CENTRAL BANKERS PROGRAM 2018 - Study Center Gerzensee

CENTRAL BANKERS PROGRAM 2018 - Study Center Gerzensee
Foundation of the Swiss National Bank


                                        TABLE OF CONTENTS
                                        Introductory Message          3

                                        Courses                       3

                                        Lecturers                    10

                                        Administration and Funding   15

                                        Admission                    15

                                        Location                     16

Photos:   Corinne Conti Ambühl, Susanne Senn-Graf
Design:   Gerber Druck AG, Steffisburg
Central Bankers Program 2018

The Study Center Gerzensee, Foundation of         lecturers as well as specialists from the Swiss    In the coming year, the Study Center Ger-
the Swiss National Bank, opened its doors in      National Bank and other partner institutions.      zensee offers six courses for central bank
1986 to serve as an international training, re-                                                      economists. This brochure describes the
search and conference center for economists       Over the last decades, central bank staff          courses and their lecturers and provides ad-
and central bank staff. The Center is located     representing more than one hundred and             ministrative information.
in an old manor in the heart of Switzerland.      fifty monetary authorities has participated in
High-ranking members of the Swiss National        the Center’s Central Bankers’ Courses. We          We hope that you find the program attractive
Bank, the government as well as the aca-          appreciate the strong interest in our courses      and are looking forward to welcoming inter-
demic and business community serve on its         and are grateful for the long-standing coop-       ested and motivated course participants from
Foundation Council and Advisory Committee         eration. And we strive to continually offer pro-   all over the world to Gerzensee.
for Education and Training. The faculty is        grams of the highest quality, covering topics
composed of the Study Center’s teaching           of first-order importance for central banks and                                Prof. Dirk Niepelt
staff and external, internationally renowned      emphasizing both theory and applications.                                                Director

The following courses are offered                 All courses are offered free of charge. Par-       to develop a deeper understanding of the
in 2018                                           ticipants must be fluent in English since no       various subjects. Visits to the Swiss National
                                                  translation is provided. As several of the         Bank or the Bank for International Settle-
Inflation Forecasting and Monetary Policy,        topics covered in the courses require formal       ments typically complement the program.
jointly with Swiss National Bank                  analysis, proficiency in mathematics at least
February 5 – 16                                   at the high school level is required.              On weekends, excursions to beautiful areas
                                                                                                     of Switzerland provide a welcome change to
Monetary Policy, Exchange Rates,                  Courses employ a variety of teaching               the course work.
and Capital Flows                                 methods, taking full advantage of the small
March 12 – 29                                     class size and the infrastructure at the Cen-
                                                  ter. Each topic is introduced in a classroom
Financial Stability, jointly with                 lecture. Group work, case studies, computer
Swiss National Bank                               exercises, and discussions among the parti-
April 9 – 20                                      cipants with their diverse backgrounds help

Monetary Theory and Policy
May 14 – 31

Advanced Topics in Monetary Economics
August 20 – 31

Instruments of Financial Markets
September 10 – 27


                 Pierpaolo Benigno     FEBRUARY 5 – 16, 2018                           evaluate the forecasting ability of time se-
            LUISS Guido Carli, Rome                                                    ries models. The third part of the course,
                                       This two-week course, organized in colla-       taught by Professor Carlo Favero, discusses
                        Carlo Favero   boration with the Swiss National Bank, pro-     the role of financial markets for forecasting
           Università Bocconi, Milan   vides an in-depth analysis of central bank      purposes. This includes methods to extract
                                       policies aimed at controlling inflation and     investors’ inflation forecasts and expecta-
                   Experts from the    stabilizing economic fluctuations. Special      tions from indicators and prices in financial
                Swiss National Bank    emphasis is given to the economic and           markets. The final part, taught by staff of
                                       econometric tools to forecast inflation.        the inflation forecasting and monetary po-
                 Lecturers and staff                                                   licy analysis units of the Swiss National Bank,
                of the Study Center    The first part of the course, taught by Pro-    reviews the models used for inflation fore-
                                       fessor Pierpaolo Benigno, is devoted to         casting in Switzerland.
                                       macroeconomic models. Topics include the
                                       role of inflation targeting in New-Keynesian    The course is designed for staff members in
                                       models, monetary policy with near zero in-      research and policy analysis units focusing
                                       terest rates, as well as models of small open   on inflation. The ideal age is between 30
                                       economies and macro-prudential policies.        and 40 years. Some years of professional
                                       The second part of the course provides an       experience in the central bank are a precon-
                                       applied review of time series techniques        dition for attending the course. Candidates
                                       such as vector autoregressions, vector-         with a Ph.D. are preferred. Participants with
                                       error-correction-models, and techniques to      a Master’s degree may be accepted.

