volker 

Wieland by the President of the Federal Republic as a member of 

the German Council of Economic Experts (Sachverständigenrat 

zur Begutachtung der gesamtwirtschaftlichen Entwicklung) 

following his nomination through the Federal Government. 

Wieland joined the Council on March 1, 2013. The Advisory 

Council was established by federal law in 1963. Its goal is to 

provide periodical surveys of the macroeconomic development 

of the Federal Republic of Germany and to thereby help forming 

the opinion by all economic authorities and the general 

public. The Advisory Council fulfills its mandate independently. 

Its assessment and concepts have since become a crucial part 

of economic policy discussion in Germany and notably influence 

political decision-making. The Advisory Council has five 

members. It holds regular hearings with ministries, employer 

organisations and unions and meets with the Chancellor to 

present its annual report and economic forecast for Germany. 

On November 13, 2013, 

the GCEE annual report 

2013 titled “Against a 

backward-looking economic 

policy” was presented to Chancellor Merkel. Some of 

the chapters incorporated analysis that built on IMFS research. 

For example, the section on euro area monetary policy contained 

a rules-based evaluation of ECB interest rate setting 

and forward guidance that built on IMFS Working Paper 74 

by Tilman Bletzinger and Volker Wieland. The section on euro 

area fiscal policy developments included an assessment of the 

potential impact of a credible and sustained implementation 

of consolidation measures that have already been decided by 

euro area economies. This analysis made use of an extended 

version of a dynamic macroeconomic model developed at the 

European Central Bank and built on earlier work by Matthias 

Burgert, Volker Wieland, John Taylor, Maik Wolters and John 

Cogan (IMFS WP’s 68 and 61). Finally, the chapters on banking 

union and euro area institutions benefitted from discussions of 

Wieland with Helmut Siekmann and Tobias H. Tröger regarding 

the legal framework. 

2012 

In 2012, the IMFS professors were active in the following 

scientific advisory committees and government committees: 

Scientific Council of the Federal Ministry of Finance (V. 

Wieland), Advisory Council to the Federal Ministry of Economics 

and Technology (R. Inderst) and the government committee 

“Corporate Governance Codex” (T. Baums). 

In addition, IMFS professors were invited to the Bundestag to 

give their opinion in the following hearings on laws: hearing 

on the 3rd Financial Market Stabilization Law (H. Siekmann), 

hearing on the European Stability Mechanism (ESM) and Fiscal 

Pact (H. Siekmann), hearing on the 2nd Financial Market Stabilization 

Law (H. Siekmann), and hearing on the reform of the 

Takeover Law (T. Baums). 

IMFS professors contributed to indepth policy reports as well 

as shorter policy notes. Examples include: “Wie viel Koordinierung 

braucht Europa“ [“How Much Coordination Does 

Europe Need”], Kronberger Kreis study no. 53 (V. Wieland 

with co-authors); “Schlechte Erfahrungen mit Finanztransaktionssteuern“ 

[“Negative Experiences with Financial Transaction 

Taxes”], HoF Policy Letter and article in „Wirtschaftswoche“ (H. 

Siekmann and V. Wieland), “Missachtung rechtlicher Vorgaben 

des AEUV durch die Mitgliedstaaten und die EZB in der 

Schuldenkrise“ [“Disregarding Legal Requirements of AEUV by 

Member States and the ECB in the Debt Crisis”], HoF White 

Paper 15 (H. Siekmann), and “Aktuelle Finanzmarktpolitik: Wo 

bleibt die Nachhaltigkeit” [“Current Financial Market Policies: 

What About Sustainability”], HoF White Paper 10 (R. Schmidt). 

2011 

The appointment of Stefan 

Gerlach as Deputy Governor 

of the Central Bank of 

Ireland, though it meant 

that Gerlach would leave IMFS, certainly also provided an 

indication of the reputation of IMFS analysis and research in 

the world of central banking. 

Helmut Siekmann participated in several meetings with highlevel 

federal government officials as expert. He also contributed 

to the official consultation proceedings of the European 

Union concerning the question of the creation of a European 

rating agency and was invited for an official hearing and discussion 

with the European Commission. 

Volker Wieland was invited by Minister 

Christine Lagarde and Governor Christian 

Noyer as a lead speaker for the topic 

“Global liquidity management issues” at 

the “G-20 High Level Seminar on the Reform of the International 

Monetary System” organized by the G-20 Chair France 

on March 29, 2011 in Nanjing, China. He was also invited as 

an expert to the official hearing on the question of a financial 

transaction tax by the Finance Committee of the German 

Federal Parliament and provided oral and written statements. 

11

2010 

In 2010 Stefan Gerlach continued to serve as External Member 

of the Monetary Policy Committee of the Central Bank of 

Mauritius and as a Member of the Monetary Experts Panel of 

the European Parliament. He produced several short reports for 

the European Parliament. 

Roman Inderst served as a member of the scientific advisory 

committee of the German Ministry of Economics. 

IMFS Professors contributed intensively 

to the Policy Platform of the House of 

Finance. Helmut Siekmann produced 

several policy notes. These included a proposal 

for a rescue strategy which avoids 

the moral hazard problem in the context of crisis prevention 

(Krahnen and Siekmann), an evaluation of the creation of a 

European rating agency for the Hessian Government and a 

proposal for a fundamental reordering of the banking sector in 

Germany (joint with Hilgert, Krahnen and Merl). 


In 2009 Stefan Gerlach served as External Member of the 

Monetary Policy Committee of the Central Bank of Mauritius 

and as a Member of the Monetary Experts Panel of the 

European Parliament. He was also a research professor at the 

Deutsche Bundesbank. 

A.VI. Notable Achievements in Public Outreach and 

Dissemination 

The IMFS is committed to educate the public on monetary 

and financial stability and raise the public’s awareness for the 

significance of a stable currency. Reaching a large number of 

participants since the fall of 2010, the IMFS Distinguished Lectures 

are especially important in this regard. The media covers 

these and other IMFS events on a regular basis. In 2013 and 

2012 the IMFS registered 201 representatives of the media as 

participants at its events. There were 1813 regular participants 

in 2013 and 2012, including many members of academia, 

policy making institutions and the financial community (see 

section C for more information in this regard). 

The IMFS website www.imfs-frankfurt.de is also an important 

tool for communication research findings, policy analysis, 

new events, conference reports and videos and information 

about IMFS researchers to the public. The website has been 

relaunched in September 2013. Further improvements are 

planned for 2014. 

Roman Inderst served as a member of the scientific advisory 

committee of the German Ministry of Economics. 

Helmut Siekmann served as expert advisor for law making procedures 

and constitutional law disputes. He provided several 

statements for parliamentary committees. 

IMFS Professors contributed actively to the development of the 

Policy Platform of the House of Finance. IMFS also supported 

the running of the Policy Platform financially. A policy paper on 

financial market stabilization by Krahnen and Siekmann that 

was circulated by the Policy Platform received wide attention. 

IMFS professors also frequently interact with the public 

through the media. They give interviews to newspapers, TV 

and radio; they write editorials and opinion pieces for newspapers, 

magazines and internet blogs; and they provide shorter 

commentaries to the press. Furthermore, findings of particular 

IMFS research papers are occasionally picked up by the press. 

Finally, a large number of portrait articles about IMFS professors 

have appeared in the press. 

Links to online press articles and blog contributions are provided 

on the IMFS website under IMFS in the media. In the 

following only a few highlights are mentioned for each year. 

A fairly complete list is provided in sections D and E for each 

professorship. 

12



Helmut Siekmann and Volker Wieland co-authored a viewpoint 

on “The case before the court” regarding the ECB’s OMT and 

the deliberations of the German Constitutional Court on the 

Free exchange blog of the Economist’s website www.economist.com. 

IMFS Working Paper 68 by Cogan, Taylor, Wieland 

and Wolters on “Fiscal consolidation strategy: An update for 

the budget reform proposal of March 2013” was reviewed 

in an article in the “Wall Street Journal”. IMFS Working Paper 

74 by Bletzinger and Wieland was featured in the “Börsen- 

Zeitung”, on CNBC.com and on VoxEU. Volker Wieland was 

ranked 11th in the FAZ-Ranking of Germany’s most influential 

economists according to frequency of research citations and 

press contributions. Helmut Siekmann was interviewed several 

times in the German public news (“Tagesschau”) and on CNBC. 

Interviews with Volker Wieland were printed by the “Handelsblatt”, 

“Börsen-Zeitung” and “Wirtschaftswoche” among 

others. 

2012 

In 2012 numerous interviews and guest editorials by IMFS 

professors were published, inter alia in the following newspapers: 

“Frankfurter Allgemeine Zeitung”, “Handelsblatt”, 

“Wirtschaftswoche”, “Stuttgarter Zeitung”, and “Börsen- 

Zeitung”. 

Helmut Siekmann and Volker Wieland co-authored a viewpoint 

on the potential consequences of a financial transactions tax in 

the weekly “Wirtschaftswoche”. 

IMFS professors Helmut Siekmann, Theodor Baums, Roman 

Inderst and Volker Wieland were featured in profile articles 

covering their respective research, inter alia in „Frankfurter 

Allgemeine Zeitung“, „Financial Times Deutschland“, „Süddeutsche 

Zeitung“, and „Neue Zürcher Zeitung“. 

A large number of articles referenced, comprehensively in parts, 

specific IMFS research results and scientific working papers 

and thus underlined their practical relevance, for example in 

“Frankfurter Allgemeine Zeitung”, “Bloomberg News”, and 

“Börsen-Zeitung”. 

IMFS events and professors have also frequently been featured 

on the radio and TV. “Tagesschau” (ARD), “Mittagsmagazin” 

(ZDF), NTV, CNBC, and other news outlets covered the IMFS- 

CFS conference “The ECB and Its Watchers” in June 2012. 

Interviews with the IMFS professors were broadcast repeatedly 

on “Tagesschau” (ARD), “Tagesthemen” (ARD), “Mittagsmagazin” 

(ARD), HR-Info, Deutschlandfunk, and CNBC. 

2011 

In 2011 Stefan Gerlach’s appointment as Deputy Governor of 

the Central Bank of Ireland was widely reported in the press. 

In the course of the year he also contributed opinion pieces to 

the “Economist”, “Börsen-Zeitung”, “Financial Times Deutschland”, 

VoxEU and “Ökonomenstimme” among others. 

Roman Inderst was featured in the Economist Ranking of the 

“Handelsblatt” as the currently most productive researcher in 

Germany according to the number of publications in leading 

scientific journals in economics. 

Helmut Siekmann gave a large number of interviews, commentaries 

and background interviews to German newspapers, radio 

and TV. 

2010 

In 2010, IMFS Managing Director Stefan Gerlach supported 

by Helmut Siekmann initiated the IMFS Distinguished Lecture 

Series in order to raise the profile of IMFS as an institution in 

the public. The lectures, which are given by prominent personalities, 

are of a non-specialized nature and intended to be of 

interest for the public at large. The hope is that they will also 

meet the interest of the media. These events consist of two 

parts, a public lecture and a confidential discussion, typically 

during a dinner event following the public lecture. (For further 

details see section C.III). 

Stefan Gerlach wrote a large number of editorials and opinion 

pieces in newspapers and internet blogs, including contributions 

to VoxEU, “Financial Times”, “Börsen-Zeitung”, “Ökonomenstimme”, 

“Handelsblatt” and “Neue Zürcher Zeitung”. 

Helmut Siekmann gave a large number of interviews and was 

available for background conversations with journalists. He 

was frequently cited with short commentaries in the press. 


In 2009, Helmut Siekmann and Stefan Gerlach organized a 

number of public lectures to raise the profile of IMFS in the 

financial community. Siekmann and Gerlach also made themselves 

available for many press interviews and wrote opinion 

pieces in order to raise IMFS visibility in the media. 

Stefan Gerlach wrote viewpoints for the “Börsen-Zeitung”, the 

“Financial Times” and VoxEU. Helmut Siekmann gave several 

interviews to radio and TV news and to the press. 

Furthermore, the IMFS website www.imfs-frankfurt.de was 

improved and extended. 

13

A.VII. Fellows 

In the fall of 2012 the IMFS Executive Board created the positions 

of IMFS Distinguished Fellow and IMFS Research Fellow. 

By appointing IMFS Fellows, the Executive Board aims to affiliate 

with the IMFS selected scientists and distinguished persons 

from the area of monetary policy and financial economics. The 

appointment is for a period of three years. Reappointment is 

possible. 

IMFS Distinguished Fellows 

IMFS Distinguished Fellows are exceptional individuals with 

great experience in policy-making institutions and in the 

financial sector that have either already made outstanding 

contributions to the IMFS and its activities in research and 

policy advice or who aim to get actively involved in the future 

and further collaborate with key institutions. There will be up 

to six IMFS Distinguished Fellows. They are nominated by the 

IMFS Managing Director and appointed by its Executive Board. 

Ignazio Angeloni 

Ignazio Angeloni is Adviser to the European 

Central Bank’s Executive Board on European 

financial integration, financial stability 

and monetary policy, and a visiting fellow 

at Bruegel. Prior to this, he was Director- 

General for International Financial Relations 

at the Italian Ministry of Economy and 

Finance (2005-2008), Deputy Director-General for Research at 

the European Central Bank (1998-2005) and Director of the 

Monetary and Financial Sector Research Department of Banca 

d’Italia (1981-1998). Angeloni graduated in Economics from 

Bocconi University (Italy) and holds a Ph.D. in Economics from 

the University of Pennsylvania. 

Prof. Dr. Daniel Zimmer, LL.M. 

Daniel Zimer is the Director of the Institute 

of Commercial and Economic Law and of 

the Center for Advanced Studies in Law 

and Economics (CASTLE) at the University of 

Bonn. He has been a member of the German 

Monopolies Commission since 2008 and 

the Chairman of the Commission since July 

2012. Prior to this, he was the Chairman of the Expert Council 

for the Development of Exit Strategies regarding the Federal 

Republic’s Investment in the Financial Sector (2010-2011), 

member of the Forum on Auditor Liability of the EU Commission 

(2005-2008), and also member of the special Commission 

“International Company Law” of the German Council for 

Private International Law (preparing a legislative proposal concerning 

International Company Law for the German Ministry of 

Justice) (2004-2006). Zimmer studied law in Mainz, Lausanne, 

Göttingen and at the University of California at Los Angeles 

(UCLA). He received his doctor juris and his postdoctoral degree 

(“Habilitation”) from the University of Göttingen. 

IMFS Research Fellows 

IMFS Research Fellows are excellent scholars from other universities 

and institutions who collaborate closely with one of 

the IMFS endowed chairs. The IMFS offers its Research Fellows 

opportunities to get involved in IMFS research, policy advice, 

and events and to contribute to IMFS activities. Each of the 

IMFS endowed chairs can appoint up to six Research Fellows 

for a period of three years each. 

Tobias Adrian, Ph.D. 

Tobias Adrian, Ph.D., is a Vice President 

of the Federal Reserve Bank of New York 

and head of the Capital Markets Function 

of the Research and Statistics Group. He 

has contributed to the NY Fed’s financial 

stability policy and to its monetary policy 

briefings. His research covers asset pricing, 

financial intermediation, and macroeconomics, with a focus 

on the aggregate implications of capital market developments. 

Adrian holds a Ph.D. in Economics from Massachusetts Institute 

of Technology (MIT) and a MSc from London School of 

Economics. He also holds MAs in Economics from the Goethe 

University in Frankfurt and the Dauphine University in Paris. He 

has taught at MIT and Princeton University. 

Prof. Dr. Günter W. Beck 

Günter W. Beck is Professor for European 

Macroeconomics at the University of 

Siegen and Research Fellow at the Center 

for Financial Studies. His research focuses 

on macroeconomics, monetary economics, 

and international economics. Before his 

appointment in Siegen, Günther W. Beck 

was Professor at the University of Mainz. After gaining a Ph.D. 

from Goethe University in 2004, he worked as an Assistant 

Professor in Frankfurt. 

Athanasios Orphanides, Ph.D. 

Athanasios Orphanides, Ph.D., is Senior 

Lecturer at the MIT Sloan School of Management, 

Cambridge, MA. He served as 

Governor of the Central Bank of Cyprus 

from May 2007 to May 2012 and was a 

member of the Governing Council of the 

European Central Bank between January 

2008 and May 2012. Prior to that, Orphanides was a Senior 

Adviser to the Board of Governors of the US Federal Reserve 

System. While at the Federal Reserve, he taught undergraduate 

and graduate courses in macroeconomics and monetary economics 

at Georgetown University and John Hopkins University. 

Orphanides holds undergraduate degrees in Mathematics and 

Economics as well as a Ph.D. in Economics from the Massachusetts 

Institute of Technology. 

Prof. Dr. Peter Tillmann 

Peter Tillmann is Professor of Monetary Economics 

at the Justus Liebig University Giessen. 

He has been a Research Fellow at the 

IMFS since 2009. His research focuses on 

monetary policy, empirical macroeconomics, 

and financial markets. Before coming 

to Giessen in 2009, Tillmann was a senior 

economist at the Swiss National Bank. He started his academic 

career at the Universities of Bonn and Edinburgh. In 2003, he 

gained a Ph.D. from the University of Cologne. 

14

GOETHE UNIVERSITY FRANKFURT AM MAIN 

B. 

IMFS Publications 

B.I. IMFS Working Papers 


No. 76 (2013) 









2012 

No. 67 (2012) 

Y. EMILIE YOO 

Financial Regulation and Supervision 

Across Business Lines in the United States 

Financial Holding Companies post Gramm-Leach-Bliley Act 

Y.Emilie Yoo: Financial Regulation 

and Supervision Across 

Business Lines in the United 

States – Financial Holding Companies 

post Gramm-Leach-Bliley 

WORKING PAPER SERIES NO. 76 (2013) 


Act 

Athanasios Orphanides: Is Monetary Policy Overburdened 

Tilman Bletzinger, Volker Wieland: Estimating the European 

Central Bank’s “Extended Period of Time” 

Tobias H. Tröger: The Single Supervisory Mechanism – Panacea 

or Quack Banking Regulation 

Matthias Burgert, Sebastian Schmidt: Dealing with a Liquidity 

Trap when Government Debt Matters: Optimal Time- 

Consistent Monetary and Fiscal Policy 

Helmut Siekmann, Volker Wieland: The European Central 

Bank’s Outright Monetary Transactions and the Federal 

Constitutional Court of Germany 

Elena Afanasyeva: Atypical Behavior of Credit: Evidence from 

a Monetary VAR 

Tobias H. Tröger: Konzernverantwortung in der aufsichtsunterworfenen 

Finanzbranche 

(Published in: Zeitschrift für das gesamte Handels- und 

Wirtschaftsrecht (ZHR), Vol. 177: 475-517, 2013) 

John F. Cogan, John B. Taylor, Volker Wieland, Maik Wolters: 

Fiscal Consolidation Strategy: An Update for the Budget 

Reform Proposal of March 2013 

Otmar Issing, Volker Wieland: Monetary Theory and Monetary 

Policy: Reflections on the Development over the last 

150 Years 

No. 66 (2012) 

No. 65 (2012) 

No. 64 (2012) 

No. 63 (2012) 

No. 62 (2012) 

No. 61 (2012) 

No. 60 (2012) 

No. 59 (2012) 

No. 58 (2012) 

No. 57 (2012) 

John B. Taylor, Volker Wieland: Surprising Comparative Properties 

of Monetary Models: Results from a new Model Database 

Helmut Siekmann: Missachtung rechtlicher Vorgaben des AEUV 

durch die Mitgliedstaaten und die EZB in der Schuldenkrise 

(Published in: Thomas M.J. Möllers und Franz-Christoph Zeitler 

(Hrsg.), Europa als Rechtsgemeinschaft – Währungsunion 

und Schuldenkrise, Tübingen, 2012) 

Helmut Siekmann: Die Legende von der verfassungsrechtlichen 

Sonderstellung des „anonymen” Kapitaleigentums 

(Published in: Sachs, M. und Siekmann, H. (Hrsg.), Der 

grundrechtsgeprägte Verfassungsstaat, Festschrift für Klaus 

Stern, 2012, S.1527-1541) 

Günter W. Beck, Kirstin Hubrich, Massimiliano Marcellino: 

On the Importance of Sectoral and Regional Shocks for Price 

Setting 

Volker Wieland, Maik H. Wolters: Forecasting and Policy 

Making 

(Published in Graham Elliott/Allan Timmermann (eds), 

Handbook of Economic Forecasting, Vol. 2, Elsevier, (Arrow- 

Intriligator Handbook Series in Economics, 2013)) 

John F. Cogan, John B. Taylor, Volker Wieland, Maik H. Wolters: 

Fiscal Consolidation Strategy 

(Published in Journal of Economic Dynamics & Control 37 

(2013) 404-421) 

Peter Tillmann, Maik H. Wolters: The Changing Dynamics of 

US Inflation Persistence: A Quantile Regression Approach 

Maik H. Wolters: Evaluating Point and Density Forecasts of 

DSGE Models 

Peter Tillmann: Capital Inflows and Asset Prices: Evidence 

from Emerging Asia 

Athanasios Orphanides, Volker Wieland: Complexity and 

Monetary Policy 

(Published in: International Journal of Central Banking, 9 

(S1), 167-204, January 2013) 

15

No. 56 (2012) 

Fabio Verona, Manuel M.F. Martins, Inês Drumond: (Un) 

anticipated Monetary Policy in a DSGE Model with a Shadow 

Banking System 

Fabio Verona: Lumpy Investment in Sticky Information General 

Equilibrium 

Tobias H. Tröger: Organizational Choices of Banks and the 

Effective Supervision of Transnational Financial Institutions 

(Published in: Texas International Law Journal, Vol. 48:177- 

221, 2013) 

Sebastian Schmidt: Optimal Monetary and Fiscal Policy with 

a Zero Bound on Nominal Interest Rates 

Sebastian Schmidt, Volker Wieland: The New Keynesian 

Approach to Dynamic General Equilibrium Modeling: 

Models, Methods, and Macroeconomic Policy Evaluation 

(Published in Peter Dixon/Dale Jorgenson (eds), Handbook of 

Computable General Equilibrium Modeling, Elsevier, (Arrow- 

Intriligator Handbook Series in Economics, 2013)) 

Vivien Lewis, Arnoud Stevens: The Competition Effect in 

Business Cycles 

Vivien Lewis: Optimal Monetary Policy and Firm Entry 

Volker Wieland, Tobias Cwik, Gernot J. Müller, Sebastian 

Schmidt, Maik Wolters: A New Comparative Approach to 

Macroeconomic Modeling and Policy Analysis 

(Published in: Journal of Economic Behavior & Organization, 

2012) 

No. 38 (2010) 

Jan Pieter Krahnen, Helmut Siekmann: Rettungsstrategie ohne 

Moral Hazard – Versuch eines Gesamtkonzepts zur Bankkrisenvermeidung 

Y. Emilie Yoo: Capital Adequacy Regulation of Financial 

Conglomerates in the European Union 

No. 55 (2012) 

No. 37 (2010) 

No. 54 (2012) 

No. 53 (2012) 

No. 52 (2012) 

No. 51 (2012) 

No. 50 (2012) 

No. 49 (2012) 






Roman Inderst, Marco Ottaviani: Misselling through Agents 

(Published in: American Economic Review, 2009, vol. 99, issue 

3, pp. 883-908) 

Roman Inderst: Misselling (Financial) Products: The Limits for 

Internal Compliance 

(Published in: Economics Letters, 2010, vol. 106, issue 1, pp. 

35-37) 

Roman Inderst, Holger Müller, Felix Münnich: Financing a 

Portfolio of Projects 

(Published in: The Review of Financial Studies, 2007, vol. 20, 

issue 4, pp. 1289-1325) 

Roman Inderst, Manuel Klein: Innovation, endogenous overinvestment, 

and incentive pay 

Roman Inderst: Irresponsible Lending with a better informed 

lender 

(Published in: Economic Journal, 2008, vol. 118, issue 532, pp. 

1499-1519) 

Roman Inderst, Holger Müller: Bank capital structure and 

credit decisions 

(Published in: Journal of Financial Intermediation, 2008, vol. 

17, issue 3, pp. 295-314) 

Roman Inderst, Holger Müller: Early-Stage Financing and Firm 

Growth in New Industries 

(Published in: Journal of Financial Economics, 2009, vol. 93, 

issue 2, pp. 276-291) 

Roman Inderst, Holger Müller: CEO Replacement under Private 

Information 

(Published in: Review of Financial Studies, 2010, vol. 23, issue 

8, pp. 2935-2969) 

Hasan Doluca, Roman Inderst, Ufuk Otag: Bank Competition 

and Risk-Taking When Borrowers Care about Financial 

Prudence 

Roman Inderst: Loan Origination under Soft- and Hard- 

Information Lending 

Helmut Siekmann: Stabilisierung der WestLB AG durch Garantien 

des Landes NRW 

(Stellungnahme für die öffentliche Anhörung des Haushaltsund 

Finanzausschusses des Landtags Nordrhein-Westfalen am 

29. Oktober 2009) 

Helmut Siekmann: Die Neuordnung der Finanzmarktaufsicht 

Helmut Siekmann: Die Schaffung von Einrichtungen der 

Finanzaufsicht auf EU-Ebene 

(Stellungnahme zu dem Vorschlag der Sachverständigengruppe 

unter dem Vorsitz von Jacques de Larosière) 

Melanie Döge, Stefan Jobst: Aktienrecht zwischen börsenund 

kapitalmarktorientiertem Ansatz 

Tim Oliver Berg: Cross-country evidence on the relation 

between equity prices and the current account 

Stefan Gerlach: The Risk of Deflation 

(Published in: M. Dewatripont, X. Freixas, R. Portes (Eds.), 

Macroeconomic Stability and Financial Regulation: Key Issues 

for the G20, CEPR 2009) 

Chun-Yu Ho, Wai-Yip Alex Ho: On the Sustainability of Currency 

Boards: Evidence from Argentina and Hong Kong 

Helmut Siekmann: Keine Hilfe für Banken ohne einen neuen 

Ordnungsrahmen für die Finanzmärkte 

(Stellungnahme für die öffentliche Anhörung des Ausschusses 

für Wirtschaft, Mittelstand und Energie und des Haushaltsund 

Finanzausschusses des Landtags Nordrhein-Westfalen) 

2011 

No. 48 (2011) 

Helmut Siekmann: Die rechtliche Regulierung öffentlicher 

Banken in Deutschland 

(Published in: Arno Scherzberg, Osman Can, Ilyas Dogan (Eds.), 

Das Recht der öffentlichen Unternehmen und der öffentlichrechtlichen 

Banken, LIT Verlag, Berlin, 2012, pp. 65-123) 

Helmut Siekmann: Die Europäisierung der Finanzmarktaufsicht 

(Published as “Neuorganisation der Finanzaufsicht” in: Stefan 

Kadelbach (Ed.), Nach der Finanzkrise, Nomos, Baden-Baden, 

2012, pp. 131-220) 

Christos Koulovatianos, Volker Wieland: Asset Pricing under 

Rational Learning about Rare Disasters 

Helmut Siekmann: Law and Economics of the Monetary Union 

(Published in: Thomas Eger, Hans-Bernd Schäfer (Eds.), 

Research Handbook on the Economics of European Union 

Law, Edward Elgar, Cheltenham/UK and Northamp¬-ton/ 

USA, 2012, pp. 355-411) 

Heinz Hilgert, Jan Pieter Krahnen, Günther Merl, Helmut 

Siekmann: On a Fundamental Reorganisation of the Landesbanks 

and Savings Banks Sector in Germany 

Helmut Siekmann: Die Bankenabgabe in Deutschland – ein 

geeignetes Instrument zur Prävention von Finanzkrisen 

Heinz Hilgert, Jan Pieter Krahnen, Günther Merl, Helmut 

Siekmann: Streitschrift für eine grundlegende Neuordnung 

des Sparkassen- und Landesbankensektors in Deutschland 




No. 47 (2011) 


No. 46 (2011) 

No. 45 (2011) 

No. 44 (2011) 




No. 43 (2011) 

No. 42 (2011) 



2010 

No. 41 (2010) 

No. 40 (2010) 

No. 39 (2010) 

Helmut Siekmann: Die Finanzmarktaufsicht in der Krise 

(Published in: Arno Scherzberg, Ilyas Dogan, Osman Can, 

(Eds.), Staatliche Finanzmarktregulierung und Eigentumsschutz, 

LIT Verlag, Berlin, 2010, pp. 9-66) 

Helmut Siekmann: Die Entstehung des neuen Europäischen 

Finanzaufsichtssystems 

(Published as “Neuorganisation der Finanzaufsicht” in: Stefan 

Kadelbach (Ed.), Nach der Finanzkrise, Nomos, Baden-Baden, 

2012, pp. 131-220) 

Ludger Michael Migge: Wirtschaftsjournalismus vs. Finanzanalyse, 

Zur ‚regulierten’ Selbstregulierung von Presse und 

Telemedien in der Finanzmarktberichterstattung nach §§ 

34b Abs. 4 und 34c S. 6 des Wertpapierhandelsgesetzes 






16

IMFS publications 

B.II. IMFS Interdisciplinary Studies in Monetary 


The recently launched IMFS Interdisciplinary Studies in Monetary 

and Financial Stability series presents the results of the 

interdisciplinary research at the Institute and focuses either on 

the research or the policy advice side. The wider distribution 

of results of jointly organized IMFS conferences is also of great 

interest. 

Volume 2/2013 

“Central Banking: Where are we headed” 

This study contains articles based on speeches at the symposium 

held in February 2013 in honor of Stefan Gerlach’s 

contributions to the IMFS by the following authors: Michael 

Burda, Benoît Coeuré, Stefan Gerlach, Patrick Honohan, Sabine 

Lautenschläger, Athanasios Orphanides, and Volker Wieland. 

Volume 1/2013 

“The ECB and Its Watchers 2012” 

This study contains articles based on speeches and presentations 

at the 14th CFS-IMFS Conference „The ECB and Its 

Watchers“ on June 15, 2012 by Mario Draghi, John Vickers, 

Peter Praet, Lucrezia Reichlin, Vítor Gaspar, Lucio Pench and 

Stefan Gerlach and a post-conference outlook by Helmut 

Siekmann and Volker Wieland. 

Volume 1/2012 


IMFS Interdisciplinary Studies in 

Monetary and Financial Stability 

2012 / 1 

The ESRB 

at 1 

“The ESRB at 1” 

The first volume contains articles based on speeches and 

presentations at the 5th IMFS Conference on Monetary and 

Financial Stability organized jointly with Société Universitaire 

Européenne de Recherches Financières (SUERF) and Deutsche 

Bundesbank. It includes contributions by Hermann Remsperger, 

Stephen Cecchetti, Stephan Ingves, Alberto Giovannini, 

Jens Weidmann, Alexandros Vardoulakis, Stefano Neri, Jürgen 

Stark, Elöd Takáts and Christian Upper, Claudia M. Buch, 

Sandra Eickmeier and Esteban Prieto, Abdul Abiad, Giovanni 

Dell’ Ariccia and Grace Bin Li and Francesco Mazzaferro. 

17

C. 

IMFS Events 2009-2013 

I. Conferences 

II. Distinguished Lectures 

26.11.2013 IMFS Conference on Monetary and Financial Stability 

2013 – Economic and Legal Limits of Central Banking 

7.02.2013 IMFS-House of Finance-Symposium in honor of 

Stefan Gerlach´s contributions to the IMFS 

30.11.-01.12.2012 4 th Workshop on Money, Macro and Finance in East Asia 

29.11.2012 Monetary and Fiscal Challenges 

in the United States and the Euro Area 

21.06.2012 State Aid in the Banking Market 

15.06.2012 The ECB and Its Watchers 2012 

21.-22.01.2012 Retail Financial Services after the Crisis 

05.-06.12.2011 3 rd Workshop on Money, Macro and Finance in East Asia 

11.11.2011 The Role of the ECB in the Crisis 

08.-09.11.2011 The ESRB at 1 

11.02.2011 Finanzsektor im Wettbewerb / “Competition in the 

financial sector” 

03.-04.12.2010 2 nd Workshop on Money, Macro and Finance in East Asia 

03.12.2010 X. Walter-Hallstein-Colloquium 2010 

30.06.2010 Sovereign defaults in the euro area: 

Legal and economic issues 

29.06.2010 Roundtable: Ursachen, Auswirkungen und Lehren der 

Finanzkrise / “The financial crisis: Reasons, consequences 

and lessons”. 

04.-05.12.2009 Workshop on “Money, Finance and Banking in Asia” 

22.-23.10.2009 The Financial Market Crisis – Causes, Remedies and 

Prevention 

10.06.2009 Symposium on “Legislative measures to prevent the take 

over of listed companies by way of `creeping´ takeovers” 

11.-12.06.2009 Conference on “Inflation targeting twenty years on” 

21.05.2013 James Bullard 

11.09.2012 Jörg Asmussen 

16.04.2012 Choongsoo Kim 

16.06.2011 Martin Wolf 

18.05.2011 Anders Borg 

08.03.2011 Masaaki Shirakawa 

21.02.2011 Jürgen Stark 

02.12.2010 Már Guðmundsson 

29.11.2010 Hans Tietmeyer and Jean-Claude Trichet 

II. IMFS Working Lunches 

16.07.2013 Tobias Adrian 

18.06.2013 David Kershaw and Thomas Kirchmaier 

18.03.2013 Charles M. Kahn 

09.05.2012 Tobias Tröger 

11.04.2012 Richard Werner 

03.11.2009 Katja Langenbucher 

16.07.2009 Thomas Laubach 

08.05.2009 Stefan Gerlach 

21.04.2009 Francisco Nadal De Simone 

05.03.2009 Helmut Siekmann 

26.02.2009 Volker Wieland 

22.01.2009 Marcel Fratzscher 

18

IMFS Events 

IV. 

Public Lectures 

23.11.2010 Naoyuki Yoshino 

02.11.2010 Alessio M. Pacces 

15.12.2009 Lea Kamecke 

02.12.2009 Christoph Ohler 

09.09.2009 Thilo Sarrazin 

01.07.2009 Peter Praet 

19.06.2009 David Marsh 

17.03.2009 Thomas Greaney 

29.01.2009 Marc Flandreau 

V. Summer Research Seminars on Monetary and 

Financial Stability 

30.08.2012 Vikrant Vig 

20.08.2012 Tobias Adrian 

VI. Smaller Workshops 

23.10.2012 “German-South-East-Asian Workshop on Current Problems 

of Compliance, Competition, and Finance” 

15.-16.10.2012 FP 7 Proposal Workshop on “Better integrating financial 

markets into policy-focused macro models” 

10./17./ “Monetary Policy and Financial Supervision and Regulation 

18.06.2011 in the European Union” 

11.04.2011 Recent Developments in Macroeconomic Policy 

I. Conferences 

26.11.2013 

IMFS Conference on Monetary and Financial Stability 

2013 – Economic and Legal Limits of Central Banking 

Organized by 

Günter Beck, Helmut Siekmann and Volker Wieland 

In response to the global financial crisis of 2007 and 2008, 

the subsequent widespread downturn in economic activity and 

prolonged disturbances in the financial sector the central banks 

of major industrialized countries have employed conventional 

and unconventional policy measures on an unprecedented 

scale. While it is widely acknowledged that these measures 

have contributed to stabilizing financial and economic conditions, 

many questions remain concerning their long-run consequences 

and how (and when) central banks should exit from 

these policies. Unconventional measures taken in the crisis may 

have potentially dangerous after effects that will remain difficult 

to resolve. Moreover, there is considerable disagreement 

on the appropriate monetary policy regime in the after-crisis 

period, sometimes also labeled the period of a “new normal”. 

Similarly controversial are the questions to which extent and 

in which form central banks should be involved in stabilizing 

financial markets and how serious the fiscal implications of 

some of the unconventional monetary policy measures are. 

The IMFS Conference on Monetary and Financial Stability of 

2013 aimed to assess these questions and explore to what 

extent central banks are able to achieve the potentially conflicting 

objectives. It was also to be scrutinized to which degree 

the existing legal frameworks allow central banks to pursue 

these objectives and take the respective policy measures. In 

this sense, the event strove to illuminate the “economic and 

legal limits of central banking”. 

As at previous occasions, the conference program followed 

a distinctively interdisciplinary approach and had been structured 

to cover relevant economic, political and legal aspects 

and elicit viewpoints from a diverse group of leading policy 

makers and academics. 

Recent scholarly work on the economic and legal limits that 

central banks face while coping with the present problems and 

the practical experience of policy makers were discussed in 

three keynote speeches and topical sessions. 

19

Conference Program 

8.45 – 9.00 am Welcome 

Rainer Klump, Vice-President, Goethe University Frankfurt 

Hermann Remsperger, Foundation of Monetary and Financial Stability 

9.00 – 10.30 am The fundamental connection between monetary policy and fiscal policy – and its implications 

Chair: Tobias Tröger, Goethe University Frankfurt 

Speakers: Christoph Degenhart, Constitutional Court of the Free State of Saxony and Leipzig University 

Ludger Schuknecht, German Ministry of Finance 

Harald Uhlig, University of Chicago 

10.30 – 11.00 am Coffee break 

11.00 – 12.30 pm Unconventional policy measures and monetary policy in the world of a “new normal”: 

Do we need to reconsider existing monetary policy frameworks 

Chair: Peter Tillmann, Giessen University and IMFS 

Speakers: Ricardo Reis, Columbia University 

Helmut Siekmann, Goethe University Frankfurt and IMFS 

Volker Wieland, Goethe University Frankfurt and IMFS 

12.30 – 1.30 pm Lunch 

1.30 – 2.00 pm Keynote speech 

Yves Mersch, Member of the Executive Board of the European Central Bank 

Moderation: Günter Beck, University of Siegen and IMFS 

2.00 – 3.30 pm The role of central banks in ensuring financial stability 

Chair: Tobias Tröger, Goethe University Frankfurt 

Speakers: Anil Kashyap, University of Chicago Booth School of Business 

Vikrant Vig, London Business School 

Chiara Zilioli, European Central Bank 

3:30 – 4:00 pm Wrap up and Coffee 

Registered participants: 187 

Registered journalists: 14 

20



IMFS-House of Finance-Symposium in honor of Stefan 

Gerlach´s contributions to the IMFS 

Organized by Helmut Siekmann and Volker Wieland 

On 7 February 2013, the Institute for Monetary and Financial 

Stability (IMFS) and the House of Finance honored Stefan 

Gerlach, Deputy Governor of the Central Bank of Ireland and 

former Managing Director of the IMFS, for his contributions to 

the IMFS. The celebration was held in the form of a symposium 

– “Central Banking: Where are we headed” –, which took place 

in Goethe University’s casino building and which was followed 

by an interested audience from the financial and central banking 

sector as well as the media. 

In the first part, Sabine Lautenschläger, Deputy President of the 

Deutsche Bundesbank, Patrick Honohan, Governor of the Central 

Bank of Ireland, and Benoît Cœuré, Member of the Executive 

Board of the European Central Bank (ECB), discussed current 

topics of the European Central Banking System. The main focus 

was on the proposed single banking regulatory authority for the 

Eurozone which should be established at the ECB. 

Sabine Lautenschläger and Benoît Cœuré said that it is essential 

to strictly separate off monetary policy from banking supervision 

when implementing such an authority within the ECB. Thereby, 

they addressed the concerns of many critics who fear a conflict 

of interest between these two areas. Sabine Lautenschläger 

said that according to the current proposal the ECB’s Governing 

Council would have the final say on decisions in the banking 

supervision and not the authority’s board. In her view, this 

would complicate the strict separation between monetary policy 

and banking supervision. On the other hand, if the authority’s 

decisions were binding for the Governing Council, the ECB’s 

independence would be jeopardized. 

Patrick Honohan fundamentally questioned if the ECB should 

be responsible for the banking supervision in the long run. 

Moreover, Benoît Cœuré said that the decision to establish a 

European supervision within the ECB was primarily due to the 

urgent need for a solution in the middle of the European debt 

crisis. 

Despite these reservations, the central bankers described the 

single banking supervision as an important step to adapt the 

institutional framework of the Eurozone in response to the crisis 

and to prevent that future national banking crises spread across 

borders. Sabine Lautenschläger pointed out that an advantage 

of the European banking supervision is that it operates on 

the basis of more comprehensive information compared to a 

national supervision. Therefore, it will be possible to detect risks 

that affect the banking system or emanate from it more easily 

and at an earlier stage. Benoît Cœuré said that more information 

would also help to better design monetary policy. 

Patrick Honohan stressed the importance of breaking the links 

between sovereigns and banks by implementing a supranational 

banking supervision. According to Sabine Lautenschläger, 

national supervisors often run the risk of being overprotective 

towards domestic banks for national concerns. Finally, Cœuré 

called for quickly implementing the European banking supervision 

in order to be able to continue with the development of the 

other elements of a European banking union, such as the bank 

resolution mechanism. 

After a discussion with the audience, Athanasios Orphanides 

from the MIT Sloan School of Management and Michael Burda 

from the School of Business and Economics of the Berlin Humboldt 

University spoke about monetary policy, fiscal policy and 

the politics of the European Monetary Union. 

21

Orphanides compared the ways European governments acted in 

former crises with the current crisis. In the past, politicians usually 

worked towards a solution that also advanced the European 

project. Today, they do not immediately address problems even 

if these were recognized. According to Orphanides, the reason 

is a crisis of European political leadership. Governments prefer to 

postpone decisions that involve political costs - especially shortly 

before elections. With always having an election in one country 

of the Eurozone, there is risk of a permanent blockade. Only the 

threat of an imminent collapse could encourage politicians to 

incur the political costs. He regrets in this regard that during the 

current crisis interventions of the ECB diffused the pressure on 

political leaders to solve upcoming problems. 

In the end, Michael Burda presented three scenarios of how 

Europe could look like in ten years. He gave an optimistic, a 

pessimistic and a realistic outlook. He considered as realistic that 

the Euro remains the common currency in all Euro countries, 

but transfer payments will continue to be made within the 

EU. Furthermore, Burda assumed that Greece receives a debt 

reduction but doesn’t continue with its reform efforts. Finally, he 

warns the European governments that they should go back to 

the no-bailout principle and be no longer liable for the debt of 

other member countries. 

As last speaker, the honored Stefan Gerlach took the opportunity 

to stress the importance of the interdisciplinary research 

conducted by the IMFS. The symposium was closed by the 

Managing Director of the IMFS, Volker Wieland. 

