Macro, Money, and International Finance
This area, organized by Markus K. Brunnermeier (Princeton University), covers macroeconomics, monetary economics policy and finance from a national and an international perspective. It also covers topics related to the global financial architecture including exchange rate determination and policies, monetary integration, macro- and micro-prudential financial regulation, and financial and banking crises.
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“Macro, Money, and International Finance is at the core of economics addressing the important questions our increasingly global society faces.”
Professor Markus K. Brunnermeier, Area Director Macro, Money, and International Finance
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Area Director
Markus K. Brunnermeier is the Edwards S. Sanford Professor at Princeton University. He is a faculty member of the Department of Economics and director of Princeton's Bendheim Center for Finance. He is also a research associate at NBER, CEPR, and CESifo. He is/was a member of several advisory groups, including to the IMF, the Federal Reserve of New York, the European Systemic Risk Board, the Bundesbank, and the U.S. Congressional Budget Office. Brunnermeier was awarded his PhD by the London School of Economics (LSE).
His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, and financial and monetary price stability. To explore these topics, his models incorporate frictions as well as behavioral elements. He is a Sloan Research Fellow, Fellow of the Econometric Society and the recipient of the Bernácer Prize granted for outstanding contributions in the fields of macroeconomics and finance. He received a Guggenheim Fellowship for studying the impact of financial frictions on the macroeconomy. He has been awarded several best paper prizes and served on the editorial boards of several leading economics and finance journals. He has tried to establish the concepts of liquidity spirals, CoVaR as systemic risk measure, the volatility paradox, ESBies, financial dominance, and the redistributive monetary policy.
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Area Members
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CESifo Research Network AffiliateFederal Reserve Bank of Philadelphia
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CESifo Research Network FellowETH Zurich
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CESifo Research Network FellowUniversität Mannheim
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CESifo Research Network FellowUniversity of Lisboa
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CESifo Research Network AffiliateColumbia University
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CESifo Research Network FellowUniversity of Chicago
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CESifo Research Network FellowBirkbeck, University of London
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CESifo Research Network FellowHarvard University
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CESifo Research Network FellowEuropean Central Bank
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CESifo Research Network AffiliateUniversidade de Lisboa
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CESifo Research Network FellowFederal Reserve Bank of St. Louis
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CESifo Research Network AffiliateOslo Metropolitan University
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CESifo Research Network FellowESADE Business School
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CESifo Research Network FellowThe World Bank
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CESifo Research Network FellowUniversity of Piraeus
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CESifo Research Network FellowToulouse School of Economics
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CESifo Research Network AffiliateFriedrich Schiller University Jena
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CESifo Research Network FellowUniversity of Notre Dame
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CESifo Research Network FellowRWI – Leibniz-Institut für Wirtschaftsforschung
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CESifo Research Network FellowUniversität Bern
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CESifo Research Network FellowHarvard University
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CESifo Research Network FellowUniversity of Bologna
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CESifo Research Network AffiliateUniversity of Zurich
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CESifo Research Network FellowBayes Business School
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CESifo Research Network FellowUniversität Hamburg
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CESifo Research Network AffiliateUniversity of Notre Dame
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CESifo Research Network FellowUniversity of Bonn
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowFlorence School of Banking & Finance
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CESifo Research Network FellowUniversiteit van Amsterdam
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CESifo Research Network FellowUniversity of Luxembourg
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CESifo Research Network FellowUniversity of Bologna
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CESifo Research Network FellowBanque de France
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CESifo Research Network FellowNorthwestern University
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CESifo Research Network FellowUniversity of Basel
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CESifo Research Network FellowInternational Monetary Fund
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CESifo Research Network FellowUniversità degli Studi di Torino
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CESifo Research Network FellowYale University
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CESifo Research Network Fellow
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CESifo Research Network FellowPennsylvania State University
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CESifo Research Network AffiliateUniversity of California, Los Angeles
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CESifo Research Network FellowGoethe University Frankfurt
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CESifo Research Network FellowPeterson Institute for International Economics
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CESifo Research Network FellowStanford University
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CESifo Research Network FellowColumbia University
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CESifo Research Network FellowFrankfurt School of Finance & Management