Central Bankers Program 2018

                 Philippe Bacchetta     MARCH 12 – 29, 2018                              policy. This includes a review of statistical
             University of Lausanne                                                      concepts and computational techniques,
                                        This three-week course reviews monetary          as well as an introduction to the software
                  Giancarlo Corsetti    policy topics in open economies, focusing        package EViews. In addition, participants
            University of Cambridge     specifically on issues related to exchange       learn econometric methods ranging from
                                        rates and capital flows.                         ordinary least squares to more advanced
                     Philipp Harms                                                       techniques such as vector autoregression
Johannes Gutenberg University Mainz     The first part of the course covers topics in    (VAR) analysis.
                                        international macroeconomics such as the
                   Experts from the     determinants of the current account, the         Experts from the Swiss National Bank
                Swiss National Bank     link between exchange rates and prices, ex-      provide an overview over the conduct of
                                        change rates and interest rates, the role of     monetary policy in Switzerland, specifical-
                  Lecturers and staff   exchange rate regimes, international capital     ly the monetary policy strategy, the role of
                 of the Study Center    flows, implications of financial globaliza-      the exchange rate, policy implementation,
                                        tion, as well as fiscal and monetary policy in   and the management of foreign exchange
                                        the open economy. The second part of the         reserves.
                                        course focuses on financial and sovereign
                                        debt crises, dollarization, global financial     The course is designed for staff members
                                        imbalances, monetary stabilization in res-       in middle management positions at central
                                        ponse to capital flows, and the performance      banks. The ideal age is between 30 and
                                        of exchange rate regimes.                        40 years. Some years of professional expe-
                                                                                         rience in the central bank are a precondi-
                                        A sizable part of the course is dedicated        tion for attending the course. Applicants
                                        to empirical methods that are applied to         holding a university degree in economics are
                                        study questions related to the balance of        preferred. Participants must be familiar with
                                        payments, exchange rates, and monetary           elementary mathematics and statistics.


                 Philippe Bacchetta    APRIL 9 – 20, 2018                                 contagion, and systemic risk, as well as
             University of Lausanne                                                       macroeconomic perspectives on financial
                                       This two-week course is organized in colla-        instability and the link between financial in-
              Martin Gonzalez-Eiras    boration with the Swiss National Bank. It          novation and financial instability. The second
          University of Copenhagen     provides an introduction to financial stability,   week is devoted to practical applications.
                                       crisis prediction, prevention, and manage-         Representatives from different institutions
                 Michael Rockinger     ment. The course adopts the perspective            discuss methods for forecasting and pre-
             University of Lausanne    of a central banker who is interested in the       venting instability and approaches to man-
                                       stability of the financial system as a whole,      age and resolve a crisis with due attention
         Ernst-Ludwig von Thadden      rather than in the solvency of individual          to institutional, legal and practical aspects.
            University of Mannheim     financial institutions. Participants focus on
                                       the structures and mechanisms that cause           Experts from the Swiss National Bank
                      Experts from     or propagate financial disturbances and            discuss current issues in financial stability.
           the Swiss National Bank     on the policy instruments for preventing
                                       or fighting crises. The course covers micro-       The course is designed for economists in
                 Lecturers and staff   and macroeconomic concepts and teaches             either research functions or middle manage-
                of the Study Center    statistical and empirical tools.                   ment positions, preferably with a few years
                                                                                          professional experience. The ideal age is
                                       In the first week, the course introduces the       between 30 and 40 years. Candidates with
                                       theory and empirics of financial instability.      a Ph.D. are preferred; participants with a
                                       Participants review fundamental microeco-          Master’s degree may be accepted.
                                       nomic subjects such as the fragility of banks,