Registered participants: 170, Registered journalists: 21 

30.11. – 01.12.2012 

4 th Workshop on Money, 

Macro and Finance in East Asia 

Organized by 

Peter Tillmann (University of Giessen and IMFS) 

Heinz Hermann (Deutsche Bundesbank) 

Michael Funke (University of Hamburg) 

The 4 th Workshop on Money, Macro and Finance in East Asia was 

organized jointly by the IMFS, the Deutsche Bundesbank, and 

the University of Hamburg and took place in the Bundesbank’s 

training center in Eltville. The workshop traditionally brings 

together researchers from universities and central banks who 

deal with current macroeconomic and financial developments 

in East Asia. The topics discussed in 2012 included: China’s role 

in the development of global inflation; global imbalances from a 

regional perspective using Chinese regions as an example; liberalization 

of capital accounts in China and its effects on Renminbi 

exchange rates; demographic factors for determining real interest 

rates in Japan; modeling macroprudential policy for Hong 

Kong and Korea and the monetary policy regime in Singapore. 

The tremendous relevance of East Asia’s economies for the international 

economic development increasingly shifts the focus of 

economic research on macroeconomic and monetary issues 

toward the region. The economic policy experience from this 

region, such as the application of macroprudential measures, is 

particularly relevant for European economies. 

The workshop’s highlight was the keynote by Andrew Filardo 

(Bank for International Settlements), who discussed the challenges 

for the international monetary system in the context of 

international spillover effects and focused on the implications for 

Asian economies. Andrew Filardo also discussed the geopolitical 

reactions to “tail risks”, the effects of volatile international capital 

flows, and the perspectives of economic policy coordination in 

East Asia. 


29.11.2012 

Monetary and Fiscal Challenges in the United States 

and the Euro Area 

Organized by Helmut Siekmann and Volker Wieland 

In November 2012, the IMFS and the House of Finance jointly 

organized a lunchtime conference on “Fiscal and Monetary Policy 

Challenges in the United States and the Euro Area”. Richard W. 

Fisher, President and Chief Executive Officer of the Federal Reserve 

Bank of Dallas, started off the conference with a speech on the 

current monetary and fiscal challenges in the United States, which 

was both entertaining and interesting. 

Fisher called on the U.S. government to provide the necessary 

conditions for job creation. He argued that monetary policy had 

already done its homework. “We filled up the tank, now we’re 

just waiting for the signal to go.” He explained that now it was 

fiscal policy’s turn. Fisher particularly emphasized the need to 

avoid the “fiscal cliff” – the simultaneous increase in tax rates and 

decrease of government spending through sequestration – at 

the end of the year. He claimed that if businesses do not trust 

long-term fiscal policy, they would not create jobs. He argued that 

monetary policymakers must realize that they are reaching their 

limits in terms of the job market. 

Following the speech by Fisher, Volker Wieland presented current 

research based on a model developed by the European Central 

Bank. According to this model, states facing consolidation pressure 

should give preference to spending cuts over increasing taxes, 

especially income taxes, as tax increases have negative short and 

long-term effects on the economy. 

The conference was concluded with a Q&A session with the audience 

and journalists. 


22


21.06.2012 

State Aid in the Banking Market 

Organized by Helmut Siekmann 

The conference on “State Aid in the Banking Market – Legal and 

Economic Perspectives” was jointly organized by the IMFS and the 

Policy Platform at the House of Finance. The organizers were able 

to attract a prominent visitor to the IMFS, Joaquín Almunia, Vice- 

President of the European Commission and EU Commissioner for 

Competition, who gave the keynote address on this topic. Prof. 

Rainer Klump, Vice President of Goethe University, and Florian 

Rentsch, Minister of Economics, Transportation and Development 

of the State of Hessen, gave the welcoming speech. 

that the European banking market was distorted because of the 

different solidity of the respective states. Compared to banks in 

Northern Europe, institutes in Southern Europe are at a disadvantage 

due to reservations among investors. Inefficient institutes in 

the North are thus able to refinance more easily than solid banks 

in the South. Orphanides therefore called for a standardized European 

internal market with a common deposit protection scheme. 

Both speakers as well as Prof. Joel Monéger (University of Paris- 

Dauphine/Institute Droit Dauphine) and Prof. Martin Hellwig (Max 

Planck Institute for Collective Goods) answered questions from 

the moderator Thomas Huertas (Ernst & Young, London) and the 

audience. 

Registered external participants (excluding speakers): 104 


15.06.2012 

The ECB and Its Watchers 2012 

Organized by Volker Wieland 

In his speech, Commissioner Almunia emphasized that not every 

financial institute facing difficulties could be kept in operation 

using government aid. Public funds should only be used if there is 

a chance that the bank will subsequently again be able to conduct 

business independently. According to Commissioner Almunia, 

European governments have observed these maxima. Since the 

beginning of the crisis 45 banks in the EU have been restructured 

or liquidated or are currently in the process of doing so. 

Prof. Daniel Zimmer (University of Bonn and Monopoly Commission) 

started off the academic session of the conference by criticizing 

the actions of the European governments. While in the U.S. 

more than a hundred of institutes had to declare bankruptcy since 

the beginning of the subprime crisis, in Europe governments on 

the dubious pretext of systemic relevance bailed out even several 

medium-sized banks, such as the German IKB or the Danish Fiona 

Bank. Referring to the concept of competition, he also questioned 

the terms of the regulatory agencies requiring individual banks to 

reduce their balance sheets. 

Athanasios Orphanides (formerly with the Central Bank of Cyprus) 

focused on this issue from an economic perspective. He criticized 

Since 1999 the “The ECB and Its Watchers” conference brings 

together representatives of the European Central Bank and its 

watchers once a year. In 2012, the IMFS, together with the 

Center for Financial Studies, was the co-sponsor of the event for 

the first time. Since 2004, Volker Wieland has been in charge of 

organizing the conference. 

On June 15, 2012, ECB President Mario Draghi and Peter Praet, 

Member of the ECB Board, spoke to watchers from business, the 

media, and the financial world. Given the current events, this 

year’s analysis, criticism, and advice of the “ECB Watchers” to 

politicians, financial market players, and citizens of the European 

Union seemed more significant than ever. 

In his speech, President Draghi defended the ECB’s policy measures. 

He explained that besides its clear focus on price stability, 

the ECB had done its best to mitigate the effects of the financial 

crisis. Providing massive liquidity by means of three-year refinancing 

operations was necessary due to the instability of the 

financial markets. He added that the ECB would continue to 

provide liquidity for solvent banks if needed. Two days ahead of 

the much-anticipated parliamentary elections in Greece, Draghi 

emphasized the significance of a joint European approach in 

order to create growth and jobs, to improve competitiveness 

internationally, and to protect the social values of Europe. 

23

21.-22.01.2012 

Retail Financial Services after the Crisis 

Organized by Roman Inderst and Brigitte Haar 

TIn early 2012, the IMFS (Prof. Roman Inderst), together with 

the Doctorate/Ph.D.-Program Law and Economics of Money and 

Finance (Prof. Brigitte Haar), organized a conference on “Retail 

Financial Services after the Crisis: Legal and Economic Perspectives 

on Investor and Consumer Protection”. 

The event started off with a podium discussion featuring regulation 

experts and was followed closely by the audience on both 

days of the conference. Representatives of the European Commission 

(Jacqueline Minor, Director of Consumer Affairs), German 

Financial Supervisory Authority (Michael Sell, Executive Director), 

British Financial Services Authority (Peter Edmonds, Risk Division), 

Federal Ministry of Food, Agriculture and Consumer Protection 

(Christian Grugel, Head of Department), as well as the banking 

industry (Martin Krebs, Executive Board, ING-DiBa) took part in the 

discussion. The discussion focused on several political proposals in 

Germany, Great Britain, and Europe to improve the knowledge 

about financial products among private investors. 

Among the “ECB Watchers” who afterwards discussed the 

questions raised by Draghi were members of governments and 

national central banks, such as the Portuguese Finance Minister 

Vítor Gaspar, the Vice-Governor of the Irish Central Bank, 

Prof. Stefan Gerlach, as well as Lucio Pench from the European 

Commission, influential scientists such as Prof. Lucrezia Reichlin 

(London Business School), Sir John Vickers (Oxford University), 

Prof. José Campa (University of Navarra) and Prof. Hans-Werner 

Sinn (Ifo Institute) as well as chief economists from financial 

institutes, such as Willem Buiter (Citigroup). 

The issues discussed ranged from banking regulation and 

monetary policy to the current state of economic alignment 

in the Eurozone. More specifically, the discussion focused on 

appropriate regulatory frameworks for the banking sector in 

order to address systemic risks, and the need for a banking 

union. In terms of monetary policy the discussion dealt with the 

question of whether the level of liquidity provided by the ECB 

was insufficient, adequate, or too high. Similarly, the question 

whether the ECB is dealing effectively with the challenges of 

the Eurozone’s heterogenous economic situation was also 

raised. Several speakers also focused on the divergences within 

the Eurozone and analyzed the need for economic alignment. 

In addition, the developments of the alignment process were 

assessed and different visions about a future institutionalization 

of the Eurozone and the composition of the monetary union 

were presented. 

The conference set a record with about 300 registered participants, 

among them about 70 journalists. As in previous 

years, the conference was broadcasted – partly live – by CNBC, 

Bloomberg, and Reuters TV. President Draghi’s speech and other 

conference content were covered in the main newscasts of the 

German public television stations, ARD and ZDF. 



Following the discussion, leading experts on capital market law 

and finance presented their research on the foundations of investor 

and consumer protection as well as their implementation into 

regulatory practice. In line with the interdisciplinary concept of the 

conference, each of the four sections on this topic included both 

an economist and a legal expert. 

The first section dealt with “Behavioral Law and Economics of 

Financial Regulation”. Prof. Michael Barr (Michigan Law School, 

former Assistant Secretary for Financial Institutions, U.S. Treasury) 

analyzed to what extent insights from behavioral economics 

influenced the Dodd-Frank Wall Street Reform and the Consumer 

Protection Act. Prof. Paul Heidhues (European School of Management 

and Technology) presented a theoretical model on the 

exploitation of naiveté in a competitive credit market. 

The second section focused on the “Investor Model and Consumer 

Trust”. Prof. Niamh Moloney (London School of Economics) 

discussed the question of whether private investors should be 

seen as consumers of financial products rather than investors in 

the capital market. Prof. Luigi Guiso (Einaudi Institute for Economics 

and Finance) emphasized the importance of trust in order for 

financial markets to work and illustrated this in his own empirical 

analyses. 

Starting off the second day of the conference, the third section 

dealt with the “Scope of Investor and Consumer Protection”. 

Prof. Susanne Kalss (Vienna University of Economics and Business) 

discussed how Austrian courts deal with the flood of lawsuits of 

private investors caused by the financial crisis. With the help of 

a theoretical model, Prof. Marco Ottaviani (Bocconi University) 

explained the behavior of financial consultants toward naïve and 

cautious consumers and discussed potential policy options. 

In the final section, Prof. Eilis Ferran (University of Cambridge) 

began her presentation on “Consumer Protection: Experience 

and Potential” with a lecture on lessons learned from the British 

scandal surrounding payment protection insurance. Prof. Mark 

24


Armstrong (University of Oxford) concluded the conference with 

a presentation of his research on contingent payment for financial 

services in a model with naïve and intelligent consumers. 

The second volume of the European Business Organization Law 

Review 2012 was dedicated to the IMFS/LEMF conference und 

published the conference presentations. 


(European Central Bank), Professor Markus C. Kerber (Technical 

University of Berlin, Professor in EU competition law, leader of 

the study centre Europolis), Ignazio Angeloni (European Central 

Bank), Helmut Siekmann (IMFS), Raoul Ruparel (Open Europe). 

The debate was chaired by Stephan Balling (Börsen-Zeitung). 



05.-06.12.2011 

3 rd Workshop on Money, Macro and Finance 

in East Asia 

Organized by 


Heinz Herrmann (Deutsche Bundesbank), 

Peter Tillmann (Justus Liebig University Giessen and IMFS) 

The rise of East Asian economies has transformed the world 

economy. This makes it increasingly important to understand 

the underlying forces shaping these economies and how they 

impact on the global economy. Most importantly, the East Asian 

experience with monetary policy frameworks and exchange rate 

regimes, banking sector reform and financial liberalization provides 

a fascinating case for evaluating and improving the state 

of macroeconomic research. There are important lessons to be 

learnt from the remarkable degree of resilience of most Asian 

economies to the recent financial crisis as well as the Japanese 

experience with weak economic growth, deflationary perils and 

high fiscal debt. This informal workshop dealt with these issues. 

The keynote speech was given by Mark Spiegel (Federal Reserve 

Bank San Francisco and CPBS) and focused on the question “Can 

Asia lead the global recovery”. The workshop was held at the 

Bundesbank’s training center in Eltville. 


11.11.2011 

The Role of the ECB in the Crisis 

Organized by Helmut Siekmann and Open Europe 

This panel was jointly organized with the think tank Open 

Europe at the Haus am Dom in Frankfurt and it attracted a large 

number of journalists. 

The first session focused on the legality of the ECB’s decisions to 

buy government bonds on the secondary market in light of its 

primary mandate of price stability and independence from fiscal 

policy. The second session examined the benefits and costs of 

the ECB’s actions during the Eurozone crisis, including its liquidity 

provision for banks, its bond buying programme and its decisions 

on interest rates. Besides, it was also discussed whether, 

moving forward, the ECB should start acting more as the lender 

of last resort for the Eurozone. 

The speakers and panelists were Antonio Sáinz de Vicuña 

08.-09.11.2011 

The ESRB at 1 

Organized by 

Stefan Gerlach 

Helmut Siekmann 

Ernest Gnan (SUERF), 

Jens Ulbrich (Deutsche Bundesbank) 

The European Money and Finance Forum (SUERF), the Deutsche 

Bundesbank and the IMFS took the opportunity of the first 

anniversary of the creation of the European Systemic Risk Board 

(ESRB), to organize a joint conference in Berlin on November 8 

and 9 2011. The purpose of this event was to take stock of first 

experiences of the ESRB, to discuss current issues in the field of 

macroprudential supervision, and to identify forthcoming challenges 

for the ESRB and macroprudential supervision at large. 

The issues discussed included the integration of macro-financial 

elements into macroeconomic models, the measurement and 

indicators of systemic risk, macroprudential tools and their 

effectiveness. 

The program of the conference comprised panels, keynote sessions 

and four working sessions. 

- Keynote Session I (Systemic Aspects of Risk Measurement and 

Risk Management: lessons from the Financial Crisis), Policy 

Panel (Measurement of Systemic Risk / Experiences with the 

ESRB – the view from within and in relation to other policy 

areas/institutions / Financial Markets) 

- Keynote Session II (Managing macroprudential and monetary 

policy – a challenge for central banks), Session 1 (Theoretical 

and empirical macro-financial models linking financial stability 

and the performance of the economy), Session 2 (Empirical 

models on the causes, transmission channels and the real 

impact of financial crises), Session 3 (Measuring Systemic 

Risk) and Session 4 (Macroprudential instruments to contain 

systemic risk). 

Among the speakers were Claudia Buch, University of Tübingen, 

Stephen G. Cecchetti, Bank for International Settlements, Martin 

Hellwig, Max-Planck-Institute and ESRB, Philipp M. Hildebrand, 

President, Schweizerische Nationalbank, Stefan Ingves, Governor, 

Sveriges Riksbank, Jürgen Stark, European Central Bank and 

Jens Weidmann, President of the Deutsche Bundesbank. The 

conference was funded by the Foundation of Monetary and 

Financial Stability. A conference compendium was published in 

2012. 


25

11.02.2011 

Competition in the financial sector 

(“Finanzsektor im Wettbewerb”) 

Organized by Roman Inderst and Brigitte Haar 

The conference “Finanzsektor im Wettbewerb” was jointly 

organized by Prof. Roman Inderst, IMFS, and Prof. Brigitte Haar, 

The Doctorate/Ph.D. Program Law and Economics of Money and 

Finance (LEMF). 

Among the speakers were Prof. Wernhard Möschel (University of 

Tübingen; former head of the German Monopolies Commission), 

Prof. Hannes Rehm (Financial Market Stabilisation Fund, SoFFin), 

Dr. Horst Satzky (Partner, Hengeler, Mueller; member of the 

Executive Board of the Forschungsinstitut für Wirtschaftsverfassung 

und Wettbewerb), Prof. Daniel Zimmer (University of Bonn 

and German anti-trust commission). 

03.-04.12.2010 

2 nd Workshop on Money, Macro and Finance 

in East Asia 

Organized by 


Stefan Gerlach (IMFS) 

Heinz Herrmann (Deutsche Bundesbank) 

The Asian economies have gained increasing importance for the 

worldwide development and their weight will increase further. 

They proved largely resilient to the current financial crisis, yet 

the roots of the crisis were not unrelated to economic developments 

and policies in the region. This raises the question of 

what lessons we can draw from macroeconomic, financial and 

banking developments in Asia. This second informal workshop 

on “Money, Finance and Banking in Asia”, organized jointly by 

the Bundesbank and the IMFS, dealt with these issues in the 

Conference Centre of the Deutsche Bundesbank in Eltville am 

Rhein. 


and constitutional law. Prof. Christoph Herrmann (University 

of Passau), Prof. Christoph Paulus (Humboldt-University Berlin) 

and Prof. Helmut Siekmann analyzed the consequences of the 

crisis and debated future prospects. Finally, Christian Thimann 

(ECB) discussed the challenges of creating the proposed new 

organizational structure. 


30.06.2010 

Sovereign defaults in the euro area: 

Legal and economic issues 

Organized by Stefan Gerlach and Brigitte Haar 

In cooperation with The Doctorate / PhD Program Law and 

Economics of Money and Finance (LEMF) the IMFS organized 

this conference in June 2010. An overview from the legal perspective 

was given by Jörn Axel Kämmerer, Professor of Public 

Law, Public International and European Law at the Bucerius Law 

School. He focused in the first part of his presentation on the 

European approach to sovereign defaults, and in the second part 

on the perspectives for a “European State Insolvency Regime”, 

by discussing alternative ways of sovereign debt restructuring. 

Michael Burda, Professor of Economics, Humboldt-Universität 

Berlin, focused on the economic perspectives and discussed 

“The simple mechanics of solvency, stability and sovereign 

debt”. He reminded that fiscal discipline in a monetary union 

is essential. He also pointed out that the world recession was 

a massive distraction to fiscal discipline and concluded that it is 

time to renew focus on stability. 

The panel was chaired by Prof. Brigitte Haar (LEMF, Goethe 

University). Panelists besides for Prof. Burda and Prof. Kämmerer 

were Prof. Stefan Gerlach (IMFS, Goethe University) and Prof. 

Helmut Siekmann (IMFS, Goethe University), 



03.12.2010 

X. Walter-Hallstein-Colloquium 2010 

Jointly organized by Stefan Kadelbach, Rainer Hofmann, Rainer 

Klump, Stefan Gerlach and Helmut Siekmann 

Due to a thematic overlap, the Xth Walter-Hallstein-Kolloquium 

was jointly organized by the Wilhelm Merton Centre for European 

Integration and International Economic Order and the 

Institute for Monetary and Financial Stability. It was geared 

towards an audience from all faculties. The central question 

was what kind of structures were needed to avoid future crises. 

Daniela Schwarzer (Foundation Wissenschaft und Politik, Berlin) 

analyzed the management of the current crisis and asked what 

lessons could be learned. Prof. Martin Nettesheim (University of 

Tübingen) discussed the rescue measures in light of European 

29.06.2010 

Roundtable: Ursachen, Auswirkungen 

und Lehren der Finanzkrise / 

“The financial crisis: Reasons, consequences 

and lessons” 

Organized by Stefan Gerlach and Helmut Siekmann 

in cooperation with AmCham Germany, 

FAZ Institute and House of Finance 

The American Chamber of Commerce, the FAZ Institute, the 

House of Finance and the IMFS jointly organized the panel 

discussion on „Ursachen, Auswirkungen und Lehren der 

Finanzkrise: Eine systematische Bestandsaufnahme” (“Causes, 

Consequences and Lessons-learned from the Financial Crisis: 

An appraisal”). The panel discussion explored the reasons and 

consequences of the financial crisis and presented a general 

26


overview of the state of research and opinions. The roundtable 

aimed at finding a suitable balance between the different positions 

and contributing to the current discussion. 

The panel was chaired by Gerald Braunberger (FAZ), the panelists 

were Carl-Christoph Hedrich (Commerzbank), Vincent Kerkhof 

(Adam Opel), Philipp Lingnau (Morgan Stanley Bank) Eugen 

Paravicini (Ministry for Economic Affairs of the State of Hessen) 

Helmut Siekmann (IMFS). 



04.-05.12.2009 

Workshop on “Money, Finance and Banking in Asia” 

Organized by 

Stefan Gerlach and Heinz Herrmann (Deutsche Bundesbank) 

This joint IMFS/Deutsche Bundesbank workshop in the Training 

Centre of the Deutsche Bundesbank, Eltville, focused on “The 

Internationalization of Financial Crises: Banking and Currency 

Crises 1883 – 2008” or “Comparing the 1990s Asian Crisis with 

the Current Crisis in Emerging Europe”. 

aspects of the crisis. The implications for competition of the 

increasingly prominent role of the state in the banking sector 

were discussed. 

Session IV: MONETARY POLICY IN TIMES OF CRISIS 

The session on monetary policy explored two matters: First, 

what role, if any, monetary policy played in the run up to the 

crisis. Second, how will monetary policy framework change as 

a consequence of the crisis In particular, does the crisis suggest 

that central banks should “lean against the wind” when asset 

prices and credit growth rise rapidly but inflation remains low 

and stable 

The speakers and discussants were: I) Hermann Remsperger 

(Chairman of the Foundation of Monetary and Financial Stability), 

Otmar Issing (Chairman of the Board of Trustees of the 

House of Finance and President of the Center for Financial Studies), 

Kenneth E. Scott (Stanford Law School), Sushil Wadhwani 

(Wadhwani Asset Management), Martin Andersson (Finansinspektionen, 

Stockholm) II) Theodor Baums (Institute for Law and 

Finance), Charles K. Whitehead (Cornell University Law Schoo), 

Ian Harvey-Samuel (Shearman & Sterling, London), Lars Heikensten 

(European Court of Auditors), Neelie Kroes (European 

Commission), Peter Praet (National Bank of Belgium), Charles 

Goodhart (London School of Economics), Hyun Shin (Princeton 

University), Alberto Giovannini (Unifortune SGR SpA) 

Registered Participants: 27 


Registered Journalists: 17 

22.-23.10.2009 

The Financial Market Crisis – 

Causes, Remedies and Prevention 

Organised by Helmut Siekmann, Stefan Gerlach 

and Deutsche Bundesbank 

The two-day conference was realized under the patronage of 

the Federal Minister of Finance and the President of the Deutsche 

Bundesbank. 

Session I: OVERALL LESSONS FROM THE FINANCIAL MARKET 

CRISIS 

Session I examined the causes of financial market crises and 

offered proposals for how to prevent them. The overall lessons 

to be learned from the current crisis, which focus on changes in 

regulatory and institutional arrangements, were discussed, from 

the perspectives of authorities with responsibility for financial 

stability, financial economists and legal scholars. 

Session II: TRANSPARENCY AND DISCLOSURE 

Session II focused on the importance of transparency and 

disclosure in ensuring financial stability. The complexity of 

innovative financial products as well as the lack of transparency 

and disclosure of relevant risks contributed importantly to the 

financial market crisis. The appropriate design of the regulatory 

frameworks was analyzed and suggestions for improvements 

were discussed. 


Symposium on “Legislative measures to prevent 

the takeover of listed companies by way of `creeping´ 

takeovers” 


This half-day conference was conducted in French and German 

in the House of Finance. It dealt with „Gesetzgeberische 

Maßnahmen zur Verhinderung der Übernahme börsennotierter 

Unternehmen im Wege des ‚Anschleichens’“/„Mesures 

législatives pour empêcher l´absorption des entreprises quotées 

en bourse par des voies détournées“ (“Legislative measures to 

prevent the takeover of listed companies by way of ‘creeping’ 

takeovers”). 

The speakers were Prof. Charles Goyet (Université de Strasbourg), 

Prof. Daniel Ohl (Avocat au barreau de Paris, Professeur Associé 

Université d’Orléans), Dr. Roger Müller (Managing Director and 

General Counsel Deutsche Börse AG), Prof. Theodor Baums, 

Prof. Roman Inderst, Prof. Helmut Siekmann (IMFS). 


Session III: REGULATION, SUPERVISION AND COMPETITION 

Session III dealt with regulation, supervision and competition 

27

11.-12.06.2009 

Conference on “Inflation targeting twenty years on” 

Organized by 


David Cobham (Heriot-Watt University, Edinburgh) 

Øyvind Eitrheim (Norges Bank) 

Jan F. Qvigstad (Norges Bank) 

The IMFS and the Norges Bank jointly organized a conference in 

Oslo on “Inflation targeting twenty years on”, as 20 years earlier, 

New Zealand was the first country to adopt inflation targeting 

(IT) in its formal definition and first announced a consumer price 

index (CPI) inflation target in 1989 as part of its economic reform 

and restructuring effort. The conference sought to answer a 

wide range of questions, from the nature and causes of the 

spread of IT through the degree of its success as a monetary 

policy strategy, to the ways in which it is developing and may 

develop in the future. 

II. Distinguished Lectures 

In 2010, the Institute for Monetary and Financial Stability initiated 

the IMFS Distinguished Lecture Series. It is designed to 

provide a platform for the dissemination of the significance 

of monetary and financial stability. The exchange of ideas and 

views of leading policy makers and outstanding academics on 

important topics related to monetary and financial stability is 

promoted by the format. There are typically two components 

to these events: a public lecture, that is geared to a non-expert 

audience, and a dinner for about 15-20 participants, drawn 

from policy and academic circles, during which the discussions 

are to be continued in an informal and confidential way. 


James Bullard 

Among the speakers and discussants were Governor Athanasios 

Orphanides (Central Bank of Cyprus), Charles A.E. Goodhart 

(LSE), Stephen G. Cecchetti (BIS), Hans Genberg (Hong Kong 

Monetary Auhtorities), Lars Heikensten (European Court of 

Auditors) and Governor Svein Gjedrem (Norges Bank). 


While the United States are 

recovering after the financial 

crisis and unemployment is 

decreasing despite low growth, 

the Eurozone has returned to 

a recession. Inflation is low on 

both sides of the Atlantic and 

monetary policy rates are close 

to zero. What are the monetary 

policy options for central bankers 

in these times to improve 

the economic situation 

On Tuesday, 21 May, James Bullard, President and CEO of the 

Federal Reserve Bank of St. Louis, held the IMFS Distinguished 

Lecture on invitation of the IMFS and the U.S. Consulate General 

Frankfurt on “Monetary Policy Options in a Low-Rate Environment”. 

The central banker argued in favor of quantitative easing 

(QE), which implies the purchase of government debt by central 

banks. 

Bullard presented the different monetary policy measures that 

central bankers could use in a low rate environment: 1) Do 

nothing, keep the interest rate close to zero for an extended 

period of time and wait. This could lead to a mildly deflationary 

situation, warned Bullard. 2) Implement “forward guidance” 

by announcing future monetary policy measures, for example, 

maintaining the near zero rate even if the economy is recovering. 

According to the Fed member, this would also be problematic. 

The announcement would have to be perfectly credible 

to stimulate consumption and investment in the private sector. 

Otherwise no real effects could be expected. On the contrary, 

28


the promise could even send a pessimistic signal to the private 

sector that might interpret the central bank’s move as a reaction 

to a possible long-lasting depression. 3) Charge or rather 

“grant” negative interest rates on banks’ reserves or 4) do a twist 

operation: Exchange government debt with a short duration for 

debt with a longer duration. Bullard explained that these last 

two options were not very effective. 

In Bullard’s view, the best policy option was quantitative 

easing: “Quantitative easing is closest to standard monetary 

policy, involves clear action and has been effective.” The US 

central bank should therefore continue their quantitative easing 

program. Bond purchases should be adjusted to the economic 

performance and inflation rate. 

For the Eurozone, Bullard recommended a GDP-weighted 

quantitative easing program: The European Central Bank (ECB) 

should buy government bonds of all Euro countries according 

to their share of Eurozone-GDP. In this way, it could counteract 

deflationary tendencies and, at the same time, calm down critics 

who reproach the ECB for buying government bonds to support 

highly indebted countries. 



11.09.2012 

Jörg Asmussen 

It was thus not surprising that in his speech on “Stability Guardians 

and Crisis Managers: Central Banking in Times of Crisis and 

Beyond” Asmussen focused on the current events. As apparent 

in the title of the speech, he explicitly claimed for the ECB to 

have the role of the crisis manager and preserver of financial 

stability. 

According to Asmussen, monetary policy is reaching its limits 

in terms of effectiveness and legitimacy. National governments 

should not mistake the ECB’s new OMT program for a substitution 

for structural reforms and fiscal consolidation. Asmussen 

emphasized the strict rules of the program. He explained that 

it was in accordance with the European law, especially with the 

ban on monetary government financing. Asmussen was convinced 

that the OMT program represented significant progress 

compared to the previous Securities Market Program. 

Asmussen further emphasized the ECB’s willingness to play an 

active role in the European banking regulation. As a precondition 

he called for the separation of independent monetary policy and 

banking regulation controlled by parliaments or the judiciary. He 

also argued that the ECB should be given all required tools to 

play this new role effectively and efficiently. 

Following the Q&A session with the audience, Asmussen 

answered questions from the media. He was asked how he 

would react to the upcoming decision of the German Constitutional 

Court and a potential ESM ban. Asmussen replied: “If that 

happens, I will be going on vacation.” 



16.04.2012 

Choongsoo Kim 

Due to the turbulent times 

that the euro area monetary 

policy was facing at the time, 

the Distinguished Lecture 

with Jörg Asmussen, Member 

of the ECB Board, originally 

planned for June 25, had to be 

rescheduled. Dramatic events 

preceded the new date in September: 

on September 6, the 

ECB presented its new bond 

purchasing program “Outright 

Monetary Trans¬actions” 

(OMT) in which Jörg Asmussen had played a significant role. 

The German Constitutional Court had scheduled their decision 

on emergency petitions for the permanent “Euro rescue package” 

ESM for the day after the speech, and EU Commissioner 

Michel Barnier intended to present his plans for a European bank 

supervision authority. 

The speech by Governor 

Chongsoo Kim, President of 

the Bank of Korea, was given in 

the grand environment of the 

Casino of Goethe University. A 

reception marked the beginning 

of the evening during 

which invited guests had the 

opportunity to try numerous 

Korean specialties and enjoy 

classical music performed by 

three Korean musicians. 

29

After introductory remarks by Vice President Prof. Rainer Klump 

(Goethe University), Prof. Luise Hölscher (Ministry of Finance, 

State of Hessen), Dr. Lutz Raettig (City of Frankfurt), and Won- 

Jung Han (Consulate General of the Republic of Korea), Governor 

Kim gave an entertaining and interesting speech on “Out of the 

Great Recession: An EME’s Perspective”. 

Governor Kim expressed concern about the alarming growth 

prospects in industrial countries and recalled the lessons from 

the international economic crisis in the 1930s. He blamed the 

high public debt of some European countries for the sluggish 

economic growth. He also warned against drastic austerity 

measures that could only exacerbate the recession in countries 

such as Spain and Italy. Instead, governments should find the 

courage to implement structural reforms, for example in labor 

markets. Monetary policy can only provide support to the extent 

that, through relevant policies, it may give the reforms time to 

be implemented. 

Governor Kim harshly criticized the loose monetary policies of 

both the European Central Bank and the Federal Reserve. He 

contradicted ECB President Mario Draghi, who had denied 

negative effects of the ECB’s loose monetary policy on emerging 

markets. He emphasized, however, that current monetary 

policy leads to strong divergences of capital flows into emerging 

markets and thus exchange rate instabilities. In addition, he 

argued that the cheap money supplied by central banks was at 

least partly to blame for higher prices in commodity markets. 

Governor Kim called on the central banks of industrial countries 

to consider the effects of their policies on emerging countries. 

He advocated setting up an institution dedicated to the international 

coordination of monetary policies. 

The Börsen-Zeitung summarized the event the next day stating, 

“Kim contradicts Draghi”, arguing that the Governor Kim had 

given his European colleagues a piece of his mind. 



16.06.2011 

Martin Wolf 

problems 5. What are German interests His ample statements 

led to the conclusion, that the Eurozone now has a choice of 

which way to go or whether to break up. One possibility would 

be further moves to a fiscal union, with banks underpinned 

by a common treasury and substantial fiscal transfers to weak 

regions, which would surely require a single political process. 

Another – dreadful – possibility would be a move to full economic 

flexibility, with debt restructuring and national financial 

meltdowns. 



18.05.2011 

Anders Borg 

In the Representation of the State of Hesse in Berlin Anders 

Borg, Minister of Finance, Sweden, gave a speech on “Ensuring 

Fiscal and Financial Stability in Europe – Lessons from Sweden”. 

The Minister explained what he regarded as the essential parts 

of Sweden’s fiscal policy framework, and what other countries 

can learn from Swedish experience. In the early 1990s, Sweden 

was in a position that has much in common with the situation 

in countries like Spain and Portugal today. Having public deficits 

of 11 per cent, rise of unemployment from 3 to 10 per cent 

and the risk premium against Germany was several percentage 

points. The interest rate even reached 500 per cent for a while. 

The Swedish fiscal policy framework was among the weakest 

in the EU. The market lacked confidence both in the Swedish 

economy and in the ability of the political system to turn things 

around. So, Sweden has previous experience of the situation 

that many EU countries find themselves into today. 

Minister Borg pointed out the necessity that Europe must make 

serious reforms to ensure fiscal and financial stability. This could 

be learned from Sweden by introducing a strong fiscal policy 

framework, ensure an effective budget process, where the Ministry 

of Finance has a central role and by implementing necessary 

structural reforms. 

In his presentation on “Lessons from the Eurozone´s Crisis” the 

Chief Economics Commentator of The Financial Times, Martin 

Wolf, discussed five questions: 1. How did the Eurozone get 

where it is 2. What is the challenge of adjustment 3. How has 

the Eurozone tackled its crisis 4 How might the Eurozone fix its 

A reception for all participants followed the lecture, a dinner 

with invited guests – and as a highlight the attendance of State 

Secretary Jörg Asmussen – marked the end of the event. 



30


08.03.2011 

Masaaki Shirakawa 

Masaaki Shirakawa, Governor of the Bank of Japan, focused 

his speech on the topic of “150 Years of Innovation and Challenges 

in Monetary Control.” He pointed out four innovations, 

which have played an important role in monetary control and 

consequently in achieving economic stability: 1. The invention of 

central banks, 2. The invention of a “lender of last resort”, 3. The 

invention of monetary policy, 4. The introduction of the concept 

of central bank independence. He pointed out that in the practical 

application of these innovations, constant adaptation to 

changes in the financial and economic environment is necessary. 

In terms of the existence of central banks, it is essential that 

central banks take policy actions in response to changes in the 

environment. International cooperation is necessary not only 

among central banks but also at various levels of government 

and in the private sector. 

The lecture was embedded within the framework of “150 

Jahre Freundschaft Deutschland – Japan”, which was promoted 

by the Embassy of Japan in Germany. Welcome addresses to 

the Governor were given by Luise Hölscher, State Secretary in 

the Hessian Ministry of Finances, Lutz Raettig, Stadtrat (City of 

Frankfurt), and Mr. Toyoei Shigeeda, Consul-General of Japan in 

Frankfurt. 

A reception marked the end of the evening. 



21.02.2011 

Jürgen Stark 

The global financial crisis has been the most severe financial 

and economic debacle since the Great Depression of the 1930s. 

Central banks, and governments played a key role in containing 

the impact of the crisis by preventing a global economic and 

financial meltdown. At the same time, the crisis – which, by 

the way, is not over yet – may have important implications for 

central banking. This is what Jürgen Stark, Member of the ECB´s 

Executive Board, reflected in his lecture titled “Central Banking 

After the Financial Crisis”. 

Jürgen Stark emphasized, that monetary policy should be 

focused on the goal of maintaining price stability over the 

medium term and central banks should be independent of 

governments. However, the crisis has revealed short-comings of 

the pre-crisis global monetary order. Insufficient medium-term 

orientation in the monetary policy frameworks led to too loose 

a monetary policy stance in many advanced economies and 

contributed in my view importantly to exacerbating pre-crisis 

financial excesses. Strengthening the medium-term orientation 

of monetary policy frameworks also requires a commensurate 

leaning-against-the-wind attitude in face of financial cycles, 

which can be achieved by giving money and credit aggregates a 

due place in the monetary policy strategy. 

These insights need to be taken into account in the current 

considerations on the phasing out of non-standard measures. 

The risk of creating renewed financial imbalances and serious 

financial distortions by maintaining too loose a monetary stance 

for too long is considerable. 

Finally, the fundamental achievement to establish credible 

price stability oriented monetary policy frameworks must not 

be put at risk. Central banks need to avoid the spreading of 

any doubt of their commitment to maintain price stability and 

their independence from political influence. In this respect, it is 

important to refrain from any kind of monetary financing. It is 

ultimately up to fiscal authorities to address the root causes of 

the current problems and take measures to credibly ensure fiscal 

sustainability. 



02.12.2010 

Már Guðmundsson 

In his presentation on “Lessons from the Financial Crisis in 

Iceland” the Governor of the Central Bank of Iceland treated 

the build-up of macroeconomic imbalances, the rise of the 

31

cross-border banks, the crisis and its management, but also the 

policy responses to it. After having a look at the recession, the 

stabilisation and recovery he wrapped up some lessons to be 

learned. He emphasized that it is essential to have macroprudential 

regulation and supervision, with central banks in the driving 

seats. He also concluded that microprudential supervision should 

be moved closer to or back into central banks, especially in small 

open economies. 

III. IMFS Working Lunches 


Tobias Adrian 



29.11.2010 

Hans Tietmeyer and Jean-Claude Trichet 

Tobias Adrian, Vice President and Head of the Capital Markets 

Function of the Federal Reserve Bank of New York, gave a presentation 

on “Financial Stability Monitoring”. His talk focused 

on systemically important financial institutions (SIFIs) and FMU 

monitoring, shadow bank monitoring, monitoring asset values 

and real economy monitoring. 

The Werner Report, which contains the first plan for the achievement 

of monetary union in Europe, was presented in October 

1970. To celebrate this, and to reflect on the report and its 

relevance today, Prof. Dr. Hans Tietmeyer, former President of 

the Deutsche Bundesbank, gave a talk on “The Werner Report 

at 40”. 

Jean-Claude Trichet, President of the European Central Bank, 

who also accepted the invitation as a speaker at this event, 

attended the dinner following the lecture. 

He concluded that recent regulatory reforms provide a mandate 

for systemic stability, and that financial stability monitoring 

complements microprudential supervision. He also emphasized 

that the monitoring framework aims at identifying the buildup 

of systemic risk and it provides a basis for usage of cyclical macroprudential 

policies. 

Registered Participants: 80, Registered journalists: 2 


David Kershaw and Thomas Kirchmaier 



David Kershaw, Professor of Law at the London School of 

Economics, and Dr. Thomas Kirchmaier, Fellow of the Financial 

Markets Group at the London School of Economics and Lecturer 

in Business Economics and Strategy at the Manchester Business 

School, presented as a part of the IMFS Working Lunch series 

their study “Shareholder Empowerment and Bank Bailouts”. 

Their research is – from a legal as well as from an economic point 

of view – focused on the question, if shareholder empowerment 

affected bank performance during the crisis. Their parameter 

was the bank bailouts during the years 2003 until 2009, to illus- 

32


trate this they used a six-scores “Management Insulation Index”. 

The conclusion was that in banks, where the shareholders have 

less influence on the board of managers, the probability of a 

bailout decreases by around 20 per cent. Other governance 

variables failed to produce significant results. 

At the end of the lecture followed a lively discussion, which supplied 

new channels for further investigation. 



Charles M. Kahn 

European banking supervision authority has yet to be realized 

and there are no incentives for national agencies to cooperate 

beyond national borders and share information about those 

institutes that operate across borders. 


11.04.2012 

Richard Werner 

At the outset of the summer semester, Richard Werner, professor 

for International Banking at the University of Southampton 

(UK) and visiting professor at Goethe University, introduced an 

“unorthodox” suggestion for refinancing Europe’s debt-ridden 

countries. According to his plan, governments should not issue 

any more bonds but rather borrow money from private banks. 

Werner explained his plan by using several European states as 

examples. He elaborated that in most economies only three 

percent of money creation can be traced back to central banks; 

the remaining 97 percent come from the private sector. The 

advantage of his idea: governments would not have to continue 

supporting weak banks but rather vice versa. This unorthodox 

plan, which Werner partly published with Prof. Helmut Siekmann, 

led to a lively and controversial discussion among the 

members of the audience. 



On March 18, 2013 Charles M. Kahn, Professor of Finance and 

the Bailey Memorial Chair of Finance, University of Illinois, gave 

a presentation on “Liquidity – A View of How Our Theories Are 

Changing”. After presenting what is new in recent accounts of 

liquidity and showing new features, he compared some classic 

treatments with some recent ones and illustrated the changes 

during the past years. He pointed out that there has been a 

fundamental shift in understanding macroeconomic significance 

of liquidity and that the role of flexibility was replaced by the role 

of limit to commitment. The next challenge that has to be faced 

will be the incorporating role of counterparties. 


Journalists: 1 

09.05.2012 

Tobias Tröger 

During an IMFS working lunch Prof. Tobias Tröger, who took up 

researching and teaching at the Faculty of Law at Goethe University 

in the winter semester 2011/2012, presented research on 

“Organizational Decisions of Banks in Cross-Border Operations”. 

Tröger outlined the pros and cons of two different organizational 

forms. The first form is an incorporated subsidiary enterprise 

holding a banking license subject to local banking supervision, 

without legal claim to support against the parent company in 

the case of crisis. The second form is a legally dependent branch 

for whose debt the parent bank is liable in the case of crisis. 