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CESifo Research Network FellowHigher School for Economics (HSE), Moscow
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CESifo Research Network FellowFederal Reserve Bank of New York
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CESifo Research Network AffiliateUniversity of Belgrade
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CESifo Research Network FellowUniversity of California, Irvine
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CESifo Research Network FellowPrinceton University
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CESifo Research Network FellowEuropean Central Bank
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CESifo Research Network AffiliateTechnische Universität Dortmund
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CESifo Research Network Fellow
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowMax-Planck-Institut für Sozialrecht und Sozialpolitik
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CESifo Research Network AffiliateUniversity College Dublin
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CESifo Research Network AffiliateUniversità degli Studi di Catania
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CESifo Research Network FellowMonash Business School
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CESifo Research Network FellowNorges Bank
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CESifo Research Network FellowBrunel University London
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CESifo Research Network FellowBocconi University
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CESifo Research Network FellowUniversity College London
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CESifo Research Network FellowUniversity of Colorado Boulder
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CESifo Research Network FellowChristian-Albrechts-Universität zu Kiel
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CESifo Research Network FellowUniversità degli Studi di Padova
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CESifo Research Network FellowUniversity of California, Santa Cruz
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CESifo Research Network FellowUniversity of Illinois at Chicago
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CESifo Research Network FellowEmory University
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CESifo Research Network FellowUniversity of Mannheim
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CESifo Research Network FellowUniversity of California, Davis
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CESifo Research Network FellowUniversity of Bielefeld
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CESifo Research Network FellowUniversity of California, Davis
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CESifo Research Network FellowNorthwestern University
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CESifo Research Network FellowCambridge University
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CESifo Research Network FellowVienna University of Economics and Business
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowUniversità Bocconi
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CESifo Research Network FellowNational Institute of Economic and Social Research
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowJohns Hopkins University
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CESifo Research Network FellowUniversitat Autònoma de Barcelona
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CESifo Research Network FellowKU Leuven
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CESifo Research Network FellowCarleton University
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CESifo Research Network FellowCatholic University of Milan
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CESifo Research Network FellowKU Leuven
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CESifo Research Network FellowPrinceton University
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CESifo Research Network FellowCardiff Business School
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CESifo Research Network FellowNorthwestern University
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network AffiliateFriedrich-Alexander-Universität Erlangen-Nürnberg
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CESifo Research Network FellowNational University of Singapore
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CESifo Research Network FellowGottfried Wilhelm Leibniz Universität Hannover
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CESifo Research Network FellowGoethe University Frankfurt
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CESifo Research Network AffiliateHEC Paris
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CESifo Research Network FellowOECD
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CESifo Research Network FellowUniversity of Washington
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CESifo Research Network FellowTilburg University
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CESifo Research Network FellowThe University of Edinburgh
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CESifo Research Network FellowUniversity of Heidelberg
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CESifo Research Network FellowUniversity of Wisconsin-Madison
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CESifo Research Network FellowUniversity of Pennsylvania
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CESifo Research Network Fellow
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CESifo Research Network FellowUniversity of Pennsylvania
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CESifo Research Network Fellow
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CESifo Research Network FellowStockholm University
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CESifo Research Network FellowEmory University
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CESifo Research Network FellowDIW Berlin
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CESifo Research Network FellowGoethe University Frankfurt
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CESifo Research Network FellowKwansei Gakuin University
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CESifo Research Network FellowUniversität Hamburg
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CESifo Research Network FellowOregon State University
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CESifo Research Network FellowHarvard University
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CESifo Research Network FellowAccademia Nazionale dei Lincei
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CESifo Research Network Fellow
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CESifo Research Network AffiliateInternational Monetary Fund IMF