Central Bankers Program 2018

                     Roberto Chang      MAY 14 – 31, 2018                                Part of the course is dedicated to the study
                  Rutgers University                                                     of empirical techniques related to monetary
                                        This three-week course introduces the basic      theory and policy. This includes a brief re-
                  Charles Goodhart      analytical concepts and empirical methods        view of statistical concepts and computa-
    The London School of Economics      to understand monetary policy, specifically      tional techniques, as well as an introduction
                                        in open economies.                               to the software package Eviews.
                      Bezhad Diba
             Georgetown University      The first part of the course covers basic        Experts from the Swiss National Bank pro-
                                        concepts including national accounts, the        vide an overview over the conduct of
                       Philip Harms     intertemporal approach to the balance            monetary policy in Switzerland, specifically
Johannes Gutenberg University Mainz     of payments, and the determination of            the monetary policy strategy, the role of the
                                        nominal and real exchange rates. The sec-        exchange rate, as well as practical policy
                         Sarah Lein     ond part deals with more advanced topics         implementation.
                 University of Basel    in monetary macroeconomics, including
                                        the New-Keynesian model, the role of ex-         The course is designed for staff members
                  Lecturers and staff   change rate regimes, international reserve       in middle management positions at central
                 of the Study Center    currencies, and domestic and international       banks. The ideal age is between 30 and
                                        transmission channels of monetary policy.        40 years. A university degree in economics
                                        The final part of the course is devoted to       or a closely related field, and some years of
                                        the interaction between monetary and fis-        professional experience in the central bank
                                        cal policy. Topics include interdependencies     are a precondition for attending the course.
                                        between public debt, interest rates and in-      Participants must be familiar with elementa-
                                        flation, the fiscal theory of the price level,   ry mathematics and statistics.
                                        and other fiscal aspects of monetary policy.


             Lawrence J. Christiano   AUGUST 20 – 31, 2018                             and analyzing DSGE models, and covers
           Northwestern University                                                     extensions of the standard New-Keynesian
                                      This two-week course covers Dynamic Sto-         DSGE model to include network effects in
           Stephanie Schmitt-Grohé    chastic General Equilibrium (DSGE) models        production as well as financial frictions. The
               Columbia University    as well as quantitative methods for policy       course primarily follows a lecture format but
                                      analysis based on them.                          also includes computer sessions featuring
                  Experts from the                                                     the estimation of DSGE models using
               Swiss National Bank    The first week of the course focuses on re-      Dynare and the analysis of monetary policy
                                      cent research in monetary economics with         problems.
                Lecturers and staff   lessons directly relevant for monetary policy.
               of the Study Center    It emphasizes topics related with open eco-      The course is designed for research econo-
                                      nomy macroeconomics, including financial         mists with a Ph.D. degree. Candidates with
                                      frictions, macroprudential policies, overbor-    a Master’s degree may also be considered if
                                      rowing, nominal exchange rate policies,          their mathematical and statistical skills are at
                                      capital controls, and lending under limited      the Ph.D. level.

                                      The second week gives an overview over the
                                      tools needed to conduct empirical research
                                      using DSGE models. It introduces Bayesian
                                      econometrics, surveys methods for solving