According to Prof. Tröger, supervisory regimes in individual 

states play an important role in the organizational decisions of 

enterprises. Institutes are still at an advantage over regulatory 

and supervision authorities. The centralization of a standardized 


Katja Langenbucher 

Professor Katja Langenbucher, Goethe University, Frankfurt: 

“The future of capital markets law in Europe” 



Thomas Laubach 

Professor Thomas Laubach, Goethe University, Frankfurt: 

“Budget deficits, debt, and interest rates” 




Professor Stefan Gerlach, Goethe University, Institute for Monetary 

and Financial Stability: 

“Current monetary policy problems on Mauritius” 



Francisco Nadal De Simone 

Francisco Nadal De Simone, Central Bank of Luxembourg: 

“The Central Bank of Luxembourg – Liquidity Surveillance 

Framework” 


33


Helmut Siekmann 

Professor Helmut Siekmann, Goethe University, Institute for 

Monetary and Financial Stability: 

“The Deficiencies in the Legal Framework as a contributing 

Factor to the present Crisis” 



Volker Wieland 

Professor Volker Wieland, Goethe University, Frankfurt, Center 

for Financial Studies: 

“Fiscal Policy to the Rescue: Old Keynesians versus New Keynesians” 


Lea Kamecke 

Lea Kamecke, Academy of Arts Düsseldorf: 

„Kunst und Kapital: Wert- und Währungssysteme in Kunst und 

Kunstmarkt seit 1925“ 



Christoph Ohler 

Professor Christoph Ohler, Friedrich Schiller University of Jena: 

“Banking Regulation after the Crisis” 




Marcel Fratzscher 

Marcel Fratzscher, Ph.D., European Central Bank: 

“The Financial Crisis, Global Imbalances and Monetary Policy” 



Thilo Sarrazin 

Dr. Thilo Sarrazin, former senator of finance for the State 

of Berlin, Member of the Executive Board of the Deutschen 

Bundesbank: 

„Erfahrungen mit der Sanierung eines Landeshaushaltes” 


IV. Public Lectures 

23.11.2010 

Naoyuki Yoshino 

After a short introduction by Professor Helmut Siekmann (IMFS), 

Professor Yoshino gave his presentation on “Optimal Basel Capital 

Requirements and a Proposal for Post-Crisis Asian Financial 

Development”, a comparison between the Japanese Bubble 

of 1990 and the recent financial crisis. He discussed the post 

crisis policies in Japan during the 1990s and the reasons why 

the Japanese economy suffered a long term recession after the 

bubble burst. Prof. Yoshino argued, that international Basel capital 

requirement should be changed substantially and proposes a 

new method to compute mini-mum bank capital requirements 

and applies this method to Japan, USA and Canada. 

Naoyuki Yoshino is Professor of Economics at Keio University 

in Tokyo, Japan. 


02.11.2010 

Alessio M. Pacces 

In his presentation on “Financial crisis: causes, consequences, 

reform”, Pacces analyzed the last financial crisis focusing on 

the recurrent dynamics of externalities in banking. 

Alessio Pacces is Associate Professor of Law and Economics at 

the Erasmus Instituut Toezicht & Compliance, Erasmus University 

Rotterdam. 



Peter Praet 

Peter Praet, Executive Director, National Bank of Belgium: 

“Regulatory Responses to the Financial Crisis” 



David Marsh 

David Marsh, London and Oxford Group: 

“Will the financial crisis strengthen or weaken the Euro – 

An overview from an European and trans-atlantic perspective” 



Thomas Greaney 

Professor Thomas Greany, Saint Louis University School of Law, 

USA: 

“Bank Mergers and US Antitrust Law during the Global Financial 

Crisis” 



Marc Flandreau 

Professor Marc Flandreau, Institut de hautes etudes internationals 

et du développement, Geneva: 

“The Current Financial Crisis rom a Historical Perspective” 


34


V. Summer Research Seminars on Monetary 


30.08.2012 

Vikrant Vig 

As part of an IMFS research seminar, Vikrant Vig, Professor 

of Finance at London Business School presented his research 

with Uday Rajan and Amit Seru on “The Failure of Models that 

Predict Failure: Distance, Incentives and Defaults”. 


20.08.2012 

Tobias Adrian 

As part of a research seminar, Tobias Adrian, Vice President 

and Function Head of the Capital Markets Function at the 

Federal Reserve Bank, New York, presented his research paper 

on “Intermediary Leverage Cycles and Financial Stability” (coauthor: 

Nina Boyarchenko). 


Amsterdam, CenDEF), Frank Smets (European Central Bank) and 

Volker Wieland (IMFS). 


10.06./17.06./18.06.2011 

„Monetary Policy and Financial Supervision and 

Regulation in the European Union” 

Organized by Stefan Gerlach and Helmut Siekmann 

This compact course was geared toward the students of the 

LEMF program and was designed to provide an overview of the 

European System of Central Banks (ESCB) including the ECB, 

of the European System of Financial Supervisors (ESFS), and 

of the substantive rules for financial markets and institutions. 

It consisted of lectures that provided an overview of monetary 

policy, the ECB´s monetary strategy and the legal framework for 

the ESCB, before turning to the regulation and supervision of 

financial institutions in the European Union. The seminar was 

organized in cooperation with the Doctorate/Ph.D. Program 

Law and Economics of Money and Finance (LEMF). 


VI. Smaller Workshops 

23.10.2012 

“German-South-East-Asian Workshop on Current 

Problems of Compliance, Competition, and Finance” 


The “German-South-East-Asian Workshop on Current Problems 

of Compliance, Competition, and Finance” took place in the 

context of the visit of a delegation of scientists from Thammasat 

University Bangkok, Thailand. The speakers included Ulrich 

Loewenheim (Goethe University), Peter Tillmann (University of 

Giessen and IMFS), Moritz Bälz (Goethe University), and Helmut 

Siekmann (IMFS). 

11.04.2011 

Recent Developments in Macroeconomic Policy 

Organized by Stefan Gerlach, Helmut Siekmann and Vivien Lewis 

The workshop focused on “Recent Developments in Macroeconomic 

Policy”. Among the speakers and discussants were 

Gert Peersman (Ghent University), Luisa Lambertini (Ecole Polytechnique 

Fédérale de Lausanne), Ignazio Angeloni (European 

Central Bank), Klaus Adam (University of Mannheim), Peter 

Karadi (Central Bank of Hungary) and Heinz Herrmann (Deutsche 

Bundesbank). 



15.-16.10.2012 

FP 7 Proposal Workshop on “Better integrating 

financial markets into policy-focused macro models” 

Organized by Volker Wieland 

The workshop served as a basis for preparing a proposal for the 

Framework Program of the European Commission (FP7): “Better 

integrating financial markets into policy-focused macro models” 

(submitted on January 31, 2013, volume: 2.5 million euros, 

coordinator: Volker Wieland). 

Among the presenters were Maurizio Motolese (Catholic University 

of Milan), Sébastien Villemot and Michel Juillard (CEPRE- 

MAP), Joe Pearlman (City University of London), Marco Ratto 

(Joint Research Center/EU), Guido Ascari (University of Pavia), 

Tom Holden (University of Surrey), Cars Hommes (University of 

35

D. Endowed 

Chairs 

A detailed list of contributions by IMFS professors in the areas 

of research, doctoral and post-doctoral training, researchbased 

policy advice, and public relations is given below. 

In research, the focus is on publications in leading scientific 

journals and book contributions with renowned publishers. 

The departments of economics and law differ in terms of their 

emphasis on such publications. In addition, professors are in 

high demand as speakers at national and international conferences 

and events. 

Doctoral and post-doctoral training mainly takes place as part 

of graduate education and the structured doctoral programs 

at Goethe University. Additionally, professors work closely 

with research assistants and post-docs on scientific projects. 

Independent scientific research by young researchers is also 

encouraged. In the past, IMFS staff has always successfully 

transitioned into assistant or junior professorships of prestigious 

faculties, or research positions at central banks or international 

organizations following the completion of the dissertation or 

post-doc. 

Research-based policy advice by IMFS professors takes places 

in scientific advisory committees, through direct contact with 

political decision-makers, as well as through expert opinions, 

policy reports, policy papers, newspaper articles and commentary. 

The media plays an important role in public relations 

efforts of the IMFS. 

36

Endowed chairs 

I. Endowed Chair of Monetary Economics 

I.1. Prof. Volker Wieland, Ph.D. 

(since March 2012) 

Phone: +49 (0)69 798 33805 

Fax: +49 (0)69 798 33907 

Email: wieland@wiwi.uni-frankfurt.de 

Effective March 1, 2012 Prof. Volker Wieland, Ph.D., succeeding 

Prof. Dr. Stefan Gerlach, was appointed to the Endowed 

Chair of Monetary Economics. Prof. Gerlach already left the 

IMFS in September 2011 due to this appointment as Vice- 

President of the Central Bank of Ireland. 

1. Research 

Projects 

• Monetary and fiscal policy 

• Business cycles and macroeconomic models 

• Inflation and deflation 

• Learning behavior and economic dynamics 

• Numerical methods in macroeconomics 

Publications 

(1) Articles in scientific journals: 

• “Fiscal Consolidation Strategy” 

Co-authors: John Cogan, John B. Taylor, Maik Wolters 

Journal of Economic Dynamics and Control,37(2) 2013, pp. 404-421 

• “Complexity and Monetary Policy” 

Co-author: Athanasios Orphanides 

International Journal of Central Banking,9(1) 2013, pp. 167-204 

• “Monetary Theory and Monetary Policy: Reflections on the Development 

over the last 150 Years” 

Co-author: Otmar Issing 

Journal of Economics and Statistics, Vol 233 (3) 2013, 423-44 

• “A New Comparative Approach to Macroeconomic Modeling and Policy 

Analysis” 

Co-authors: Tobias Cwik, Gernot J. Müller, Sebastian Schmidt, Maik Wolters 

Journal of Economic Behavior and Organisation, 83(3) 2012, pp. 523-541 

• “Surprising Comparative Properties of Monetary Models: Results from a New 

Data Base” 

Co-author: John B. Taylor 

Review of Economics and Statistics, 94(3) 2012, pp. 800-816 

• “Keynesian Government Spending Multipliers and Spillovers in the Euro 

Area” 

Co-author: Tobias Cwik 

Economic Policy July 2011, Vol. 26, Issue 67: 493-549 

• “The Diversity of Forecasts from Macroeconomic Models of the U.S. Economy” 

Co-author: Maik Wolters 

Economic Theory May 2010, Vol. 47, No. 2-3: 247-292 

• “Insurance Policies for Monetary Policy in the Euro Area” 

Co-author: Keith Kuester 

Journal of the European Economic Association June 2010, Vol. 8, No. 4: 

872-912 

• “Fiscal stimulus and the promise of future spending cuts” 

International Journal of Central Banking March 2010, Vol. 6, No. 1. 

• “New Keynesian versus Old Keynesian Government Spending Multipliers” 

Co-authors: John F. Cogan, Tobias Cwik, John B. Taylor, 

Journal of Economic Dynamics and Control, March 2010 

(2) Books and contributions in books: 

• “The Role of Tax Policy in Fiscal Consolidation: Insights from Macroeconomic 

Modelling” 

Co-author: Matthias Burgert 

Published in: Savina Princen and Gilles Moure, “The role of tax policy in 

times of fiscal consolidation”, Economic Papers 502, European Economy, 

European Commission, August 2013. 

• “Forecasting and Policy Making” 


Published in: Graham Elliott/Allan Timermann (ed.), Handbook of Economic 

Forecasting, Vol. 2, Elsevier, (Arrow-Intriligator Handbook Series in Economics), 

2013. 

• “The New Keynesian Approach to Dynamic General Equilibrium Modeling: 

Models, Methods and Macroeconomic Policy Evaluation” 

Co-author: Sebastian Schmidt 

Published in: Peter Dixon/Dale Jorgenson (ed.), Handbook of Computable 

General Equilibrium Modeling, Elsevier, (Arrow-Intriligator Handbook Series 

in Economics), 2013. 

• “Model Comparison and Robustness: A Proposal for Policy Analysis after the 

Financial Crisis” 

Published in: Robert M. Solow/Jean-Philippe Touffut (ed.), What’s Right with 

Macroeconomics, Cheltenham, UK, and Northampton, USA: Edward Elgar, 

2013. 

• “Quantitative Easing: A Rationale and some Evidence from Japan” 

Published in: Reichlin, Lucrezia and Kenneth West (eds.), NBER International 

Seminar on Macroeconomics 2009, NBER and University of Chicago Press, 

2010 

• “Money in Monetary Policy Design: Monetary Cross-Checking in the New- 

Keynesian Model” 

Co-author: Günter W. Beck, 

Published in: The Science and Practice of Monetary Policy Today 

Springer Science, December 2009 

• “The Science and Practice of Monetary Policy Today”, Wieland, V. (ed), 

Springer Science, 2009, ISBN: 978-3-642-02952-3 

(3) Working Papers: 

• “Estimating the European Central Bank’s ‘Extended Period of Time’” 

Co-author: Tilman Bletzinger 

IMFS Working Paper Series No. 74/2013 

• “The European Central Bank’s Outright Monetary Transactions and the 

Federal Constitutional Court of Germany” 

Co-author: Helmut Siekmann 


• “Fiscal Consolidation Strategy: An Update for the Budget Reform Proposal of 

March 2013” 

Co-authors: John F. Cogan, John B. Taylor, Maik Wolters 


• “Monetary Theory and Monetary Policy: Reflections on the Development 

over the last 150 Years” 

Co-author: Otmar Issing 

IMFS Working Paper Series No. 66/2012 

• “Surprising Comparative Properties of Monetary Models: Results from a New 

Model Database” 

Co-author: John B. Taylor 


• “Forecasting and Policy Making” 



• “Fiscal Consolidation Strategy” 

Co-author: John Cogan, John B. Taylor, Maik Wolters 

37


• “Complexity and Monetary Policy” 

Co-author: Athanasios Orphanides 


• “The New Keynesian Approach to Dynamic General Equilibrium Modeling: 

Models, Methods, and Macroeconomic Policy Evaluation” 

Co-author: Sebastian Schmidt 


• “A New Comparative Approach to Macroeconomic Modeling and Policy 

Analysis” 

Co-authors: Tobias Cwik, Gernot J. Müller, Sebastian Schmidt, Maik Wolters 


• “Asset Pricing under Rational Learning about Rare Disasters” 

Co-author: Christos Koulovatianos 

IMFS Working Paper Series No 46/2011 

Presentations 

(1) Keynotes/Plenary Speeches: 

24.05.2012 Invited Plenary Lecture on “Complexity and Monetary Policy” 

at the RCEA-Rimini Center in Canada, Conference on “After () 

the Storm: Lessons from the Great Recession”, Rimini, Italy 

27.06.2012 Invited Keynote Speaker on “Complexity and Monetary Policy” 

at the 3rd Conference on Recent Developments in Macroeconomics, 

Center for European Economic Research, Mannheim 

15.10.2011 Invited Keynote Speaker on “Rethinking Economic Policies in 

a Landscape of Heterogeneous Agents” POLHIA International 

Conference in Milan/Italy 

22.12.2010 Invited Keynote Lecture on “Macroeconomic modeling and 

policy analysis after the financial crisis: A proposal” Christmas 

Meeting of “Deutsche Wirtschaftswissenschaftler im Ausland”, 

Bad Homburg 

26.02.2010 Invited Keynote Speaker on “New Keynesian versus old 

Keynesian Government Spending Multipliers” Conference, 

Bank of Spain, “Monetary and Fiscal Policy Interactions”, 

Madrid, Spain 

(2) Other Presentations and Conferences: 


28.11. Presentation at the AIESEC founding meeting entitled: “Quo 

vadis Euro” 

26.11. Presentation – “Some thoughts on unconventional monetary 

policy and the new normal”, at the IMFS Conference “Economic 

and Legal Limits of Central Banking” 

22.11. Frankfurt, European Banking Congress, Panelist in the session 

“Eurosclerosis or Will Europe Rise like a Phoenix” 

18.09. Presentation – “Aktuelle Herausforderungen für die Eurozone”, 

Board of Trustees of friends and sponsors of Goethe 

University 

12.09. Presentation – “The current state of the Euro and its future”, 

Seminar Municipal Guarantee Board, Helsinki, Finland 

11.09. Presentation – “Interest rates: Macroeconomic and monetary 

policy issues”, Contribution to a panel on “Asset allocation in 

a low interest rate environment” at the “9. Deutscher Investment 

Hochschultag”, Goethe University Frankfurt 

06.09. Participation in 6th Policy Roundtable of the European Central 

Bank 

12.03. Presentation – “Expansive Konsolidierung in den U.S.A. und in 

der Eurozone” [“Expansive consolidation in the USA and in the 

Eurozone“], Wirtschaftspolitischer Dialog im Kanzleramt 

2012 

29.11. “Expansionary Fiscal Consolidation in the United States and the 

Euro Area”, House of Finance, IMFS Lunch-Time Conference 

18.09. “Complexity and Monetary Policy”, 86th Kieler Konjunkturgespräche, 

Canadian Embassy, Berlin 

13.08. Presentation at Federal Ministry of Economics and Technology 

at the invitation of Minister Philipp Rösler 

18.05. “Complexity and Monetary Policy”, Tinbergen Institute, Macro 

Seminar Series, University of Amsterdam, Netherlands 

02.-03.03. “Fiscal Consolidation Strategies”, Conference on “Fiscal Policy 

in the Aftermath of the Financial Crisis”, Brussels, Belgium 

01.03. „Einführung einer Finanztransaktionssteuer und ihre Auswirkung 

auf den Finanzplatz Frankfurt“ [“Introducing a Financial 

Transaction Tax and Its Effects on the Financial Center 

Frankfurt”], Zukunftsforum “Finanzplatz Frankfurt”, Frankfurt 

am Main 

2011 

01.-02.12. “Asset pricing under rational learning about rare disasters” – 

Christos Koulovatianos (University of Nottingham) with Volker 

Wieland, Conference hosted by Monetary Policy Research and 

Monetary Policy Strategy Divisions, Frankfurt am Main 

18.11. Participation in the Session “The Big Shift” – Euro Finance 

Week, Frankfurt am Main 

17.11. Presentation of “Model uncertainty and Policy Robustness” at 

the Conference in honor of Prof. Paul De Grauwe, Leuven/ 

Belgium 

09.11. Concluding remarks at the “The ESRB at 1”, IMFS/SUERF/ 

Deutsche Bundesbank Conference 2011, Berlin 

19.10. Panel Discussion with Jörg Asmussen at 5. HSBC Petersberger 

Konferenz, Bonn 

28.06. Presentation of “Model Comparison and Robustness: A Proposal 

for Policy Analysis after the Financial Crisis” seminar at 

Tilburg University, Netherlands 

31.05.-04.06. Washington/USA, Handbook of CGE Modelling, “New Keynesian 

versus old Keynesian Government Spending Multipliers” 

29.04. Giessen, Conference of editors and co-editors “Jahrbücher“ 

11.04. IMFS Workshop “Recent Developments in Macroeconomic 

Policy”, Chair of the Session: Credit and the Macroeconomy. 

29.03. Nanjing/China, a high-level G20-seminar on the IMF System 

organized by France as Chair of the G20 invited by Christine 

Lagarde and Governor Christian Noyer, discussion with Ministers 

18.01. Talk at ZEW Mannheim, ZEW Research Seminar, “Anregungen 

für die Politikanalyse nach der Finanzkrise” [“Suggestions for a 

Political Analysis after the Finance Crisis”] 

2010 

15.12. Frankfurt/Germany, Conference “Macroeconomic modeling 

and policy analysis after the global financial crisis”, “A new 

comparative approach to model building and policy analysis: 

An Update” 

08.12. Berlin/Germany, “Hessen und der EuGH im Dialog” 

02.-04.12. Paris/France, Konferenz “What’s Right with Macroeconomics” 

Session on December 3 “Rethinking the Role of Fiscal 

Policy” 

03.-06.11. London/UK, Monfispol Conference, “A new comparative 

approach to model building and policy analysis: An Update” 

07.10. Frankfurt/Germany, 1st Bundesbank-CFS-ECB Workshop on 

Macro and Finance, Chair of a session 

09.09. Lecture at “Verein für Socialpolitik” 

02.07. Kiel/Germany, Summer School, Lecture: “Monetary and Fiscal 

Policy Interaction” 

26.-27.04. Frankfurt/Germany, ECB Colloquium: Enhancing Monetary 

Analysis organized by the Directorates-General Economics and 

Research 

28.-29.01. Berlin/Germany, Dinner with Chancellor Angela Merkel 

26.-27.01. München/Germany, LMU Seminar Talk, “Keynesian Government 

Spending Multipliers and Spillovers in the Euro Area” 

(with Tobias Cwik) 

03.-06.01. Atlanta/USA, AEA Conference, “New Keynesian versus old 

Keynesian Government Spending Multipliers” 

38



11.12. Frankfurt/Germany, TCX-KfW International Research Symposium 

on Forecasting and Policy Analysis System: Does it 

Support Local Currency Financing Presentation: “Monetary 

Models for Developing Economies: Review and Outlook” 

24.11. Kiel/Germany, “Fiskalpolitik in der Finanzkrise: Fünf Diskussionsanstöße“, 

Presentation at IfW-BMF Politikwerkstatt “Konjunkturgerechte 

Wirtschafts- und Finanzpolitik – Effektivität und 

Effizienz“ 

12.-13.11. Paris/France, Workshop CEPREMap EUMONFISPOL – Talk 

06.-07.11. Munich/Germany, CesIfo Conference “What’s Wrong with 

Modern Macroeconomics, Macroeconomic Agenda: Compare 

Competing Paradigms and Identify Robust Policy Recommendations” 

30.10. Frankfurt/Germany, “Handbook of Monetary Economics”- 

Conference at ECB, discussant on Larry Christiano’s chapter 

on “DSGE Models for Monetary Policy Analysis” 

02.-03.10. Mykonos/Greece, Hydra Macro Conference “New Keynesian 

versus Old Keynesian Government Spending Multipliers” 

28.-29.09. ECB Frankfurt/Germany, Talk on “The Monetary Policy Transmission 

Mechanism in the Euro Area in its first ten years”, “A 

new comparative approach to macroeconomic modelling and 

policy analysis” 

24.-25.09. Paris/France, Talk at ECB-FED Banque de France Conference 

Monetary Policy Challenges in a Global Economy, discussant 

on “International Spillovers from Fiscal Stimulus” with André 

Meier, IMF, and Gernot Müller, University of Bonn 

21.-22.09. Amsterdam/Netherlands, EABCN Conference, “New Keynesian 

versus Old Keynesian Government Spending Multipliers” 

17.-18.09. Helsinki/Finland, Talk at the Bank of Finland 

08.-11.09. Magdeburg/Germany, Annual conference of the Verein für 

Socialpolitik 

01.-30.08. Stanford/USA, Invitation to Research Stay and Cooperation, 

Prof. John B. Taylor, Hoover Institution and Stanford University, 

project: Practical and comparative evaluation of fiscal and 

monetary policies 

01.-30.08. Stanford/USA, Invitation to Research Stay and Cooperation: Dr. 

Nicholas Hope, Director of Stanford Center for International 

Development (SCID), Institute for Economic Policy Research at 

Stanford University 

09.-15.08. Stanford/USA, Invitation to the Talk at Stanford Institute of 

Theoretical Economics, SITE 2009 “When are diverse beliefs 

central”, paper by Volker Wieland “The diversity of real-time 

forecasts from macroeconomic models of the U.S. economy”. 

Invited by the organizers Mordecai Kurz (Standord), George 

Evans (Oregon), Maurizio Motolese (Milan) 

24.-31.07. New York/USA, Invitation to a talk at the Research Department 

of the Federal Reserve Board of New York, “New Keynesian 

versus old Keynesian Government Spending Multipliers”, 

M. Woodford “The Theory and Practice of Monetary Policy 

Today” 

06.-10.07. University of Berkeley/USA, NBER Monetary Economics 

Summer Institute, “Surprising Comparative Properties of 

Monetary Models: Results from a New Data Base” 

02.-03.07. Freiburg/Germany, Colloquium at the Faculty “New Keynesian 


14.-17.06. Helsinki/Finland, Conference, Bank of Finland 

11.-14.06. Limasol/Cyprus, International Seminar on Macroeconomics, 

Central Bank of Cyprus, Panel Discussion on Monetary Policy 

in a Low Interest Rate Environment 

28.05. Frankfurt/Germany, Brown Bag House of Finance Seminar, 

“Quantitative Easing” 

15.05. Frankfurt/Germany, Friday Seminar – Talk at Bundesbank 

23.-24.04. Paris/France, MonFISPOL – Meeting I. 

24.03. Frankfurt/Germany, Seminar on Fiscal Policies ECB, “New Keynesian 


26.02. Frankfurt/Germany, IMFS Working Lunch, “Fiscal Policy to the 

Rescue: Old Keynesians versus New Keynesians” 

23.02 National Association of Business Economists Global Outlook 

Tele-Conference, “Some Issues for Monetary Policy in the Euro 

Area in 2009” 

20.-21.02. Frankfurt/Germany, “39. Sitzung für Geldtheorie und Geldpolitik, 

Verein für Socialpolitik”, Talk “Surprising Comparative 

Properties of Monetary Models: Results from a New Monetary 

Model Base” by John B. Taylor and Volker Wieland 

2. Doctoral and Post-Doctoral Training 

Placements 

Matthias Burgert, Research Assistant at the Endowed Chair of Monetary 

Economics, started working as an economist at the European Commission in 

Brussels as of June 1, 2013. 

Vivien Lewis, Post-doctoral Fellow and Research Visitor at the IMFS from October 

2010 to March 2012, was appointed Assistant Professor at the Catholic 

University Leuven starting October 2012. 

Sebastian Schmidt, Research Assistant at the Endowed Chair of Monetary 

Economics, earned his doctorate summa cum laude with the topic “Essays on 

Monetary and Fiscal Stabilization Policy” and took up position as an economist 

in the Directorate General Research at the European Central Bank. 

Fabio Verona, Post-doctoral Fellow and Research Visitor at the IMFS from the 

summer of 2011 to the summer of 2012, in September 2012 started a new 

job as Research Economist at the Monetary Policy and Research Department 

of the Central Bank of Finland. 

Maik Wolters, Post-Doctoral Fellow and Research Assistant at the IMFS until 

September 2012, transferred to a junior professorship in October 2012 in Kiel, 

a position established by the University of Kiel and the Kiel Institute for the 

World Economy. 

Tobias Cwik, Research Assistant until July 2011, in August 2011 took up a 

position as economist with the Board of Governors of the Federal Reserve 

System in Washington, DC. 

Gernot Müller, Assistant Professor at Prof. Wieland’s chair until April 2009, 

transferred to University of Bonn where he became a Professor of Economics. 

Courses 

(1) Winter semester 2013/14 

• “Macroeconomic Model Comparison and Policy Analysis” 

Second-year Ph.D. seminar 

(2) Summer semester 2013 

• “Monetary and Fiscal Policy: Theory and Practice” 

Second-year Ph.D. course 

(3) Winter semester 2012/13 






(5) Summer semester 2012 

• “Macroeconomic Model Comparison and Policy Analysis” 

Second-year Ph.D. seminar 





• “Learning in Macroeconomics” 


39

• “Topics in Macroeconomic Model Building” 

Second-year Ph.D. seminar course 


• “Makroökonomie 1 BMAK” 

• “A New Comparative Approach to Model-Based Analysis of Macroeconomic 

Policy Making 



• Makroökonomie 1 BMAK” 

• “Topics in Macroeconomic Modeling” 



• “Makroökonomie 1 BMAK” 

• “A New Comparative Approach to Model-Based Analysis of Macroeconomic 

Policy Making” 


Completed Dissertations 

Sebastian Schmidt: “Essays on Monetary and Fiscal Stabilization Policy”, October 

2012, summa cum laude 

Tobias Cwik: “Essays on monetary and fiscal stabilization policies”, October 

2010, summa cum laude 

Maik Wolters: “Essays on Business Cycle Models, Forecasting and Monetary 

Policy”, October 2010, summa cum laude 

Miscellaneous 

Volker Wieland was nominated for the 1822-University Prize for Excellence in 

Teaching (1822-Universitätspreis für exzellente Lehre). The prize is awarded 

once a year to those lecturers whose teaching performance is deemed particularly 

valuable by the student body. Wieland was the only nominee from the 

economics department. 

3. Research-based Policy Advice 

Membership in Advisory Committees 

• Wissenschaftlicher Beirat des Bundesministeriums der Finanzen (Scientific 

Council of the Federal Ministry of Finance) 

• Kronberger Kreis der Stiftung Marktwirtschaft (Kronberg Scientific Council of 

the Market Economy Foundation) 

• Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung 

(since March 1, 2013) (German Council of Economic Experts) 

Presentations/Hearings 

09.01.2013 Meeting with Finance Minister Wolfgang Schäuble and 

selected members of the Scientific Council of the Federal 

Ministry of Finance 

19.03.2013 German Council of Economic Experts meeting with German 

Chancellor Angela Merkel, Finance Minister Wolfgang 

Schäuble, Economy Minister Philipp Rösler, and Minister of 

Labour and Social Affairs Ursula von der Leyen 

16.05.2013 German Council of Economic Experts meeting with leading 

officers of the DGB (German Trade Union Confederation) 

16.05.2013 German Council of Economic Experts meeting with Economy 

Minister Philipp Rösler and leading officers of the BMWi 

(Federal Ministry for Economic Affairs and Energy) 


officers of the BDA (German Federation of Employer Associations) 


officers of the DIHK (Association of German Chambers of 

Commerce and Industry) 


officers of the DSGV (German Savings Banks Association) 

13.11.2013 Meeting with German Chancellor Angela Merkel, Finance 

Minister Wolfgang Schäuble and Minister of Labour Ursula 

von der Leyen and presenting the Annual Report of the 

German Council of Economic Experts 

02.12.2011 Hearing on “Implementation of a Financial Transactions Tax”, 

Finance Committee, German Federal Parliament, Berlin 

Policy Reports/Policy Papers 

• „Gegen eine rückwärtsgewandte Wirtschaftspolitik” – Jahresgutachen des 

Sachverständigenrates zur Begutachtung der gesamtwirtschaftlichen Entwicklung 

2013. “Against a backward-looking economic policy“ – Annual 

Report of the German Council of Economic Experts 2013. 

Co-authors: Christoph Schmidt, Peter Bofinger, Claudia Buch and Lars Feld. 

• “Low for How Long Estimating the ECB’s Extended Period of Time” 

Co-author: Tilman Bletzinger 

Published in: “Forward Guidance: Perspectives from Central Bankers, Scholars 

and Market Participants”, Vox eBook, edt. Wouter den Haan, October 


• „Renaissance der Angebotspolitik“ [“Renaissance of supply-side policy”] 

Kronberger Kreis Study No. 57, Berlin, 2013 

with Lars P. Feld, Clemens Fuest, Justus Haucap, Berthold U. Wigger 

• „Bildungsfinanzierung neu gestalten“ [“Redesigning education funding”] 

Kronberger Kreis Study No. 56, Berlin, 2013 

with Lars P. Feld, Justus Haucap, Berthold U. Wigger 

• „Wie viel Koordinierung braucht Europa“ [“How much Coordination Does 

Europe Need”] 

Kronberger Kreis Study No. 55, Berlin, 2012 

with Lars P. Feld, Justus Haucap, Wernhard Möschel, Berthold U. Wigger 

• „Reform der Geldbußen im Kartellrecht überfällig“ [“Reforms of Fines in 

Anti-Trust Laws Overdue”] 

Kronberger Kreis Study No. 54, Berlin, 2012 

with Lars P. Feld, Wernhard Möschel, Berthold U. Wigger 

• „Ein Haushalt für Europa: Stellungnahme zum neuen mehrjährigen Finanzrahmen 

der EU 2014-2020“ [“A Budget for Europe: Commentary on the 

New Multi-year EU Financial Framework 2014-2020”] 

Expert opinion for the Scientific Council of the Federal Ministry of Finance, 

November 2012 

• „Die Notenbanken und das liebe Geld: Von Zinsen, Inflation und konjunktureller 

Überhitzung“ [“Central Banks and Money: On Interest Rates, Inflation, 

and Cyclical Overheating”] 

Policy Letter No. 13/2012, Policy Platform at the House of Finance 

• „Zwei Makroökonomen gewinnen den Nobelpreis“ [“Two Macroeconomists 

Win the Nobel Prize”] 



• “Macroeconomic Model Comparisons and Forecast Competition” 



• “Next Hike End of 2014: FOMC Matches Historical Responses to Member’s 

Forecasts and Risks Repeating Earlier Mistakes” 


• „Schlechte Erfahrungen” [“Bad Experiences”] 

Co-author: Helmut Siekmann 


40


4. Public Outreach and Dissemination 

Media references to IMFS research papers 


03.11. Financial Times Blog: “The ECB Confronts the Zero Lower 

Bound” 

05.09. Börsen-Zeitung: „Wie lange ist länger“ [“How Long ist 

Longer”] 

18.06. Les Echos: „La Revue de gibier: Le Procés Allemand de la BCE” 

28.03. Wall Street Journal: “How the House Budget Would Boost the 

Economy” 

04.03. Wall Street Journal: “Larger Spending Cuts Would Help the 

Economy” 

2012 

15.11. Die Zeit – Blog Herdentrieb: „Volker Wieland, der Rat und die 

Fiskalpolitik“ [“Volker Wieland, the Council, and Fiscal Policy”] 

06.09. DesMoinesRegister.com: “Another View: ‘08 Obama Would 

Like Ryan Budget” 

31.08. Bloomberg News: “Bernanke Remarks at Jackson Hole Symposium” 

14.07. Fazit – Das FAZ-Wirtschaftsblog: „Welche Ökonomen sind in 

der Krise nützlich“ [“Which Types of Economists are Useful 

during the Crisis”] 

24.05. FAZ: „Viel Einsatz, wenig Effekt“ [“A Lot of Effort, But Little 

Effect”] 

02.05. Fazit – Das FAZ-Wirtschaftsblog: “Ökonomen im Gespräch“ 

[“Dialogue with Economists”] 

16.04. Economics One – Blog by John B. Taylor: “New Model Validation 

of Stimulus Impacts” 

24.03. Market News International: “ECB Orphanides: Monetary Policy 

Can’t Be Precise...” 

24.03. Bloomberg News: “Central Bankers Debate Best Criteria for 

Setting Interest Rates” 

14.02. Econbrowser.com: “The Budget Forecasts...” 

16.01. FAS: „Heute leiden, morgen genießen” [“Suffer today, enjoy 

tomorrow“] 

2010 

14.12. Les Echos: “Ce que revele vraiment WikiLeaks” 

06.12. FAZ: „Großes Paket, kleine Wirkung”[“Big Package, Small 

Effect“] 

01.12. Washington Post: “A Very Belated Tax Deal” 

01.12. Wall Street Journal: “Why the spending stimulus failed” 

02.11. National Review Online: “The Stimulus Bill did not create jobs” 

31.10. Wall Street Pit: “More evidence on why the stimulus didn’t 

work” 

05.09. Economics one: “Got a new idea for monetary policy” 

10.06. New York Times: “Prune and Grow” 

15.03. Handelsblatt: „Woran arbeiten Sie gerade, Herr Wieland” 

[“What are you working on, Mr. Wieland“] 

13.01. Wall Street Pit: “More on ‘Too Low For Too Long’” 

10.01. Bloomberg.com: “Bernanke says Regulation would have 

limited Boom” 

03.01. Wall Street Journal: “Taylor: The Fed and the Crisis: A Reply to 

Ben Bernanke” 


30.12. Wall Street Journal online: “Measuring the Impact of the 

Stimulus Package with Economic Models” 

06.10. Examiner.com: “President creates 1.6 million theoretical jobs” 

05.10. Der Aktionär online: „Experten: Konjunkturprogramme wirken 

langfristig negativ” [“Experts: Fiscal stimulus packages do not 

work long term“] 

24.09. The Economist: “Much ado about multipliers” 

07.09. Diario del Web: “Il trucco degli statalisti” 

04.08. Wall Street Journal: “Trade-In-Program Tunes Up Economic 

Engine” 

27.07. FAZ: „Viel Geld für nichts” [“A lot of Money for Nothing“] 

14.04. FAZ: „Große Depression 2.0” [“Big Depression 2.0”] 

09.04. Börsen-Zeitung: „Skepsis über Konjunkturprogramme wächst” 

[“Scepticism about the fiscal stimulus packages is growing“] 

26.03. Die Zeit: „Klotzen oder Kontrollieren” [“Slog or control“] 

26.03. Zeit online: “Oh, Obama” 

19.03. Guardian.co.uk: “Monetarism gains in importance within 

central banks” 

18.03. Eurointelligence: “US Taxpayer bails out Deutsche Bank Hedge 

Funds” 

18.03. Eurointelligence: “Should fiscal stimulus packages be coordinated 

in times of Crises” 

18.03. Handelsblatt: „Spickzettel für Frau Merkel” [“Cheat slip for 

Mrs. Merkel“] 

12.03. Wall Street Journal Online: “The Obama Rosetta Stone” 

12.03. Wall Street Journal Online: “Old Europe Is Right on Stimulus” 

11.03. Guardian.co.uk: “ECB policymakers debating how low to take 

main refi rate” 

09.03. Handelsblatt: Wie viel Wachstum bringen 787 Milliarden 

Dollar” [“How much growth do the 787 billion bring“] 

03.03. Bloomberg.com: “Orphanides Takes on Trichet Over ECB’s 

Rate Policy” 

26.01. FAZ.NET: „Geldpolitik ohne Geld” [“Monetary Policy Without 

Money”] – an analysis of the role of money in the monetary 

policy based on a research paper written by Günter Beck and 

Volker Wieland 

Guest Editorials 


21.11. Die Zeit: „Agenda für die Koalition“ [“Agenda for the Coalition“] 

05.09. Voxeu.org: “Low for how long Estimating the ECB’s Extended 

Period of Time” 

18.06. The Economist: Free Exchange Blog “The Question before the 

Court“ 

2012 

13.02. Voxeu.org: “Macroeconomic Model Comparisons and Forecast 

Competitions” 

06.02. The Economist – Blog Free Exchange: “The Fed’s next hike will 

come at the end of 2014” 

23.01. Wirtschaftswoche: „Schlechte Erfahrungen“ [“Bad Experiences”] 

(joint contribution with Prof. Helmut Siekmann on the 

introduction of a financial transaction tax) 

Q1 

Fondsmagazin 1/2012: „Ausblick 2012: kein Grund zur Schwarzmalerei“ 

[“Outlook 2012: No Reason to be Pessimistic”] 

Interviews 


04.12. Reuters: „Wirtschaftsweiser rät EZB von Zinssenkung ab“ [“Top 

German Advisor Against Interest Rate Reduction“] 

03.12. FAZ: „Wirtschaftsweiser warnt vor riskantem Kurs der Zentralbank 

Fed” [“Member of German Economic Advisory Council Warns 

about the Dangerous Course of the Federal Reserve Bank”] 

02.12. Reuters: „Interview mit Wirtschaftsweisem Wieland zur Fed“ 

[“Interview with German Economic Advisor Wieland“] 

02.12. Handelszeitung: „Bernankes Feigheit als Gefahr für die Märkte“ 

[“Bernanke‘s Gutlessness as Danger for the Markets“] 

27.11. Börsen-Zeitung: „Mersch erinnert an Grenzen der EZB“ [“Mersch 

points out the limits of the ECB“] 

26.11. Wirtschaftswoche: „Beherzt und schnell“ [“Courageous and 

Fast”] 

23.11. Börsen-Zeitung: „Frankfurt European Banking Congress: Deutsche 

Exportstärke nicht zurückschneiden“ [“Do not cut down German 

Strength in Export“] 

41

23.11. Handelsblatt: „Trennt Aufsicht und EZB!“ [“Separate Supervision 

and ECB!”] 

22.11. CNBC: “Europe Heading for Catastrophe despite German 

Growth“ 

28.09. Börsen-Zeitung: „Die Nullgewichtung muss fallen“ [“Stop the 

Zero Weighting“] 

28.09. Börsen-Zeitung: „Wirtschaftsweiser Wieland ruft EZB zur 

Zinswende auf“ [“German Top Advisor Wieland appeals to 

ECB to Change the Course of the Interest Rate”] 

31.07. MNI News: „Germany’s Economic Advisor Wieland Backs ECB 

Minutes Release“ [“ECB should not deal with this“] 

27.07. Neue Zürcher Zeitung: „Steuererhöhungen in Deutschland 

wären falsch“ [“Tax Increases in Germany Would Be Wrong“] 

10.07. FAZ: „Verwirrung um Asmussens Zins-Äußerung“ [“Confusion 

about Asmussen’s statement on Interest Rates”] 

17.05. Handelsblatt: „Die EZB sollte sich damit nicht beschäftigen“ 

[“The ECB Should Not Deal With This“] 

10.05. Finanznachrichten.de: „Null-Transparenz: Politiker und Ökonomen 

fordern Umdenken bei der EZB“ [“Zero Transparency: 

Politicians and Economists Require a New Way of Thinking at 

the ECB“] 

11.04. Wall Street Journal Deutschland: „Es ist fair, deutsche Investoren 

an Verlusten zu beteiligen“ [“It Is Adequate for German 

Investors to share Losses“] 

04.04. Forschung & Lehre: „Wachstum durch Fortschritt“ [“Growth 

Through Progress“] 

15.03. Deutschland.de: „Wegweiser in Währungsfragen“ [“A Guide 

Post in Monetary Questions“] 

12.03. Der Tagesspiegel: „Banker-Boni sind ein Nebenkriegsschauplatz“ 

[“Banker Bonuses are a Secondary Theater of War“] 

28.02. Stuttgarter Zeitung: „Italien-Wahl verdeutlicht Grenzen der 

EZB-Politik“ [“Elections in Italy Show the Limits of ECB Policy“] 

27.02. Bild: „Herrschen in Rom bald griechische Verhältnisse“ [“Are 

there Greek Circumstances in Rome Soon“] 

20.02. Wirtschaftswoche: „Unsere Ratschläge fließen in die Politik 

ein“ [“Our Suggestions Leave Their Mark on Politics“] 

06.02. Format: „Es wäre fatal für die Eurozone, den Marktdruck auszusetzen“ 

[„It would be Fatal for the Eurozone to Fail Under 

the Market Pressure“] 

06.02. Reuters: „New German Advisor Says ECB Pledge Risks Vital 

Reforms“ 

2012 

21.11. FAZ: „Ein Schuldenschnitt allein hilft wenig“ [“Taking a Haircut 

is not Enough”] 

02.05. FAZ: „Spar- und Wachstumspolitik sind kein Gegensatz“ [“Austerity 

and Growth Policies Don’t Have to be a Contradiction”] 

Profiles 


26.09. FAZ: „Ökonomenranking: München vor Mannheim“ [Ranking 

of Economists: Munich ahead of Mannheim] 

11.09. FAZ: „Frankfurter Finanzkompetenz vom Campus Westend“ 

[“Frankfurt Financial Competence from Campus Westend”] 

08.04. Schwäbische Post: „Der Weise aus dem Schwabenland“ [“The 

`Wise Man` from Swabia“] 

28.02. Press release of the Federal Ministry for Economic Affairs: 

„Rösler dankt Professor Franz für langjährige wirtschaftspolitische 

Beratung“ [“Rösler thanks Professor Franz for his 

longtime Advice“] 

27.02. FAZ: „Aus Frankfurt in den Rat der Weisen“ [“From Frankfurt 

to the German Council of Economic Experts“] 

2012 

31.12. Neue Zürcher Zeitung: „Ein ‘Weiser‘ mit Praxisnähe“ [“A ‘Wise 

Man’ with Practical Experience”] 

18.11. FAS: „Leute der Woche“ [“People of the Week”] 

15.11. Börsen-Zeitung: „Volker Wieland wird Wirtschaftsweiser“ 

[“Volker Wieland to Join Advisory Council”] 

15.11. FAZ: „Volker Wieland soll in den Sachverständigenrat“ [“Volker 

Wieland to Join Advisory Council”] 

15.11. FAZ Rhein-Main-Zeitung: „Wirtschaftsweiser aus Frankfurt“ 

[“Council Expert from Frankfurt”] 

15.11. Süddeutsche Zeitung: „Modern, jung, weise“ [“Modern, Young, 

Wise”] 

15.11. Financial Times Deutschland: „Ein Sachverständiger in Sachen 

Geldpolitik“ [“An Expert on Monetary Policy”] 

15.11. Handelsblatt: „Verstärkung für die Kritiker“ [“Support for the 

Pundits”] 

15.11. Frankfurter Rundschau: „Frankfurter Professor wird Weiser“ 

[“Professor from Frankfurt to Join Advisory Council”] 

14.11. Fazit – Das FAZ-Wirtschaftsblog: „Volker Wieland soll Mitglied 

des Sachverständigenrats werden. Bravo!“ [“Volker Wieland to 

Join Advisory Council. Bravo!”] 