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CESifo Research Network FellowUniversity of Groningen
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CESifo Research Network AffiliateConcordia University
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CESifo Research Network FellowUniversity of Cambridge
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CESifo Research Network AffiliateLondon School of Economics and Political Science
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CESifo Research Network FellowETH Zurich
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CESifo Research Network FellowIndiana University
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CESifo Research Network AffiliateUniversity of Toronto
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CESifo Research Network FellowUniversity of Essex
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CESifo Research Network FellowUppsala Universitet
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CESifo Research Network AffiliateUniversità di Pavia
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CESifo Research Network FellowStanford University
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CESifo Research Network FellowUniversità Bocconi
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CESifo Research Network FellowWesleyan University
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CESifo Research Network FellowYale University
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CESifo Research Network FellowDuke University
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CESifo Research Network FellowUniversity of Minnesota
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CESifo Research Network FellowUniversity of Iceland
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CESifo Research Network AffiliateLMU München
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CESifo Research Network AffiliateUniversity of Augsburg
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CESifo Research Network FellowBilkent University
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CESifo Research Network FellowUniversity of Oslo
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CESifo Research Network Fellowifo Institut
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CESifo Research Network FellowUniversity of Bonn
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CESifo Research Network AffiliateNHH Norwegian School of Economics
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CESifo Research Network FellowGFRI, Geneva University
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CESifo Research Network FellowUniversity of Augsburg
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CESifo Research Network FellowUniversity of Siegen
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CESifo Research Network FellowUniversity of Groningen
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CESifo Research Network FellowTechnische Universität Berlin
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CESifo Research Network FellowHarvard University
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CESifo Research Network FellowUniversity of North Carolina at Chapel Hill
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CESifo Research Network FellowMunich University of Applied Sciences
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CESifo Research Network FellowWabash College
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network FellowAalto University
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CESifo Research Network FellowUniversité de Namur
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CESifo Research Network Fellow
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CESifo Research Network FellowDeutsche Bundesbank
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CESifo Research Network AffiliateUniversity of Chicago
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CESifo Research Network FellowMunich University of Applied Sciences
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CESifo Research Network FellowLMU Munich
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CESifo Research Network FellowUniversity of Luxembourg
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CESifo Research Network AffiliateUniversidade de Lisboa
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CESifo Research Network FellowUniversity College London
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CESifo Research Network AffiliateNorthwestern University
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CESifo Research Network FellowBoard of Governors of the Federal Reserve System
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CESifo Research Network FellowGoethe University Frankfurt
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CESifo Research Network FellowUniversity of Cardiff
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CESifo Research Network FellowEcole Normale Supérieure Paris-Saclay
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CESifo Research Network AffiliateDuke University
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CESifo Research Network FellowHouse of Lords
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CESifo Research Network FellowCentre d'analyse et de mathématique sociales (CAMS - EHESS)
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CESifo Research Network AffiliateZEW – Leibniz-Zentrum für Europäische Wirtschaftsforschung GmbH
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CESifo Research Network FellowPrinceton University
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CESifo Research Network FellowUniversity of California at Santa Cruz
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CESifo Research Network FellowCharles University
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CESifo Research Network FellowUniversity of St.Gallen
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CESifo Research Network FellowQueen's University
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CESifo Research Network FellowBoston University
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CESifo Research Network FellowTechnische Universität Dortmund
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CESifo Research Network FellowUniversity of Bonn
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CESifo Research Network FellowUniversity of Bonn
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CESifo Research Network FellowUniversity at Albany, State University of New York
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CESifo Research Network FellowUniversity of Western Ontario
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CESifo Research Network FellowUniversity of Duisburg-Essen
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CESifo Research Network AffiliateBI Norwegian Business School