Central Bankers Program 2018

                   Philippe Bacchetta    SEPTEMBER 10 – 27, 2018                            the third week provides an in-depth anal-
               University of Lausanne                                                       ysis of advanced financial instruments and
                                         This course provides an introduction to            their use for risk management purposes. It
                           Amit Goyal    financial instruments and the analysis of          reviews the characteristics of derivative as-
               University of Lausanne    capital markets. It adapts the view of a           sets such as forward/future contracts and
                                         central banker who needs to understand             options. Several practical exercises, using
                     Michel A. Habib     financial instruments both in terms of their       actual data, familiarize participants with
                  University of Zurich   economic role and their actual use. Particu-       these instruments. The final section discuss-
                                         lar emphasis is given to financial institutions’   es risk-management concepts such as value
                       Erwan Morellec    risk management.                                   at risk and expected shortfall.
 Swiss Federal Institute of Technology
                                         The first week of the course reviews fun-          Experts from the Bank for International
                   Michael Rockinger     damental concepts in finance and macro-            Settlements and the Swiss National also
               University of Lausanne    economics, including asset returns, market         contribute to the program, emphasizing
                                         efficiency, portfolio theory, the CAPM, mon-       practical aspects in their presentations.
                         Roberto Steri   etary policy and financial markets, foreign
               University of Lausanne    exchange markets, as well as financial crises.     The course is designed for staff members
                                                                                            in middle management positions at central
                     Experts from the    The second week starts with an introduc-           banks. The ideal age is between 30 and
         Swiss National Bank and the     tion to the pricing of financial assets and        40 years. Several years of professional expe-
   Bank for International Settlements    proceeds to illustrate various bond charac-        rience in the central bank are a precondition
                                         teristics in the context of three case studies:    for attending the course. Applicants holding
                   Lecturers and staff   the Greek debt exchange (bond yields and           a university degree in economics or business
                  of the Study Center    haircuts), Kentish Town Capital (convexity         are preferred. Participants must be familiar
                                         and arbitrage), and Banc One (duration and         with basic mathematics and statistics.
                                         immunization). Against this background,



                 Philippe Bacchetta    Philippe Bacchetta is Swiss Finance Institute     universities in Europe and has been an aca-
                                       professor of economics at the University of       demic consultant at various central banks.
                                       Lausanne and chairman of the economics            He is a fellow of the European Economic
                                       department. He is program director for In-        Association and has been president of the
                                       ternational Macroeconomics and Finance at         Swiss Society of Economics and Statistics
                                       CEPR (Centre for Economic Policy Research,        and a member of the Swiss National Re-
                                       London). He was director of the Study Cen-        search Council. In 2011 he was awarded an
                                       ter Gerzensee from 1998 to 2007. He re-           Advanced Researcher Grant by the European
                                       ceived his Ph.D. and M.A. in economics from       Research Council. His research interests
                                       Harvard University and his B.A. and M.S. in       include open economy macroeconomics,
                                       economics from the University of Lausanne.        financial crises, and monetary economics.
                                       Philippe Bacchetta has taught at several

                 Pierpaolo Benigno     Pierpaolo Benigno is professor of economics       viously taught at New York University and
                                       at LUISS Guido Carli. He is Research Fellow       Columbia University. Pierpaolo Benigno’s
                                       of CEPR (Centre for Economic Policy Re-           areas of research are open-economy mac-
                                       search) and EIEF (Einaudi Institute for Eco-      roeconomics and monetary economics. He
                                       nomics and Finance). He holds a degree in         has published articles in leading academic
                                       economics from Bocconi University and a           journals, and is currently co-editor of the In-
                                       Ph.D. in economics from Princeton. He pre-        ternational Journal of Central Banking.

                     Roberto Chang     Roberto Chang is a professor of economics         bility of monetary policy; the links between
                                       at Rutgers University, the State University       banking panics, exchange rate regimes, and
                                       of New Jersey, and a Research Associate at        currency crashes; and the macroeconomic
                                       the National Bureau of Economic Research.         impacts of balance sheet effects, currency
                                       Before joining Rutgers, he was an assistant       mismatches, and financial frictions. He has
                                       professor at New York University and a re-        been a Peter Kenen International Economics
                                       search officer at the Federal Reserve Bank        Fellow at Princeton University and recently
                                       of Atlanta. He has also taught at Princeton       received a Rutgers University Board of Trust-
                                       and Columbia. Professor Chang has pub-            ees award for excellence in research. He is a
                                       lished extensively on monetary economics,         frequent visitor, consultant, and advisor to
                                       exchange rate policy, and financial crises.       several international financial organizations
                                       He has written on the dynamics and credi-         and central banks around the world.