06.02. Financial Times Deutschland: „Sachverständigenrat: Erfahrene 

Ökonomen gesucht“ [“Council of Economic Advisors Is Looking 

For Experienced Economists“] 

03.02. FAZ: „Sachverständigenrat: Wirtschaftsweise Weder di Mauro 

wechselt zur UBS“ [“German Economic Advisor Weder di 

Mauro Moves To UBS“] 

2011 

16.11. Fazit – Das FAZ-Wirtschaftsblog: „Meine Lieblingsökonomen“ 

[“My Favourite Economists“] 

10.09. Berliner Morgenpost: „Der deutsche EZB-Chefvolkswirt wirft 

hin“ [“The German ECB Chief Economist resigns“] 

19.05. Börsen-Zeitung: „Volker Wieland neues Mitglied im Kronberger 

Kreis“ [“Volker Wieland the New Member in the Kronberger 

Kreis“] 

19.05. FAZ: „Volker Wieland im Kronberger Kreis“ [“Volker Wieland in 

Kronberger Kreis“] 

14.02. Welt Online: „Merkel könnte Bundesbank-Krise in Sieg 

umwandeln“ [“Merkel could come out as a winner out of the 

Bundesbank Crisis“] 

13.02. FAS: „Einmal Harvard und zurück“ [“Harvard and back“] 

11.02. Börsen-Zeitung: „Der Rückzug von Axel Weber: Schwierige 

Suche nach neuem Chef“ [“Axel Weber’s Retreat: Difficult 

Quest for a New Boss“] 

10.02. Spiegel Online: „Angekündigter Abgang“ [“Announced Leave“] 

2010 

15.09. Handelsblatt: „Wer Sarrazins Nachfolger werden könnte“ 

[“Who could be Sarrazin‘s Successors“] 


21.12. FAZ: „An der Forschungsfront“ [“On the Front-Line of Research“] 

Commentary/Mentions 


06.12. Handelsblatt: „Schlagkräftige Artillerie“ [“A Powerful Artillery”] 

04.12. Handelsblatt: „Zahnloser Kampf gegen die Kreditklemme“ [“A 

Toothless Fight Against The Credit Crunch“] 

22.11. Wirtschaftswoche: „Draghi rechnet mit seinen Kritikern ab“ 

[“Draghi Settles Old Scores With his Critics“] 

13.11. Wirtschaftswoche: „Wirtschaftweise sehen keine Immobilienblase“ 

[“Germany’s Economic Advisors Do Not See A Housing 

Bubble“] 

13.11. Süddeutsche Zeitung: „Wirtschaftweise warnen Merkel“ 

[“Economic Advisors Warn Merkel“] 

13.11. Handelsblatt: „Wirtschaftweise nehmen Großkoalitionäre aufs 

Korn“ [“Germany’s Economic Advisors Attack Members of the 

Grand Coalition“] 

42

Endowed Chairs 

13.11. Spiegel Online: „Jahresgutachten: Wirtschaftweise kritisieren 

Koalitionsvorhaben“ [“Germany’s Economic Advisors Criticize 

Plans of Coalition in Annual Report“] 

12.11. FAZ: „Wirtschaftsweise warnen vor rückwärtsgewandter 

Politik“ [“Top Advisors Warn About Backward-Looking Policy“] 

12.11. Die Welt: „Wirtschaftsweise verpassen Schwarz-Rot Ohrfeige“ 

[“Economic Advisors Slap Black-Red Coalition in the Face“] 

10.11. Welt am Sonntag: „Die fünf Leisen“ [“The Five Silent Men“] 

30.09. FAZ & Dow Jones: „Die Städte heizen Debatte um Steuererhöhungen 

an“ [“Cities Stir Up Debate About Tax Increases“] 

30.09. FAZ: „Notenbanken in der Kritik“ [“Central Banks Under Criticism“] 

14.09. FAZ: „Führende Ökonomen gegen Steuererhöhungen“ [“Leading 

Economists against Tax Increases“] 

18.08. FAS: „Brauchen wir ein neues Geldsystem“ [“Do We Need a 

New Monetary System“] 

14.08. n-tv.de: „Fünf Weise stoßen auf kritische Distanz. Der Kompass 

der Nation wird 50“ [„Five `Wise Men` Face Critical Distance – 

The Nation’s compass will be 50“] 

17.06. Computerwoche: „Spanier sind erfolgsorientiert und zuverlässig“ 

[„Spaniards Are Success Oriented and Reliable“] 

10.04. Börse ARD: „Starinvestor Soros stellt Deutschland vor die 

Wahl“ [“Star Investor Soros Lets Germany Make The Choice“] 

08.02. Fazit – Das FAZ-Wirtschaftsblog: „Krieg um den Multiplikator“ 

[“War over the Multiplier“] 

2012 

30.12. FAS: „Die Köpfe des Jahres 2013“ [“People of the Year 2013”] 

28.11. Focus Money: „Ich sehe was, was du nicht siehst“ [“I Spy”] 

27.09. Handelsblatt: „Das wäre ein Fremdkörper im deutschen 

Wirtschaftssystem“ [“It Would Be a Contaminant in the German 

Economic System”] 

27.09. Handelsblatt: „Kronberger Kreis für härtere Fiskalregeln“ 

[“Kronberger Kreis Supports Tougher Fiscal Rules”] 

27.09. Börsen-Zeitung: „Kronberger Kreis: Maastricht 2.0 statt Fiskalunion“ 

[“Kronberger Kreis: Maastricht 2.0 Instead of Fiscal 

Union”] 

07.09. FAZ: „Italien hat die EZB-Vorgaben ignoriert“ [“Italy Ignored 

ECB Guidelines”] 

21.08. FAZ: „Kritik an möglichen Zinsobergrenzen durch die EZB“ 

[“Criticism Over Possible ECB Interest Rate Ceiling”] 

19.08. Deutschlandfunk: „Das Ringen um den Euro“ [“Fighting For 

the Euro”] 

04.08. FAZ: „Eine Gegenstimme, viele Deutungen“ [“One Opposing 

Vote, Many Interpretations”] 

20.05. Welt am Sonntag: „Jeder druckt für sich allein“ [“Printing 

Money Without Coordination”] 

07.05. Wirtschaftswoche: „Beten für Wachstum/Europa im Schuldenstrudel“ 

[“Praying for Growth/Europe Spiraling Toward Debt”] 

28.02. Der Tagesspiegel/Potsdamer Neueste Nachrichten: “Operation 

dicke Bertha“ 

08.02. Wirtschaftswoche/Handelsblatt: „Mario Draghi - eine Taube 

mit Stolz“ [“Mario Dragh – A Proud Dove”] 

08.02. Handelsblatt: „Klug und führungsstark“ [“Wise and Powerful”] 

08.02. FAZ: „Weise Kandidatinnen für den Sachverständigenrat“ 

[“Wise Candidates for the Advisory Council”] 

07.02. Börsen-Zeitung: „Viel Lob für den EZB-Präsidenten“ [“Praise 

for the ECB President”] 

05.02. FAZ: „Wie kommt das Geld in die Welt“ [“Where Does Money 

Come From”] 

04.02. FAZ: „Weder di Mauro verlässt den Sachverständigenrat“ 

[“Weder di Mauro Leaves Advisory Council”] 

2011 

01.11. Handelsblatt: „Was Experten von Draghi erwarten“ [“What 

the Experts Expect from Draghi“] 

02.07. Die Welt: „Spezialrating stützt Irlands Banken“ [“Special Rating 

Backs up Irish Banks“] 

01.07. Finanznachrichten.de: „Irische Banken haben Refinanzierungsvorteil 

bei Europäischer Zentralbank“ [„Irish Banks have 

Re-Financing Advantage at European Central Bank“] 

30.06. Ard.de: „Noten, die Staaten ins Wanken bringen“ [“Ratings 

which can Rock the States“] 

16.06. Börse ARD: „Wie viel kostet Griechenland den Steuerzahler“ 

[“How much do the Tay-Payers Have to Pay For Greece“] 

16.06. The Economist: “The Euro Crisis: A Second Wave“ 

24.04. Welt Online: „Weidmanns Heil!“ [“Good hunting, Mr. Weidmann!”] 

17.01. FAZ.NET: „Bunte Scheine statt barer Münzen“ [“Colorful Notes 

instead of Hard Cash“] 

13.01. Finfacts: “Euro rises after Trichet’s inflation warning“ 

2010 

24.05. Washington Post: “European Central Bank faces threat to euro 

and unity“ 

11.05. Financial Times Deutschland: „Hilfsaktion ohne Konsens“ 

[“Relief Operation without Consensus“] 

06.05. Rheinischer Merkur: „Verlorenes Erbe“ [“Lost Heritage“] 

24.02. Financial Times Deutschland: „Viel Lärm um eine Vier“ [“A Lot 

of Fuss About a Four“] 


15.11. FAS: „Die unheilvolle Geldschwemme“ [“The Disastrous Glut 

of Money“] 

03.11. Reuters: “Fiscal austerity may hamper ECB’s path to Exit“ 

12.08. Financial Times Deutschland: „Neue Zeitrechnung für die 

Notenbanken“ [“New Area for Central Banks“] 

23.07. FAZ: „EZB hofft auf automatischen Abbau der Geldmengen“ 

[“ECB Hopes for the Automatic Cutback of the Money Supply“] 

18.05. Focus Magazin: „Pressespiegel/Zinsen, Konjunktur Kapitalmärkte, 

Branchen“ [“Press Reviews/Interests, Economic Activity, 

Capital Markets, Industry“] 

05.04. FAZ.NET: „Wie lange hält der Euro durch“ [“How Long Will 

the Euro Last“] 

25.03. Tagesschau.de: „Chinesischer Angriff auf den Dollar“ [“The 

Chinese Attack on the Dollar“] 

19.02. Rheinischer Merkur: „Banken: Ende des Größenwahns“ 

[“Banks: The End of Megalomania“] 

16.01. Spiegel Online: „Wer will jetzt noch Banker werden“ [“Who 

Nowadays Still Wants to Become a Banker“] 

TV and Radio Interviews 


22.11. CNBC: “Europe Heading for Catastrophe despite German 

Growth” 

18.09. HR-Info: „Warum wir höhere Zinsen brauchen” [“Why do we 

need higher Interest Rates] 

21.05. Deutsches Anleger Fernsehen: „Wirtschaftsweiser Wieland: 

EZB sollte keine ABS-Papiere kaufen” [“German Economic 

Advisor Wieland: ECB should not buy the ABS-Papers“] 

23.04. CNBC: “ECB Should Not Cut Rates: Top German Advisor“ 

27.02. Hessischer Rundfunk: „Euro muss in Italien gerettet werden” 

[“Euro has to be saved in Italy“] 

CNBC: “ECB Should Not Cut Rates: Top German Advisor“ 

2012 

01.11. HR-Info/Deutschlandfunk: „Ein Jahr Mario Draghi” [“One Year 

of Mario Draghi”] 

02.08. CNBC: “ECB Leaves Lending Rates Unchanged” 

02.08. ARD Tagessschau: „EZB zur Euro-Krise” [“ECB on the Euro Crisis”] 

02.08. HR-Info: „Wird die EZB zur Bad Bank“ [“Will the ECB Become 

a Bad Bank”] 

43

09.07. ARD Tagesschau: „Hintergrund zum Rettungsschirm“ [“Background 

on Bailout Fund”] 

05.07. ARD Tagesthemen: „EZB-Leitzinssenkung“ [“ECB Lowers Interest 

Rate”] 

15.06. HR-Info: Bericht von der ECB-Watchers-Konferenz [Report 

from the ECB Watchers Conference] 

31.05. BBC Radio 5: Live Talk at the ECB 

04.04. CNBC: “ECB Keeps Rate on Hold at Record Low of One Percent” 

29.03. HR-Info: „Billiges Geld - Segen oder Fluch“ [“Cheap Money – 

Blessing or a Curse”] 

2011 

06.12. Swedish Public Television SVT: Interview 

18.11. CNBC: „Should the ECB Be the Lender of Last Resort“ 

06.10. ARD Tagesthemen: „Trichet verlässt das Amt: EZB-Präsident 

Jean-Claude Trichet gibt zum letzten Mal monatliche Zins- 

Entscheidung bekannt“ [“Trichet is leaving, ECB President 

Jean-Claude Trichet Announces the Interest Rate Decision for 

the Last Time“] 

14.09. ARD Plusminus: „Staatsverschuldung – Goldreserven versilbern“ 

[“National Debt – Should Gold Assets Get a Silver 

Coating“] 

10.06. Reuters: “Wieland Highlights Policy Changes Ahead for the ECB“ 

09.06. CNBC: “ECB Keeps Rate Unchanged“ 

13.05. BBC: “Why is Germany outperforming other euro area countries“ 

13.01. CNBC: “ECB Bond Purchases Prevented Spike in Yields“ 

2010 

19.11. CNBC: “Sixth ECB Banking Conference“ 

11.06. Reuters Insider: Jürgen Stark (ECB), Thomas Mayer (Deutsche 

Bank) and Volker Wieland (Goethe University) debate on 

Reuters Insider TV about “Is there a future of the euro” 

10.06. CNBC: “Interest rates stay low“ 

07.06. Börse im Ersten: „Europäische Ratingagentur“ [“European 

Rating Agencies“] 

07.06. ARD-Mittagsmagazin: „Europäische Ratingagentur“ [“European 

Rating Agencies“) 

04.06. NDR-Info: „Leerverkäufe“ [“Short Selling“] 

03.06. HR-Info: „Haushaltskonsolidierung“ [“Budget Consolidation“] 

21.05. HR-Info: Notenbanken im internationalen Vergleich“ [“Central 

Banks by International Comparison“] 

11.05. HR-Info: „EZB-Sündenfall“ [“ECB Fall of Man“] 

06.05. Reuters Insider: “ECB Moves Collateral Goalposts“ 

28.04. ARD-Mittagsmagazin: „Griechenland“ [“Greece“] 

23.04. HR-Info: „Griechenland, was geht mich das an“ [“Greece, 

does it concern me“] 

08.04. CNBC: “ECB Leaves Rates on Hold, Turns Focus to Greece“ 

19.02. Phoenix: „Der Tag-Verschuldung in Griechenland“ [“The Borrowing 

Day in Greece“] 

19.02. Deutschlandfunk: „US-Notenbank erschreckt mit Zinssignalen“ 

[“Fed Scares With Interest Rate Signals“] 

19.02. ARD-Mittagsmagazin: „Geld und Börse“ [“Money and Stock 

Exchange“] 


27.11. HR-Info: „Weihnachtsgeschäft“ [“Christmas Shopping Season“] 

16.10. HR-Info: „Konjunkturprognose: Neue Spielräume für Versprechen“ 

[“Economic Forecast – Is There a Room for Promises“] 

03.09. CNBC: “ECB holds Interest Rate at 1%“ 

04.06. CNBC: “Doubts Surface Over ECB Exit Strategy“ 

03.06. HR-Info: „EZB-Zinsentscheidung“ [“ECB Decision on Interests 

Rate“] 

01.04. HR-Info: „Abstimmung der Konjunkturpakete“ [“Agreeing on 

Stimulus Packages“] 

05.03. Deutschlandfunk: „Die Instrumente der Zentralbank, was 

bewirkt der Leitzins“ [“The Instruments of the Central Banks, 

the Role of the Key Interest Rate“] 

05.03. HR-Info: „Leitzinssenkung der EZB“ [“Lowering of the Key 

Interest Rate“] 

05.02. Reuters TV: “Review of the ECB Press Conference“ 

05.02. CNBC: “ECB waiting for Data“ 

13.01. Hessenjournal: „Geschenke für alle – was steckt im Konjunkturpaket“ 

[“Presents for Everybody – What’s Inside the 

Stimulus Package“] 

05.01. HR-Info: „Debatte um Konjunkturprogramm – wird zu viel 

Geld verschwendet“ [“Debating the Stimulus Program – is 

Too Much Money Being wasted“] 

05.01. Rbb-Inforadio: „Beratungen über Konjunkturmaßnahmen 

– was hätte welchen Effekt“ [“Advice on Measures for Economic 

Activities – What has Which Effect“] 

5. Research Assistants 

Elena Afanasyeva, Dipl.-Vw., M.Sc. 

Ph.D. Program in Economics, Goethe University 

Phone +49(0)69 798 33831 

Email: eafanasyeva@wiwi.uni-frankfurt.de 

(1) Research 

Research Interests 

• Monetary economics 

• Monetary policy and macroprudential policy 

• Numerical methods and (Bayesian) time-series econometrics 

Projects/Papers 

• “Fiscal Stimulus in an Emerging Small Open Economy”, Master Thesis (MSQE 

Program), submitted in September 2010, grade: 1.0 (A) 

• “Atypical Behavior of Credit: Evidence From Conditional Forecasts“, Working 

Paper 

The paper was presented: 

January 2012: Money and Macro Brown Bag, Goethe University 

August 2012: GSEFM Summer Institute, Eltville 

September 2012: Annual Meeting of the German Economic Association, 

Göttingen 

November 2012: 7th CESifo-Workshop „Makroökonomik und Konjunktur“ 

(“Macroeconomics and Business Cycles”), Dresden 

April 2013: 75th International Atlantic Economic Society (IAES) Conference, 

Vienna 

May 2013: 18th Spring Meeting of Young Economists (SMYE), Aarhus 

July 2013: 19th Annual Conference on Computing in Economics and Finance 

(CEF), Vancouver 

August 2013: Annual Congress of the European Economic Association (EEA), 

Gothenburg 

September 2013: 5th Bundesbank-CFS-ECB Workshop on Macro and 

Finance, Frankfurt 

• “Interactions of Monetary and Macroprudential Policies in a Model of the 

Korean Economy”, Co-author: Meral Karasulu (IMF), work in progress 


August 2012: Departmental Seminar, Asia and Pacific Department (IMF, 

Washington D.C.) 

November 2012: Money and Macro Brown Bag, Goethe University 

November/December 2012: 4th Workshop on Money, Macro and Finance in 

East Asia, Eltville 

February 2013: 6th RGS Doctoral Conference in Economics, Bochum 

September 2013: Annual Meeting of the German Economic Association, 

Düsseldorf (accepted) 

• “Bank Risk-Taking, Credit Booms, and Monetary Policy”, Co-author Jochen 

44

IMFS Key Developments and Strategy 

Güntner (University of Linz), work in progress 

• “Effectiveness of Macroprudential Policies: Evidence from South East Asia”, 

Co-author Sudipto Karmakar (Boston University), work in progress 

Research Abroad 

• May-August 2012: Fund Internship Program, Asia and Pacific Department, 

International Monetary Fund, Washington, D.C. 

Training Schools 

• July 2011: Summer Institute of the Graduate School of Economics, Finance 

and Management (GSEFM), Eltville 

• September 2011: Zurich Initiative on Computational Economics (ZICE), 

Zurich 

• May 2013: EABCN Training School, “The Search-Theoretic Approach to 

Liquidity”, Banco de Portugal, Lisbon 

(2) Teaching 

• Winter semester 2010/11 

Teaching assistant of Prof. Volker Wieland, “Macroeconomics I”, Bachelor 

course 

• Summer semester 2011 

Teaching assistant of Prof. Volker Wieland, Prof. Christos Koulovatianos and 

Prof. Sergey Slobodyan, “Learning in Macroeconomics”, Second-year 

Ph.D. course 


Teaching assistant of Prof. Volker Wieland, “Monetary and Fiscal Policy: 

Theory and Practice”, Second-year Ph.D. course 


Teaching assistant of Prof. Richard Werner, “International Trade and Development”, 

Bachelor course 

• Winter semester 2013/14 

Teaching assistant of Prof. Volker Wieland, “A New Comparative Approach 

to Macroeconomic Modelling”, Second-year Ph.D. seminar course 

(3) Research Assistance 

• Wieland, Volker (2011). “Model Comparison and Robustness: a Proposal for 

Policy Analysis after the Financial Crisis,” forthcoming in Robert M. Solow 

and Jean-Philippe Touffut (ed.), What’s Right with Macroeconomics, Cheltenham, 

UK, and Northampton, USA: Edward Elgar. 

• Taylor, John B. and Volker Wieland (2012). “Surprising Comparative Properties 

of Monetary Models: Results from a New Monetary Model Base,” 

Review of Economics and Statistics August 2012, Vol. 94, No. 3: 800-816. 

Tilman Bletzinger (since November 2012) 


Phone: +49(0)69 798 33837 

Email: bletzinger@econ.uni-frankfurt.de 

(1) Research 


• Monetary Theory and Policy 

• Financial Economics 

• Macroeconomic and Financial Stability 


• Real-time calculations of interest-rate rules for the ECB and the Fed 

• “Estimating the European Central Bank’s ‘Extended Period of Time’”, with 

Volker Wieland, IMFS Working Paper No. 74/2013. 

Matthias Burgert, Dipl-Vw., Statisticien-Economiste 


Chair for Monetary Theory and Policy (09/2009-04/2012) 

IMFS, Chair for Monetary Economics (05/2012-05/2013) 

European Commission (since 06/2013) 

(1) Research 


• Monetary and Fiscal Policy 

• Structural Econometric Modelling 

• DSGE Modelling 


• “Import price dynamics in advanced economies and heterogeneity in 

exchange rate pass-through”, with Stéphane Dées and Nicolas Parent, 

Empirical Economics, accepted for publication. 

• “The Effects of Government Spending: A Disaggregated Approach”, work in 

progress, with Pedro Gomes 


September 2011: Verein für Socialpolitik, Frankfurt am Main 

• “Optimal Monetary and Fiscal Policy: The Role of Substitutability between 

Private and Public Consumption“, work in progress, with Sebastian Schmidt 


May 2013: Annual International Conference on Macroeconomic Analysis 

and International Finance, Rethymno 

• “The role of Tax Policy in Fiscal Consolidation: Insights from Macroeconomic 

Modelling”, with Volker Wieland, published in “The role of tax policy in times 

of fiscal consolidation”, Savina Princen and Gilles Mourre (ed.), European 

Economy, Economic Papers 502, European Commission, August 2013 


October 2012: European Commission (ECFIN), “The role of tax policy in 

times of fiscal consolidation”, Brussels 

• “Dealing with a Liquidity Trap when Government Debt Matters: Optimal 

Time-Consistent Monetary and Fiscal Policy“, with Sebastian Schmidt, IMFS 

Working Paper 

Research Abroad 

• May-August 2012: Fund Internship Program, Statistics Department, International 

Monetary Fund, Washington, D.C. 

(2) Teaching 


Teaching assistant, “Monetary and Fiscal Policy”, Ph.D. level 


Teaching assistant,“Monetary and Fiscal Policy”, Ph.D. level 


Teaching assistant, “Topics in Monetary Economics”, Master level 


Teaching assistant, “Intermediate Macroeconomics 2”, Undergraduate level 


Teaching assistant, “Intermediate Macroeconomics”, Undergraduate level 



• Winter semester 2009/10 


• 2010 until 2013: Supervision of Bachelor theses 

(2) Internships/Other Activities 

• February – April 2013: Internship at Deutsche Bank, Global Risk Analysis 

Department of DB Research, Frankfurt 

45

Anamaria Piloiu, M.Sc. 


Phone: +49(0)69 798 34503 

Email: piloiu@wiwi.uni-frankfurt.de 

Pinar Topal, M.A., M.Sc 

Ph.D. Program in Economics, Goethe University Frankfurt 

Phone: +49 (0)69 798 34504 

Email: koez@wiwi.uni-frankfurt.de 

(1) Research 


• Empirical macroeconomics 

• Monetary economics 

• Micro-financial linkages 

• Financial stability 

Papers/Projects 

• “Economic policy uncertainty, trust and inflation expectations” (Working paper) 

Co-authors: Klodiana Istrefi 

CESifo Working Paper No. 4294, June 2013 

• “Non-performing loans: what matters in addition to the economic cycle” 

(Working paper) 

Co-authors: Roland Beck and Petr Jakubik 

ECB Working Paper No. 1515, February 2013 

• “The Nigerian banking crisis” (project at the IMF) 

Co-authors: Mumtaz Hussain and Gonzalo Salinas 

Conference/Seminar Presentations 

• 09/2013: Money Macro and Finance Conference – London, “Economic 

Policy Uncertainty, Trust and Inflation Expectations” 

• 07/2013: Computing in Economics and Finance Conference – Vancouver, 

B.C., “Economic Policy Uncertainty, Trust and Inflation Expectations” 

• 06/2013: Johannes Gutenberg University Mainz, Brown Bag Seminar – 

Mainz, “Economic Policy Uncertainty, Trust and Inflation Expectations” 

• 05/2013: Lisbon Meeting on Institutions and Political Economy – Lisbon, 

“Economic Policy Uncertainty, Trust and Inflation Expectations” 

• 07/2012: International Monetary Fund, African Department – Washington 

DC, “The Nigerian Banking Crisis” 

• 08/2011: European Central Bank, EU Neighbouring Regions Division – 

Frankfurt am Main, “Non-performing loans: what matters in addition to the 

economic cycle” 

Workshop Attendances 

• 03/2012: Research Workshop in Financial Economics – Mainz 

• 12/2010: Workshop on Money, Finance and Banking in East Asia, Training 

Center Bundesbank – Eltville 

• 11/2010: 6th ECB Central Banking Conference – Frankfurt am Main 

Internships 

• May - August 2012: Fund Internship Program, Africa Department, International 

Monetary Fund, Washington, D.C. 

• April - September 2011: Ph.D. Traineeship, Directorate General International 

and European Relations, EU Neighbouring Regions Division, European Central 

Bank, Frankfurt 

(2) Teaching 


Teaching assistant of Prof. Volker Wieland, “Monetary and Fiscal Policy: 

Theory and Practice”, Second-year Ph.D. course 


Teaching assistant of Prof. Stefan Gerlach, “Historical and Normative Foundations 

of Economics”, First-year Ph.D. course 


• Fiscal policy 

• Financial crisis 

• Applied macroeconomics 

• Empirical economics 


• “Threshold effects of public debt on economic growth in the euro area 

economies, work in progress 


May 2012: Internal Research/Doctoral Seminar, Chair of Public Finance, 

Goethe University Frankfurt, Germany 

May 2013: 10th EBES Conference, Istanbul, Turkey 

August 2013: Research Workshop on Panel Data Methods, University of 

Mainz, Mainz, Germany 

• “Is fiscal consolidation less harmless if labor markets are more rigid”, work 

in progress 


July 2013: Internal Research/Doctoral Seminar, Chair of Public Finance, 

Goethe University Frankfurt, Germany 

• “Fairness Perceptions in Economic Decision Making: Experimental Evidence on 

Equity and Equality”, Co-author: Eva Koscher (Goethe University Frankfurt) 


May 2013: Workshop on Behavioral and Experimental Economics, Florence, 

Italy 

Internships/Other Activities 

September 2013-April 2014: Ph.D. internship at Research Centre, Deutsche 

Bundesbank 

(2) Teaching 


Teaching assistant of Prof. Stefan Gerlach, “Advanced Macroeconomics II”, 

Master/Ph.D. course 


Teaching assistant of Prof. Stefan Gerlach, “Historical and Normative Foundations 

of Economics”, Master/Ph.D. course 


Teaching assistant of Prof. Volker Wieland, Ph.D., “Monetary and Fiscal 

Policy: Theory and Practice”, Master/Ph.D. course 

6. Administration 

Beate Rohé-Morgan 

Phone: +49(0)69 798 33805 

Email: geldpolitik@wiwi.uni-frankfurt.de 

Gabriele Zinn (until September 30, 2013) 

Phone: +49(0)69 798 34500 

Email: zinn@em.uni-frankfurt.de 

46


• “ECB repo rate setting during the financial crisis.” 

April 2010 

• “The zero lower bound, ECB interest rate policy and the financial crisis.” 

Co-author: J. Lewis, July 2010 

I.2. Prof. Dr. Stefan Gerlach 

In September 2011, Prof. Gerlach left the IMFS due to his 

appointment as Deputy Governor of the Central Bank of 

Ireland. 

1. Research 

Publications 

(1) Articles in scientific journals 

• “ECB repo rate setting during the financial crisis“ 

Economic Letters, Elsevier, vol. 112(2) 2011, pp. 186-188 

• “Monetary policy and financial imbalances: Facts and fiction” 

Co-author: K. Assenmacher-Wesche 

Economic Policy, 2010, Issue 63, 437-482 

• “Swiss Monetary Policy 2000-2009” 

Co-author: Hans Genberg 

Swiss Journal of Economics, 2010, 131-165 

(2) Contributions in books 

• “The Euro Area and the Financial Crisis”, 

Co-author: Ed. by M. Beblavý, D. Cobham, L. Ódor, Chapter 18, “How to 

Regain Confidence in the Euro Area”. Cambridge University Press, 2011 

• “Inflation targeting twenty years on” 

Co-author: Ed. with D. Cobham, Ø. Eitrheim and J. F. Qvigstad 

Cambridge University Press, 2010 

• “The risk of deflation” 

Published in: M. Dewatripont, X. Reixas, R. Portes (Eds.) 

Macroeconomic Stability and Financial Regulation: Key Issues for the G20, 

CEPR 2009 

(3) Working Papers 

• “Monetary Policy and TIPS Yields before the Crisis” 

Co-author: Laura Moretti 

CEPR DP No. 8560 and CFS WP 2011/22 

• “Capital flows: Where do we stand” 

Co-author: Peter Tillmann 

August 2011 

• “ECB Reaction Functions and the Crisis of 2008” 

Co-author: John Lewis 

July 2011, CEPR DP No. 8472 

• “ECB Repo Rate Setting During the Financial Crisis” 

Stefan Gerlach, April 2011, CEPR DP No. 8346 

• “Deflation and Relative Prices: Evidence from Japan and Hong Kong.” 

Co-author: P. Kugler, November 2010 

• “Inflation targeting and inflation persistence: What is different in Asia” 

Co-author: P. Tillmann, September 2010 

• “Banking and Sovereign Risk in the Euro Area.” 

Co-author A. Schultz and G. Wolff, May 2010 

• “Financial structure and the impact of monetary policy on property prices.” 

Co-author K. Assenmacher-Wesche, April 2010 

Presentations and conferences 

2011 

22.-23.04. Boston/USA, Presentation of “Tactics and Strategy in Monetary 

Policy: Benjamin Friedman’s Thinking and the Swiss 

National Bank” (joint paper with Thomas J. Jordan) at a 

conference to honor Ben Friedman, Federal Reserve Bank of 

Boston, on “Recent Developments in Monetary Policy, Fiscal 

Policy, and Financial System Design” 

06.05. Geneva/Switzerland, Discussion on “Debt Rollback and Politics” 

at the 13th Annual Geneva Conference on the World 

Economy, ICMB conference on “Public Debt, Nuts, Bolts and 

Worries” 

03.06. São Paulo/Brazil, Presentation of “The Euro Area Fiscal Crisis” 

at the Fourth International Conference in Law and Economics 

09.-10.06. Frankfurt/Germany, Presentation of “Biology/Ecology: An 

economist’s perspective” at an ECB conference, jointly organized 

with the Federal Reserve Bank of New York and the 

Centre for Financial Studies (CFS) on “Alternative Approaches 

to Modelling Systemic Risk” 

14.-16.08. Kuala Lumpur/Malaysia, Presentation of “Capital flows: 

Where do we stand” (joint paper with P. Tillmann) at the 

Research Workshop on “Living with Capital Flows and Excess 

Liquidity: Assessing Effectiveness of Monetary Policy in South 

East Asian Central Banks (SEACEN) Economies” 

16.-19.08. Kuala Lumpur/Malaysia, High-Level Seminar on “Living with 

Capital Flows and Excess Liquidity: Assessing Effectiveness of 

Monetary Policy in SEACEN Economies” 

09.-10.06. Frankfurt/Germany, ECB conference, jointly organized with 

the Federal Reserve Bank of New York and the Centre for 

Financial Studies (CFS) on “Alternative Approaches to Modelling 

System” 

21.06. Frankfurt/Germany, Meeting of the Advisory Scientific Committee, 

ESRB 

03.06. São Paolo/Brazil, Fourth International Conference on Law 

and Economics, organized by the University of St. Gallen and 

Insper/IBMEC São Paulo on Law and Economics of Money 

and Currency” 

16.05. Zurich/Switzerland, Swiss National Bank 

2010 

21.-22.01. Kota Kinabalu/Malaysia, Lecture on “The future of monetary 

policy” at SEACEN-BIS Executive Seminar 

19.02. Berlin/Germany, German Institute for Economic Research 

(DIW Berlin), Paper presentation on “The zero lower bound, 

ECB interest rate policy and the financial crisis” (joint paper 

with John Lewis) 

23.02. Frankfurt/Germany, European Central Bank, Paper presentation 

on “The zero lower bound, ECB interest rate policy and 

the financial crisis” (joint paper with John Lewis) 

25.02. Frankfurt/Germany, House of Finance, Brown Bag seminar 

presentation on “Global imbalances” 

30.03. Zurich/Switzerland, Swiss National Bank, Paper presentation 

on “The zero lower bound, ECB interest rate policy and the 

financial crisis” (joint paper with John Lewis) 

06.04. Vienna/Austria, Joint Vienna Institute, Two lectures on “Are 

the golden years of central banking over” 

12.04. Frankfurt/Germany, European Central Bank and European 

Commission, Attendance of a conference on “Financial 

Integration and Stability: the Legacy of the Crisis” 

26.-27.04. Frankfurt/Germany, European Central Bank, Presentation on 

“Money, Credit and Asset Prices” at Roundtable Colloquium 

47

on “Enhancing the Monetary Analysis” 

07.05. Geneva/Switzerland, International Center for Money and 

Banking Studies, 12th Geneva Conference on the World 

Economy on “Cross-Border Resolution of Systemically 

Important Financial Institutions.” 

17.05. Frankfurt/Germany, Goethe Business School, Presentation 

on “Banking and Sovereign Risk in the Euro area” (joint 

paper with Alexander Schultz and Guntram Wolff) to visiting 

delegation from the People’s Bank of China 

27.-28.05. Eltville am Rhein/Germany, Bundesbank spring conference, 

Discussion of “Rational Risk Panics” by Ph. Bacchetta, C. Tille 

and E. van Wincoop 

31.05. Vienna/Austria, Presentation on “Are the Golden Years of 

Central Banking Over Monetary Policy after the Crisis” at 

the 38th Economics Conference of the Austrian National 

Bank on “Central Banking after the Crisis: Responsibilities, 

Strategies, Instruments” 

24.-25.06. Oslo/Norway, 7th Norges Bank Monetary Policy Conference 

on “On the use of simple rules as guidelines for policy decisions”, 

Presentation of “The zero lower bound, ECB interest 

rate policy and the financial crisis” (joint paper with John 

Lewis) 

29.06. Frankfurt/Germany, Introductory remarks on “What caused 

the Crisis A helicopter tour” at a Roundtable organized 

by FAZ Institute and the American Chamber of Commerce 

in Germany on “Ursachen, Auswirkungen und Lehren der 

Finanzkrise: Eine systematische Bestandsaufnahme” 

25.-28.08. Frankfurt/Germany, Annual meeting of the European Finance 

Association, Comments on “The Behavior of Intoxicated 

Investors: The role of institutional investors in propagating 

the crisis of 2007-2008” by A. Manconi, M. Massa and A. 

Yasuda 

06.-8.09. Bratislava/Slovakia, Participation in a panel discussion on 

“How to regain the confidence in the euro area” at a 

conference on “The Euro Area and the Financial Crisis”, 

organized by the National Bank of Slovakia 

01.10. Amsterdam/Netherlands, Discussant of chapter on “Macroeconomic 

aspects of cross border banking” by F. Allen and 

E. Carletti at CEPR-DSF-EBC Workshop on “Cross-Border 

Banking in Europe after the Crisis.” 

06.-13.10. Hong Kong/China, Visit to the Hong Kong Institute for 

Monetary Research 

28.-29.10. Amsterdam/Netherlands, Discussant of a paper by A. Sarkar 

on “Stigma in Financial Markets – Evidence from liquidity 

auctions and discount window borrowing during the crisis” 

at the 13th Annual De Nederlandsche Bank Research Conference 

on “Government support for the financial sector: what 

happens next 

10.-11.11. Stockholm/Sweden, Visit to the Research department of the 

Riksbank 

12.11. Stockholm/Sweden, Discussant of a presentation on “Credit 

Growth and the Implications for Financial Stability and Monetary 

Policy” by Claudio Borio at a Riksbank workshop on 

“Housing Markets, Monetary Policy and Financial Stability” 

15.11. Frankfurt/Germany, ECB policy workshop on “The emergence 

of a new global economic order after the crisis – Challenges 

for Europe” 

18.11. Oslo/Norway, Chairing a panel session on “Where do central 

banks go from here” with M. Bordo, S. Fischer, Ph. Hildebrand 

and L. Svensson at Norges Bank symposium on “What 

is a useful central bank” 


03.-05.01. San Francisco/USA, American Economic Association Annual 

Meeting, Session on Reflections on American Views of the 

Euro Ex Ante: “What We ave Learnt 10 years Ex Post”, 

discussion of the paper by Adam Posen „Irrelevance of EMU: 

How Has It Mattered” 

24.01. Geneva/Switzerland, Participation at „11th Geneva conference 

on the World Economy on “The Fundamental Principles 

of Financial Regulation” 

31.01. London/UK, CEPR Conference on Financial Regulation and 

Macroeconomic Stability: “Key Issues for the G20”, Presentation 

„The risk of deflation” 

17.02. Brussels/Belgium, Conference “Global Economic Governance: 

Systemic Challenges, Institutional Responses, and the 

Role of the New Actors”, organized by CEPR and European 

Commission, Presentation „Macroeconomic Imbalances” 

25.-27.02. Amsterdam/Netherlands, Guest researcher at De Nederlandsche 

Bank, presentation of the paper „Financial Structure 

and the Impact of Monetary Policy on Asset Prices”, together 

with Katrin Assenmacher-Wesche 

30.03-03.04. San Francisco/USA, Guest at Center for Pacific Basin Studies, 

Federal Reserve Bank of San Francisco, Presentation „Financial 

Structure and the Impact of Monetary Policy on Asset 

Prices”, together with Katrin Assenmacher-Wesche 

23. 04. Frankfurt/Germany, Goethe University, Participation at the 

conference “Finanzmarktstabilisierung im internationalen 

Vergleich” 

07.05. Beijing/China, Conference „Asset Prices and Monetary 

Policy”, organized by People’s Bank of China, Deutsche 

Bundesbank and GTZ, presentation of “Asset Prices and 

Monetary Policy” 

15.-16.05. Frankfurt/Germany, Goethe University, Chair of the panel at 

the conference of the Doctorate/Ph.D. program “Law and 

Economics of Money and Finance“ 

21.05. Nottingham/UK, Workshop “Asset prices, Consumption and 

Monetary Policy” at the University of Nottingham, Presentation 

of „Financial Structure and the Impact of Monetary 

Policy on Asset Prices”, together with Katrin Assenmacher- 

Wesche 

27.-29.05. Konstanz/Germany, Participation in the 40th Konstanz Seminar 

for Monetary Theory and Policy 

26.06. Munich/Germany, Conference “Asset markets, Nominal 

Contracts and Money” 

“Trend and Cycle in Bond Premia” by Monika Piazzesi und 

Martin Schneider 

04.-05.07. Bonn/Germany, “15th International Conference on Panel 

Data”, Organizer of the Meeting “Monetary Policy” 

01.09. Utrecht/Netherlands, “28th Suerf Colloquium: The Quest for 

Stability”, “Monetary Policy and Asset Prices: Some Sceptical 

Observations” 

04.09. Frankfurt/Germany, Participation in the CFS Conference “The 

ECB and Its Watchers XI” 

07.09. Frankfurt/Germany, European Central Bank, Presentation of 

“Monetary Policy and Financial Imbalances: Facts and Fiction”, 

together with Katrin Assenmacher-Wesche 

08.09. Zurich/Switzerland, “10. Schweizer Ökonomentag: Beyond 

Keynes and Friedman”, Keynote speaker: “The Role of Asset 

Prices in Monetary Policy: Experiences and Outlook” 

10.-11. 09. Rome/Italy, Conference of Banca d’Italia, Bruegel and 

Peterson Institute: “Comparing Transatlantic Responses to 

the Financial Crisis”, participation in a discussion on Joseph 

Gagnon’s “Monetary Responses to the Financial Crisis of 

2007-2008: The case for further action” 

18.09. Frankfurt/Germany, Deutsche Bundesbank, Presentation 

„Monetary Policy and Financial Imbalances: Facts and Fiction”, 


25.-26.09. Zurich/Switzerland, Participation in the conference of the 

Swiss National Bank (SNB) „Financial Markets, Liquidity, and 

Monetary Policy” 

09.10. Frankfurt/Germany, Participation in the „1st Bundesbank- 

48


CFS-ECB Workshop on Macro and Finance”, co-author 

Alexander Schultz presented „Banking and Sovereign Risk in 

the Euro Area” 

13.10. Berlin/Germany, Humboldt University, Presentation of „Monetary 

Policy and Financial Imbalances: Facts and Fiction”, 


16.10. Geneva/Switzerland, Graduate Institute of International and 

Development Studies, Presentation of “Monetary Policy 

and Financial Imbalances: Facts and Fiction”, together with 

Katrin Assenmacher-Wesche, at the „Colloquium in Honor of 

Professor Hans Genberg” 

24.10. Tilburg/Netherlands, Participation at the “50th Panel Meeting 

of Economic Policy”, presentation of “Monetary Policy 

and Financial Imbalances: Facts and Fiction”, together with 

Katrin Assenmacher-Wesche 

29.-30.10. Rüschlikon/Switzerland, Conference of the Swiss National 

Bank on “The SNB’s New Monetary Policy Framework Ten 

Years On”, presentation of “Monetary Policy in Switzerland 

2000-2009“ 

06.-07.11. Stockholm/Sweden, Conference of the Riksbank on „Financial 

Markets and the Macroeconomy: Challenges for Central 

Banks”, presentation of „Financial Structure and the Impact 

of Monetary Policy on Property Prices”, together with Katrin 

Assenmacher-Wesche 

15.12. Frankfurt/Germany, European Central Bank, participation 

in the expert meeting on “Tools for detecting asset price 

imbalances, the role of money and credit and the impact on 

consumer price inflation” 


Courses 


• “Historical and Normative Foundations of Economics” 

• 10./17./18.06.2011, together with Prof. Siekmann, Doctorate/Ph.D. program 

(LEMF), “Monetary Policy and Financial Supervision and Regulation in 

the European Union“ 


• “Advanced Macroeconomics II: Part 2: Inflation targeting matters in Asia” 


• “Central Bank Watching“ for Master and Diploma students 


• “Advanced Macroeconomic Theory II, Part 2”, First-year Ph.D. and MSQE 

students 


2011 

Longmei Zhang: earned her doctorate with the topic „Financial Frictions, 

Monetary Policy and Business Cycles“ in October 2011. Ms 

Longmei Zhang started working as an economist at the IMF. 