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CESifo Research Network Affiliateifo Institut
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CESifo Research Network Fellow
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CESifo Research Network FellowUniversität Basel
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CESifo Research Network AffiliateErasmus Universiteit Rotterdam
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network FellowUniversity of Chicago
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CESifo Research Network FellowEuropean University Institute
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CESifo Research Network AffiliateUniversity of Washington
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CESifo Research Network FellowUniversity of Leicester
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CESifo Research Network FellowColumbia University
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CESifo Research Network AffiliateFederal Reserve Bank of New York
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CESifo Research Network FellowDIW Berlin
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CESifo Research Network FellowUniversity of Glasgow
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CESifo Research Network AffiliateFederal Reserve Bank of Richmond
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CESifo Research Network AffiliateSouthern Methodist University
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CESifo Research Network FellowNRU Higher School of Economics, ICEF
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CESifo Research Network FellowCity University of New York
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CESifo Research Network FellowUniversity of Glasgow
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CESifo Research Network AffiliateErasmus Universiteit Rotterdam
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CESifo Research Network FellowUniversity of Naples “Parthenope”
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CESifo Research Network AffiliateUniversita di Calabria
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CESifo Research Network AffiliateHEC Paris
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CESifo Research Network FellowInternational Monetary Fund
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CESifo Research Network FellowUniversity of California, San Diego
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CESifo Research Network FellowDIW Berlin
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CESifo Research Network AffiliateUniversity of Exeter
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CESifo Research Network FellowFriedrich-Alexander-Universität Erlangen-Nürnberg
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CESifo Research Network AffiliateLUM Munich
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CESifo Research Network FellowUniversity of California, Irvine
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CESifo Research Network FellowNorthwestern University
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CESifo Research Network FellowImperial College London
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CESifo Research Network FellowSanta Clara University
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CESifo Research Network FellowLMU Munich
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CESifo Research Network FellowUniversity of Heidelberg
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CESifo Research Network FellowThe London School of Economics and Political Science
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network FellowUniversity of California, San Diego
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CESifo Research Network FellowUniversity of Glasgow
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CESifo Research Network FellowUniversity of Helsinki
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CESifo Research Network FellowEberhard Karls University Tübingen
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CESifo Research Network FellowUniversitat Pompeu Fabra
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CESifo Research Network FellowUniversity of Chicago
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CESifo Research Network FellowUniversity of Klagenfurt
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CESifo Research Network AffiliateMetropolitan University
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CESifo Research Network FellowUniversity of Vienna
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CESifo Research Network AffiliateTrier University
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CESifo Research Network FellowStudy Center Gerzensee
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CESifo Research Network FellowBoard of Governors of the Federal Reserve System
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CESifo Research Network FellowNHH Norwegian School of Economics
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CESifo Research Network FellowBanco de España
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CESifo Research Network FellowPrinceton University
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CESifo Research Network FellowOsaka University
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CESifo Research Network FellowWashington State University
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CESifo Research Network FellowFederal Reserve Bank of St. Louis
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CESifo Research Network AffiliateUniversitat de les Illes Balears
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CESifo Research Network FellowMaastricht University
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CESifo Research Network FellowUniversity of Padova
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CESifo Research Network AffiliatePrinceton University
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CESifo Research Network FellowGhent University
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CESifo Research Network AffiliateColumbia Business School
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CESifo Research Network FellowUniversity of Southern California
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CESifo Research Network FellowColumbia University
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CESifo Research Network FellowAthens University of Economics and Business
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CESifo Research Network FellowStanford University
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CESifo Research Network AffiliateMaastricht University
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CESifo Research Network FellowErasmus Universiteit Rotterdam
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CESifo Research Network FellowUniversity of Antwerp