              Lawrence J. Christiano   Lawrence J. Christiano is the Alfred W.           tor to the European Central Bank and the
                                       Chase Professor of business institutions          International Monetary Fund. He is a fellow
                                       in the department of economics at North-          of the Econometric Society and has been
                                       western University. Starting in the fall of       associate editor of several journals. He has
                                       2016, he will also be Economics Department        published widely in the areas of macroeco-
                                       Chair. He is a consultant at several Federal      nomics and applied time series analysis.
                                       Reserve Banks and has been a regular visi-

                  Giancarlo Corsetti   Giancarlo Corsetti is professor of macro-         financial crises and their international con-
                                       economics at the University of Cambridge.         tagion. He has published articles in leading
                                       Between 2003 and 2010, he was Pierre              academic journal. From 2005 to 2016, he
                                       Werner Chair at the European University           was co-editor of the Journal of International
                                       Institute. He has taught at the Universities of   Economics. Corsetti has long developed re-
                                       Rome III, Bologna, and Yale. His research is      search collaboration with monetary author-
                                       focused on international dimensions of eco-       ities and policy institutions in Europe and
                                       nomic policy. His contributions range from        overseas. He is Director of the Cambridge-
                                       theoretical and empirical work on fiscal and      Inet Institute, a fellow of Centre for Eco-
                                       monetary policy, to analyses of currency and      nomic Policy Research.

Central Bankers Program 2018

         Behzad Diba    Behzad Diba is a professor of economics         economics, financial markets, international
                        at Georgetown University. He received his       finance, and applications of mathematical
                        Ph.D. in economics in 1984 from Brown           methods. His research interests are in macroe-
                        University. He has taught courses on macro-     conomics and international finance.

         Carlo Favero   Carlo Favero holds a D.Phil. from Oxford        and time-series models for macroeconomics
                        University, where he was a member of the        and finance. He is a research fellow of CEPR
                        Oxford Econometrics Research Centre. He         in the International Macroeconomics pro-
                        has been professor of econometrics at Boc-      gramme. He has been advisor to the Italian
                        coni University from 1994 to 2001 and pro-      Treasury for the construction of an econo-
                        fessor of Economics since 2002. In 2009 he      metric model of the Italian economy. He has
                        joined the newly formed department of fi-       been a consultant for the European Com-
                        nance at Bocconi University, where he holds     mission, the World Bank and the European
                        the Deutsche Bank Chair in Asset Pricing        Central Bank. He is member of the Wize
                        and Quantitative Finance. He has published      Men Committee of Borsa Italiana and of
                        in scholarly journals on the econometric        the editorial board of the Bocconi Springer
                        modelling of bond and stock prices, applied     Series in Mathematics, Statistics, Finance
                        econometrics, monetary and fiscal policy        and Economics.

    Charles Goodhart    Charles Goodhart is Emeritus Professor          of books on monetary history; a graduate
                        of Banking and Finance with the Finan-          monetary textbook, Money, Information and
                        cial Markets Group at the London School         Uncertainty (2nd Ed. 1989); two collections
                        of Economics, having previously, 1987 to        of papers on monetary policy, Monetary
                        2005, been its Deputy Director. Until his re-   Theory and Practice (1984) and The Central
                        tirement in 2002, he had been the Norman        Bank and The Financial System (1995); and
                        Sosnow Professor of Banking and Finance at      a number of books and articles on Financial
                        LSE since 1985. Before then, he had worked      Stability, on which subject he was Adviser to
                        at the Bank of England for seventeen years      the Governor of the Bank of England, 2002
                        as a monetary adviser, becoming a Chief         to 2004, and numerous other studies relat-
                        Adviser in 1980. In 1997 he was appointed       ing to financial markets and to monetary
                        one of the outside independent members          policy and history. His latest books include
                        of the Bank of England’s new Monetary           The Basel Committee on Banking Supervi-
                        Policy Committee until May 2000. Earlier he     sion: A History of the Early Years, 1974 to
                        had taught at Cambridge and LSE. Besides        1997, (2011), and The Regulatory Response
                        numerous articles, he has written a couple      to the Financial Crisis, (2009).