2010 

Tim Oliver Berg: earned his doctorate in November 2010 and started working 

at the Ifo Institute in Munich. 


Membership in Advisory Committees and others 

• Deputy Governor of the Central Bank of Ireland (since September 2011) 

• Member of the European Systemic Risk Board’s Scientific Advisory Panel 

• Member of Policy Platform, House of Finance 

• Managing Director of IMFS 

• Board Member of the International Centre for Monetary and Banking Studies 


• “The Crisis Management Framework: What follows after the EFSF and the 

EFSM” August 2010. (Prepared for European Parliament.) 

• “A credible Stability and Growth Pact: Raising the bar for budgetary transparency” 

with M. Burda in “Completing the Eurozone Rescue: What More 

Needs to be Done“ Ed. by R. Baldwin and D. Gros, VoxEU and CEPR, 2010. 

• “Are the Golden Years of central banking over Monetary policy after the 

crisis.” May 2010. 

Prepared for the 38th Economics Conference of the Austrian National Bank. 

• “A credible Stability and Growth Pact: Raising the bar for budgetary transparency.” 

(M. Burda) in Completing the Eurozone Rescue: What More Needs to 

be Done Ed by R. Baldwin and D. Gros, VoxEU and CEPR, 2010. 

• “Strengthening the Institutional Underpinnings of the Euro,” SIEPS European 

Policy Analysis, 2010:9. 

• “Asset Prices and Monetary Policy: Some Skeptical Observations”in M. Balling, 

J. M. Berc and M.-O. Strauss-Kahn, eds., “The Quest for Stability: The 

Macro View, Vienna” SUERF, 2010. 

• “The Greek Sovereign Debt Crisis and ECB Policy” June 2010. (Prepared for 

European Parliament.) 

• “The impact of the euro on international stability and volatility.” 

with Mathias Hoffmann in The Euro: The first decade, ed. By M. Buti, S. 

Deroose, V. Gaspar and J. Nogueira Martins, Cambridge University Press 

2010. Also published in European Economy, Economic Papers 309, European 

Commission, March 2008. 

• “The future development of global imbalances” March 2010. (Prepared for 


• “Defining and measuring systemic risk” November 2009. (Prepared for 


• “Are the Golden Years of Central Banking Over” with A. Giovannini, C. Tille 

and J. Viñals 

Geneva Report on the World Economy 10, ICMB and CEPR, July 2009. 

• “The risk of deflation. In Macroeconomic Stability and Financial Regulation: 

Key Issues for the G20“ ed. by M. Dewatripont, X. Freixas and R. Portes, 

CEPR 2009, IMFS Working Paper Series No. 21/2009 


Editorials and interviews 

2011 

26.08. VoxEU.org: “Monetary Policy before the Crisis” Stefan Gerlach and 

Laura Moretti, available also in German as “Geldpolitik vor der 

Krise”, Ökonomenstimme, August 31 2011 

03.03. The Economist (Letter) and Börsen-Zeitung (Interview): „Anheben 

des Inflationsziels wäre verheerend” [“Raise of the Inflation 

Rate Would Be Devastating”] 

02.03. Zeit online: „Die Deutschen sind besonders gefährdet” [“The 

Germans are Especially at Risk“] 

16.02. Financial Times Deutschland: „Europas Staaten brauchen Stresstest” 

[“European States Need the Stress Tests“] 

25.01. Neue Zürcher Zeitung: „Notenbanker müssen zunehmend 

Finanzmarkterfahrung haben” [“Central Bankers Must Have 

Increasingly More Experience of Financial Markets“] 

2010 

17.12. Börsen-Zeitung: „Makroprudenzielle Politik und Verkehrssicherheit” 

22.10. Börsen-Zeitung (jointly with Peter Tillmann): „In den Tigerstaaten 

ist die Zeit der Wechselkursmanipulation längst vorbei” 

12.10. Financial Times Deutschland (Letter to the Editor): “Beijing really 

can’t afford appreciation” 

10.10. Handelsblatt: „Die EZB sollte sich öffnen” 

07.10. VoxEU (jointly with Peter Tillmann): “Inflation targeting matters in 

Asia” [appeared also as “Inflation Targeting: In Asien besonders 

erfolgreich“, Ökonomenstimme, 06.10.2010] 

21.08. Börsen-Zeitung: Interview „Schuld an der Krise trägt eindeutig 

die falsche Regulierung” 

49

17.08. Börsen-Zeitung: „Umschuldung wäre Chance für Griechenland” 

[“Debt Conversion Would Be a Chance for Greece“] 

10.08. Ökonomenstimme: „Makroprudentielle Politik zur Stabilisierung 

der Finanzmärkte” [“Macroprudential Policy for Stabilization of 

the Financial Markets“] 

27.07. VoxEU: “ECB interest rate policy and the „zero lower bound” 

[also published as: “Die Zinspolitik der EZB und die „Null-Prozent- 

Untergrenze“ , Ökonomenstimme, 04.08.2010] 

26.07. Financial Times (Letter to Editor): “Despite risk of valuation 

losses, SNB logic right” 

14.07. Finanz und Wirtschaft: „Das Dilemma der SNB” [“The Dilemma 

of the SNB“] 

18.06. Börsen-Zeitung: „Schuldenberge bringen EZB in die Bredouille” 

17.06. VoxEU: “A credible Stability and Growth Pact: Raising the bar for 

budgetary transparency” (with Michael Burda) 

14.05. Börsen-Zeitung: „Den Stabilitätspakt stärken: Staatsschulden besteuern” 

[“Strengthen the Stability Pact: Tax the National Debt“] 

11.05. Handelsblatt: „Noch haben wir die Krise nicht gebannt” with 

Michael Burda [“We Have not Mastered the Crisis Yet“] 

11.05. VoxEU: a longer version is published as “Greek Lessons” as well 

as “Griechische Lektionen” in Ökonomenstimme (14.05.2010), 

“Quelle réforme pour le Pacte de stabilité” in Telos (19.05.2010), 

and “Esquisse d’un nouveau Pacte de stabilité” in Le Temps (21. 

05.2010) and the Bruegel G20 Blog (21.04.2010) 

16.04. Neue Zürcher Zeitung: „Frühwarn- und Überwachungssystem 

zur Stabilisierung der Finanzmärkte” [“Early Warning System to 

Stabilize the Financial Markets“] 

12.04. Financial Times: “Germany’s role in the Greek drama” 

01.04. Börsen-Zeitung: „Anheben des Inflationsziels wäre verheerend” 

[“Raise of the Inflation Rate Would Be Devastating“] 

22.03. Ökonomenstimme: „Zur Stärkung der Deutschen Bundesbank” 

(With E. Yoo) [“For Stabilization of Deutsche Bundesbank”] 


02.12. Börsen-Zeitung: „Nicht die Geldpolitik war Auslöser der Finanzkrise” 

[“Monetary Policy did not Trigger the Financial Crises“] 

05.08. Financial Times: “Research backs up how often central banks 

should meet” 

17.07. VoxEu: “Are the golden years of central banking over” (with A. 

Giovannini and C. Tille) 

14.02. Börsen-Zeitung: „Finanzvariablen in Modelle der Geldpolitik 

aufnehmen” [“Take the Financial Variables into Consideration in 

Monetary Policy Models“] 


2011 

01.08. Zeitschrift für das gesamte Kreditwesen: „Personalien” [“Personal 

Data“] 

18.07. Wirtschaftswoche: „Verbindungsmann zur EZB” [“The Link Man 

to the ECB”] 

14.07. Financial Times Deutschland: „Frankfurter Forscher wird Vize 

der irischen Notenbank” [“Frankfurt Researcher to Become Vice 

President in the Irish Central Bank“] 

14.07. FAZ: „Stefan Gerlach geht nach Dublin” [“Stefan Gerlach Moves 

to Dublin“] 

14.07. Börsen-Zeitung: „Stefan Gerlach wird Vizechef der irischen 

Zentralbank” [“Stefan Gerlach to Become Vice President of the 

Irish Central Bank“] 

14.07. Stuttgarter Zeitung: „Die Händler reagieren gelassen” [“The Traders 

are still calm“] 

14.07. Handelsblatt: „Raus aus dem Elfenbeinturm” [“Out of the Ivory 

Tower“] 

13.07. Reuters Deutschland: „Professor aus Frankfurt verstärkt irische 

Notenbank” [„Frankfurt Professor to Join the Irish Central Bank“] 

24.06. Frankfurter Neue Presse: „Merkel: Ein wichtiger Schritt” [“Merkel: 

An Important Step“] 

23.06. dpa: „Ökonom: Griechenland-Umschuldung wäre riskant” 

[“Economist: Greece’s Debt Conversion would be Risky“] 

22.06. Frankfurter Rundschau: „Märkte atmen nach Griechenland- 

Votum auf” [“Markets Breath a Sign of Relief after the Greece 

Votum“] 

11.04. FAZ: „Die Renaissance der monetären Analyse” [“The Renaissance 

of Monetary Analysis“] 

01.04. Zeitschrift für das gesamte Kreditwesen: „Personalien” [“Personal 

Data“] 

01.06. International Herald Tribune: “At reframed E.C.B, Trichet’s long 

shadow” 

23.03. Börsen-Zeitung: „Stefan Gerlach berät den Europäischen Systemrisikorat” 

[“Stefan Gerlach Advices the European System Risk 

Council“] 

22.03. FAZ: „Frankfurter berät Systemrisikorat der EZB” [“Frankfurt 

Professor advices the System Risk Council of the ECB“] 

04.03. Handelsblatt: „Die Volksrepublik lockt Schwellenländer in den 

Yuan” [“People’s Republic attracts emerging countries to Yuan“] 

28.02. FTD Online: „Plenum der Ökonomen – die Kritik der Überstimmten” 

[“The Economists’ Plenum – The Criticism of the Outvoted“] 

01.03. Börsen-Zeitung: „Ich bin besorgt über die Schwäche deutscher 

Banken” [“I am Worried to See How Weak the German Banks 

are“] 

2010 

01.12. Handelsblatt: „Die EZB braucht Meinungsvielfalt” [“The ECB 

Needs Diversity of Opinion“] 

08.11. Financial Times Deutschland: „Das 900-Mrd.-Dollar Spiel” [“The 

900 Billion Dollar Game“] 

18.10. Financial Times Deutschland: „Nur einer wird gewinnen” [“Only 

One Will Win“] 

27.08. Börsen-Zeitung: „Wenn Banken Staatsanleihen bewegen” 

[“When Banks Move States Securities“] 

02.09. Handelsblatt: „Wer Sarrazins Nachfolger werden könnte” [“Who 

Could be Sarrazin’s Successor“] 

01.04. Börsen-Zeitung: „Fronterfahren” [“Experienced at the Front”] 

03.03. Handelsblatt: „Asien sieht sich bestätigt” [“Asia Sees Itself Being 

Right“] 


09.09. Neue Zürcher Zeitung: „Etwas mehr Skepsis gegenüber dem 

Markt” [“A Little Bit More of Scepticism Towards the Market“] 

12.08. Financial Times Deutschland: „Machtspielchen um die Topjobs 

bei Fed und EZB” [“Power Games For the Top Jobs at Fed and 

ECB“] 

11.08. Börsen-Zeitung: „Strikte Trennung aufheben” [“Abolish the Strict 

Seperation“] 

09.07. Handelsblatt: „Euro holt zum Dollar weiter auf” [“Euro Catches 

Up Relative to Dollar“] 

01.07. Handelsblatt: „Junge Karriere” [“Young Career”] 

50


II. Endowed Chair of Financial Economics 

II.1. Prof. Dr. Roman Inderst 

(until September 2012) 

Phone: +49 (0)69 798 34023 

Fax: +49 (0)69 798 33912 

Email: inderst@finance.uni-frankfurt.de 

Prof. Dr. Roman Inderst held the Endowed Chair of Financial 

Economics until September 30, 2012. Effective October 1, 

2012 Prof. Inderst transferred to a university professorship 

which exempts him from the requirement of joint academic 

as well as policy and public oriented activities as stipulated in 

the mandate of the IMFS. The Institute wishes him all the best 

for his future professional endeavors. The Endowed Chair of 

Financial Economics was advertised again in June 2012. In 

May 2014, Prof. Vikrant Vig, Ph.D., assumed the Endowed 

Chair of Financial Economics. 

1. Research 

Publications 


2012 

• “Informing consumers about their own preferences” 

Co-author: Peitz, Martin 

International Journal of Industrial Organization, Vol. 30, Pages 417 – 428 

• “Loan Prospecting” 

Co-author: Heider, Florian 

Review of Financial Studies, Vol. 28, Pages 2381 – 2415 

• “How (Not) to Pay for Advice: A Framework for Consumer Financial Protection” 

Co-author: Ottaviani, Marco 

Journal of Financial Economics, Vol. 105, Pages 393 – 411 

• “Network investment, access and competition” 


Telecommunications Policy, Vol. 36, Pages 407 – 418 

• “Financial Advice” 


Journal of Economic Literature, Vol. 50, Pages 494 – 512 

• “Competition through Commissions and Kickbacks” 


American Economic Review, Vol. 102, Pages 780 – 809 

• “Market Asymmetries and Investments in Next Generation Access Networks” 


Review of Network Economics, Vol. 11, Pages 1 – 25 

• „Das kontrafaktische Szenario bei der Berechnung von Kartellschäden“, 

[“The Contra Factual Setting on the Calculation of Cartel Losses“] 

Wirtschaft und Wettberwerb, Vol. 2, Pages 122 - 132 

2011 

• “Pre-sale information” 

Co-author: Hoffmann, Florian 

Journal of Economic Theory, Vol. 146, Pages 2333 – 2355 

• “Incentives for Input Foreclosure” 

Co-author: Valletti, Tommaso 

European Economic Review, Vol. 55, Pages 820 – 831 

• “Countervailing Power and Dynamic Efficiency” 

Co-author: Wey, Christian 

Journal of the European Economic Association, Vol. 9, Pages 702 – 720 

• „Investitionen in Next-Generation-Access-Netze: Zugangsverträge und 

Regulierung“ 

Co-authors: Kühling, Jürgen; Neumann, Karl-Heinz; Peitz, Martin 

Wirtschaftsdienst, Vol. 91, Pages 406 – 413 

• “Consumer Protection and the Role of Advice in the Market for Retail Financial 

Services“ 

Journal of Institutional and Theoretical Economics, Vol. 167, Pages 4 - 21 

• “Buyer Power and the Waterbed Effect” 


Journal of Industrial Economics, Vol. 59, Pages 1 - 20 

2010 

• “CEO Replacement under Private Information” 

Co-author: Müller, Holger M. 

Review of Financial Studies, Vol. 23, Pages 2935 – 2969 

• “Models of Vertical Market Relations” 

International Journal of Industrial Organization, Vol. 28, Pages 341 - 344 

• “Consumer Protection in Markets with Advice” 


Competition Policy International, Vol. 6, Pages 47 – 64 

• “Misselling (Financial) Products: The Limits for Internal Compliance” 

Economics Letters, Vol. 106, Pages 35 - 37 

• “Market-Share Contracts as Facilitating Practices” 

Co-author: Shaffer, Greg 

RAND Journal of Economics (formerly: Bell Journal of Economics), Vol. 41, 

Pages 709 – 729 

• “Innovation Management in Organizations” 

European Economic Review, Vol. 53, Pages 871 - 887 

• “Indirect vs. Direct Constraints in Markets with Vertical Integration” 


Scandinavian Journal of Economics (formerly: Swedish Journal of Economics), 

Vol. 111, Pages 527 – 546 


• “Retail Finance: Thoughts on Reshaping Regulation and Consumer Protection 

after the Financial Crisis” 

European Business Organization Law Review, Vol. 10, Pages 455 - 464 

• “Early-stage financing and firm growth in new industries” 

Co-author: Müller, Holger M. 

Journal of Financial Economics, Vol. 93, Pages 276 – 291 

• “Misselling through agents” 


American Economic Review, Vol. 99, Pages 883 – 908 

• “Incentives to Foreclose” 


Competition Policy International 

• “Third-Degree Price Discrimination with Buyer Power” 


B.E. Journal of Economic Analysis and Policy: Contributions to Economic 

Analysis and Policy, Vol. 9, Pages 1 - 14 

• “Price Discrimination in Input Markets” 



Pages 1 – 19 

• “Market Power, Price Discrimination, and Allocative Efficiency in intermediategoods 

markets” 

Co-author: Shaffer, Greg 


Pages 658 – 672 

51


2012 

• „Der Ausbau neuer Netze in der Telekommunikation. Institutionelle, ökonomische 

und juristische Betrachtungen“ [“Expanding New Networks in 

Telecommunications. Institutional, Economic, and legal Considerations”] 

Co-authors: Jürgen Kühling, Karl-Heinz Neumann, Martin Peitz 

Volume 21 of the series “Wettbewerb und Regulierung von Märkten und 

Unternehmen“, Nomos 2012 

• „Das kontrafaktische Szenario bei der Berechnung von Kartellschäden“ [„The 

Contra Factual Setting on the Calculation of Cartel Losses“] 

Co-author: U. Schwalbe 

Wirtschaft und Wettbewerb, 03.02.2012, Heft 02, 122-132 

2011 

• „Investitionen in Next-Generation-Access-Netze: Zugangsverträge und 

Regulierung” [“Investments in Next Generation-Access-Networks: Access 

Contracts and Regulations“] 

Co-authors: Jürgen Kühling, Karl-Heinz Neumann, Martin Peitz 

Wirtschaftsdienst, 2011, 91(6), 406-413 


• Public Policy, Early-Stage Financing, and Firm Growth in New Industries, 

Book chapter, “Challenges to the Financial System”, Stiftung Geld und 

Währung, 2009 

• Law and Finance as a District Field of Research (Editorial) 

European Business Organization Law Review, 2009, 10, 323-329 

• Effekte verschiedener Rabattformen – Überlegungen zu einem ökonomisch 

fundierten Ansatz [“Effects of Different Forms of Discount – Thoughts on a 

established approach“] 

Co-author: U. Schwalbe 

Zeitschrift für Wettbewerbsrecht, 12.03.2009, Heft 01, 65-84 

(3) IMFS Working Papers: 

• “Misselling through Agents” 

Co-author: Marco Ottaviani 

Working Paper Series No. 36 (2009) 

Published in: American Economic Review, 2009, vol. 99, issue 3, pp. 883-908 

• “Misselling (Financial) Products: The Limits for Internal Compliance” 


Published in: Economics Letters, 2010, vol. 106, issue 1, pp. 35-37 

• “Financing a Portfolio of Projects” 

Co-authors: Holger Müller, Felix Münnich 


Published in: The Review of Financial Studies, 2007, vol. 20, issue 4, pp. 

1289-1325 

• “Innovation, endogenous overinvestment, and incentive pay” 

Co-author: Manuel Klein 


• “Irresponsible Lending with a better informed lender” 


Published in: Economic Journal, 2008, vol. 118, issue 532, pp. 1499-1519 

• “Bank capital structure and credit decisions” 

Co-author: Holger M. Müller 


Published in: Journal of Financial Intermediation, 2008, vol. 17, issue 3, pp. 

295-314 

• “Early-Stage Financing and Firm Growth in New Industries” 

Co-author: Holger M. Müller 


Published in: Journal of Financial Economics, 2009, vol. 93, issue 2, pp. 276-291 

• “CEO Replacement under Private Information” 

Co-author: Holger Müller 


Published in: Review of Financial Studies, 2010, vol. 23, issue 8, pp. 2935-2969 

• “Bank Competition and Risk-Taking When Borrowers Care about Financial 

Prudence” 

Co-authors: Hasan Doluca, Ufuk Otag 


• “Loan Origination under Soft- and Hard-Information Lending” 


Presentations 

2012 

05.07. „Nachwirkungen von Kartellen“ [“Effects of Cartels”], Conference 

on “Aktuelle Schwerpunkte des Kartellrechts“ [“Current 

Foci of Cartel Law”], organized by Forschungsinstitut für 

Wirtschaftsverfassung und Wettbewerb (FIW) 

22.06. „Transparenz und Anlegerschutz“ [“Transparency and Protection 

of Investors”], Conference on “Was taugt der Wertpapierprospekt 

für die Anlegerinformation“ [“How Effective 

is the Bond Brochure in Educating Investors”], organized by 

the Institute for Law and Finance and Hengeler Mueller 

2011 

Presentations in Zurich, Stockholm, Toulouse, Vienna, Madrid, and at various 

German universities as well as the DIW. 

2010 

01.02. Invited Lecture/Expert of the FSA on “Financial Advice” 

01.-03.03. Seminar at Imperial College and UCL, London 

22.04. Seminar in Bonn 

26.04.-28.04. Seminar in Rome (Ente Enaudi, Tor Vergata) 

10.06-12.06. Conference “Institutional Economics”, Budapest 

23.06.-25.06. Invited Lecture/Expert of the FSA “Consumer Protection in 

Financial Markets” 

02.11.-06.11. Johannisburg – ESRA Invited Lectures 

17.11.-19.11. Federal Trade Commission – Keynote Address on “Financial 

Advice” 

30.11.-02.12. Seminar LSE und Imperial College 


16.02. Bundeskartellamt [German competition authority] 

03/2009 Imperial College London 

24.03. Toulouse 

27.03. Frankfurt, seminar on competition 

04/2009 IO Konferenz Boston 

30.04. Bonn, Rheinische Friedrichs Wilhelm University 

15.05.-16.05. Frankfurt, Goethe University, lecture on “Law and Economics 

of Money and Finance“ 

08.06. Bonn, Max Planck Institute for Research on Collective Goods 

10.06. Brussels, European Commission 

19.06. IO conference, Bad Homburg 

10.07. IMFS Symposium, „Gesetzgeberische Maßnahmen zur Verhinderung 

der Übernahme börsennotierter Unternehmen im 

Wege des Anschleichens“ 

21.06. Gerzensee, Switzerland, Finance conference 

28.08. Stockholm 

09/2009 EARIE, Slovenia 

31.09. Washington, presentation ath the Federal Trade Commission 

22.10. Frankfurt am Main, IMFS Stiftungskonferenz “The Financial 

Market Crisis – Causes, Remedies and Prevention” 

13.11. Vienna, Ministry of Finance 

25.11. Bundeskartellamt [German competition authority] 

10.12. Cologne 

52



Courses 


• “Corporate Finance and Contract Theory“, lecture, Graduate School 


• “Corporate Finance Theory Part I“, lecture, Graduate School 

(3) Wintersemester 2009/10 

• “Corporate Finance Theory” 

• Industrial Organization, Competition Policy and Regulation 

(4) Wintersemester 2008/09 

• Field Course: “Corporate Finance Theory” 

• “Industrial Organization, Competition Policy and Regulation” 

Completed Dissertations and Placements 

• Ufug Otag: “Competition in Banking and Banking Regulation”, November 

2010, currently employed at Equinix 

• Hasan Doluca: “Essays on Regulation and Financial Stability”, May 2013, currently 

economist for financial markets, German Council of Economic Experts 

• Florian K. Hoffmann: “Essays on the Value of Information”, June 2010, currently 

Assistant Professor, Goethe University Frankfurt 

• Sebastian Pfeil: “Essays on Optimal Dynamic Incentive Contracts”, September 

2011, currently Assistant Professor, Goethe University Frankfurt 

• Gilad Tirosh: “Three Essays in the Economics of Information”, May 2012, 

currently employed at Ernst&Young 

• Vladimir Vladimirov: Assistant Professor of Finance, University of Amsterdam 

“Policy White Paper” der Policy Platform sowie Beitrag in “Competition Policy 

International” 

• “Consumer Protection and the Role of Advice in the Market for Retail Financial 

Services” 

“Policy White Paper” der Policy Platform 


Press Commentary and Mentions 

28.11.2012 Focus Money: „Top-Adressen für Anspruchsvolle“ [“Go-To 

Places for Ambitious People”] 

05.10.2012 Financial Times Deutschland: „In der Bankberatung läuft 

gar nicht so viel schief“ [“Bank Consulting Isn’t As Bad As it 

Seems”] 

19.04.2012 Die Zeit: „Einstürzende Altbauten“ [“Collapse”] 

27.03.2012 Tagesspiegel: „Das EEG sollte abgeschafft werden“ [“The 

Renewable Energy Act Should Be Abandoned”] 

18.02.2012 FAZ: „Frankfurter Gesichter: Roman Inderst“ [“Faces of 

Frankfurt: Roman Inderst”] 

08.02.2012 FAZ: „Weise Kandidatinnen für den Sachverständigenrat“ 

[“Wise Candidates for the Advisory Council”] 

04.02.2012 FAZ: „Weder di Mauro verlässt den Sachverständigenrat“ 

[“Weder die Mauro Leaves Advisory Council”] 



• Wissenschaftlicher Beirat des Bundesministeriums für Wirtschaft und 

Technologie [Scientific Council of the Federal Ministry of Economics and 

Technology] 

• External Consultant ECB 


2012 

• „Wege zu einer wirksamen Klimapolitik” [“Towards an Effective Climate 

Policy”] 

Expert opinion for Advisory Council of the Federal Ministry of Economics 

and Technology (Wissenschaftlicher Beirat beim Bundesministerium für 

Wirtschaft und Technologie), Feb. 2012 

• „Wie lässt sich der Kundennutzen der Anlageberatung steigern“ [“How To 

Improve Consumer Guidance”] 

Co-author: Andreas Hackethal 


2010 

• “Advice in the Market for Retail Financial Services – Learnings from a Large- 

Scale Study” 

“Policy White Paper” der Policy Platform sowie Vortrag auf der EU-Konferenz 

zu “Behavioral Economics and Policy” 

• “Regulation and Supervision in Financial Markets: Lessons Learned from the 

Crisis” 

“Policy White Paper” der Policy Platform sowie Vortrag auf der 2010 Risk 

Capital Conference/Frankfurt 

• „Systemische Risiken im Finanzsektor – Lehren aus der Krise”, [Systematic 

Risks within the Finance Sector – Learning from the Crisis“] 

“Policy White Paper” der Policy Platform sowie Vortrag auf der Jahrestagung 

des FIW 

• “Retail Finance after the Crisis“ 

“Policy White Paper” der Policy Platform sowie Keynote der „World Consumer 

Credit Reporting Conference“ 

• “Consumer Protection in Markets with Advice” 

Co-author: Marco Ottaviani 

53

III. Endowed Chair of Money, Currency and 

Central Bank Law 

1. Research 

III.1. Prof. Dr. Dr. h.c. Helmut 

Siekmann 

Phone: +49 (0)69 798 34014 

Fax: +49 (0)69 798 33913 

Email: geld-und-waehrung@imfs-frankfurt.de 

Projects 

• Working and institutional setup of the European Monetary Union; commentary 

on the European Monetary Union 

• Mandate, competences and authorities of the ECB and national central 

banks 

• Formation of the European Banking Union 

• Financial Supervision on the European level 

• Protection of clients of financial institutions 

• State failure in supervising and controling financial markets and financial 

institutions 

• The special design, working, and control of banks in public ownership 

• History of money in the western legal tradition 

• The law of government finances in Germany and the USA, sovereign deficits 

and debt, fiscal federalism 

• The role of the legal framework in causing, furthering and overcoming the 

crisis 

• The reform of German financial market supervision and deposit protection 

• Reforming rating agencies 

• Institutional design of consumer financial protection 

• Guidance and control of public enterprises 

Publications 

(1) Books 

„Eine stabile Geld-, Währungs- und Finanzordnung“ [“A stable order of money, 

currency and finances“], selected writings of Helmut Siekmann, edited by 

Theodor Baums, Berlin, 2013 

(2) Contributions in books and journals 


• ”Lekceważenie założeń prawnych TFUE przez państwa członkowskie oraz 

Europejski Bank Centralny” [“Disregard for the Legal Foundations of TFEU on 

the Part of the Member States and the European Central Bank”], in: Saryusz- 

Wolski, Jacek (ed.), Nowa Europa, 3 (16) / 2013, Warszawa, pp. 188 - 269 

• ”From the OMT Announcement to the 2013 Hearings of the German Constitutional 

Court”, in: IMFS Interdisciplinary Studies in Monetary and Financial 

Stability, 1/2013, The ECB and Its Watchers, Frankfurt am Main, 2012, pp. 

47-53 (Co-author Volker Wieland) 

• „Der Sturz von der nicht existierenden Klippe in den fiskalischen Abgrund“ 

[“Falling off the So-Called Fiscal Cliff into the Fiscal Abyss“], in: Curti, Henning 

/ Effertz, Tobias (ed.), Die ökonomische Analyse des Rechts, Festschrift 

für Michael Adams, Frankfurt am Main, 2013, pp. 63-82 

• „Einführung, Art. 3, 13 EUV, Art. 119, 130 AEUV, Protokolle (Nr. 16, 17, 18), 

Art. 7, 15, 36, 37 ESZB/EZB-Satzung“, [“Introduction, Art. 3, 13 TEU; Art. 

119, 130 TFEU; Protocols (No. 16, 17); Art. 7, 15, 36, 37 ECB/ECB-Statute“] 

in: Siekmann, Helmut (ed.), Kommentar zur Europäischen Währungsunion, 

Tübingen, 2013 

• „Missachtung rechtlicher Vorgaben des AEUV durch die Mitgliedstaaten und 

die EZB in der Schuldenkrise“ [“Disregard for the Legal Foundations of TFEU on 

the Part of the Member States and the European Central Bank”], in: Möllers, 

Thomas M.J./Zeitler, Franz-Christoph (ed.), Europa als Rechtsgemeinschaft – 

Währungsunion und Schuldenkrise, Tübingen, 2013, pp. 101 - 158 

2012 

• “The Introduction of the Euro”, in: Leung, Susanna S. S. (ed.), The Renminbi’s 

Changing Status and the Chinese and Hong Kong Financial System, Hong 

Kong, 2012, pp. 127-175 

• “Law and Economics of the Monetary Union”, in: Eger, Thomas/Schäfer, 

Hans-Bernd (ed.), Research Handbook on the Economics of European 

Union Law, Cheltenham, UK – Northampton, MA, USA, 2012, pp. 355-411 

(Research Handbooks in Law and Economics, Series Editors: Richard A. 

Posner and Franceso Parisi) 

• „Die Legende von der verfassungsrechtlichen Sonderstellung des ’anonymen’ 

Kapitaleigentums“ [“The Legend of a Special Position of the Ownership of 

‚Anonymous’ Capital by Constitutional Law”], in: Der grundrechtsgeprägte 

Verfassungsstaat, Festschrift für Klaus Stern zum 80. Geburtstag, edited by 

Michael Sachs and Helmut Siekmann, Berlin, 2012, pp. 1527-1541 

• „Neuorganisation der Finanzaufsicht“ [“Reorganizing Financial Supervision”], 

in: Kadelbach, Stefan (ed.), Nach der Finanzkrise. Rechtliche Rahmenbedingungen 

einer neuen Ordnung, Baden-Baden, 2012, pp. 131-220 

• „Die rechtliche Regulierung öffentlicher Banken in Deutschland“ [“Regulation 

of Banks in public ownership in Germany”], in: Scherzberg, Arno/Çan, 

Osman/Dogan,Ilyas (eds.), Das Recht der öffentlichen Unternehmen und der 

öffentlich-rechtlichen Banken, Münster, 2012, pp. 65-123 

2011 

• „PPP-Finanzierung und Haushaltsrecht“ [“PPP-financing and Budget Law“], 

in: Balensiefen, Gotthold A. / Merten, Carsten (ed.) Public Private Partnership, 

Biberacher Hochschulschriften, Band 1, Bern, Schweiz, 2011, pp. 43 – 55 

• „Kommentierung von [Commentary of] Art. 88, 91 a-e, vor 104 a, 104 

a – 115, 120, 120 a, 125 c, 143 c-d“, in: Michael Sachs (ed.) Grundgesetz, 

Kommentar, München, 6th ed. 2011 

• „Die Bankenabgabe in Deutschland“ [“The Bank Levy in Germany“], in: Der 

Betrieb (Standpunkte), 2011, pp. 29-30. 

• “Life in the Eurozone With or Without Sovereign Default – The Current 

Situation –“, in: Allen, Franklin / Carletti, Elena / Corsetti, Giancarlo (ed.), Life 

in the Eurozone With or Without Sovereign Default, FIC Press, Philadelphia, 

2011, pp. 13-40 

• „Modell für eine leistungsfähige Sparkassen-Finanzgruppe – eine Replik“ 

[“Model for a Competitive ‘Sparkassen’ Financial Group – A Reply“], in: 

Zeitschrift für das gesamte Kreditwesen, 2011, pp. 536-540 (co-autors: 

Heinz Hilgert / Jan Krahnen / Günther Merl) 

2010 

• „Die Neuordnung der Finanzmarktaufsicht“ [“Reorganisation of Financial 

Market Supervision“], in: Die Verwaltung – Zeitschrift für Verwaltungsrecht 

und Verwaltungswissenschaften; 2010, pp. 95-115 

• „Die Finanzmarktaufsicht in der Krise“ [“Financial Market Supervision in (the) 

Crisis“], in: Scherzberg, Arno / Dogan, Ilyas / Çan, Osman (ed.), Staatliche 

Finanzmarktregulierung und Eigentumsschutz, Münster Hamburg Berlin 

Wien London, 2010, pp. 9-66 

• „Neue Strukturen für mehr Stabilität / New Structures for Greater Stability“, 

in: Frankfurt Main Finance, Jahrbuch 2010 – Auf dem Weg zu einer neuen 

Finanzordnung / Yearbook 2010 – On the Way to a New Financial Order, pp. 

28 - 31, deutsch / englisch (with Jan Pieter Krahnen) 

• „Welche Aufsicht braucht das Kammerwesen – Anforderungen an staatliche 

Aufsicht und interne Kontrolle von Kammern“ [“What kind of Supervision 

is Needed for the System of Chambers – Requirements for Government 

Supervision and Internal Monitoring of Chambers“], in: Schmidt-Trenz, 

Hans-Jörg / Stober, Rolf (eds.), Jahrbuch Recht und Ökonomik des Dritten 

Sektors 2009/2010 (RÖDS), Baden-Baden, 2010, pp. 85-102 

54


(3) Editorships 


• „Kommentar zur Europäischen Währungsunion“ [“Commentary on the 

European Monetary Union”],Tübingen, 2013 

2012 

• „Der grundrechtsgeprägte Verfassungsstaat“ [“The Distinctive Role of 

Fundamental rights for the Constitutional State”], writings in honor of Klaus 

Stern’s 80th birthday, (with Michael Sachs), Berlin, 2012 




Federal Constitutional Court of Germany”, co-author: Volker Wieland 


2012 


die EZB in der Schuldenkrise“ [“Disregarding Legal Requirements of TFEU by 

Member States and the ECB in the Debt Crisis”], 


• „Die Legende von der verfassungsrechtlichen Sonderstellung des “anonymen” 

Kapitaleigentums“ [“The Legend of a Special Position of the Ownership 

of ‚Anonymous’ Capital by Constitutional Law”], IMFS Working Paper 

Series No. 64/2012 

2011 

• „Die rechtliche Regulierung öffentlicher Banken in Deutschland“ [“The Legal 

Regulation of Banks in public ownership“], 


• „Die Europäisierung der Finanzmarktaufsicht“ [“The Europeanization of 

financial market supervision“], 


• “Law and Economics of the Monetary Union”, 


• “On a Fundamental Reorganisation of the Landesbanks and Savings Banks 

Sector in Germany”, with Hilgert/Krahnen/Merl 


• „Die Bankenabgabe in Deutschland – ein geeignetes Instrument zur Prävention 

von Finanzkrisen“ [“The Bank Levy in Germany – an Appropriate Instrument 

to Prevent Financial Crises“], 


• „Streitschrift für eine grundlegende Neuordnung des Sparkassen- und 

Landesbankensektors in Deutschland“ [“Polemic on a Fundamental Reorganization 

of the Landesbanks and Savings Banks Sector in Germany”], 

co-authors: Heinz Hilgert/Jan Krahnen/Günther Merl 


2010 

• „Die Finanzmarktaufsicht in der Krise“ [“Financial Market Supervision in (the) 

Crisis“], 


• „Das Neue Europäische Finanzaufsichtssystem“ [“The New European System 

of Financial Supervision“], 


• „Rettungsstrategie ohne Moral Hazard – Versuch eines Gesamtkonzepts 

zur Bankkrisenvermeidung“ [“Rescue Strategy without Moral Hazard – An 

Attempt to Avoid Banking Crises“], co-author: Jan Krahnen 



• „Stabilisierung der WestLB AG durch Garantien des Landes NRW. Stellungnahme 

für die öffentliche Anhörung des Haushalts- und Finanzausschusses 

des Landtags Nordrhein-Westfalen am 29. Oktober 2009“ [“Stabilization of 

the WestLB AG through Guarantees of the State Government of North Rhine 

Westphalia (NRW) – Opinion for the public consultation of the Committee on 

Budget and Finance of the Landtag of North Rhine-Westphalia on October 

29, 2009“], 


• „Die Neuordnung der Finanzaufsicht“ [“Reorganisation of Financial Market 

Supervision“], 


• „Die Schaffung von Einrichtungen der Finanzaufsicht auf EU-Ebene. Stellungnahme 

zu dem Vorschlag der Sachverständigengruppe unter dem Vorsitz 

von Jacques de Larosière“ [“The Creation of Financial Market Supervision 

Authorities at the European Level. Opinion on the Proposal of the High-Level 

Group of Experts chaired by Jacques de Larosière“], 


• „Keine Hilfe für Banken ohne einen neuen Ordnungsrahmen für die Finanzmärkte, 

Stellungnahme für die öffentliche Anhörung des Ausschusses für 

Wirtschaft, Mittelstand und Energie und des Haushalts- und Finanzausschusses 

des Landtags Nordrhein-Westfalen“ [“No Aid for Banks Without 

a New Regulatory Framework for Financial Markets, Opinion for the Public 

Consultation of the Committee on Economy, Middle Class and Energy and 

the Committee on Budget and Finance of the State Parliament of North- 

Rhine Westphalia“], 


Presentations 

(1) Keynotes and Plenary Speeches: 

26.11.2013 “Unconventional policy measures and monetary policy in the 

world of a ‘new normal’: Do we need to reconsider existing 

monetary policy frameworks” 

Frankfurt am Main, IMFS-Conference, “Monetary and 

Financial Stability 2013: Economic and Legal Limits of Central 

Banking” 

06.10.2012 “Banking Supervision at the European Level” 

New York, German-American Lawyers’ Association, Columbia 

University School of Law, Fordham Law School and panel 

discussion: “Too Big to Fail, Bailout and Moral Hazard – Lessons 

to be Learned from the Sovereign Debt Crisis“ 

Mitu Gulati / Werner Ebke / Helmut Siekmann / Cathleen 

McLaughlin 

04.-05.05.2012 „Missachtung rechtlicher Vorgaben des AEUV durch die Mitgliedstaaten 

und die EZB in der Schuldenkrise“ [“Disregarding 

Legal Requirements of TFEU by Member States and the 

ECB during the Debt Crisis”], University of Augsburg, Faculty 

of Law, “Europa als Rechtsgemeinschaft – Währungsunion 

und Schuldenkrise“ [“Europe as a Legal Community – Monetary 

Union and Debt Crisis”] 

17.04.2012 „Finanzmärkte / Währungsunion / Staatsfinanzen“ [“Financial 

Markets / Monetary Union / Public Finances”] 

Frankfurt am Main, Internationaler Club Frankfurter 

Wirtschaftsjournalisten [International Association of Frankfurt 

Economic Journalists] 

03.11.2011 ”An Introduction to Financial Regulation and Supervision” 

Frankfurt am Main, Global Forum at Goethe-University 

“Financial Regulation and Supervision from a Comparative 

Perspective“ 

15.-18.09.2011 “Staatsversagen und Marktversagen im Bereich der Finanzmärkte“ 

[“State Failure and Market Failure in the Area of 

Financial Markets“] 

Taipeh, Taiwan, 3. Thyssen Symposium: “Wirtschaftswettbewerb 

versus Staatsintervention“ [“Economic competition vs. 