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CESifo Research Network AffiliateThe University of Sheffield
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CESifo Research Network FellowUniversity of Hamburg
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CESifo Research Network FellowPeterson Institute for International Economics
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CESifo Research Network FellowUniversity of Maryland
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CESifo Research Network FellowOtto-von-Guericke-Universität Magdeburg
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CESifo Research Network AffiliateETH Zurich
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CESifo Research Network FellowUniversité d'Orléans
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CESifo Research Network FellowTel Aviv University
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CESifo Research Network AffiliateDeutsche Bundesbank
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowInstitute for Advanced Studies
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CESifo Research Network FellowLondon School of Economics and Political Science
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CESifo Research Network FellowESMT European School of Management and Technology
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CESifo Research Network AffiliateOECD
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CESifo Research Network Fellowc/o SBS Treuhand
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CESifo Research Network AffiliateCity, University of London
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CESifo Research Network FellowAthens University of Economics and Business
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CESifo Research Network AffiliateToulouse School of Economics
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CESifo Research Network AffiliateEuropean Central Bank
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CESifo Research Network AffiliateESADE Business School
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CESifo Research Network AffiliateUniversity of Oxford
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CESifo Research Network FellowEuropean Central Bank
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CESifo Research Network FellowLeipzig University
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CESifo Research Network FellowStanford University
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CESifo Research Network AffiliateUniversity of California, Berkeley
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CESifo Research Network FellowKiel Institute for the World Economy
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CESifo Research Network FellowUniversity of Delhi
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CESifo Research Network FellowBank for International Settlements
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CESifo Research Network FellowKorea University
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CESifo Research Network FellowBirkbeck, University of London
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CESifo Research Network AffiliatePurdue University
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CESifo Research Network FellowUniversity of Notre Dame
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CESifo Research Network FellowYale School of Management
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CESifo Research Network FellowEuropean Central Bank
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CESifo Research Network FellowUniversity of Essex
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CESifo Research Network AffiliateCPB Netherlands Bureau for Economic Policy Analysis
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CESifo Research Network FellowUniversity of Cambridge
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CESifo Research Network AffiliateNew Economic School
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CESifo Research Network FellowUniversity of Leipzig
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CESifo Research Network FellowRheinMain University of Applied Sciences
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CESifo Research Network FellowSacred Heart University Luxembourg
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CESifo Research Network Fellow
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CESifo Research Network FellowUniversity of Groningen
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CESifo Research Network AffiliateHarvard University
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CESifo Research Network FellowNYU Stern
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CESifo Research Network FellowETH Zurich
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CESifo Research Network FellowUniversity of Leipzig
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CESifo Research Network FellowUniversitá Bocconi
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CESifo Research Network FellowUniversità degli Studi di Trento
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CESifo Research Network FellowInter-American Development Bank
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CESifo Research Network FellowUniversity of Mannheim
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CESifo Research Network FellowGoethe-Universität Frankfurt
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CESifo Research Network FellowThe University of Waterloo
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CESifo Research Network AffiliateFederal Reserve Board
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CESifo Research Network FellowUniversity of California, Los Angeles
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CESifo Research Network FellowGoethe University Frankfurt
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CESifo Research Network FellowUniversity of California, Berkeley
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CESifo Research Network FellowKiel Institut für Weltwirtschaft
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CESifo Research Network FellowGlasgow University
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CESifo Research Network FellowUniversität Regensburg
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CESifo Research Network FellowUniversity of Washington
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CESifo Research Network FellowUniversity of Chicago
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CESifo Research Network FellowCardiff University
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CESifo Research Network FellowKU Leuven
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CESifo Research Network AffiliateEuropean Central Bank
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CESifo Research Network AffiliateEuropean Central Bank