Martin Gonzalez-Eiras   Martín Gonzalez-Eiras is associate pro-         tical economy, public finance and banking.
                        fessor of economics at the University of        He has published in the Journal of Monetary
                        Copenhagen. He holds a Ph.D. in econom-         Economics, European Economic Review and
                        ics from MIT, and has been on the faculty       Review of Economic Dynamics. He has been
                        of Universidad de San Andres (Argentina)        a consultant at the IADB and has received a
                        and Universidad Adolfo Ibáñez (Chile). He       variety of grants and awards, including the
                        held visiting positions at IIES, Study Center   GDN First Prize Medal in Financial Markets
                        Gerzensee, and Columbia University. He has      and a Fulb right research grant.
                        research interests in macroeconomics, poli-


                        Amit Goyal    Amit Goyal is a professor of finance at HEC        returns, portfolio optimization, and pension
                                      Lausanne. Formerly on the faculty of Emory         funds. His papers have been published in a
                                      University (Atlanta, USA), he holds a Ph.D. in     variety of academic journals including the
                                      finance from University of California at Los       Journal of Finance, the Journal of Finan-
                                      Angeles. He has research interests in em-          cial Economics, and the Review of Financial
                                      pirical asset pricing, predictability of stock     Studies.

                       Michel Habib   Michel Habib is professor of finance at the        Finance, and the Review of Financial Studies.
                                      University of Zurich. His main research in-        He directed the NCCR FINRISK from 2009 to
                                      terests are corporate finance and the the-         2013. He is a graduate of McGill University
                                      ory of the firm. His research has appeared         and the Wharton School of the University of
                                      in a number of academic and practitioner           Pennsylvania and was associate professor of
                                      publications, such as the Journal of Applied       finance at the London Business School prior
                                      Corporate Finance, the Journal of the Euro-        to joining the University of Zurich.
                                      pean Economic Association, the Journal of

                      Philipp Harms   Philipp Harms is professor of economics            he worked as an assistant professor from
                                      at Johannes Gutenberg University Mainz             1999 until 2004. From 2004 until 2010 he
                                      (Germany) and joined the Study Center              was professor of macroeconomics at RWTH
                                      Gerzensee in September 2002. Before re-            Aachen University. His main research areas
                                      ceiving his doctorate in economics from the        are international economics, macroeco-
                                      University of St. Gallen in 1999, he attend-       nomics and political economy. He has pub-
                                      ed the Program for Doctoral Students at            lished several papers in these areas as well
                                      Gerzensee. Upon graduation, he joined the          as a masters-level textbook on international
                                      faculty of the University of Konstanz, where       macroeconomics.

                      Sarah M. Lein   Sarah M. Lein is Tenure-Track Assistant Pro-       cycles. Her recent research focuses on the
                                      fessor of Macroeconomics at the University         intersection between price-setting behavior
                                      of Basel. Before joining the University of Basel   of firms at the microeconomic level and the
                                      in 2014, she worked as a senior economist          inflation process at the macroeconomic level.
                                      in the Economic Analysis unit at the Swiss         Furthermore, she has worked on estimates of
                                      National Bank for more than six years. She         the Phillips curve relationship based on micro
                                      holds a PhD from the University of Zurich and      data, imperfect information in monetary eco-
                                      a Master’s degree in Economics from the Uni-       nomics, and on the economics of reforms.
                                      versity of Konstanz. She is an applied mac-        Sarah Lein is also an associated research pro-
                                      roeconomist with research interests in the         fessor at KOF ETH Zurich.
                                      fields of monetary economics and business

                     Erwan Morellec   Erwan Morellec is Swiss Finance Institute pro-     finance with a specific focus on financing
                                      fessor and professor of finance at EPFL (Swiss     decisions, credit risk, liquidity management
                                      Federal Institute of Technology), Switzerland.     and risk management. His papers have been
                                      Formerly on the faculties of the University        published in a variety of academic journals
                                      of Rochester (USA) and of the University of        including the Journal of Finance, the Journal
                                      Lausanne (Switzerland), he holds a Ph.D. in        of Financial Economics, the Review of Finan-
                                      finance from HEC Paris. He is the head of          cial Studies, the Review of Finance, and the
                                      the Swiss Finance Institute (SFI) doctoral pro-    Journal of Economic Theory.
                                      gram and a CEPR research fellow. He has
                                      research interests in banking and corporate