State Intervention“] 

11.-13.08.2011 “The Introduction of the Euro: Reasons and Effects” 

Hong Kong, Chinese University, “The Renminbi’s Changing 

Status and the Chinese and Hong Kong Financial System(s)” 

08.-09.08.2011 “The monetary environment – deposit banking and the use 

of monetary instruments” 

Cambridge, University of Cambridge, “Money in the Western 

Legal Tradition” 

55

14.04.2011 “Life in the Eurozone With or Without Sovereign Default“, 

Florence, European University Institute 

15.02.2011 „Die Bankengabgabe in Deutschland – ein geeignetes Instrument 

zur Prävention von Finanzkrisen“ [”The Bank Levy in 

Germany – an Appropriate Instrument to Prevent Financial 

Crises“] 

Lecture and panel discussion, Berlin, Institut Finanzen und 

Steuern 

03.12.2010 „Neuorganisation der Finanzaufsicht“ [“Reorganization of 

Financial Market Supervision“] 

Frankfurt am Main, Walter-Hallstein-Kolloquium “Nach der 

Finanzkrise: Politische und rechtliche Rahmenbedingungen 

einer neuen Ordnung“ [“After the Financial Crisis: Political 

and Legal Conditions of a new Regime“] 

22./23.10.2010 „Die rechtliche Regulierung öffentlicher Banken in Deutschland“ 

[“The Legal Regulation of Banks in Public Ownership in 

Germany“] 

Erfurt, Deutsch-Türkisches Forum für Staatsrechtslehre 

12.-13.11.2009 “La crise et les régulateurs financiers en Allemagne“ 

Paris, Université Paris 1, Panthéon-Sorbonne “Les Etats face à 

la crise“ 

23.10.2009 “The Fundamental Legal Rules for Financial Markets Revisited“ 

Frankfurt am Main, IMFS Stiftungskonferenz [IMFS Foundation 

Conference] 

16.-17.10.2009 „Die Neuordnung der Finanzmarktaufsicht“ [“The Reorganization 

of Financial Market Supervision“] 

Kayseri, Turkey, Deutsch-Türkisches Forum für Staatsrechtslehre 

29.01.2009 “Deficiencies in the Legal Framework as Contributing Factor 

to the Present Crisis” 

Ankara, Turkey, Capital Markets Board of Turkey conference 

“Global Financial Markets & Future of Regulation“ 

(2) Other Presentations and Conferences 


10.10.-11.10. „Selbstverwaltung: im Besonderen die Selbstverwaltung der 

Hochschulen” [“Self-regulation: in specific self regulation of 

universities”] 

Izmir, Turkey, Deutsch-Türkisches Forum für Staatsrechtslehre 

02.09. „Verfassungsrechtliche Fragen des Bail-In” [“Constitutional 

law questions of a Bail-In”] 

Frankfurt am Main, FMSA, discussion 

30.08. ”International financial stability: Thought leadership and best 

practice in addressing European banking regulation“ 

Berlin, SAFE Summer Academy 2013 

Panel discussion: “What kind of European Banking Union” 

Günter Beck / John Berrigan / Ashoka Mody / Helmut Siekmann 

20.08. „Möglichkeiten des Rechtsschutzes gegen Abhörprogramme 

der USA und Großbritanniens (PRISM und TEMPORA)” [“Possibilities 

of Legal Actions against Eavesdropping Programs of 

the USA and Great Britain (PRISM und TEMPORA)”] 

Berlin, Deutscher Bundestag, Bündnis 90 / Die Grünen, 

expert discussion 

04.06. „Auswirkungen der Finanz-, Wirtschafts- und Eurokrise auf 

die Politik“ [“The Effects of the Financial, Economic and Euro 

Crisis on politics“] 

Würzburg, University Würzburg, 

panel discussion with Peter Bofinger, Gisela Müller-Brandeck- 

Bocquet and Helmut Siekmann 

06.05. „Geldwertstabilität erhalten – Inflationsschutz im Grundgesetz 

verankern” [“Sustaining Price Stability – Enshrining 

Inflation Protection in the Contitution”] 

Bad Homburg, Wirtschaftsdialog der FDP-Bundestagsfraktion 

panel discussion: Rainer Brüderle / Helmut Siekmann / Beatrice 

Weder di Mauro 

07.02. “Central Banking: Where are we headed“ 

Frankfurt am Main, House of Finance, Symposium in honor 

of Stefan Gerlach’s contribution to the Institute for Monetary 

and Financial Stability, dinner speech 

2012 

23.10. “Latest Developments of Banking Supervision at the European 

Level“ 

IMFS Interdisciplinary German-South-East-Asian Workshop 

on Current Problems of Compliance, Competition, and 

Finance: Banking Supervision at the European Level 

15.06. “Sovereign Debt Crisis – New European Order“, 

Frankfurt am Main, Goethe University, Next Generation Forum 

31.05. „Die Euro-Rettung und die damit einhergehenden Risiken“ 

[“Saving the Euro and Its Implications”], 

Kanzlei Berger, Steck & Kollegen, Frankfurt am Main 

21.04. „Der grundrechtsgeprägte Verfassungsstaat“ [“The Distinctive 

Role of Fundamental rights for the Constitutional State”], 

Cologne, University of Cologne, Faculty of Law 

30.09. “The European Central Bank and the Sovereign Debt Crisis“, 

Zurich, 6. ECFR Symposium, 

01.03.-02.03. „Grundrechte zwischen Nationalstaat und Globalisierung – 

Deutsch-Polnische Perspektiven“ [“Basic Rights on the rim 

between Nation State and Globalization – German-Polish 

Perspectives”], 

Slubice, Poland, University of Frankfurt an der Oder, 

moderation of the panel “Freiheit und Sicherheit“ [“Freedom 

and Security”] 

11.01. “The emerging governance of the euro area: the ESM and 

the new Treaty“, 

Brussels, Bruegel Workshop, 

panel discussion “The ESM and the new treaty: supplement 

or complement to current institutions” 

Jean Pisani-Ferry (Chair) / Odile Renaud-Basso / Sylvie Goulard 

/ Helmut Siekmann / Maarten Verwey 

19.05.-21.05. “Conflicts of Sovereignty The Legal Basis of the Stability and 

Growth Pact” 

speech, Luxembourg, 6. Europäische Juristentag [6th European 

lawyer’s convention] 

2011 

15.12. „Verantwortung und Haftung europäischer Banken“ 

[“Responsibilities and Liabilities of European Banks“] 

Berlin, ESMT/Hertie School of Governance/HoF-Open Seminar 

29.11. „Perspektiven bei der Bewältigung der Krise im Euro-Raum, 

insbesondere mit Blick auf die aktuellen Ereignisse in 

Griechenland” [“Perspectives while coping with the Crisis in 

the Euro-Zone, especially with a view to current events in 

Greece“] 

Berlin, Hessische Landesvertretung, Finanzmarktrunde 

18.11. „Transatlantische Wirtschaftsbeziehungen“ [“Transatlantic 

Economic Relations“], 

Gut Neuhof, Dreieich-Götzenhain, Freundschaftsverein 

Hessen-Wisconsin, Neuhofer Gespräche 2011 

07.11. „Ratingagenturen – Wie können Regulierung und Wettbewerb 

verbessert werden“ [”Rating Agencies – How Can 

Regulation and Competition be Improved”], 

Berlin, CDU/CSU-Kongress 

28.10.-30.10. „Verfassungstheorie und Verfassungsgebung“ [”Constitutional 

Theory and Constitutional Legislation“] 

Istanbul, Deutsch-Türkisches Forum für Staatsrechtslehre 

27.10. “Legal Limits to State Solidarity” 

Frankfurt am Main, ILF 

07.09. “New EU Supervisory Architecture”, 

Frankfurt am Main, presentation at Thomson Reuters Risk 

Management workshop “Market Trends, Stress Testing & 

Consolidation” 

56


12.07. House of Finance, Policy Platform: Yi Gang, Ph.D., Deputy 

Governor, People’s Bank of China 

31.05. „Die Regulierung von Ratingagenturen – Brauchen wir 

grundlegende Reformen“ [”Regulation of Rating Agencies 

– Do We Need Fundamental Reforms”] 

Brussels, Representation of the State of Hesse at the EU, 

28th Meeting of the discussion group “Finanzdienstleistungen“ 

[“Financial Services“] 

panel discussion wirth Wolf Klinz, Helmut Siekmann and 

Maria Velentza 

03.05. „Bankenabgabe“ [“Bank Levy“], 

Frankfurt am Main, Series of Events on Financial Topics of 

the ”Studienstiftung des Deutschen Volkes und der Konrad- 

Adenauer-Stiftung“ [”German National Academic Foundation 

and Konrad Adenauer Foundation“], lecture 

15.04. House of Finance, Policy Platform: workshop with Volker 

Wissing, member of parliament 

22.03. House of Finance, Policy Platform: US Consul General Richard 

W. Fisher 

”Monetary and Fiscal Policy Challenges in the United States“ 

18.02. House of Finance, Policy Platform workshop with Wolf Klinz, 

member of the European parliament 

26.01. House of Finance, „Das neue Europäische Finanzaufsichtssystem” 

[”The New European System of Financial Supervision“] 

14.01.-15.01. ”Law and Economics of the Monetary Union“ 

University of Hamburg, Conference on the Economics of 

European Union Law, presentation 

2010 

08.12. “The New Financial Supervisory System of the EU”, 

Paris, Université Paris-Dauphine, lecture 

27.10. „Wirtschaftliche Entwicklung in Deutschland und der 

Eurozone“ [”Economic Developments in Germany and the 

Eurozone“] 

Frankfurt am Main, US Consulate General, Roundtable 

Luncheon 

05.10. „Finanzdienstleistungen“ [“Financial Services“], 

Representation of the State of Hesse at the EU in Brussels, 

discussion group 

09.07. Lead Question: CFS Research Conference, ”The ECB and its 

Watchers XII“ 

30.06. “Sovereign defaults in the euro area: Legal and economic 

issues”, 

Frankfurt am Main, LEMF und IMFS Conference, statement 

and panel discussion 

29.06. „Ursachen, Auswirkungen und Lehren der Finanzkrise: Eine 

systematische Bestandsaufnahme“ [”Causes, Effects and 

Lessons Learned from the Financial Crisis: A Systematic 

Inventory“], 

AmCham Germany, FAZ institute, presentation and panel 

discussion 

30.04. „Staatsbankrott in der Eurozone“ [”Sovereign Default in the 

Eurozone“] 

University Jena, workshop of the Research Training Group 

“Global Financial Markets” 

15.04. VISIONS – International Investment Forum, 

Frankfurt am Main, panel discussion 

03.03. „PPP-Finanzierung und Haushaltsrecht“ [“PPP-financing and 

Budget Law“], Stuttgart, PPP-Workshop, Institut für Immobilienökonomie, 

presentation and panel discussion 

01.03. „Institutioneller Verbraucherschutz“ [“Institutional Consumer 

protection”] 

House of Finance, Presentation 

01.03. “Malaysia’s Role in the World Economy: the Emerging 

Economies Contribution to Crisis Resolution” 

Frankfurt am Main, Goethe Business School, Institute for 

Monetary and Financial Stability and British Chamber of 

Commerce in Germany 

04.02. „Geldwertstabilität und Bewältigung der Finanzmarktkrise“ 

[”Monetary Stability and Coping with the Financial Market 

Crisis“]; 

Frankfurt am Main, Maintrust und Nomura: Investmentsymposium, 

presentation and panel discussion 

28.01. Davos World Economic Forum: “Frankfurt meets Davos“ 


25.11.-27.11. „Welche Aufsicht braucht das Kammerwesen – Anforderungen 

an staatliche Aufsicht und interne Kontrolle von 

Kammern“ [”What kind of Supervision is Needed for the 

System of Public Law Chambers – Requirements for Government 

Supervision and Internal Monitoring of Public Law 

Chambers“] 

Hamburg, Chamber of Commerce, 3. Tagung zu Recht und 

Ökonomie des Dritten Sektors, lecture 

08.10. „Der Staat als Unternehmer – Bedrohung oder Chance“ [“The 

Government as an Entrepreneur – Threat or Opportunity“] 

Wiesbaden, Landesverband Hessen im Deutschen Anwalts 

Verein e.V., statement and panel discussion 

25.09. “Lessons from the Financial Market Crisis – Designing Supervision 

and Control of Transmission System Operators”, 

Berlin, Bundesnetzagentur, Workshop Florence School of 

Regulation, “Unbundling of energy undertakings in relation 

to Corporate Governance Principles”, lecture and workshop 

participation 

14.09. „Der Beitrag der rechtlichen Rahmenbedingungen zu 

Entstehung, Verlauf und Bewältigung der gegenwärtigen 

Krise“ [“The significance of the legal framework for causing, 

furthering and overcoming the current crisis“], 

Frankfurt am Main, 5. Thomson Reuters Risk Forum, lecture 

24.06.-25.06. „Die Rolle der Regionen im europäischen Einigungsprozess“ 

[“The Role of the Regions in the Process of European Unification”] 

Saarbrücken, Government of the State of Saarland, academic 

conference commemorating the 60th anniversary of 

the opening of the German Bundesrat 

11.06.-12.06. ”Risk Taking and Risk Transfer on Financial Markets“ 

Jena, Friedrich Schiller University, annual conference of the 

Graduiertenkolleg 

25.05.-26.05. „60 Jahre Grundgesetz”, [“60 years of Basic Law”] 

Berlin, Representation of the State of North Rhine-Westphalia 

15.05.-16.05. ”Law and Economics of Money and Finance“, 

Frankfurt am Main, Johann Wolfgang Goethe-University, 

LEMF-Opening Conference, chair of the panel 

24.04. „Vorschläge der de Larosière Gruppe zur Einrichtung einer 

Finanzmarktaufsicht im Rahmen der EU“ [“Proposals of the 

High-Level Group of Experts chaired by Jacques de Larosière 

for the Establishment of a Financial Market Supervision at 

the European Level”] 

Frankfurt am Main, Conference of the Institute for Law and 

Finance on the occasion of the alumni meeting of the DAAD, 

lecture 

05.03. ”Deficiencies in the Legal Framework as a Contributing 

Factor to the Present Crisis” 

IMFS working lunch, lecture 

57

2. Undergraduate, Graduate and Post-Doctoral Training 

Courses 


• 24.-25.05.2013: „Die Schaffung einer europäischen Bankenunion“ [“The 

creation of a European Banking Union”], Interdisciplinary Seminar on Law and 

Economics of the Public Sector (with Hermann Remsperger) 

• Seminar for doctoral students 


• 11.-12.01.2013: „Die Staatschuldenkrise in Europa – Bewältigung und 

Prävention“ [“The Sovereign Debt Crisis in Europe – Coping and Prevention”], 

Interdisciplinary Seminar on Law and Economics of the Public Sector (with 

Hermann Remsperger) 



• 22.-23.06.2012: „Die Maßnahmen zur Bekämpfung der Europäischen Staatsschuldenkrise“ 

[“Measures to Cope With the European Sovereign Debt Crisis”], 





• 20.-21.01.2012: „Bankkrise und Finanzstabilität – Das Restrukturierungsgesetz 

als Instrument zur Prävention und Bewältigung von Bankinsolvenzen“ 

[“Banking Crisis and Financial Stability – The Restructuring Law as a Tool for 

Preventing and Coping with Bank Insolvencies”], Interdisciplinary Seminar on 

Law and Economics of the Public Sector (with Hermann Remsperger) 



• 10.-18.06.2011: Graduiertenkolleg/LEMF – Ph.D. program, ”Monetary Policy and 

Financial Supervision and Regulation in the European Union“ (with Stefan Gerlach) 

• 03.-04.06.2011: „Neuordnung der Finanzaufsicht aus europäischer, deutscher 

und US-amerikanischer Perspektive“ [”Reorganization of financial market 

supervision from a European, German and American perspective“], Interdisciplinary 

Seminar on Law and Economics of the Public Sector (with Hermann 

Remsperger) 



• 21.-22.01.2011: „Staatsverschuldung und Haushaltsdiziplin in der Europäischen 

Wirtschafts- und Währungsunion – von der Bankenkrise in die 

Staatenkrise“ [”Government debt and budgetary discipline in the European 

Economic and Monetary Union – from the banking crisis to the state crisis“], 





• 08.04.2010, Course: Thammasat Projekt – Spring School in Frankfurt am 

Main, “General introduction into Constitutional Law“ (joint project of the 

faculty of law with the Thammasat University, Bangkok) 

• 15.-26.06.2010 „Bankenrettung, Transparenz und Demokratie“ [”Bank 

rescue, transparency and democracy“], Interdisciplinary Seminar on Law and 

Economics of the Public Sector (with Hermann Remsperger) 



• 15.-16.01.2009: „Der Staat und die Banken“ [”The state and the banks“], 

Interdisciplinary Seminar on Law and Economics of the Public Sector 



• 26.-27.06.2009: „Die Reaktion der Staaten auf die Finanzmarktkrise“ [”The 

responses of the governments to the financial market crisis“], Interdisciplinary 

Seminar on Law and Economics of the Public Sector 


(10) Winter semester 2008/2009 

• 16.-17.01.2009: „Die wirtschaftliche Tätigkeit des Staates und ihre Risiken“ 

[”The economic activity of the state and its risks“], Interdisciplinary Seminar on 

Law and Economics of the Public Sector 


Supervision of Doctoral Dissertations 

Sabine Baumgartner Dienstleistungen der Bundesbank im Wettbewerb (im 

Bereich der privaten Geld- und Wertdienste) [Services of 

the Bundesbank in Competition (in the Area of Cash and 

Other valuables)] 

Jenny Döge Vergleich der Aufsicht über die Finanzmärkte in den 

USA und Deutschland [Comparison of Financial Market 

Supervision in the US and Germany] 

Christian Hissnauer Die Reform der Einlagensicherung und Anlegerentschädigung 

in Deutschland [The Reform of Deposit Protection 

and Investor’s Compensation in Germany] 

Christian Hoops Die Regulierung von Dark Liquidity, des algorithmischen 

Handels und des Hochfrequenzhandels [The Regulation 

of Dark Liquidity, Algorithmic Trading, and High 

Frequency Trading] 

Christoph Koch Topic to be determined 

Ludger Michael Migge Der rechtliche Rahmen für den Einsatz vertraglich 

gebundener Vermittler durch Wertpapierhandelsunternehmen 

nach dem Kreditwesen- und dem Wertpapierhandelsgesetz 

[The Legal Framework for Using Brokers 

by Security Trading Enterprises on a Contractual Basis 

pursuant to the Federal Banking Law and Security Trading 

Law] 

Volker Perten Rundfunkfinanzierung im EU-Vergleich [Financing Broadcast 

in the EU] 

Janine Schenk Entwicklung der Landesbanken [Development of the 

Landesbanks] 

Catharina Schmidt Trennbankensysteme im Vergleich [Comparison of the 

Legal Framework for Separating Investment Banking 

and Commercial Banking] 

Patrick Tuschl Die Abwicklung systemrelevanter Kreditinstitute nach 

§§ 48 ff. KWG. Die Auswirkungen auf die schuldrechtlichen 

Beziehungen [The Liquidation and Restructuring 

of Systemically-Important Banks according to sect. 48 

et seq. German Banking Act] 

Jan Ole Wagner Finanzmarktstabilität als Aufgabe des Staates und als 

Aufgabe der Notenbanken [Procuring Financial Market 

Stability as an Objective of the State Action and as 

Mandate for Central Banks] 

Emilie Yoo The Supervision of Financial Conglomerates in the 

European Union and the United States 

Qianfang Zhang Bankenaufsicht durch BaFin, Deutsche Bundesbank 

und EZB im Vergleich zur Aufsicht in der Volksrepublik 

China und zum Sonderverwaltungsbereich Hong Kong 

[Banking Supervision by BaFin, Bundesbank, and ECB in 

comparison to the People’s Republic of China and the 

Special Administrative Area of Hong Kong] 


Volker Perten Rundfunkfinanzierung in Europa [Financing of Broadcasting 

in Europe], July 2013, magna cum laude. 

Christian Hissnauer Reform der Einlagensicherung [Deposit Insurance 

Reform], October 2012, summa cum laude. 

Supervised Final Theses 


Catharina Schmidt Europäisierung der Bankaufsicht [“Europeanization of 

Banking Supervision”] 

Oliver Brodersen Bankenrestrukturierung und Bankenabwicklung durch 

hoheitliche Anordnung nach deutschem Recht und den 

Plänen der EU [Restructuring and Liquidation of Banks 

by sovereign regulations according to German Law and 

the Proposals of the EU] 

Ivo Saric 

Die rechtliche Zulässigkeit sogenannter „Eurobonds“ 

[The Legality of so-called Eurobonds] 

58


2012 

Timon Backes „Europarechtliche Bewertung des Europäischen Finanzstabilisierungsmechanismus 

(EFSM) und der Europäischen 

Finanzstabilisierungsfazilität (EFSF)“ [“Compatibility 

of the European Financial Stability Mechanism and 

the European Financial Stability Facility with the law of 

the EU”] 

2011 

Martin Büchs 

Die Rolle der Europäischen Zentralbank bei der Stützung 

von Mitgliedstaaten, die den Euro eingeführt haben 

[The Role of the European Central Bank in Supporting 

Member States which have adopted the Euro] 

Petra Eckert Die Überschuldung von Mitgliedstaaten der EU und 

Mechanismen zu ihrer Bereinigung [The Excess Indebtedness 

of Member States of the EU and the Mechanisms 

for its Settlement] 

Christian Hoops Die juristische und ökonomische Bewertung der neuen 

Regeln zur Kreditaufnahme im Grundgesetz und den 

Landesverfassungen [Legal and Economic Analysis of 

the new Provisions in the Federal German Constitution 

and the Constitutions of the States regulating Government 

Deficits] 

Laura Höß Die Rolle des Federal Reserve Systems in den USA bei 

der Krisenbewältigung und Krisenprävention nach dem 

Dodd-Frank-Act [The Role of the Federal Reserve System 

of the USA in Crisis Resolution and Prevention according 

to the Dodd-Frank-Act] 

Anja Harder Die Verbringung von Wirtschaftsgütern zwischen 

deutschem Stammhaus und innerhalb wie außerhalb 

der EU belegenen ausländischen Betriebsstätten und 

umgekehrt [The Transfer of Assets from the German 

Parent Company to Foreign Premises within and outside 

the EU and vice versa] 

Chris Häuser Insolvenzverfahren gegen Staaten [Insolvency Proceedings 

against States] 

Daniela Maier Der aktuelle Streit um den Länderfinanzausgleich – Zur 

Verfassungsmäßigkeit von §§ 8 Abs. 3, 9 Abs. 2 und 

3 FAG sowie zur Frage, ob der Ausgleichsumfang nach 

§ 10 FAG verfassungsrechtlich zulässig ist [The Current 

Debate on the German State Equalization System – On 

the Constitutionality of sect. 8 para. 3, sect. 9 para. 2 

and 3 Federal Equlization Law – FAG, and whether the 

Volume of Transfers following sect. 10 FAG is unconstitutional] 

2010 

Tarik Durmusoglu 

Die Reform der Aufsicht über Banken in Deutschland 

[The Reform of Banking Supervision in Germany] 

Boryana Hilmer Der Vorschlag der EU Kommission zur Einrichtung einer 

europäischen Bankenaufsichtsbehörde – Darstellung 

und kritische Würdigung 

[The Proposal of the EU Commission for Establishing a 

European Banking Authority – Description and critical 

assessment] 

Christian Hissnauer Organisation der Federal Deposit Insurance Corporation 

und ihre Befugnisse in der Bankenaufsicht – gesetzliche 

Regelung und tatsächliches Verhalten [Organization 

of the Federal Deposit Insurance Corporation and its 

Powers to Supervise Banks – statutory Rules and actual 

Handling] 

Tobias Riemenschneider Angemessenes Eigenkapital im Aktienrecht – Lehren 

aus dem Bankaufsichtsrecht [Adequate Equity Capital 

according to German Stock Cooperation Law – Lessons 

learned from Bank Supervisory Law] 


Melanie Döge Rechtliche Würdigung des „Finanzmarktstabilisierungsfonds 

– FMS und der „Finanzmarktstabilisierungsanstalt 

– FMSA“ nach dem Finanzmarktstabilisierungsgesetz und 

nach dem Finanzmarktstabilisierungsergänzungsgesetz 

[Legal analysis of the Financial Market Stabilisation Fund 

(FMS) and the Financial Market Stabilisation Agency 

(FMSA) according to the Financial Market Stability Act 

and the Financial Market Stability Supplement Act] 

Moritz Hess Die Entwicklung der gesetzlichen Vorgaben zur 

Gewährleistung der Sicherheit des deutschen Pfandbriefs 

von 1899 bis zur Gegenwart 

[The Development of the Legal Requirements Ensuring the 

Safety of the German Pfandbrief from 1899 to Present] 

Kathrin Hoffmann Die Zulässigkeit von Mischfinanzierungen nach der 

Föderalismusreform 2006, vor allem im Bereich von 

Forschung und Lehre 

[The Legality of Mixed Financing under the Federalism 

Reform of 2006, with particular emphasis on the Areas 

of Research and Teaching] 

Anna Sarina Lang Die Verpflichtung der einzelnen Einheiten des gegliederten 

Staatswesens zur Einhaltung der Vorgaben des 

Art. 104 EGV gegenwärtige Rechtslage und Reformvorschläge 

[The Obligation of the Different Units in a Federal 

System to comply with the Legal Requirements of Art. 

104 EC Treaty, Current Legal Situation and Proposals for 

Reform] 

Anna Rick Der bundesstaatliche Finanzausgleich nach dem 

Berlin-Urteil des Bundesverfassungsgerichts und seine 

ökonomischen Implikationen 

[Federal Equalization after the Berlin-decision of the 

German Federal Constitutional Court and its Economic 

Implications] 

3. Policy Advice 

Presentations/Hearings: 

07.11.2012 Deutscher Bundestag, written comments on the 3rd 

Financial Market Stabilization Act 

25.10.2012 Deutsche Börse AG, Financial Experts Meeting – Representation 

of the State of Hessen in Berlin 

07.09.2012 Deutsche Bundesbank, Frankfurt, Discussion with 

representatives of Deutsche Bundesbank on the Legality 

of ECB’s Purchase of Bonds and Transferring Banking 

Supervision to ECB 

21.08.2012 European Central Bank, Discussion of the plans to 

transfer Banking Supervision to the ECB with Vítor Constâncio 

(Vice President), Pedro Gustavo Teixeira, Ignazio 

Angeloni; Dr. Stephan Bredt, Ministry of Economics, 

Transportation and Development of the State of Hessen 

(with Volker Wieland) 

07.05.2012 Deutscher Bundestag, written comments and participation 

in a hearing on Amending the TFEU, ESM and Fiscal 

Pact (four draft bills) 

23.01.2012 Deutscher Bundestag, written comments and participation 

in a hearing on the 2nd Financial Market Stabilization 

Act 

06.07.2011 Brussels, EU Commission Round Table, Credit Rating 

Agencies 

17.02.2010 Office of the Chancellor, Bundeskanzleramt Berlin, Presentation 

of the Proposal for a Rescue strategy without 

moral hazard – Comprehensive Plan to Avoid Banking 

crises (with Jan Krahnen) 

05.11.2009 State Parliament of Nordrhein-Westfalen, Hearing on the 

59

2nd Supplementary Budget containing Guaranties for the 

WestLB AG 

29.10.2009 State Parliament of North Rhine-Westphalia on Government 

Guarantees for the WestLB AG 

18.05.2009 State Parliament of Berlin, hearing on the Compliance of the 

new Rules on Government deficits with Constitutional Law 

04.02.2009 State Parliament of North Rhine-Westphalia, Hearing on a 

Framework for Rescuing Banks 




Federal Constitutional Court of Germany”, 

House of Finance Policy Platform, White Paper No. 4, 2013 

2012 


die EZB in der Schuldenkrise“ [“Disregarding Legal Requirements of TFEU by 

Member States and the ECB in the Debt Crisis”], 

House of Finance Policy Platform, White Paper No. 15, 2012 

• „Stellungnahme zum Entwurf eines Dritten Gesetzes zur Umsetzung eines 

Maßnahmenpakets zur Stabilisierung des Finanzmarktes“ [“Comments on 

a Draft of a Third Law in order to Implement Policies for Financial Market 

Stabilization”], 


• „Stellungnahme zum Entwurf eines Zweiten Gesetzes zur Umsetzung eines 

Maßnahmenpakets zur Stabilisierung des Finanzmarktes“ [“Comments on a 

Draft of a Second Law in order to Implement Policies for Financial Market 

Stabilization”], 


• “Support Mechanisms Pose Fundamental Legal Questions”, 

House of Finance Policy Platform, Policy Letter No. 05, 2012 

• „Schlechte Erfahrungen“ [“Bad Experiences”], 

House of Finance Policy Platform, Policy Letter No. 02, 2012 (with Volker 

Wieland) 

• „Staatslenker und Banken im Wettbewerb: Über die Entstehung des Papiergelds“ 

[“Policy makers and Banks in Competition: On the Creation of Paper Money”], 

in: Forschung Frankfurt, Geld im Wandel, 2.2012, pp. 10-13 

• “Constitutional Ruling on Court of Auditors’ Review of Banks”, 

in: House of Finance Newsletter Q1 2012, pp. 10 et seq. (with Patrick Tuschl) 

2011 

• “Law and Economics of the Monetary Union”, 


• „Das neue System der Europäischen Finanzmarktaufsicht“ [“The new system 

of European financial supervision”], 


• „Eurobonds zur Bewältigung der europäischen Krise Wegweisung zu einer 

modernen Entwicklungsunion“ [“Euro Bonds as a way to cope with the 

European crisis Guidance for a modern Development Union“] – with Hans- 

Helmut Kotz / Jan Krahnen / Christian Leuz 


• “On a Fundamental Reorganization of the Landesbanks and Savings Banks 

Sector in Germany” – with Heinz Hilgert / Jan Krahnen / Günther Merl 


• „Streitschrift für eine grundlegende Neuordnung des Sparkassen- und 

Landesbankensektors in Deutschland“ [“Polemic paper on a fundamental 

Reorganization of the Savings Banks and Landesbanks in Germany”] – with 

Hilgert / Krahnen / Merl), 


2010 

• „Stellungnahme zum ‚Restrukturierungsgesetz’“ [“Statement on the 

‚Restructuring Act’“] – with Jan Pieter Krahnen, 


• „Die Finanzmarktaufsicht in der Krise“ [“Financial Market Supervision and 

the Crisis”], 


• „Ursachen, Auswirkungen und Lehren der Finanzkrise: Eine systematische 

Bestandsaufnahme“ [“Causes, consequences and lessons learned from the 

financial crisis: A Systematic inventory”], 


• „Rettungsstrategie ohne Moral Hazard – Versuch eines Gesamtkonzepts zur 

Bankkrisenvermeidung“ [“Rescue strategy without moral hazard – Attempt 

of an overall plan to avoid bank crisis”] – with Jan Pieter Krahnen, 



• „Stabilisierung der WestLB AG durch Garantien des Landes NRW“ [“Stabilization 

of the WestLB AG through Guarantees of the State Government of 

North Rhine-Westphalia“], 


• „Die Neuordnung der Finanzmarktaufsicht“ [“The reorganization of financial 

market supervision”], 


• „Die Schaffung von Einrichtungen der Finanzaufsicht auf EU-Ebene“ [“The 

creation of institutions for financial supervision at EU level“], 



Research in the Media 

2012 

11.09. ThomsonReuters: „Top-Thema: Verfassungsexperten erwarten 

grünes Licht für ESM“ [“Constitutional Experts Expect Go- 

Ahead for ESM”] 

03.09. Der Spiegel: „Euro-Krise – Vertrag mit Hintertüren“ [“Euro 

Crisis – Contract with Back Doors”] 

19.04. Börsen-Zeitung: „Bedrohung durch ‚Hyperliquidität‘, Siekmann: 

EZB überschreitet ihre Zuständigkeit“ [“The Threat of 

Hyper Liquidity, Siekmann: ECB Oversteps Its Mandate”] 

22.02. Börsen-Zeitung: „Frankfurter Professor für Notenbankrecht 

zweifelt am EZB-Anleihentausch“ [“Professor for Central 

Bank Law Doubts ECB Bond Swapping Scheme”] 

2011 

10.01. Handelsblatt-Blogs: „Rundfunkgebühren für internetfähige 

Computer“ [“Broadcasting fees for Internet-ready computers“] 

2010 

16.12. Handelsblatt-Blogs: „Erhöhung des Kapitals der EZB” 

[“Increase of the ECB‘s capital”] 

01.12. Handelsblatt-Blogs: „Unterstützung von Irland“ [“Support for 

Ireland“] 

17.11. Handelsblatt-Blogs: „Begrenzung des deutschen Exportüberschusses“ 

[“Limitation of the German Export Surplus“] 

Guest Editorials 

25.02.2012 Handelsblatt: „Meinung zu Griechenland: kein Forderungsverzicht“ 

[“Opinion on Greece, No Claimes Waiver”] 

23.01.2012 Wirtschaftswoche: (with Volker Wieland) „Schlechte Erfahrungen 

mit der Finanztransaktionssteuer“ [“Bad Experiences 

with the Financial Transaction Tax”] 

Jan 2012 FrankfurtMainFinance Jahrbuch: „Die Unterstützungsmechanismen 

werfen juristische Grundsatzfragen auf” [“Support 

mechanisms pose fundamental legal questions“] 

Interviews 

22.05.2012 dpa-Basisdienst: „Fragen & Antworten: ‘Geuro’ und ‘Neue 

Drachme’ – Griechischer Sonderweg“ [“Q&A: ‘Geuro’ and 

‘New Drachma’ – The Greek Way”] 

60


Profiles 

23.11.2012 Börsen-Zeitung: „Helmut Siekmann 65“ [“Helmut Siekmann 

turns 65”] 



30.08. Reuters: “Five years after Lehman – The Banks Are Not Safer” 

18.06. Les Echos: „Le procés allemand de la BCE“ 

14.06. FAZ: „Debatte über EU-Vertragsänderung“ [“Debate about 

Changes in EU Treaties“] 

10.06. ZEIT Online: „EZB-Rettungspolitik – was kann Karlsruhe” 

[“ECB Bailouts – What can Karlsruhe do“] 

08.06. Spiegel Online: „Euro-Rettung vor Verfassungsgericht” 

[“Bailouts Go To the European Court of Justice“] 

02.06. Welt am Sonntag: „Die Euro-Krise – ist unser Geld noch zu 

retten” [“The Euro Crisis – Can We Save Our Money“] 

28.05. FAZ: „Blockupy – alles ein bißchen entspannter“ [“Everything 

a Little Bit More Relaxed“] 

09.03. Börsen-Zeitung: „Basel III löst nicht die eigentlichen Probleme“ 

[“Basel III Does Not Solve All Of Our Problems“] 

2012 

13.09. Stuttgarter Zeitung: „Karlsruhe könnte die EZB nicht stoppen“ 

[“Karlsruhe Would Not Be Able to Stop the ECB”] 

13.09. Börse Online: „Neue Konditionen eingeführt“ [“Introducing 

New Conditions”] 

11.09. Heute.de: „Karlsruhe entscheidet: Was wäre wenn …“ 

[“Karlsruhe Decides: What if…”] 

09.09. Reuters: „Beschluss des BVerfG am 12.9.12 – ESM/Fiskalpakt 

– Gespannte Blicke gen Karlsruhe und Washington“ [“Decision 

of German Constitutional Court on September 12, 2012 

– ESM/Fiscal Pact – Waiting for Karlsruhe and Washington”] 

07.09. Focus Money: „Klage gegen ESM-Rettungsfonds: ESM- 

Gegner drohen vor Gericht zu scheitern“ [“Lawsuit against 

ESM bailout fund: ESM opponents might lose in courts”] 

03.09. Der Spiegel: „Euro-Krise – Vertrag mit Hintertüren“ [“Euro 

Crisis – Contract with Back Doors”] 

09.08. Stuttgarter Zeitung: „US-Finanzaufsicht erzürnt die Briten“ 

[“U.S. Regulatory Authority Angers the British”] 

06.08. Handelsblatt: „Stimmt es, dass … Jens Weidmann tun muss, 

was Mario Draghi befiehlt“ [“Does Jens Weidmann have to 

do what Mario Draghi Says”] 

02.08. Süddeutsche.de: „Wenn Notenbanken zu mächtig werden“ 

[“When Central Banks Become Too Powerful”] 

02.08. Handelsblatt: „Der heimliche Herrscher“ [“The Secret Ruler”] 

08.07. Frankfurter Allgemeine Sonntagszeitung: „Europa hängt an 

einer Unterschrift“ [“Europe Depends on a Signature”] 

19.06. Les Echos: “Interrogations sur l’union bancaire européenne“ 

[“Questions about the European Banking Union”] 

22.04. Frankfurter Allgemeine Sonntagszeitung: „Die KfW ist nicht 

zu bremsen“ [“The KfW cannot be stopped”] 

19.04. Wirtschaftswoche: „Anlagestrategie vor der nächsten Finanzkrise“ 

[“Investment Strategies Before the Next Financial Crisis”] 

07.03. Focus Money: „Rettung oder Risiko“ [“Rescue or Risk”] 

01.03. Die Zeit: „Verschleppungstaktik“ [“Delaying Tactics”] 

04.02. Börsen-Zeitung: „Länder haben beim SoFFin das Nachsehen“ 

[“Countries are left out in the cold by the SoFFin”] 

13.01. Wirtschaftswoche: „Sparkassen bieten trügerische Sicherheiten“ 

[“Savings Banks offer Deceptive Security”] 

2010 

09.11. Spiegel online: Background information on HSH Nordbank 

29.10. Heute.de: Interview „Wechsel von Politikern in Privatwirtschaft“ 

[“Politicians switching to Private Sector Jobs“] 

11.09. Börsen-Zeitung: „Länder benennen Nachfolger für Sarrazin 

bei der Bundesbank“ [“German States appoint successor for 

Sarrazin at the Bundesbank“] 

10.09. Börsen-Zeitung: „Fachliche Anforderungen an Mitglieder 

des Bundesbankvorstandes“ [“Professional requirements for 

members of the Bundesbank board“] 

07.09. Handelsblatt: Background discussion on the Bundesbank 

board 

07.09. Handelsblatt: „Buhmann nach Beamtenrecht“ [“Scapegoat 

according to Civil Service Law“] 

07.09. Bloomberg: Background information on the Bundesbank 

board [“Sarrazin’s Remark Might Not Be Enough To Fire 

Him“] 

06.09. Handelsblatt: Background information on the Bundesbank 

board 

02.09. FAZ: „Bundesbank setzt auf Sarrazins Rücktritt“ [“Bundesbank 

counts on Sarrazin’s Resignation“] 

31.08. Börsen-Zeitung: „Spezialist für Notenbankrecht“ [“Specialist 

for Central Bank Law“] 

31.08. €uro am Sonntag: Kurzstatement zu Basel III [Brief statement 

on Basel III] 

06.07. Spiegel online: „Europäische Finanzaufseher. EU-Länder 

blockieren Bankenkontrolle“ [“European financial supervisors. 