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CESifo Research Network AffiliateUniversity of Chicago
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CESifo Research Network FellowPrinceton University
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CESifo Research Network FellowThe University of Edinburgh
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CESifo Research Network FellowUniversity of California, Santa Cruz
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CESifo Research Network FellowColumbia University
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CESifo Research Network FellowKyoto University
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CESifo Research Network FellowHans Böckler Foundation
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CESifo Research Network AffiliateUniversity of Lodz
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CESifo Research Network AffiliateUniversity of Chicago
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CESifo Research Network FellowDe Montfort University
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CESifo Research Network FellowUniversity of Osnabrück
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CESifo Research Network AffiliateInstitut für Höhere Studien
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CESifo Research Network FellowUniversity of York
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CESifo Research Network FellowLMU München
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CESifo Research Network Fellowifo Institut
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network FellowGeorgetown University
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CESifo Research Network Fellowifo Institut
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CESifo Research Network FellowUniversity of Kiel
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CESifo Research Network FellowUniversity of Seoul
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CESifo Research Network FellowFederal Reserve Bank of Minneapolis
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CESifo Research Network FellowJohannes Gutenberg University Mainz
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CESifo Research Network FellowInstitute of Economics Polish Academy of Sciences (INE PAN)
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CESifo Research Network FellowSabanci University
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CESifo Research Network AffiliateFederal Reserve Bank of Richmond
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CESifo Research Network FellowBureau of Labor Statistics
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CESifo Research Network FellowUniversity of Oxford
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CESifo Research Network FellowVienna University of Economics and Business
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CESifo Research Network FellowBRUEGEL Brussels European and Global Economic Laboratory
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CESifo Research Network FellowUniversity of Zurich
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CESifo Research Network FellowFederal Reserve Bank of St. Louis
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CESifo Research Network FellowUniversity of Iceland
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CESifo Research Network AffiliateLMU Munich
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CESifo Research Network FellowUniversity of Groningen
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CESifo Research Network FellowErasmus Universiteit Rotterdam
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CESifo Research Network FellowMaastricht University
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CESifo Research Network FellowMax Planck Institute for Research on Collective Goods
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CESifo Research Network AffiliateCentral Bank of Ireland
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Distinguished CESifo Affiliate Award
The Distinguished CESifo Affiliate Award, aimed at encouraging talented young scholars, is awarded to the best paper presented by a young author at each of the CESifo Area conferences. Accepted candidates are invited to attend the Area Conference to which they have been nominated and present their paper. An award committee will judge the papers (and presentations) and select a winner. Nominations will be considered for candidates who are either close to completion of the PhD, or who have completed their PhD in the previous five years. The same limit applies to co-authors in the case of papers with multiple authors. The criteria for the award are scientific originality, policy relevance and quality of exposition. The winning paper will appear in the CESifo Working Paper Series.
Jahr Distinguished Affiliate(s) Titel des Papers 2023 Joseph Abadi Monetary Policy with Inelastic Asset Markets 2021 Goutham Gopalakrishna A Macro-Finance Model with Realistic Crisis Dynamics Sebastian Merkel Flight-to-Safety in a New Keynesian Model 2019 Paymon Khorrami The Risk of Risk-Sharing Jonathan Edgar Payne Disruption of Long-Term Bank Credit
2018 Quentin Vandeweyer A Macro-Financial Model of Monetary Policies with Leveraged Intermediaries 2016 Eddie Gerba Macroprudential Policy in a Knightian Uncertainty Model with Credit-, Risk-, and Leverage Cycles 2015 André K. Anundsen Supply Restrictions, Subprime Lending and Regional US House Prices 2014 Ezra Oberfield Business Networks, Production Chains and Productivity: A Theory of Input-Output Architecture 2013 Matthias Efing Bank Capital Regulation with an Opportunistic Rating Agency 2012 Ine Van Robays Macroeconomic Uncertainty and the Impact of Oil Shocks 2011
James Cloyne What are the effects of tax changes in the United Kingdom? New evidence from a narrative evaluation. 2009 Jörg Rocholl The Price of Liquidity: Bank Characteristics and Market Conditions 2008 Agnieszka Markiewicz Monetary Policy, Model Uncertainty and Exchange Rate Volatility
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Conference
The purpose of this annual conference is to bring together researchers who are working in the areas of macroeconomics and money to present and discuss their ongoing research, and to stimulate interaction and cooperation between them. We invite the submission of papers, which may deal with any topic in Macro, Money, and International Finance.
CESifo Area Conference on Macro, Money, and International Finance 2019CESifo Area Conference on Macro, Money, and International Finance 2020
CESifo Area Conference on Macro, Money, and International Finance 2021
CESifo Area Conference on Macro, Money and International Finance 2022
CESifo Area Conference on Macro, Money and International Finance 2023
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Intermediaire
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Affiliated ifo Center