Central Bankers Program 2018

       Michael Rockinger    Michael Rockinger is professor of finance at      in international journals. Michael Rockinger
                            HEC Lausanne and a member of the Swiss            has also been a visiting professor at the New
                            Finance Institute. He is a former scientific      Economic School in Moscow, the London
                            consultant of the Banque de France. He            Business School, Amos Tuck Business School
                            earned a Ph.D. in economics at Harvard Uni-       at Dartmouth College, as well as at the Uni-
                            versity after graduating in mathematics from      versity of California San Diego. His research
                            the Swiss Federal Institute of Technology.        interests are split in three strands: the infor-
                            Recently he published a 540 pages book            mation content of financial derivative instru-
                            on how to model “Non-Gaussian Finance”            ments, financial stability, as well as financial
                            with Springer. He has extensively published       modeling aspects of pension funds.

 Stephanie Schmitt-Grohé    Stephanie Schmitt-Grohé is a professor of         on macroeconomic issues, in particular
                            economics at Columbia University. She is a        monetary and fiscal policy in the open and
                            research associate of the National Bureau         closed economy. She is a co-author (with
                            of Economic Research, a research affiliate        Martín Uribe) of the 2017 graduate text-
                            of the Centre for Economic Policy Research,       book “Open Economy Macroeconomics’’
                            London, and currently a Regular Research          published by Princeton University Press.
                            Visitor in the Directorate General Research       Schmitt-Grohé is a native of Germany and
                            of the European Central Bank. Her re-             received her doctorate in economics in 1994
                            search and writings have primarily focused        from the University of Chicago.

            Roberto Steri   Roberto Steri is assistant professor of finance   University and at Central European Univer-
                            at HEC Lausanne. He earned a Ph.D. in             sity. His current research interest encompass
                            finance at Bocconi University after gradua-       the links between corporate financing and
                            ting in engineering from the Polytechnic          stock prices, dynamic corporate liquidity,
                            University of Milan. He was an adjunct            computational methods for economics, and
                            professor of Economics at Duke University,        the optimal design of procurement auctions.
                            where he was teaching an elective class in        Before joining academia, Roberto worked as
                            the Daytime MBA program. During his PhD,          a banking consultant and as an analyst for
                            Roberto Steri was a visiting scholar at Duke      merges and acquisitions.

Ernst-Ludwig von Thadden    Ernst-Ludwig von Thadden is professor of          former resident fellow of the Center for Ad-
                            microeconomics and finance at the Univer-         vanced Studies in the Behavioral Sciences in
                            sity of Mannheim. He was previously pro-          Stanford. He was director of the doctoral
                            fessor of economics at the Département            program of the International Center FAME
                            d’Econométrie et Economie Politique at            at the Universities of Lausanne and Gene-
                            the University of Lausanne. He obtained his       va and director of the Graduate School in
                            Ph.D. in economics at the University of Bonn      Economic and Social Sciences at Mannheim
                            within the “European Doctoral Program in          University. He has been a co-organiser of the
                            Economics” in 1991, after an undergradu-          European Summer Symposium in Financial
                            ate degree in mathematics and economics           Markets, board member of several journals
                            at the university of Heidelberg and M.Phil.       and a consultant to the World Bank and
                            studies at the London School of Econom-           other international institutions. His research
                            ics. He is research fellow at the Center for      covers corporate finance, banking, interna-
                            Economic Policy Research (London), fellow         tional finance, political economy, and con-
                            of the European Economic Association, and         tract theory.