EU countries block bank control“] 

27.06. €uro am Sonntag: „Muß eine zentrale Bankenaufsicht her“ 

[“Pros and Cons: Do we need a centralized bank Supervision”] 

26.06. Börsen-Zeitung: „Neue Strukturen für mehr Stabilität“ [“New 

structures for more stability“] (with Prof. Jan Pieter Krahnen 

published in Policy Letter, Policy Platform) 

11.05. FAZ: „Notenbanken beginnen mit dem Kauf von Anleihen“ 

[“Central banks start buying bonds“] 

10.05. FAZ: Background discussion on the financial crisis 

02.05. €uro am Sonntag: „Pro und Contra – Staatshilfen für 

Karstadt“ [“Pros and Cons: Government aid for Karstadt“] 

12.03. Börsen-Zeitung: „Die Konsolidierung im Inneren muss Vorrang 

haben“ [“The Consolidation in the Interior Must Have 

Priority“] published as Policy Letter, Platform 

01.02. Spiegel online: „Umstrittener Deal. Daten-Poker in der Grauzone“ 

[“Controversial deal. Data-poker in a legal gray area”] 


10.10. Euro am Sonntag: „Rätselraten um die Börsenpolizei“ 

[“Guesswork out of Exchanges Police“] 

27.08. Rheinischer Merkur: „Am Parlament vorbei“ [“On past Parliament“] 

02.07. Rheinischer Merkur: „Lasst Ludwig leben!“ [“Let Ludwig be 

alive!“] 

27.06. Euro am Sonntag: „Muss eine zentrale Bankenaufsicht her“ 

[“Do We Need A Centralized Banking Supervision”] 

24.04. Euro am Sonntag: „Rekord-Defizit erfordert Nachtragshaushalt“ 

[“Record deficit Requires supplementary Budget“] 

07.04. Handelsblatt: „G20 geben ‚Helikopter-Geld für alle’“ [“G20 

provide ‘helicopter money for all’”] 

02.02. Spiegel online: „Die Regierung kämpft um die taumelnde 

Hypo Real Estate“ [“The government is Fighting For the 

Tumbling Hypo Real Estate“] 

TV and Radio Interviews 


05.12. CNBC live interview: “ECB Forced to do Job of Politics – Pro” 

04.12. HR-Info: „Instrumente der EZB” [“Instruments of the ECB”] 

23.10. CNBC: “The Future of Banking – ECB stress test: What are the 

dangers” 

04.07. CNBC: “Will Draghi wind down loose monetary policy” 

10.06. HR-Info: Kurzinterview zum OMT-Programm [Short interview 

on the OMT program] 

06.06. CNBC: “Is a Negative Deposit Rate Legal” 

61

30.05. RBB Inforadio: „Draghi allein zuhaus“ [“Draghi alone at 

home”] 

06.04. HR-Info: „Öffnung der Geldschleusen” [“The Increase of 

Money Supply“] 

04.04. Tagesschau: Interview zur EZB-Ratssitzung [Interview on the 

meeting of the ECB Governing Council] 

23.03. ARD: „Ratgeber Geld – Einlagensicherung” [“Money – 

Deposit Protection”] 

18.03. Heute Journal: Reactions from Germany on Cyprus 

17.03. Tagesschau: Short interview 

07.03. CNBC: “Monetary policy can’t fix the underlying problems“ 

11.02. Heute: „Kleines Zypern, große Wirkung” [“Little Cyprus, big 

Impact“] 

2012 

15.10. Bloomberg News: „Verhalten der EZB, Rechtmäßigkeit, 

Vertrauen in die Währung, Bankensystem, Bankenrettung, 

Bankenaufsicht durch EZB“ [“ECB Behavior, Legality, Trust 

in the Currency, Banking System, Banking Rescue, Banking 

Supervision by the ECB”] 

14.09. ARD Börse im Ersten/Mittagsmagazin/Phönix Wochenrückblick: 

„EZB, Notenbank, Einlagensicherung” [“ECB, Central 

Bank, Deposit Insurance”] 

12.09. ABC Australia: „Entscheidung BVerfG Euro-Rettungsschirm“ 

[“Decision of the Federal Constitutional Court on ESM”] 

12.09. HR-Info: „Ja aber … Das ESM-Urteil und seine Folgen“ [“Yes, 

but … The ESM Decision and Its Effects”] 

12.09. ARD Plusminus: “Stabilität des Bankensystems“ [“Stability of 

the Banking System”] 

10.09. RTL Aktuell: „ESM-Vertrag und Entscheidung des BVerfG“ 

[“ESM Treaty and the decision of the Federal Constitutional 

Court”] 

06.09. ARD Tagesschau: „EZB kauft Staatsanleihen“ [“ECB Buys 

Bonds”] 

06.09. HR-Info: „EZB kauft Staatsanleihen“[“ECB Buys Bonds”] 

06.09. CNBC: “ECB Must Take Into Account German Court Decision” 

16.08. Deutschlandfunk: „Neugewichtung der Stimmen bei der 

EZB“ [“Rebalancing of Votes within the ECB”] 

24.05. HR-Info: „Griechenland – Ausscheiden aus der Währungsunion“ 

[“Greece – Leaving the Currency Union”] 

04.04. HR 2: “Ratingagenturen“ [“Rating Agencies”] 

06.03. HR2 – Der Tag: „‘Die Dicke Bertha‘ oder: Wie man mit zu viel 

Geld umgeht“ [“How to deal with too much money”] 

29.02. ARD-Mittagsmagazin: „Was bringt der EZB-Tender“ [“What 

are the Advantages of the ECB Tender”] 

17.02. Deutschlandfunk/Wirtschaft am Mittag: „Notenbanken 

tauschen griechische Anleihen“, Wirtschaft und Gesellschaft: 

„Die EZB baut dem Schuldenschnitt vor“ [“Central Banks 

swap Greek Bonds”] 

18.01. Deutsche Welle: „Ratingagenturen (europäische Ratingagentur)“ 

[“Rating Agencies (European Rating Agency)”] 

2011 

14.12. Financial Times Deutschland: „Angst vor der Unabhängigkeit“ 

[“Fear of independence“], 

09.12. Börsen-Zeitung: „Eine einfache und gerechte Lösung der 

Schuldenkrise“ [“A simple and just solution for the debt 

crisis“]; joint opinion piece with Richard A. Werner 

08.12. WDR: background discussion on the Dispute between 

organs of the State – State Constitutional Court of North 

Rhine-Westphalia 

08.12. Pro 7 (6 p.m.) / SAT 1 (8 p.m.) / N24 (news): Live Interview: 

„Irland – Wiedereinführung einer nationalen Währung“ 

[“Ireland – Reintroduction of a national Currency“] 

08.12. CNBC: Live Interview “A Rate Cut Won’t Solve Structural 

Problems“ 

29.11. Financial Times Deutschland: Background interview 

02.11. n-tv and RTL: TV-Interview „Griechenland – Europäische 

Währungsunion” [“Greece – European Monetary Union“] 

02.11. Boerse.ard.de: „Bankenabgabe und Transaktionssteuer” 

[“Bank levy and transaction tax“] 

01.11. Hannoversche Allgemeine: „Griechenland – Rückkehr zur 

Drachme rechtlich nicht möglich” [“Greece – Return to the 

drachma isn‘t legally Possible“] 

26.10. Deutschlandradio: „ESZB Notenbankpolitik und Unabhängigkeit“ 

[“ESCB central bank Policy and Independence“] 

25.10. ARD Börse im Ersten: Background discussion on Bank recapitalization 

and bank stability 

25.10. ARD Mittagsmagazin: „Bankenrekapitalisierung und Bankenstabilität” 

[“Bank recapitalization and bank stability“] 

20.10. CNBC: Live-Interview on the Euro crisis 

19.10. Börsen-Zeitung: „Sparkassen gegen Zwangskapitalisierung“ 

[“Savings banks against forced Capitalization“] 

18.10. Märkische Allgemeine: „Finanzexperte: Zwangskapitalisierung 

von Banken juristisch möglich“ [“Financial Expert: 

Forced capitalization of banks legally possible”] 

18.10. HoF – Presseinformation/„Zwangskapitalisierung von Banken 

juristisch kurzfristig umsetzbar“ [“Forced capitalization of 

banks legally feasible in the short term”] 

18.10. DeutschlandRadio Wissen: Live-Interview „Finanzrecht. Der 

Staat darf trennen“ [“Financial law. The state may separate“] 

17.10. DeutschlandRadio Wissen: „Eigenkapitalzuführung/Bankenkrise/Trennbankensystem“ 

[“Infusion of equity capital/ 

banking crisis/Separation of commercial and investment 

banking“] 

17.10. Reuters: „Stichwort – Politik braucht Gesetz für Banken 

Rekapitalisierung“ [“Keyword – politics needs law for banks 

recapitalization“] 

17.10. Reuters: „Zwangsweise Zuführung von Eigenkapital an 

Banken“ [“Compulsory infusion of equity capital to banks“] 

14.10. ZDF: background discussion on: „Informationsverarbeitung 

bei Bankenaufsicht und Weitergabe in der Krise“ [„information 

processing in banking supervision and disclosure in 

crisis“] 

12.10. Wirtschaftswoche: background discussion on: „Bankenrekapitalisierung/Staatsschuldenkrise“ 

[“Bank recapitalization/sovereign 

debt crisis“] 

05.10. ARD-Magazin Plusminus: background discussion on „EZB 

und die Bewältigung der europäischen Schuldenkrise“ [“ECB 

and Coping with the European debt crisis“] 

16.08. Börsen Zeitung: background discussion on „Maastricht-Urteil 

von 1993“ [“Maastricht judgment of 1993“] 

16.08. Bilanz, Switzerland: background discussion on „Euro Bonds“ 

20.07. RBB-Inforadio Wirtschaft aktuell: „Europa besser mit eigenen 

Ratings“ [“Is Europe better off with its own ratings“] 

08.07. Lusa – Portugiesische Nachrichtenagentur: Phone interview 

on rating agencies 

07.07. CNBC: Live-Interview on “ECB raises rates“ 

07.07. Deutsche Welle Fernsehen: Live-Interview on „Rating 

Agenturen – Europäische Rating Agentur“ [“Rating agencies 

– European rating agency“] 

31.05. Financial Times Deutschland: „Errichtung einer Europäischen 

Ratingagentur und weitere Verschärfung des Aufsichtsrechts 

der Ratingagenturen“ [“Establishing a European credit rating 

agency and further tightening of prudential supervision of 

credit rating agencies“] 

19.05. HR-Info: „Staatsschuldenkrise Griechenland“ [“Sovereign 

debt crisis in Greece“] 

18.05. Spiegel Online: Phone interview „Reform der Finanzmarktkrise“ 

[“Reform of the financial crisis“] 

18.05. HR 2 – Der Tag: Phone interview „Schwellenangst – Der IWF 

und das Ende der alten Welt“ [„Fear of the unknown – The 

62


IMF and the end of the old world“] 

07.04. CNBC: Live-Interview on “ECB Hike Before Fed Move Suprising” 

22.03. HR Fernsehen „Stadtgespräch”: „Schuldenbremse – Ja oder 

Nein“ [“Debt brake – Yes or No“] – followed by a discussion 

with the audience in the studio 

24.02. Süddeutsche Zeitung: background discussion on banks 

15.02. WDR5 „Politikum“: Interview zu Schuldenbremse/Nachtragshaushalt 

NRW [“Interview on debt brake/supplementary 

budget for North Rhine Westphalia“] 

11.02. Börsen-Zeitung: background discussion on „Amtszeiten im 

EZB- Direktorium“ [“Terms of Office on the Governing Board 

of the ECB“] 

19.01. Schweizer Radio DRS „Echo der Zeit”: „Ende des Dollar als 

Leitwährung – Renminbi als Reservewährung“ [“End of the 

dollar as a key currency – renminbi as a reserve currency“] 

18.01. Sat1: background discussion on „einstweilige Anordnung 

des VerfGH NRW zur Kreditaufnahme, Nachtragshaushalt“ 

[“interim order of the State Constitutional Court of North 

Rhine Westphalia on borrowing and on the, supplementary 

budget“] 

2010 

02.12. CNBC: Live-Interview on „Geldpolitische Entscheidung der 

EZB“ [“ECB’s monetary policy decision“] 

23.11. HR-Info: „Rettungsaktion Irland“ [“Ireland bailout“] 

03.11. Swiss Radio, Bern: Phone interview on „Geldpolitische Maßnahmen 

der Federal Reserve“ [“Monetary policy decisions/ 

Federal Reserve Board“] 

29.10. Heute.de: Phone interview „Wechsel von Politikern in Privatwirtschaft“ 

[“politicians switiching to private sector jobs“] 

23.09. HR-Info: „Neuordnung der Landesbanken“ [“Restructuring 

of the Landesbanks“] 

17.09. WDR „Politikum”: „Was die Politik bei der HRE-Pleite 

verschleiern wollte – Der Pfandbrief ist nicht mehr sicher“ 

[“What politicians were trying to conceal during the HRE 

bankruptcy – The Pfandbrief is no longer safe“] 

07.09. Handelsblatt: „Buhmann nach Beamtenrecht“ [“Scapegoat 

according to Civil Service Law“] 

03.09. Handelsblatt: background disussion on the Bundesbank 

board 

31.08. HR Fernsehen „Main-Tower”: Interview on „Rechtsfragen der 

Entlassung eines Mitglieds des Vorstandes der Deutschen 

Bundesbank“ [“Legal Issues of the dismissal of a member of 

the Executive Board of the German Central Bank“] 

26.08. HR-Info: „Meinungsfreiheit“ [“Freedom of opinion“] 

23.07. Reuters TV: Interview „Stress-Tests“ [“Stress tests”] 

05.07. SWR: background discussion on current developments in the 

financial crisis 

18.05. ARD/SWR „Plusminus”: “Report on the financial market 

crisis” 

14.05. SWR: Background discussion on the financial market regulation 

10.05. ARD Plusminus: Background discussion on the financial 

market regulation 

24.03. Deutschlandfunk: Background discussion „Banker an die 

kurze Leine – Europa und die Lehren aus der Finanzkrise“ 

[“Banker on a short leash – Europe and lessons-learned from 

the Financial Crisis“] 

23.03. BBC “Today”: background discussion on the Greek Crisis 

02.02. MDR Info: „Rechtsexperte sieht Daten-Kauf skeptisch“ 

[“Legal expert regards data purchase skeptical“] 


17.09. WDR 5: „Was die Politik durch die Verstaatlichung der HRE 

verschleiern wollte: Der deutsche Pfandbrief ist nicht mehr 

sicher“ [“What politicians were trying to conceal by the 

nationalization of HRE – The Pfandbrief is no longer Safe“] 

16.08. Deutschlandfunk: „Opfer der Selbstüberschätzung“ [“Victim 

of Overconfidence“] 

09.07. HR 2 – Der Tag: „Kreditklemme trotz Geldschwemme: Wozu 

noch Banken“ [“Credit crunch despite flood of money: Do 

we still need Banks”] 

02.04. NDR-Info: G20 Summit 

02.03. HR 2 – Der Tag: „Umbau jetzt! Opel retten, aber richtig“ 

[“Remodeling now! Save Opel, but properly”] 

28.02. HR 2 – Kontrovers: „VEB Deutschland – wohin führt Verstaatlichung“ 

[“People’s enterprise Germany – Where does 

nationalization lead Us”] 


Current Research Assistants 

Jenny Döge, LL.M. (University of Minnesota) 

Attorney-at-Law (New York) 

Phone: +49 (0)69 798 34012 

Email: jdoege@imfs-frankfurt.de 

(1) Research 


• International law 

• International financial law 

• Financial supervision in the US 


• “Cyber Warfare – Challenges for the Applicability of the Traditional Laws of 

War Regime” 

Law review article, published in Archiv des Völkerrechts (Archive of Public 

International Law (AVR)), Vol. 48, December 2010 , pp. 486-501 

• “Financial Market Supervision in the United States”, dissertation; work in 

progress 


• World Bank, Integrity Vice Presidency, Special Litigation Unit 

December 2012-February 2013; short-term consultant 

Catharina Schmidt 

Phone: +49 (0)69 798 34024 

Email: schmidt@imfs-frankfurt.de 

(1) Research 


• Banking law 

• Financial supervision 


• “Comparison of the Different Legal Regimes to Separate Commercial and 

Investment Banking”, dissertation, work in progress 

Patrick Tuschl, Dipl.-Jur. 

Phone: +49 (0)69 798 34028 

Email: tuschl@imfs-frankfurt.de 

(1) Research 


• Banking and Finance 

• Capital Markets 

• Funds and Investment Management 

63


• „Das Urteil des Verfassungsgerichtshofs zur Rechnungshofkontrolle der 

NRW.BANK“, Nordrhein-Westfälische Verwaltungsblätter No. 5/2012, p. 

165-169 (NWVBl. 2012, 165) 

• “Constitutional Ruling on Court of Auditors‘ Review of Banks”, The House of 

Finance Research Newsletter, 2012, No. 1, p. 10-11 (together with Helmut 

Siekmann) 

• “Resolution of Systemically Important Financial Institutions – The EU recovery 

and resolution directive and the German bridge bank tool”, dissertation, 

in progress 

Helene Minor 

Phone: +49 (0)69 798 34024 

Email: minor@jur.uni-frankfurt.de 

Alexander Schmidt, Dipl.-Jur. (Goethe University); lawyer 

Phone: +49 (0)69 798 34028 

Email: a.schmidt@imfs-frankfurt.de 

(1) Research 


• German constitutional law 

• Revenue law 

• Sociology of law 

• Administrative law, esp. police law 


• “Terrorabwehr durch das Bundeskriminalamt” [Terror defence by the Federal 

Criminal Agency] 

Law review article, published in Kritische Justiz (KJ), Vol. 43, 2010, issue 3, 

pp. 307-318 

• “Die Verantwortlichkeit bei Lärmbelästigungen durch Menschenansammlungen. 

Verursachungslehren auf dem Prüfstand moderner Urbanität” 

[Accountability for noise disturbance by gatherings. Causation doctrines on 

trial of modern urbanity], dissertation; work in progress 


• Frankfurt tax and revenue office, department for corporate tax 

August 2011 – October 2011; trainee 

Former Research Assistants 

Emilie Yoo 

(from August 16, 2009 until February 28, 2010/from September 1, 2010 until 

September, 15 2011/from September 1, 2012 until October 15, 2012/from 

October 16, 2012 until March, 31 2013) 

Janine Schenk 

(until December 31, 2012) 

Désirée Kalkowski 

(from March 16, 2010 until May 31, 2012) 

Volker Perten 

(until March 15, 2010) 

Nadine Quadflieg 

(from November 1, 2010 until March 31, 2013) 

Benjamin Beck 

(from July 1, 2012 until January 15, 2013) 

Jan Wagner 

(until January 31, 2010) 

6. Administration 

Gisela Amend-Khaskhoussi 

Phone: +49 (0)69 798 34014 

Email: Amend-Khaskhoussi@jur.uni-frankfurt.de 

Student Assistants 

Current Student Assistants 

Jochen Christoph Hegener 

Phone: +49 (0)69 798 34015 

Email: hegener@imfs-frankfurt.de (since October 16, 2011) 

Camilla Marie Kamrad 

Phone: +49 (0)69 798 34015 

Email: kamrad@imfs-frankfurt.de (since April 16, 2012) 

Steven Paul Rudmann 

Phone: +49 (0)69 798 798 34015 

Email: rudmann@imfs-frankfurt.de (since April 16, 2012) 

Jan Binger 

Phone: +49 (0)69 798 798 34015 

Email: binger@imfs-frankfurt.de (since October 1, 2012) 

Sören Zimmermann 

Phone: +49 (0)69 798 798 34015 

Email: zimmermann@imfs-frankfurt.de (since April 1, 2013) 

Yannic Hübner 

Phone: +49 (0)69 798 798 34015 

Email: huebner@imfs-frankfurt.de 

Former Student Assistants 

Steffen Gewehr (from April 1, 2013 until December 31, 2013) 

Catharina Carolin Schmidt (from November 1, 2011 until April 15, 2013) 

Jill Catherine Klüber (from June 1, 2010 until January 31, 2011 and from May 

1, 2011 until March 31, 2013) 

Anja Lange (from May 1, 2012 until September 30, 2012) 

Benjamin Beck (from April 1, 2009 until June 30, 2012) 

Anita Hyzyk (from March 1, 2010 until March 31, 2012) 

Caren Lee Wachowiak (from September 1, 2011 until March 31, 2012) 

Sascha Ryssok (from March 1, 2011 until February 15, 2012) 

Jan van Kisfeld (from February 1, 2010 until September 30, 2011) 

Laura Höß (until June 30, 2011) 

Melanie Döge (until January 31, 2011) 

Anna Klein (until December 31, 2010) 

Nadine Isabel Quadflieg (from May 1, 2010 until August 31, 2010) 

Helene Minor (until August 31, 2010) 

Stefan Nagelschmitt (from August 16, 2009 until August 15, 2010) 

Anna Rick (until March 31, 2010) 

Stefan Jobst (until March 31, 2010) 

Miriam Meixner (from April 16, 2009 until September 30, 2009) 

Jenny Döge (until February 15, 2009) 

Vanessa Mieschke (until January 31, 2009) 

64


E. 

Founding and 

Affiliated Professors 

A detailed list of contributions by IMFS Founding professors 

Theodor Baums, Reinhard Schmidt and IMFS Affiliated professor 

Michael Binder in the areas of research, doctoral and postdoctoral 

training, policy advice, and public relations is given 

below. 

I. IMFS Founding Professor Theodor Baums 

Prof. Dr. Dres. h.c. 

Theodor Baums 

Professur of Civil Law, Trade Law, 

and Commercial Law 

Phone: +49(0)69 798 33781 

Fax: +49(0)69 798 33906 

Email: baums@jur.uni-frankfurt.de 

1. Research 

Projects 

• Legal questions of corporate financing 

• Legal questions of takeover law 

• Participation in the European network for developing a European model 

company act (EMCA) as a German representative 

• Legal issues of risk management in financial service companies and listed 

companies 

• Derivative Securities in Capital Market Law 

• Management organization in co-determined companies 

• Legal issues regarding the evaluation of listed companies 

• Remuneration of directors from a legal perspective 

65

Publications 

(1) Contributions in books and law journals: 

2012 

• „Neues Schuldverschreibungsrecht und Altanleihen“, [“The New Bond Law 

and Old Bonds”, Co-author: Roland Schmidtbleicher, ZIP 2012, 204 ff. 

• „Die Beschlusskontrolle nach dem Schuldverschreibungsgesetz“ [“Control of 

Resolutions according to Bond Law”], Co-author: Tim Florstedt, (in progress) 

• „Neukommentierung der §§ 1, 2, 68 WpÜG“ [“Commentary on §§ 1, 2, 68 

WpÜG”], in: Baums/Thoma, WpüG, Loseblattsammlung, Stand 2012 

• „Beiträge zur Geschichte des Wirtschaftsrechts, Schriften von Theodor 

Baums, [“Contributions to the History of Commercial Law, Writings by 

Theodor Baums”], Edited by Florstedt/Redenius-Hövermann/Segna/Vogel, 

Tübingen 2012 

• „Agio und sonstige Zuzahlungen im Aktienrecht“ [“Agio and other extra 

payments in Stock Corporation Law”], in: Festschrift für Hommelhoff, 2012, 

pp. 61 ff. 

• „Unternehmen und Ethik“ [“Enterprises and Ethics”], in: Zukunft braucht 

Herkunft. 450 Jahre Friedrich Wilhelm-Gymnasium Trier 2011, pp. 198 ff. 

also printed in: Institute for Law and Finance (Hrsg.), ILF – Die ersten 10 

Jahre, 2012, pp. 132 ff. 

• “Shareholder Suits in German Company Law – An Empirical Study”, 

in: House of Finance Newsletter Q 1, 2012, p. 8 f. 

• “Introductory Statement on the Issue of Increasing Investor Protection”, 

in: André Prüm (ed.), Proceedings of the European Lawyers Association, 

Subgroup on Investor Protection, (in progress) 

• „Die Beschlusskontrolle nach dem Schuldverschreibungsgesetz” [“The decision 

control according to the Bond Act”], Co-author: Tim Florstedt, (in progress) 

2011 

• Report of the Reflection Group on the Future of EU Company Law, Brussels 

2011 

http://ec.europa.eu/internal_market/company/docs/modern/reflectiongroup_report_en.pdf 

(together with 12 other authors) 

• El Desarollo del derecho de Sociedades en Europa: Desde la Armonización 

Centralizada hasta la European Model Company Act (EMCA), in: Alonso 

Ledesma/Alonso Ureba/Esteban Velasco (Hrsg.), La Modernización del derecho 

de Sociedades de Capital en España. Cuestiones endientes de reforma, Tomo I, 

2011, S. 23 ff. 

• „Anfechtungsklagen und Freigabeverfahren – Eine empirische Studie“ 

[“Actions for annulment and release procedures – An empirical study“], 

(together with Drinhausen/Keinath), in: ZIP 2011, pp. 2329 ff. 

• „Risiko und Risikosteuerung im Aktienrecht“ [“Risk and risk management in 

Corporate Law“], ZGR 2011, S. 218-274 

• „Unternehmen und Ethik“ [“Business and ethics“], in: Finkenberg/Heim/ 

Lehnertz-Lütticken/Ludwig/Müller/Willems (eds.), Zukunft braucht Herkunft. 

450 Jahre Friedrich Wilhelm-Gymnasium Trier, Trier 2011, pp. 198-202 

• „Das preußische Schuldverschreibungsgesetz von 1833“ [“The Prussian 

Bond Act of 1833“], Bechtold/Jickeli/Rohe [Hrsg.], Recht, Ordnung und 

Wettbewerb. Festschrift für Möschel, 2011, pp. 1097 ff. 

• „Eigenkapital: Begriff, Aufgaben, Sicherung“ [“Equity capital: concept, functions, 

securitization“], ZHR 175 (2011), 160-209 

2010 

• „Die Unabhängigkeit des Vergütungsberaters“ [“The independence of 

compensation consultants“], AG 2010, pp. 53 ff. 

• L‘échange automatique d‘information face au respect de la vie privée, au 

secret bancaire et aux principes de liberté du marché interieur (mit Thierry 

Bonneau und André Prüm), Rev. Trimestrielle de Droit Financier 2010, No 2, 

S. 30 ff. Engl. Übersetzung Rev. Trimestrielle de Droit Financier 2010, No 2, 

S. 81 ff. 

• „Managerhaftung und Verjährung“ [“Manager liability and the statute of 

limitations“], ZHR 174 (2010), pp. 593 ff. 

• „Low Balling“, „Creeping in“ und deutsches Übernahmerecht [“Low balling, 

creeping in and the German Takeover Law“], ZIP 2010, pp. 2374 ff. 

• A European Model Company Act, in: House of Finance Newsletter Q1, 2010, 

4-5 


• „Zur AGB-Kontrolle durch die BaFin (am Beispiel des Bausparrechts)“ 

[“Control of general terms and conditions conducted by the BaFin (using 

the example of Building Society Law)“], in: Habersack/Joeres/Krämer (Hrsg.), 

Entwicklungslinien im Bank- und Kapitalmarktrecht. Festschrift für Nobbe, 

2009, pp. 815 ff. 

• „Zur monistischen Verfassung der deutschen Aktiengesellschaft. Überlegungen 

de lege ferenda” [“The monistic state of the German corporation. 

Considerations de legeferenda“]; in: Hutter/Baums (Hrsg.), Gedächtnisschrift 

für Michael Gruson, 2009, pp. 1 ff. 

• „Rücklagenbildung und Gewinnausschüttung im Aktienrecht“ [“Setting up 

of reserves and profit distribution in corporate law“], in: Bitter/Lutter/Schön/ 

Ulmer (Hrsg.), Festschrift für Karsten Schmidt, 2009, S. 57 ff. 

• „Die gerichtliche Kontrolle von Beschlüssen der Gläubigerversammlung 

nach dem Referentenentwurf eines neuen Schuldverschreibungsgesetzes“ 

[“Judicial control of creditors‘ meeting decisions according to the ministerial 

draft for a new Bond Act“], ZBB 2009, pp. 1 ff. 

• “The European Model Company Law Act Project”, (Co-author: Paul Krüger 

Andersen); in: Tison/de Wulf/van der Elst/Steennot (eds.), Perspectives in 

Company Law and Financial Regulation. Essays in Honor of Eddy Wymeersch, 


• „Anschleichen an Übernahmeziele mittels Cash Settled Equity Derivaten – 

ein Reglungsvorschlag“ [“Creeping takeovers of acquisition targets by way 

of cash settled equity derivatives – a regulation proposal”], ZHR 173 (2009), 

pp. 454 ff. 

• “Projekt europejskiej ustawy modelowej o spólkach”, in: PRZEGLAD PRAWA 

HANDLOWEGO (Commercial Law Review); 2009, pp. 4 ff. (Co-author: mit S. 

Soltysinski) 

• „Reform der unternehmerischen Mitbestimmung in Deutschland“ [“Reform 

of entrepreneurial co-determination in Germany“], in: NJW Spezial 13/2009, 

pp. 410 f. 

• „Verhandlungen sind kein trojanisches Pferd“ [“Negotiations are not a Trojan 

horse“], in: Der Aufsichtsrat 11, 2009, p. 153 (Co-author: Marcus Lutter) 

• „Der Eintragungsstopp bei Namensaktien“ [“The registration stop of registered 

shares“], in: Kindler/Koch/Ulmer/Winter (Hrsg.), Festschrift für Hüffer, 


• „Entwurf einer Regelung zur Mitbestimmungsvereinbarung sowie zur Größe 

des mitbestimmten Aufsichtsrats“ [“Draft of a participation agreement 

as well as a draft regulation for the size of the codetermined supervisory 

board“], ZIP 2009, pp. 885 ff., (together with: Bachmann, Habersack, Henssler, 

Lutter, Oetker und Ulmer) 

• „Az Európai Társági Modelltörvény“, Magyar Jog 2009, 308 ff., (Co-author: 

A. Kisfaludi) 

• „Rechtsfragen der Bewertung bei Verschmelzung börsennotierter Gesellschaften“ 

[“Legal issues of the evaluation of mergers of listed companies“], 

in: von Bar/Hellwege/Mössner/Winkeljohann (Hrsg.), Recht und Wirtschaft. 

Gedächtnisschrift für Schindhelm, 2009, pp. 63 ff. 

(2) Edited publications: 


• Das Neue Schuldverschreibungsrecht [The new bond law], De Gruyter 

Verlag, Berlin 2013 

• Frankfurter wirtschaftsrechtliche Studien [Frankfurt business law studies], 

Lang Verlag (co-editor since 2000) 

• Institute for Law and Finance Series, De Gruyter Verlag (co-editor) 

• Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) (coeditor, since 2006 coeditor 

Advisory Board) 

• Financial Law Review (Herausgeberbeirat) 

• Corporate Ownership and Control (coeditor Advisory Board) 

• Revista de Derecho del Mercado de Valores (Advisory Board) 

• Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht (ZHR) (co-editor) 

• Zeitschrift für Corporate Governance (professional advisory board) 

• Corporate Finance Law (Advisory Board) 

• Dovenschmidt Quarterly (Advisory Board) 

• ECGI (European Corporate Governance Institute Brussels), Working Paper 

Series in Law (co-editor) 

66

Founding and Affiliated Professors 

• ILF Working Papers (co-editor) 

• Baums/Thoma, Kommentar zum WpÜG [“Securities Acquisition and Takeover 

Act Commentary”] , Loseblattsammlung [“loose-leaf”] 


• Hutter/Baums, (Hrsg.), Gedächtnisschrift für Michael Gruson [“Commemorative 

publication for Michael Gruson“], Berlin 2009 


2012 

• Theodor Baums/Roland Schmidtbleicher – Neues Schuldverschreibungsrecht 

und Altanleihen [New Bond Law and existing bonds] 

ILF Working Paper 131 (01/2012) 

2011 

• Theodor Baums/Florian Drinhausen/Astrid Keinath – Anfechtungsklagen 

und Freigabeverfahren – Eine empirische Studie [“Actions for annulment and 

release procedures – An empirical study“] 


• „Agio und sonstige Zuzahlungen im Aktienrecht” [“Agio and other extra 

payments in Stock Corporation Law”] 


• „Eigenkapital: Begriff, Aufgaben, Sicherung“ [“Equity capital: concept, functions, 

securitization“] 


2010 

• “Low Balling, Creeping in und deutsches Übernahmerecht” [“Low Balling, 

Creeping in and German Takeover Law“] 


• „Das preußische Schuldverschreibungsgesetz von 1833“ [“The Prussian 

Bond Act of 1833“], 


• „Managerhaftung und Verjährungsfrist“ [“Manager Liability and the statute 

of limitations“] 


• „Risiko und Risikosteuerung im Aktienrecht“ [“Risk and risk management in 

corporate law“] 


• Theodor Baums/Thierry Bonneau/André Prüm – The electronic exchange of 

information and respect for private life, banking secrecy and the free internal 

market 


• „Die Unabhängigkeit des Vergütungsberaters“ [“The independence of 

compensation consultants“] 



• „Rechtsfragen der Bewertung bei Verschmelzung börsennotierter Gesellschaften“ 

[“Legal issues of the evaluation of mergers of listed companies“] 

ILF Working Paper 104 (06/2009) 

• „Der Eintragungsstopp bei Namensaktien“ [“The registration stop of registered 

shares“] 


• Theodor Baums/Maike Sauter – Anschleichen an Übernahmeziele mittels 

Cash Settled Equity Derivaten – ein Regelungsvorschlag [Creeping takeovers 

of acquisition targets by way of cash settled equity derivatives – a regulation 

proposal] 


Presentations 

(1) Lectures 

2012 

10.11. „Zur geplanten Änderung des § 15 UmwG in der anstehenden 

Aktienrechtsnovelle“ [“On the planned amendment of §15 

UmwG in the upcoming stock corporation law amendment”], 

Presentation at the assistants seminar of Prof. Huber, Bonn 

09.11. „Frauenquote und Managergehälter – zu aktuellen Streitthemen 

der Corporate Governance“ [“Women’s Quota and 

Manager Salaries – On the current Controversies of Corporate 

Governance”], Presentation at the meeting of alumni 

and friends of the Faculty of Law, Frankfurt 

18.10. „Aktuelle Entwicklungen der Corporate Governance in 

Deutschland und auf EU-Ebene“ [“Current Developments 

of Corporate Governance in Germany and in the EU”], 

Presentation at the Skadden Arps, Slate, Meagher & Flom 

LLP Corporate Governance Forum 2012, Frankfurt 

12.07. “Frustration Rules in European and German Takeover law“, 

Presentation on the occasion of a public disputation at the 

Faculty of Law Albacete at the University Castilla-La Mancha, 

Albacete 

29.06. „Neuere Entwicklungen im Europäischen Gesellschaftsrecht: 

Überblick“ [“Recent Developments in European Corporate 

Law”], Presentation at the working group Europäisches 

Kapitalmarktrecht, Frankfurt 

31.01. “The European Model Company Act“, Presentation at the 

Center for Advanced Studies, LMU Munich 

2011 

01.12. „Entwicklungen und Perspektiven der Compliance in 

Deutschland“ [“Developments and perspectives of Compliance 

in Germany“], Presentation at the Compliance Symposium, 

Mannheim 

28.11. „Beschlußmängelklagen und Freigabeverfahren. Eine empirische 

Studie“ [“Actions to annul shareholder meeting 

decisions and release procedures. An empirical study”], 

Presentation at the working group European Capital Market 

Law, Frankfurt 

29. 10. „Beschlußmängelklagen und Freigabeverfahren. Eine empirische 



Presentation at the Institute for Business and Commercial 

Law of the University of Bonn, Bonn 




Presentation at the seminar „Hauptversammlung 2012“, 

Law firm Linklaters, Frankfurt 




Presentation at the seminar for doctoral students of the ILF, 

Frankfurt 

21.10. „Rechte und Pflichten des Aufsichtsrates“ [“Rights and duties 

of the Supervisory Board“], Presentation at the member circle 

„Generation CEO“, Frankfurt 

24.05. „Die Zukunft des europäischen Gesellschaftsrechts“, [“The 

future of European corporate law“], Presentation at the 

working group „Europäisches Kapitalmarktrecht“ [“European 

Capital Market Law”], Frankfurt 

06.04. „Agio und sonstige Zuzahlungen im Aktienrecht“ [“Agio and 

other extra payments in Stock Corporation Law”], Presentation 

at a seminar for doctoral students of the ILF, Frankfurt 

14.01. „Eigenkapital: Begriff, Aufgaben, Sicherung“ [“Equity Capital: 

concept, functions, securitization“], Presentation at the ZHR – 

Symposion for corporate and capital market law, Stromberg 

67

2010 

02.12. „Angemessene Managergehälter Zu Recht und Ethik in 

Unternehmen“ [“Appropriate remuneration for managers 

On law and ethics in companies“], Presentation at the Jur. 

Gesellschaft Osnabrück-Emsland, Osnabrück 

29.11. „The EMCA–project“, Presentation at the Company Law 

Expert Group of the EU-Commission (jointly with P. Krüger 

Andersen), Brüssel 

09.11. „Aktuelle Vorhaben des Gesetzgebers im Kapitalmarktrecht“ 

[“Current projects of the legislature on Capital Market Law“], 

Presentation at the working group „Europäisches Kapitalmarktrecht“ 

[“European capital market law”], Frankfurt 

16.09. „Angemessene Managergehälter Zu Recht und Ethik in 

Unternehmen“ [“Appropriate remuneration for managers 

On law and ethics in companies“], Presentation at the 

Synagoge Wittlich, Veranstaltungsreihe „WiPs Wittlich – 

Wissenschaft trifft Praxis“, Wittlich 

29.06. „Corporate Governance – aktuelle Entwicklungen auf nationaler 

und europäischer Ebene“ [“Corporate Governance 

– current developments at a national and European level“], 

Presentation to the Senior Corporate Counsels of German 

DAX-companies, Conference of the German Stock Institute, 

Frankfurt 

23.06. “Instruments and Scope of Regulation”, Presentation at 

the roundtable of the European commission on “Corporate 

Governance in Listed Companies”, Brussels 

07.05. “Comment on: Bolton, Rewarding Illusory Alpha: Governance 

and the Crisis”, ecgi annual meeting, Luxemburg 

27.04. “The development of company law in Europe: From centralized 

harmonization to the European Model Company Act“, 

Congreso Internacional de Derecho de Sociedades, Madrid 

13.01. „Finanzmarktkrise – Herausforderung für die Corporate 

Governance“ [“Financial crisis – a challenge for Corporate Governance“], 

Renate Käppler-Gedächtnisvorlesung, Osnabrück 


04.11. „Angemessene Managergehälter: Neue rechtliche Anforderungen“ 

[“Appropriate re-muneration for managers: New 

legal requirements“], Presentation at a seminar for doctoral 

students of the ILF, Frankfurt 

03.11. „Angemessene Managergehälter: Vorgaben der Corporate 

Governance und gesetzliche Anforderungen“ [“Appropriate 

remuneration for managers: Corporate governance 

standards and legal requirements”], Presentation at Polytechnische 

Gesellschaft Frankfurt am Main, Frankfurt 

11.09. “Corporate Governance in the Aftermath of the Financial 

Crisis“, Presentation on the occasion of receiving an honorary 

doctorate (Dr. jur. h.c.) from the University of Aarhus/ 

Denmark, Aarhus 

10.06. „Gesetzentwurf zur Verhinderung der Übernahme von 

börsennotierten Aktiengesellschaften unter Einsatz von cash 

settled equity swaps“ [“Draft act to prevent the takeover 

of listed companies using cash-settled equity swaps“], Presentation 

at the conference of the IMFS „Gesetzgeberische 

Maßnahmen zur Verhinderung der Übernahme börsennotierter 

Unternehmen im Wege des Anschleichens“ [“Legislative 

measures to prevent the takeover of listed companies by 

way of creeping takeovers”], Frankfurt 

09.06. „Rechtsfragen der Bewertung bei Verschmelzung börsennotierter 

Gesellschaften“ [“Legal issues of the evaluation of 

mergers of listed companies “], Presentation at the seminar 

for doctoral students of the ILF, Frankfurt 

09.05. “Corporate Governance in the Aftermath of the Financial 

Crisis“, Presentation at the conference of the University of 

Luxembourg/Börse Luxemburg/Institut luxembourgeois des 

Administrateurs (ILA), Luxemburg 

02.04. „Anschleichen an Übernahmeziele mit Hilfe von Aktienderivaten“ 

[“Creeping up on takeover targets by way of derivative 

securities“], Presentation at the Kuratorium der Deutschen 

Schutzvereinigung für Wertpapierbesitz, Düsseldorf 

17.03. „Anschleichen an Übernahmeziele mit Hilfe von Aktienderivaten“ 

[“Creeping up on takeover targets by way of 

derivative securities“], Presentation at the working group 

„Europäisches Kapitalmarktrecht“ [“European Capital Market 

Law”], Frankfurt 

(2) Panel Discussions 

2011 

26.05. Oxford Union Style Debate – Antrag: „Dieses Haus meint, 

dass eine Frauenquote für Vorstände und Aufsichtsräte 

börsennotierter Aktiengesellschaften gesetzlich festgelegt 

werden sollte“ [“This house means that a quota for women 

in management and on supervisory boards of listed companies 

should be set by law“] (Corporate Finance Summit 2011) 

2010 

29.10. Anniversary Conference Simon Kucher & Partners – „Ethik 

des Gewinns” [“Ethics of profit“] 

22.04.-23.04. Organization of Ph.D. Conference “European Financial Law 

Network”, Frankfurt (jointly with Prof. Haar) 


26.11.-27.11. Mitwirkung bei der Vorbereitung und Durchführung der 4. 

Konferenz der Mitglieder der Kommission zur Ausarbeitung 

eines Europäischen Modellaktiengesetzes (EMCA) [Involvement 

in the preparation and implementation of the 4th 

Conference of the members of the commission to draw up a 

European Model Securities Law], Luxemburg 

06.10. Organisation der Konferenz „Auslaufmodell AG Reform der 

unternehmerischen Mitbestimmung“ [Organization of the 

conference “phased-out model German stock corporation 

(AG) Reformation of the entrepreneurial codetermination]”, 

Frankfurt 

25.09. Bundesnetzagentur, Mitwirkung bei der Vorbereitung und 

Durchführung des ERGEG (European Regulators’ Group for 

Electricity and Gas) “Workshop for Unbundling and Corporate 

Governance in the 3rd package”, Berlin 

68



Courses 


• „Aktuelle Fragen des Rechts der Unternehmensfinanzierung“ [“Current 

Questions of Corporate Finance Law”], Seminar 


• „Recht der Unternehmensfinanzierung II“ [“Corporate Finance Law II”], Colloquium 

• „Höchstrichterliche Entscheidungen im Wirtschaftsrecht“ [“Jurisprudene of 

the Supreme Court on Commercial Law”], Seminar for doctoral students 


• „Recht der Unternehmensfinanzierung I“ [“Corporate Finance Law I”], Colloquium 

• „Höchstrichterliche Entscheidungen im Wirtschaftsrecht“ [“Jurisprudence 

of the Supreme Court on Commercial Law”], with Prof. Dr. Jürgen Götz, 

Seminar for doctoral students 


• Europäisches Gesellschaftsrecht [European Company Law] 

• Doktorandenseminar [Seminar for doctoral students] 

• University of Luxembourg: Financial Markets and Institutions in Germany 

and their Supervision 


• Recht der Unternehmensfinanzierung III [Corporate Finance Law III] 



• Recht der Unternehmensfinanzierung II [Corporate Finance Law II] 


• University of Luxembourg: Financial Markets and Institutions in Germany 

and their Supervision 


• Recht der Unternehmensfinanzierung I [Corporate Finance Law I] 

• Seminar: Der Aufsichtsrat – Grundlagen und ausgewählte Rechtfragen [The 

Supervisory Board – Fundamentals and selected legal issues] (jointly with 

Prof. Dr. Jürgen Götz) 



• Seminar Recht der Unternehmensmitbestimmung [Corporate Finance Law] 


Supervised Dissertations 

Philipp Bergmann Die Erzwingung von Gesellschafterbeschlüssen in Kapitalgesellschaften 

– in Deutschland und den USA [Forcing 

Shareholder Resolutions in Corporations – in Germany 

and the U.S.] 

Markus Böhn Veränderte Umstände zwischen Einberufung und Durchführung 

der Hauptversammlung [Changed Circumstances 

between Scheduling and Holding Shareholders’ 

Meetings] 

Julius Brandt Die Steuerung von Liquiditätsrisiken im Bankaufsichtsrecht 

und im Aktienrecht [Controlling Liquidity Risks in 

Banking Supervision Law and Stock Corporation Law] 

Pascal Brandt Überschreiten von Meldeschwellen durch den Einsatz 

von Derivaten. Eine rechtsvergleichende Untersuchung 

[Exceeding Thresholds by Using Derivates. A legal comparison] 

Nikolaus Bunting Die Gründung von Kapitalgesellschaften in den Mitgliedstaaten 

der EU – Eine rechtsvergleichende Studie 

[Founding corporations in EU member states – a legal 

comparison] 

Matthias Döll Die Reichweite des Comply or Explain-Prinzips. Eine 

rechtsvergleichende Untersuchung nach englischem 

und deutschem Recht [The reach of Comply or Explain. 