                        Nils Herger   Nils Herger is program manager of the Cen-        trade and finance at the University of Bern,
                                      tral Bankers’ Courses at the Study Center         and has taught international finance at the
                                      Gerzensee and lecturer at the University of       Swiss Distance Learning University. His re-
                                      Bern. He studied for a BA. in economics at        search on a range of topics in internation-
                                      the Universities of Bern and Neuchâtel and        al trade and finance, exchange rates, and
                                      received an MSc. and Ph.D. in economics           the role of multinational firms in the world
                                      from the University of Exeter (United King-       economy has been published in a variety of
                                      dom). Nils has also worked as an economic         academic journals. Furthermore, he is the
                                      advisor for the Swiss Competition Com-            author of an introductory book on central
                                      mission and the Swiss Business Federation,        banking.
                                      held a post-doctoral position in international

                   Sylvia Kaufmann    Sylvia Kaufmann is Deputy Director of the         sity of Vienna. As consultant, she worked
                                      Study Center Gerzensee and lecturer at the        for the Economic Analysis Division of the
                                      University of Basel. She is member of the         Austrian Central Bank, before joining the
                                      monetary theory and policy committee and          Austrian Central Bank as Research Econo-
                                      the econometrics committee of the Verein          mist in the Economic Studies Division. Pre-
                                      für Socialpolitik. Sylvia Kaufmann received       vious to joining the Study Center she was
                                      her habilitation from the University of Basel,    Senior Staff member of the Swiss National
                                      where she stayed as Visiting Scholar and          Bank in the Inflation Forecasting Unit. Her
                                      Visiting Professor on several occasions. She      research interests include macroeconomics,
                                      holds a licentiate and a doctorate from the       monetary policy, applied time series econo-
                                      University of Bern. After her dissertation, she   metrics.
                                      became Assistant Professor at the Univer-

Central Bankers Program 2018

The Study Center Gerzensee invites Central        case of illness or accident. Furthermore, it is   We cater to special diets. All participants can
Banks to nominate candidates for the Central      highly recommended that participants have         choose between meat, fish and vegetarian
Bankers’ Courses. The courses are free of         adequate funds for shopping, personal trips,      meals. The sponsoring institution certifies
charge and include room and full board at         telephone calls and the like. Participants are    that, immediately prior to the course, the
the Study Center. However, the sponsoring         responsible to obtain visas for their entire      participant is not suffering from any medi-
institution must cover travel expenses to         trip (including transit destinations). Accom-     cal condition that could prevent his/her full
Switzerland and back and must certify that        modation is offered in single rooms. Partici-     attendance. The Study Center does not as-
participants have an adequate insurance           pants are not allowed to bring along familiy      sume any liability for participants’ personal
covering medical and hospital expenses in         members or other accompanying persons.            belongings.

Only one application per course may be sub-       Applications should be sent together with         Telephone     +41 31 780 31 02
mitted from each central bank. As places are      a recommendation letter either by post or         Fax           +41 31 780 31 00
limited, we cannot guarantee acceptance.          courier and must be received by October           Internet      www.szgerzensee.ch
Candidates who have already attended a            15, 2017. An electronic version of the appli-     e-mail        susanne.senn@szgerzensee.ch
Central Bankers’ Course are not considered        cation form and recommendation letter
again.                                            form can be downloaded from the Study
                                                  Center’s homepage www.szgerzensee.ch/
The applicant must be sponsored by the re-        courses/central-bankers/2018. Late applica-
spective central bank which certifies that the    tions and applications sent by fax or e-mail
applicant, if accepted,                           will not be considered. All mail should be
– will receive leave of absence with regular      addressed to: Study Center Gerzensee, Cen-
  pay for the duration of the entire course       tral Bankers’ Courses, Ms. Susanne Senn,
– will be given no duties or assignments that     Dorfstrasse 2, 3115 Gerzensee, Switzer-
  might conflict with his/her participation       land. The sponsoring central bank will be
– is under obligation to attend the entire        informed about the decision of the Admis-
  course                                          sions Committee by the end of November
– is able to express himself/herself in English   2017. You may contact the Study Center
  fluently                                        Gerzensee using:
– has adequate insurance coverage


           Study Center Gerzensee
           Dorfstrasse 2, 3115 Gerzensee, Switzerland
           Phone +41 31 780 31 02, Fax +41 31 780 31 00
           susanne.senn@szgerzensee.ch, www.szgerzensee.ch
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