A legal comparison of English and German Law] 

Ivo Frohmüller Responsible lending – Die Verantwortung der Banken 

für die Verwendung von Krediten im deutschen und 

US-amerikanischen Recht [Responsible Lending – The 

responsibility of banks for the usage of loans in English 

and German Law] 

Daniel Gajek Umstrukturierungen und Finanzinstrumente – Die 

Bedeutung der Umstrukturierung der Emittentin für die 

von ihr ausgegebenen Finanzinstrumente [Restructuring 

and Financial Instruments – The significance of restructuring 

emitters for issued financial instruments] 

Tabinda Ghaffar Corporate Governance im Rechtsvergleich – Deutschland 

und Pakistan [Corporate Governance – A legal 

comparison of Germany and Pakistan] 

Mario Hecker Die Haftung bei öffentlichen Übernahmen [Liability in 

public acquisitions] 

Astrid Keinath Pflichtinformationen im Vorfeld der Hauptversammlung 

nach deutschem Recht [Required information before 

shareholder meetings according to German Law] 

Claudius Paul Anti-Dilution Provisions in Convertible Securities – unter 

Berücksichtigung auch des US-amerikanischen Rechts 

[Anti-Dilution Provisions in Convertible Securities – 

taking into account U.S. Law] 

Tobias Pohl Sell Out und Austritt im Aktienrecht [Sell Out and Exit in 

Stock Corporation Law] 

Amira Rasekh Regulation of Non-Banks: The Case of ABCP Conduits 

Maike Sauter Die Ausprägung des Gläubigerschutzes in der geschichtlichen 

Entwicklung des Aktienrechts [The Historical 

Development of Creditor Protection in Stock Corporation 

Law] 

Marc Schwabe Herrschaftsrechte und Residualansprüche im deutschen 

und amerikanischen Gesellschaftsrecht, zugleich ein 

Beitrag zur Dogmatik des Abspaltungsverbots [Power of 

disposition and residual claims in German and American 

corporate law, as well as a contribution to the dogmatics 

of the secession ban] 

Raimonda Tarasiukaite Litauisches und deutsches Konzernrecht im Rechtsvergleich 

[Lithuanian and German Group Law legal 

comparison] 

Jan Walbrecht Rücklagenbildung im Konzern – ein deutsch-amerikanischer 

Rechtsvergleich [Corporate Savings – A German- 

American legal comparison] 

Till Wansleben Abschreckung durch unbeschränkte Managerhaftung 

[Deterrence through unlimited manager liability] 


2012 

Tobias Pohl Sell Out und Austritt im Aktienrecht [“Sell out and exit in 

stock corporation law“] 

2010 

Emanuel H.F. Balló Die AGB-Kontrolle von Kreditverträgen in der Akquisitionsfinanzierung. 

Eine Untersuchung am Beispiel 

des Senior Multicurrency Term and Revolving Facilities 

Agreement [“The control of general terms and conditions 

of loan agreements in acquisition finance. A study 

using Senior Multicurrency Term and Revolving Facilities 

Agreements as an example”] 

Jochen Brandhoff Abschied vom Individualvertrag: Gegen die Ausuferung 

des AGB-Rechts zur allgemeinen Schranke der Privatautonomie 

[„Farewell to individually negotiated contracts: 

Against the proliferation of general terms and conditions 

law and on the principle of freedom of contract”] 

Nadine Rinck Max Rheinstein. Leben und Werk [“Max Rheinstein. Life 

and Accomplishments“] 

Roland Schmidtbleicher Die Anleihegläubigermehrheit [„The bondholder majority“] 

Thomas Tiedemann Die Stellung des zentralen Kontrahenten im deutschen 

und englischen Effektenhandel – untersucht am Beispiel 

der Eurex Clearing AG und LCH.Clearnet [“The status of 

the central counterparty in German and English Securi- 

69


Alexander Ballasch 

Stefan Brass 

ties Trading – analyzed by using Eurex Clearing AG and 

LCH Clearnet as an example“] 

Die Verpflichtung des Ligaverbands gegenüber der EU- 

Kommission – Die Zentralvermarktung der Bundesliga- 

Übertragungsrechte im Lichte des europäischen Kartellrechts 

[“The obligation of the League Association with 

regard to the EU Commission – The centralized marketing 

of broadcasting rights for the German national soccer 

league in light of European antitrust law“] 

Hedgefonds als aktive Investoren – Rechtliche Schranken 

und rechtspolitische Vorschläge [“Hedgefonds as active 

investors – Legal barriers and legal policy proposals“] 

Supervised Theses 

2012 

(LL.M.) Master’s degree for legal practitioners who graduated abroad: 

Tatjana Pelekanos „§ 28 WpHG de lege lata et de lege ferenda“ 

(LL.M. EUR.) European and international Commercial Law: 

Richard v. Schwarzkopf „Das Pflichtangebot gemäß § 35 WpÜG: Eine rechtsvergleichende 

und rechtspolitische Analyse im Lichte von 

Umgehungstaktiken“ [“The Mandatory Offer according 

to § 35 WpÜG: A legal comparison and political analysis 

in the context of sidestepping tactics”] 

Theses 

Barbara Bayer 

„Bewertung der derzeitigen Regulierung der Angemessenheit 

von Managergehältern durch Aktiengesetz 

und Kodex“ (Zweitgutachten) [“Assessment of current 

regulation on the appropriateness of manager salaries 

in Stock Corporation Law and Codex”] (second assessor) 

Marius Bergermann „Kausalität und Schadensberechnung bei Fehlinformation 

des Kapitalmarkts“ [“Causality and damage 

calculation in the case of misinformation of the capital 

market”] 

Maria Gamze „Begründung, Bedeutung und Auflösung von Kapitalrücklagen“ 

[“Reason, Significance and Dissolution of 

Savings”] 

Martin Kliche „Inhaltskontrolle von Anleihebedingungen nach deutschem 

Recht“ [“Monitoring bond issuing regulations according 

to German Law”] 

Martina Köhler „Andienungsrechte und Sell out de lege lata und de 

lege ferenda“ 

Astrit Rexhaj „Reformbedarf im deutschen Übernahmerecht (WpÜG)“ 

[“The need for reform of the German takeover law 

(WpÜG)] 

Marco Stephan „Die Haftung des Aufsichtsrats gegenüber Aktionären 

und sonstigen Dritten“ (Zweitgutachten) [Liability of the 

Supervisory Board vis-à-vis shareholders and others”] 

(second assessor) 

3. Policy Advice 

Presentations/Hearings 

2012 

• Opinion and hearing on a reform of the takeover law before the Committee 

of Finance of the German Bundestag 

• Conference on the Bond Act 

• Federal Ministry of Justice and Judicial Committee of the Bundestag on the 

amendment of the Restructuring Law, October 2012 

• CDU – Parliamentary Group on executive salaries, September 2012 

• BÜNDNIS 90/DIE GRÜNEN – Parliamentary Group on executive salaries, 

August 2012 

• FDP – Parliamentary Group on executive salaries, June 2012 

• EU-Commission on European sole-shareholder companies, March 2012 

2011 

• Member of Government Commission Corporate Governance Codex 

• Member of the European Model Company Act Group (EMCA) for the development 

of a European model corporate law 

• Advice for the EU-Commission GD Internal Market for a further development 

of EU Company Law; Member of “Reflection Group on the Future 

of European Company Law“ and Co-author of the report of the Reflection 

Group of the EU-Commission 

• Opinion and hearing on a reform of the takeover law before the Committee 

of Finance of the German Bundestag 

• Member of the “Policy Platform“ of the House of Finance, Frankfurt 

2010 




• Advice for the EU-Commission GD Internal Market on Corporate Governance 

in financial institutions and in listed companies 

• Opinion on the initiative of the government of North Rhine Westphalia and 

of the Federal Committee of the SPD to insert a “creeping in” provision into 

the German takeover law (WpÜG), before the Committee on Legal Affairs of 

the Bundestag 

• Opinion on the draft for a Restructuring Act before the Committee on Legal 

Affairs of the Bundestag 

• Advice for the EU-Commission GD Internal Market on the development of 

EU Company Law 



• Member of a working group on “Creating sustainable codetermination“ 

(Draft of a revised code-termination law) 

• Member of the European Model Company Act Group (EMCA) for the 

development of a European model corporate law 

• Vorlage eines Entwurfs zur Änderung des WpHG betr. Meldepflichten beim 

Aufbau derivativer Finanzinstrumente 

• Advice of the Committee on Legal Affairs of the Bundestag on an implementing 

act for the shareholder directive (ARUG) 

• Advice of the coalition working group on “Manager remuneration“ 

• Draft of a Code of Conduct for independent compensation advice 


2012 

• “Neues Schuldverschreibungsrecht und Altanleihen” [“New Bond Law and 

Old Bonds”], with Roland Schmidtbleicher, House of Finance Policy Platform, 

White Paper No. 01, 2012 

• “Früher war nicht alles besser“ [“Not Everything Was Better in the Past”], 

House of Finance Policy Platform, Press Article No. 04, 2012 

2011 

• Report of the Reflection Group on the Future of EU Company Law, 

05.04.2011 

70



Research in the Media 

2012 

17.12. FAZ: „Im Land der Kartelle“ [“In the Land of Cartels”] 

30.04. FAZ: „Klagen als Geschäftsmodell: Räuberische Aktionäre“ 

[“Lawsuits as business model: Predatory Shareholders”] 

13.04. Die Welt: „Bei Hauptversammlungen schlagen die Profikläger 

zu“ [“Lawsuits as business model: Predatory Shareholders”] 

08.03. Platow online: „ARUG zeigt bei räuberischen Aktionären 

Wirkung“ [“ARUG shows effect on predatory shareholders”] 

Interviews 

2012 

17.09. Stuttgarter Zeitung: „Vorstandsgehälter bergen Sprengstoff“ 

[“Executive salaries cause social tension”] 

11.09. Börsen-Zeitung: „Früher war nicht alles besser“ [“Not everything 

was better in the past”] 

20.07. Börsen-Zeitung: „Wer zahlt, soll mitreden“ [“Those who pay 

should have a say”] 

Feb. 

Governance Matters Quarterly: „Der Kodex hat sich bewährt“ 

[“The Codex stood the test”] 

Profiles 

2012 

28.04. FAZ: „Theodor Baums 65 Jahre“ [“Theodor Baums turns 65”] 

27.04. Börsen-Zeitung: „Theodor Baums 65“ [“Theodor Baums 

turns 65”] 


2012 

18.05. Financial Times Deutschland: „Gehaltsexzesse auf dem 

Kieker“ [“Executive salaries under fire”] 

18.05. FAZ: „Abweichung vom Kodex erwünscht“ [“Deviation from 

the Codex Demanded”] 

18.05. Börsen-Zeitung: „Kodex-Kommission knöpft sich Vergütung 

vor“ [“Codex Commission deals with executive salaries”] 

23.04. FAZ: „Managergehälter: Höher geht’s immer“ [“Manager 

salaries have no limits”] 

16.04. Süddeutsche Zeitung: „Die Mittäter“ [“The Accomplices”] 

13.04. Die Welt: „Die Stunde der Störenfriede“ [“A time for troublemakers”] 

24.03. FAZ: „Dax-Chefs rücken zu globalen Spitzenverdienern auf“ 

[“Dax executives move up to global top earners”] 

24.03. Börsen-Zeitung: „Vergütung erreicht Champions League“ 

[“Salaries reach Champions League”] 

15.03. FAZ: „Kein Unabhängiger mehr im Aufsichtsrat von VW“ 

[“No more independents on the VW Supervisory Board”] 

Membership in Advisory Boards/ Participant 


• Member of the Supervisory Board of the ILF (Institute for Law and Finance) 

(SS 2011: Managing Director) 

• Participation in establishing the „Policy Unit“of the House of Finance 

• Participation in establishing a European PhD network Law and Finance (Universities 

of Aarhus, Frankfurt am Main, Geneva, Gent, Genua, Luxemburg, 

Strasbourg, Queens College) 

2012 

• Member of “Reflection Group on the Future of European Company Law“ 

and co-author of the report of the Reflection Group of the EU Commission 






Dr. Julia Redenius-Hövermann, LL.M., DESS 

Habilitation/Research projects 

„Der Beitrag der Verhaltensökonomik im Gesellschaftsrecht“ [“The contribution 

of behavioral economics in company law“] 

Teaching 


• Seminar „Einführung in das Recht der Anleiherestrukturierung nach dem 

Schuldverschreibungsgesetz“ [“Introduction to the law of asset restructuring 

according to the Bond Act“] with Dr. Roland Schmidtbleicher 

• Course within the framework of the „Diplôme universitaire de droit allemand“, 

Comapny Law, University of Lyon 


„Aktuelle aktien- und bankaufsichtsrechtliche Fragestellungen für Kreditinstitute“ 

[“Current securities and bank supervisory law questions for credit 

institutions“] in , Goethe-University Frankfurt 


• Seminar „Vorstands- und Aufsichtsratsrecht in Deutschland und Frankreich 

– Grundlagen und ausgewählte Rechtsfragen“ [“Management and Supervisory 

Board Law in Germany and France – Basics and selected legal issues“] 


Company Law, University of Lyon 


• Seminar „Rating, Grundlagen und ausgewählte Rechtsfragen“ [„Rating, 

Basics and selected legal issues“] 


Company Law, University of Lyon 


• Seminar, „Fallstudie zum Übernahmerecht“ [“Case study on Takeover Law”], 

with Attorney-at-law Dr. Bettina Elles, LL.M. 


Commercial Law, University of Lyon 


• Seminar „Familienunternehmen und Corporate Governance – in Geschichte 

und Gegenwart“ [“Family-run businesses and Corporate Governance – in 

Past and Present“] with PD Dr. Johannes Bähr 

Publications 

• Kommentierung 2. §§ 46d-46f, 49, 51, 54, 55, 55a, 56, 59, 60, 60a KWG 

[“Commentary on §§ 46d-46f, 49, 51, 54, 55, 55a, 56, 59, 60, 60a of the 

German Banking Act (KWG)”], in: KWG-Kommentar [“German Banking Act 

Commentary”], edited by Luz/Neuss/Schaber/Schneider/Weber, Stuttgart, 

published in 2011. 

• „Zur Einführung einer Frauenquote im Aufsichts- oder Verwaltungsrat 

einer SE“ [“On the question of a womens‘ quota for the supervisory or 

administrative board of a Societas Europea“], with Dr. Julia Kraft, in: Die 

Aktiengesellschaft, December 2011. 

• „La représentation des femmes dans les conseils d’administration et de 

surveillance en France et en Allemagne“, with Attorney-at-law Daniela 

Weber-Rey, LL.M., Revue des sociétés 04/2011, p. 203 et seq. 

• „Das Votum zum Vergütungssystem“ [„Vote on the remuneration system“], 

Der Aufsichtsrat „Sonderausgabe Vergütung von Aufsichtsräten und 

Vorständen“ [“Special edition on remuneration of board members and 

directors“], 01/2011, p. 8 et seq. 

• “Zur Frage der Frauenquote im Aufsichtsrat“ [“On the question of a womens‘ 

quota for the supervisory board“], ILF Working Paper Nr. 112, 01/2010, as 

well as published in ZIP 2010, p. 660 et seq., reviewed by Theisen, Der 

Aufsichtsrat 06/2010, p. 95. 

• „La composition des conseils d’administration et de surveillance: quotas et 

professionnalisation“, published in Revue des sociétés, in 2010. 

• Author, KWG-Kommentar [“German Banking Act Commentary”],, Kommentierung 

der §§ 46d-46e, 49, 51, 54, 55, 55a, 56, 59, 60, 60a KWG 

[“Commentary on §§ 46d-46f, 49, 51, 54, 55, 55a, 56, 59, 60, 60a of the 

71

German Banking Act (KWG)”], edited by Luz/Neuss/Scharpf/Schneider/ 

Weber, Stuttgart 2009. 

• „Das Votum zum Vergütungssystem“ [“Vote on the remuneration system“] 

Der Aufsichtsrat 12/2009, p. 173 et seq. 

Academic Self-Administration 

University of Frankfurt 

• Winter semester 2011/12: 

Member of the Commission for a conversion to continuing employment for 

W2-Professors for Japanese Law and its cultural roots (Bälz) 


Member of the Search Committee for the selection of a W3-Professor for 

Civil, Commercial and Company Law f (Succession for Prof. Teubner) 

• Summer semester 2010: 

Member of the Search Committee for the selection of a W1-Professor „Law 

& Economics“ 

• Summer semester 2009: 


Public Law with an emphasis on Social Security Law (Successor for Prof. 

Ebsen) 



Public Law with an emphasis on administrative law and environmental law 

(Successor for Prof. Wieland) 

• Member of the preparatory Selection Committee for the Walter-Kolb-Award, 

Department 01 (Law) 

• Member of the Research Committee, Department 01 

• Member of the Women’s Committee, Department 01 (until April 2011) 

• Deputy Member of the Budget Committee, Department 01 

University of Luxemburg 

• Member of the Working Group „Projet Vivre 2“ 

• EFLN – European Network for PhD-Students in Law and Finance (Universities 

of Frankfurt, Genua, Geneva, Ghent, London School of Economics, Luxemburg, 

Paris 1 and Strasbourg), Coordination together with Prof. Baums 

Award 

Award for dissertation received by „Institut francais des administrateurs“, Paris 

Publications 

• Fristen und Termine im Recht der Hauptversammlung [“Deadlines and dates 

according to the law of the shareholders‘ meeting“], ILF Working Paper No. 

114, 03/2010, as well published in ZIP 2010, p. 761 et seq. 

• Zur organhaftungsrechtlichen Aufarbeitung der Finanzmarktkrise – Bemerkungen 

zum Beschluss des OLG Düsseldorf [“On directors‘ and officers’ liability to 

cope with the Financial Crisis – Review of the order of the OLG Düsseldorf“], 

ZIP 2010, p. 28 (IKB Industriebank AG), ILF Working Paper, Nr. 115, 03/2010, 

as well published in AG 2010, p. 315 et seq. 

• Schuldrechtliches Beteiligungskapital [“Equity Capital and the law of obligations“], 

Festschrift Karsten Schmidt, 2009, 399 

• Zur Reform des Beschlussmängelrechts durch das ARUG [“The Shareholders’ 

Rights Directive’s (ARUG) reform of the law of deficient resolutions”], AG 

2009, 465 

• Anmerkung zu OLG Frankfurt 23 W 3/09 [“Note on the decision of OLG 

Frankfurt 23 W 3/09“], NZG, 2009, 1068 

• Anmerkung zu KG 23 U 46/09[“Note on the decision KG 23 U 46/98“], will be 

published in NZG 2009 

• Diskussionsberichte über die Referate von Habersack, Hanau, Jacobs, 

Teichmann, Veil sowie die Schlussdiskussion der Tagung „Auslaufmodell 

AG – Reform der unternehmerischen Mitbestimmung“ [“Discussion report 

of the presentations of Habersack, Hanau, Jacobs, Teichmann, Veil as well 

as final discussion of the conference on ”phased-out model German stock 

corporation (AG) Reformation of the entrepreneurial codetermination”], on 

10/06/2009 in Frankfurt/M., ZIP 2009 

Events 

• Participation in “Berliner Kreis“ in April 2011 

• Participation in Sherpa-Conference of the Government Commission DCGK 

Miscellaneous 

• Advisor to Federal Ministry of Justice for a reform of the Stock Corporation 

Act 2009 (2008-2009) 

• Expert for rapporteur presentation before the Legal Committee of the 

German Bundestag on 26.03.2009 

• Advisor to Turkish Government on stock corporation questions (Implementation 

of European directives) 2009, together with Volker Butzke, Deutsche 

Bank 

Miscellaneous 

• Research abroad at Columbia Law School, New York, USA, Sept.-Oct. 2011, 

Scholarship of the Thyssen-Foundation, Waiver of tuition fees by the Dean 

for International Affairs 

• Advisor to the Israeli Finance Minister / adkit Global Information Service for 

German Group Company Law (2010/11) 

• Presentation, „Supervisory Board Law and Behavior“, House of Finance, 

Goethe-University Frankfurt, January 28, 2010 

• Expert for the Federal Ministry of Family Affairs, Senior Citizens, Women and 

Youth, Topic: Women’s Quota for the Supervisory Board 

Dr. Tim Florstedt 

Habilitation/Research projects 

„Grundformen privatrechtlicher Zuordnung“ 

[“Basic types of civil law classifications“] 

Teaching 


• Seminar „Aufarbeitung der Finanzmarktkrise – Managerhaftung am Beispiel 

ausgesuchter Fälle“ [“Coming to terms with the Financial Crisis – Management 

liability using selected cases as examples“] 


• Seminar zur aktuellen Gesetzgebung im Aktienrecht (ARUG, VorstAG, 

BilMoG), with Prof. Dr. Lars Klöhn, LL.M. (Harvard) [“Seminar on current 

jurisprudence on stock corporation law (ARUG, VorstAG, MilMoG)“] 

Nikolaus Bunting 

Research project: 

„Die Gründung von Kapitalgesellschaften in den Mitgliedstaaten der EU. Eine 

rechtsvergleichende Studie” [“Founding corporations in EU member states – a 

legal comparison“] 

Teaching 

Summer semester 2010 – Winter semester 2011/2012 

Lecture within the framework of „Diplôme universitaire de droit allemand“, 

Financial Law, University of Lyon 

Publications 

Das Früherkennungssystem des § 91 Abs. 2 AktG in der Prüfungspraxis – Eine 

kritische Betrachtung des IDW PS 340 [“The early warning system of § 91 Sec. 

2 Stock Corporation Act (AktG) – A critical assessment of IDW PS 340“] – ILF 

Working Paper No. 127, 09/2011 

Speeches 

• „Die Prüfung des Risikofrüherkennungssystems nach § 317 Abs. 4 HGB (IDW 

PS 340)“ [“An examinatinon of the early warning system according to § 

317 Sec. 4 German Commercial Code (HGB)”], Presentation for the doctoral 

seminar of the ILF, Frankfurt, 27.4.2011 

• “The Formation of Companies in Germany, the UK and the USA”, Presentation 

at the Annual Conference of the European Financial Law Network 

(EFLN), Imperia, Italy, 09/16/2011 

72


Research abroad 

• Summer semester 2011: Visiting Researcher, Oxford University, Oxford, UK 

• Winter semester 2010/2011: Visiting Researcher, Yale Law School, New 

Haven, USA 

Jan Walbrecht 

Research project 

„Rücklagenbildung im Konzern – ein deutsch-amerikanischer Rechtsvergleich“ 

[“Corporate Savings – A German-American legal comparison“] 

Award 

Foundation Award 2009 of the Foundation “Hessische Wirtschaftsprüfer“ 

(Certified Accountants of the State of Hessen) (together with Stefan Jobst), 

Topic: Besteht die Notwendigkeit, die Regelungen der deutschen Unternehmensverfassung 

für börsennotierte – und nicht börsennotierte Unternehmen zu 

trennen (Gesellschaftsrecht, Kapitalmarktrecht und die daraus resultierende 

Kosten-Nutzen Analyse) [“Is there a necessity to separate the rules for German 

internal legal structures of listed and unlisted companies (Company law, 

capital market law et the resulting cost-benefit analysis)“] 

Teaching 

Lecture within the framework of „Diplôme universitaire de droit allemand“, 

Introduction to the German Legal System, University of Lyon, December 2011 

Speeches 

Retained earnings in corporate groups – A German American law analysis, 

Presentation at the European Financial Law Network, University of Genoa, 

Imperia, Italy, 09/16/2011 

Matthias Döll 

Research projects 

„Die Reichweite des Comply or Explain-Prinzips. Eine rechtsvergleichende, 

Untersuchung nach englischem und deutschem Recht“ [“The reach of Comply 

or Explain. A legal comparison of English and German Law”] 

Publications 

• Das Votum zum Vergütungssystem nach § 120 Abs. 4 AktG [“The vote on 

the remuneration system according to § 120 Sec. 4 German Stock Corporation 

Act (AktG)”], published in WM 2010, p. 103 et seq. 

• Say on Pay: Ein Blick ins Ausland und auf die neue deutsche Regelung [“Say 

on Pay: Review of rules abroad and the new German provisions“], published 

in ILF Working Paper Series No.107 (11/2009). 

Daniel Gajek 

Research projects 

„Die Bedeutung der Umstrukturierung des Emittenten für die von ihm ausgegebenen 

Finanzinstrumente“ [“Restructuring and Financial Instruments 

– The significance of restructuring emitters for issued financial instruments“] 

Dr. Ulrich Segna 

Habilitation/Research projects: „Rechte an intermediärverwahrten Wertpapieren“ 

[“Rights in respect of securities held with an intermediary “] 

Melanie Döge 

Publications 

• Aktienrecht zwischen börsen- und kapitalmarktorientiertem Ansatz [“Stock 

corporation law between an exchange-oriented and a capital marketoriented 

approach”], soon to be published in: BKR 2010, ILF Working Paper 

Series No. 99 (2009), (together with Stefan Jobst) 

• Fonds und Anstalt nach dem Finanzmarktstabilisierungsgesetz [“Funds and 

public law institutions according to the Financial Market Stabilization Act”], 

published in: ZBB 2009, 419 et seq., ILF Working Paper Series No. 106 

(2009) 

73

II. IMFS Founding Professor Reinhard H. Schmidt 

1. Research 

Projects 

• Decentral network structures in internal markets 

• Development financing, especially micro-financing 

• Strategies of financial intermediaries 

Prof. Dr. Dr. h.c. 

Reinhard H. Schmidt 

Endowed Chair of Finance and Accounting, 

supported by HELABA 

Phone: +49(0)69 798 33648 

Fax: +49(0)69 798 33906 

Email: schmidt@finance.uni-frankfurt.de 

Publications 


• “Microfinance and Ethics“ 

Revue d’économie financière, Vol 112, p 243-276, Decembre 2013 

• „Die Entwicklung der Corporate Governance deutscher Banken seit 1950“ 

[“The Development of Corporate Governance in German Banks since 1950”] 

Co-author: Felix Noth 

Bankhistorisches Archiv , Vol 37 (2), 2011 

• “Market Structure, Capital Regulation, and Bank Risk-Taking” 

Co-authors: Patrick Behr, Ru Xie 

Journal of Financial Services Research, Vol. 37 (2010), pp. 131-158 

• “Microfinance, Commercialisation and Ethics” 

Poverty and Public Policy, a Berkeley electronic journal, Vol. 2, No. 1 (2010), 

pp. 99-137 

• “The Political Debate about Savings Banks” 

Schmalenbach Business Review, Vol. 61, Okt. 2009, pp. 366-391 

• “Market Structure, Capital Regulation, and Bank Risk-Taking”, 

Co-authors: Hendrik Hakenes und Ru Xie 

Journal of Financial Services Research 2009, WP 195 

• “Microfinance, Commercialisation and Ethics” 

Poverty and Public Policy, a Berkeley electronic journal, 2009 (WP 194), 


• “Core Values of Microfinance under Scrutiny – Back to Basics”, 

Published in: Matthias Adler (editor), Microfinance 3.0, Springer: Berlin 2013 

• “The Recent Financial Crisis: Lessons from Europe: A Report from the European 

Shadow Financial Regulatory Committee”, 

Published in: Robert E. Litan (ed.), “The World in Crisis: Insights from Six 

Shadow Financial Regulatory Committees from Around the World”, FIC- 

Press (The Wharton Financial Institutions Center), pp. 155-221 

• „Aktuelle Finanzmarktpolitik: Wo bleibt die Nachhaltigkeit“ [“Current 

Financial Market Policy: What about sustainability”], 

Published in: Rüdiger Hahn, Henrik Janzen und Dirk Mattern (editors), Die 

gesellschaftliche Verantwortung des Unternehmens, Poeschel, Stuttgart, 

2012, pp. 371-390 

• “The Economic Rationale for Financial Regulation Reconsidered”, 

Co-author: Richard J. Herring 

Published in, Christopher Green et al. (eds.), “The Financial Crisis and the 

Regulation of Finance”, Cheltenham, UK: Edward Elgar, 2011 

• “The Governance of Market Infrastructure Institutions: What can we learn 

from the General Corporate Governance Debate” 

Background paper for the project “The Governance of Market Infrastructure 

Institutions“, coordinated through Ruben Lee, Oxford Finance Group, published 

as Chapter 12 in the book of this project, (Princeton Univ. Press, 2011) 

• “Shareholder vs. Stakeholder: ökonomische Fragen”, 

Co-author: Marco Weiss 

Published in: „Handbuch Corporate Governance”, 2. Aufl., Peter Hommelhoff 

et al. (eds.), Stuttgart: Schäffer-Poeschel, 2010, S. 157-179 

• „Mehrdeutigkeit der Rechnungslegung und Herdenverhalten als Ursachen 

der Finanzkrise”, [“Ambiguity of the Accounting and Herd Behavior as 

Reason for the Financial Crisis“] 

Co-author: Olaf Clemens 

Published in: „Die Finanzkrise, das Wirtschaftsstrafrecht und die Moral“, 

Klaus Lüderssen at al. (eds.), Berlin: de Gruyter 2010, pp. 239-262 

• “Microfinance, Innovations and Commercialisation”, 

Published in Financial Innovations, edited by Luisa Anderloni, D. Llewellyn 

and R. H. Schmidt, Aldershot, UK: Edward Elgar, 2009, pp. 63-88 

• „Microfinance, Kommerzialisierung, Sustainability und Ethik”, [“Micro 

Finance, Commersialisation, Sustainability and Ethics“] 

in: Eine Politik für Nachhaltigkeit. Neuordnung der Kapital- und Gütermärkte, 

hrsg. v. Johannes Hoffmann und Gerhard Scherhorn, Erkelenz: Altius Verlag 

2009 (= Geld & Ethik 2), pp. 151–188 (eine deutsche Version des o.g. 

Beitrags 5/2009) 

• “La Transformation du Système Financier Allemand” 

Co-authors: Andreas Hackethal, Marcel Tyrell 

Published in: “Financer les entreprises face aux mutations économiques du 

XXe scècle“, edited by Laure Quennuelle-Corre und André Straus, 2009, pp. 

351-383 

• „Bemerkungen zur Rolle des Strafrechts aus finanzökonomischer Sicht”, 

[“Comments on the Role of Criminal Law from the Finance Economic Perspective“] 

Published in: „Die Handlungsfreiheit des Unternehmers – Wirtschaftliche 

Perspektiven, strafrechtliche und ethische Schranken“, Klaus Lüderssen et al. 

(eds.), Berlin: de Gruyter 2009, pp. 93-105 

• „Shareholder vs. Stakeholder: ökonomische Fragen”, [“Shareholder vs. 

Stakholder: Economic Questions”] 

Co-author: Marco Weiss 

Published in: Handbuch Corporate Governance, 2. Aufl., Peter Hommelhoff 

et al. (eds.), Stuttgart: Schäffer-Poeschel, 2008, pp. 157-179 

(3) Books 

• ”Investigating Diversity in the European Banking Sector: Key developments, 

performance and role of cooperative banks”, Co-authors: Rym Ayadi und 

David Llewellyn, CEPS, Brussels, 2010 

• “From a German Commercial Bank to an International Investment Bank: The 

Transformation of Deutsche Bank 1990 to 2010“ 

Co-authors: Jan-Pieter Krahnen, Mart M. Subramaniam 

Monography, almost completed, currently 370 pages, publication with 

American publisher scheduled for 2013. 

• “Financial Innovations” 

Editor together with Luisa Anderloni and David Llewellyn, Aldeshot, UK: 

Edward Elgar, 2009 

Presentations 

2012 

29.11. “Core Values of Microfinance under Scrutiny – Back to 

Basics”, KfW-Conference “Micro-finance 3.0“, Berlin 

21.11. „Banken für alle Mikrofinanzierung zwischen Wohltätigkeit 

und Profit“ [“Banks for all Microfinancing between welfare 

and profits”], Forschungskolleg Humanwissenschaften, Bad 

Homburg 

18.10. „Innovative Ansätze zur Organisation dezentraler Strukturen 

im Finanzsektor von Entwicklungs- und Schwellenländern“ 

[“Innovative approaches to organizing decentral structures in 

the financial sector of developing and emerging countries”], 

Conference of the Sparkassen-Stiftung, Berlin 

28.09. „Bankenunion und andere aktuelle Entwicklungen in der 

Bankenregulierung“ [“Banking union and other current 

74


development in banking regulation”], HELABA, Marburg 

04.06. “Global Leadership Challenges in the Financial Industry”, 

China Development Bank, Frankfurt 

27.04. „Finanz- und Staatsschuldenkrise“ [“Financial and sovereign 

debt crisis”], Adolf-Arndt-Kreis of Friedrich-Ebert-Stiftung, 

Frankfurt 

07.02. „Dem maroden Finanzsystem ausgeliefert Wo bleiben die 

Reformen“ [“The fledgling financial system – where are the 

reforms”], Evangelische Akademie Arnoldshain 

28.01. „Finanzökonomie in bewegten Zeiten“ [“Financial economics 

in troubled times”], Salon Leipzig 

About ten additional shorter presentations about the topics mentioned above 

in 2012. 


Courses 


• “Finance 1“, Lecture 

• “International Banking“, Lecture and tutorial 

• “International Financial Management“, Seminar with Karen K. Lewis 

• “Alternative Banks“ Seminar (U3L), with Alexander Elsas 



• “Financial Systems“, Lecture and tutorial 



• “International Banking“, Lecture and tutorial 

• “The German Financial System“, Seminar 

• “Globalization“ Seminar (U3L), with Alexander Elsas 


• Lecture “Investition und Finanzierung” 

• Lecture “Financial Systems” 

• Seminar U3L (Universität des 3. Lebensalters) 

• Seminar “Finanzsysteme” 


• Lecture “Investition und Finanzierung” 

• Lecture “International Banking” 

• Seminar U3L (Universität des 3.Lebensalters) 


• Lecture “International Banking“ 

• Seminar U3L (Universität des 3.Lebensalters) 

• Seminar „Finanzkrise in Osteuropa“, [“Financial Crisis in the Eastern Europe”] 

Supervised Dissertations 

In 2012 three dissertations supervised by Prof. Schmidt were successfully 

completed: Dilek Bülbül, Dirk Lebe and Claudia Lambert. Prof. Schmidt also 

served as second assessor for five dissertations. Currently four more doctoral 

procedures are in progress. 



• Member of the European Shadow Financial Regulatory Committee (ESFRC) 

Lectures/Hearings/Evaluations 

• Participation in the evaluation of the Austrian Development Bank 

• Participation in the evaluation of the graduate program “Finance de dévelopement“ 

at Université Protestante du Congo, Kinshasa 

• Participation in about ten additional public discussions on various financial 

issues in 2012. 


• „Aktuelle Finanzmarktpolitik: Wo bleibt die Nachhaltigkeit” [“Current 

Financial Market Policy: What about Sustainability”], 


• “The Economic Rationale for Financial Regulation – Reconsidered” 



Interviews 

2012 

22.06. VDI Nachrichten: „Ohne etwas Keynes kommt man nicht 

aus“ [“You can’t do without a little Keynes”] 

18.01. Deutschlandradio: „Das ist kein Währungskrieg“ [“This is not 

a currency war”] 


2012 

30.11. Börsen-Zeitung: „Warnung vor Personalproblemen bei EU- 

Aufsicht“ [“Warning against personnel problems of the EU 

Supervision authority”] 

15.11. Pressetext: „Mikrokredite in der Kritik“ [“Micro loans subject 

to criticism”] 

14.11. Welt kompakt: „Wie kommen wir aus der Krise“ [“How do 

we get out of the crisis”] 

06.11. FAZ Rhein-Main-Zeitung: „Gharar ist nicht gut“ [“Gharar is 

no good”] 

29.10. dapd: „Investmentbanking in der Krise“ [“Investment banking 

in crisis”] 

13.07. FAZ Rhein-Main-Zeitung: „Ökonomen einig mit Occupy“ 

[“Economists agree with Occupy”] 

19.04. Capital: „Das größte Dorf der Welt“ [“The biggest village in 

the world”] 

18.02. FAZ Rhein-Main-Zeitung: „Keine Staatsschuldenkrise“ [“Not 

a sovereign debt crisis”] 

18.02. Frankfurter Rundschau: „Es gibt keinen krisenfesten Kapitalismus“ 

[“There is no such thing as capitalism immune to 

crisis”] 

08.02. epd: „Finanzwissenschaftler: Schuldenbremse ist ausgemachter 

Blödsinn“ [“Financial experts: Debt ceiling is nonsense”] 

75

III. IMFS Affiliated Professor Michael Binder 

Prof. Michael Binder, Ph.D. 

Phone: +49(0)69 798 33809 

Fax: +49(0)69 798 33824 

Email: 

mbinder@wiwi.uni-frankfurt.de 

Effective March 2013, the President of Goethe University 

appointed Prof. Michael Binder as IMFS Affiliated Professor in 

the area of monetary economics. 

1. Research 

Projects 

• “Determinants and Growth Effects of Debt Distress” 

Co-authors: Sebastian Kripfganz and Tihomir Stučka 

• “Measuring Global Financial Connectedness” 

Co-author: Soroosh Soofi Siavash 

• “Mixed Frequency Panel Vector Autoregressions and the Inequality vs. 

Growth Nexus“ 

Co-author: Melanie Krause 

Publications in 2013 

(1) Books and contributions in books 

• “On the Relation Between Investment and Economic Growth: New Cross- 

Country Empirical Evidence” 

Co-author: Susanne Broeck 

Published in: Olivier de La Grandville (Ed.): Economic Growth and Development 

(Frontiers of Economics and Globalization, Volume 11), Emerald Group 

Publishing Limited, pp. 43 – 86. 

Outstanding Author Contribution Award Winner at the Literati Network 

Awards for Excellence 2013. 

(2) Working Papers 

• “Regime-Switching Global Vector Autoregressive Models” 

Co-author: Marco Gross, ECB Working Paper Series. 

• “On the Conditional Effects of IMF Program Participation on Output 

Growth” 

Co-author: Marcel Bluhm, Working Paper, Xiamen University. 

Effects of Debt Distress“ 

31.10. Presentation at University of Zurich “Determinants and 

Growth Effects of Debt Distress“ 

11.11. Presentation at European Central Bank, “Regime-Switching 

Global Vector Autoregressive Models“ 

21.11. Presentation at International Monetary Fund, “Measuring 

Global Financial Connectedness“ 

28.11. Presentation at Bundesministerium der Finanzen, „Durch 

welche Übertragungskanäle wirkt die globale Liquidität auf 

die Stabilität der Finanzmärkte und der Realwirtschaft“ 

13.12. Presentation at (EC)2 Conference Nikosia, “Mixed Frequency 

Panel Vector Autoregressions and the Inequality vs. Growth 

Nexus“ (with Melanie Krause) 


Management 

• Dean, Graduate School of Economics, Finance, and Management (GSEFM), 

Goethe University Frankfurt, Johannes-Gutenberg University Mainz and 

Technische Universität Darmstadt (with Ph.D. Program in Economics, 

Finance, Law and Economics, Management, and Marketing) 

• Vice-Director, Goethe Graduate Academy (GRADE) 

• Initiator and Head of Jury, “Young Innovators Award”, Finanzforum Vordenken 

• External Evaluator, IMF Young Professional Program and IMF Mid–Career 

Program 

Courses 


• “Cross-Country Studies” 

Second-Year Ph.D. Field Course 


• “Advanced Econometrics 2” 

First-Year Ph.D. Core Course 

• “Nexus Between Finance and Macroeconomics” 

GSEFM Summer Institute 

• “Scientific Paper Writing” 

GRADE Course for Ph.D. Students and Post-Doctoral Researchers 


Jana Gieck: “Essays on International Financial Markets” (Co-Advisor) 

Orcun Kaya: “Essays on Household Finance and Sovereign Debt” (Co- 

Advisor) 

Daniel Schneider: “Structural VAR Analyses of the Oil Market, Financial Markets, 

and the Macroeconomy” (Advisor) 

Presentations 


18.02. Presentation at Global Development Network Buenos Aires 

Meetings, “Growth Effects of International Financial Integration” 

05.04. Presentation at Shanghai University of Finance and Economics, 

“Growth Effects of International Financial Integration“ 

02.05. Presentation at World Bank, “Determinants and Growth 

Effects of Debt Distress“ 

19.06. Presentation at World Bank, “Growth Effects of International 

Financial Integration“ 

05.07. Presentation at International Panel Data Conference London, 

“Determinants and Growth Effects of Debt Distress“ (with 

Sebastian Kripfganz) 

26.09. Presentation at Xiamen University, “Determinants and Growth 

76



Sulkhan Chavleishvili 

Ph.D. Program in Economics 

Phone: +49(0)69 798 33821 

Research Papers 

• “State-Dependent Macroeconomic Policy Rules” 

• “Quantile Spatial Autoregressive Model” 

• “Efficient Nonparametric Estimation of Conditional Variance and Correlation 

Functions in the Nelson-Siegel Yield Curve Model” 

• “A Series Approximation of the Bias in Nonlinear Panel Data Models with 

Fixed Effects” 

Teaching Assistance 

• Cross-Country Studies, winter semester 2013/14 

Sebastian Kripfganz 


Phone: +49(0)69 798 33813 

Email: kripfganz@wiwi.uni-frankfurt.de 

Research Projects 

• “Unconditional Transformed Likelihood Estimation of Time-Space Dynamic 

Panel Data Models” 

• “Regional Convergence Across Space and Time: The German Case,” (with 

Melanie Krause) 

• “Stata Estimation Toolbox for Dynamic Panel Data Models” 

Research Papers 

• “Matrix Powers in Spatial Econometric Models” 

• “Estimation of Linear Dynamic Panel Data Models with Time-Invariant 

Regressors” (with Claudia Schwarz) 


• Advanced Econometrics 2, summer semester 2013 

• Macroeconomics 1, winter semester 2013/14 

Melanie Krause 


Phone: +49(0)69 798 33814 

Email: melanie.krause@wiwi.uni-frankfurt.de 

Publications 

• “Parametric Lorenz Curves and the Modality of the Income Density Function,” 

Review of Income and Wealth (Forthcoming) 

• “Corrigendum to “Elliptical Lorenz Curves”, Journal of Econometrics, 40 

(1989), pp. 327 - 338,” Journal of Econometrics, 174 (2013), p. 44 

Research Projects 

• “Regional Convergence Across Space and Time: The German Case,” (with 

Sebastian Kripfganz) 

• “Convergence, Polarization and Inequality – What Can the Critical Bandwidth 

Tell us About the Wealth of Nations” 


• Macroeconomics 1, winter semester 2013/14 

77

Imprint 

Publisher 


Goethe University 

House of Finance 

Grüneburgplatz 1 

D-60323 Frankfurt am Main 

www.imfs-frankfurt.de 

info@imfs-frankfurt.de 

Design 

Stählingdesign 

Print 

Werbedruck Petzold 

June 2014 

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