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Lamfalussy Fellowship

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Lamfalussy Research Fellowship

The Lamfalussy Fellowship programme was launched in 2003 and aims to promote high-quality research on the structure, integration and performance of the European financial system. The programme is named after the late Baron Alexandre Lamfalussy, the first President of the European Monetary Institute. Up to five fellowships are awarded annually and each fellowship is endowed with an honorarium of €10,000.

About Baron Lamfalussy

Alexandre Lamfalussy was one of the leading central bankers of his time and also one of the main supporters of a single capital market within the European Union. He was a member of the Delors Committee for the Study of European Economic and Monetary Union, the General Manager of the Bank for International Settlements and the first President of the European Monetary Institute (he was in charge of preparing the third stage of EMU). Furthermore, he was an Executive Director of Banque Bruxelles Lambert and the Chairman of EuroMTS. He also chaired the “Committee of Wise Men on the Regulation of European Securities Markets”, whose reform proposals were adopted by the European Council in Stockholm in March 2001.

Baron Lamfalussy was born in Hungary in 1929 and studied at the Catholic University of Louvain in Belgium. He obtained a doctorate (DPhil) in economics from the University of Oxford (Nuffield College) and taught at the University of Louvain and Yale University. He was the author of numerous research articles and books on economic policy. He passed away on 9 May 2015.

About the fellowship

During their fellowship, the selected candidates are required to write a paper on a topic related to the Fellowship’s research priorities. Lamfalussy fellows are encouraged to present their papers at relevant ECB workshops and conferences and, ultimately, to have them published in leading refereed journals. Past Lamfalussy papers have been published in journals such as the American Economic Review, the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.

The call for projects is published in December each year. Applicants should be no more than 36 years old by the deadline for submission. Researchers at assistant professor level and very advanced PhD students are particularly encouraged to apply.

Call for papers information

Submission deadline: 31 January 2019

#EUROat20 special edition

Are you a young researcher interested in writing a paper on the European Central Bank (ECB) and Economic and Monetary Union (EMU)?

To celebrate 20 years since the euro was introduced, we will be awarding up to five Lamfalussy Fellowships – each worth €10,000 – to researchers who will be working on projects related to the architecture and performance of EMU in 2019.

Possible research topics

Successful candidates will be asked to write a research paper over the course of 2019 on one of the following three topics:

  1. Completing EMU:
    1. how the euro area functions as a common currency area
    2. improving productivity and long-term growth in Europe
    3. opportunities and challenges related to the banking union, the capital markets union or other EMU reforms
  2. ECB monetary policy:
    1. conducting and implementing monetary policy in the euro area
    2. optimal size of the ECB’s balance sheet
    3. assessments of conventional and unconventional policies
  3. Interactions between single monetary policy and prudential policies in the euro area:
    1. effects of prudential policies on the transmission of monetary policy
    2. effects of monetary policy on the financial system
    3. optimal coordination between monetary policy and prudential policies in the euro area

Lamfalussy Fellows are expected to present their papers at relevant conferences and, ultimately, to have them published in the ECB Working Papers series and in leading peer-reviewed journals.

Visit #EUROat20 hub

Who can apply?

Applicants should be no more than 36 years old by the deadline for submission.

We particularly encourage PhD students whose research is at a very advanced stage and researchers at assistant professor level to apply.

Please note that none of the authors involved in the paper may be in an employment relationship with the ECB.

How do I apply?

Please submit your application in English and include:

  • a cover letter
  • your curriculum vitae
  • two letters of recommendation
  • a two-page research proposal falling under one of the topics mentioned above
  • a statement indicating your current sources of funding and date of birth

Send your application by email to [email protected] before 24:00 CET on 31 January 2019.

Agnese Leonello (ECB), Simone Manganelli (ECB), Lucrezia Reichlin (London Business School), Rafael Repullo (CEMFI) and Hélène Rey (London Business School) will make up the selection committee, which aims to award five fellowships by April 2019.

To further enhance diversity, we particularly encourage applications from female candidates.

Past Lamfalussy Fellows

2018 NameAffiliationPaperPublished inKyle Dempsey Assistant Professor, The Ohio State University Macroprudential capital requirements with shadow banking Maria Loumioti Assistant Professor, University of Texas at Dallas Can transparency unite Eurozone banks?
Evidence from the ECB Loan-level Reporting Initiative Thomas Mosk Assistant Professor, Goethe University Frankfurt Limits to monetary policy transmission:
Evidence from corporate loan pricing Julia Schaumburg Assistant Professor, Vrije Universiteit Amsterdam Networking the yield curve Olivier Wang PhD candidate, MIT Low interest rates, bank spreads and the macroeconomy 2017 NameAffiliationPaperPublished inAnsgar Walther Assistant Professor, Warwick Business School Exuberance, neglected risk and macroprudential policy Eva Schliephake Post-doctoral researcher, Institute of Financial Economics and Statistics of Bonn University Upside down: banks, non-banks and negative interest rates Laura Blattner PhD student, Harvard University Delayed loan loss recognitions in financial institutions Ralph Luetticke Assistant Professor, University College of London Monetary transmission through asset purchases in HANK Vincent Maurin Assistant Professor, Stockholm School of Economics Quantitative easing, asset liquidity and collateral availability 2016 NameAffiliationPaperPublished inAnil Ari University of Cambridge Bank Risk-taking Behaviour and Financial Dynamics in a Sovereign Debt Crisis Andrade Bilan and Claire Celerier University of Zurich Bank Capital Regulation and Employment Effects: Evidence From the Funding of Corporate Pension Funds David Martinez-Miera Universidad Carkis III of Madrid Flat vs. Risk-Based Capital Requirements Nitya Pandalai-Nayar University of Michigan Quantitative Easing, Exchange Rates and the Margins of Trade Michael Weber University of Chicago Price rigidities and the granular origins of aggregate 2015 NameAffiliationPaperPublished inMc Mahon, Michael University of Warwick Unconventional monetary policy and central bank communication Malamud, Semyon Swiss Finance Institute - Zurich Liquidity, creative destruction, and growth Journal of Financial Economics, forthcoming. Fornaro, Luca Universitat Pompeu Fabra Stagnation Traps The Review of Economic Studies (2017), Vol. 85, pp. 1425-1470. Neuhann, Daniel University of Pennsylvania Macroeconomic effects of secondary market trading Roland, Isabelle London School of Economics Credit market frictions and productivity: Theory and evidence 2014 NameAffiliationPaperPublished inBerg, Tobias University of Bonn Got rejected? Real effects of not getting a loan Review of Financial Studies, forthcoming. Cerqueiro, Geraldo Universidade Católica Portuguesa Collateral damage? On collateral, corporate financing and performance Gete, Pedro Georgetown University The extensive margin of credit, monetary policy and interest on reserves Werger, Charlotte European University Institute Between capture and discretion - The determinants of distressed bank treatment and expected government support Wolski, Marcin University of Amsterdam Interbank loans, collateral and modern monetary policy 2013 NameAffiliationPaperPublished inKorte, Josef Goethe University Wishful thinking or effective threat? Tightening bank resolution regimes and bank risk-taking Journal of Financial Stability (2014), Vol. 15, pp. 264-281. Sergeyev, Dmytro Columbia University Optimal macroprudential and monetary policy in a currency union Sebestyén, Szabolcs ISCTE-IUL Business School The interdependence of credit risk between banks and sovereigns during the European debt crisis Wieladek, Tomasz Bank of England Capital requirements, risk shifting and the mortgage market Malherbe, Frederic London School of Economics Optimal capital requirements over the business and financial cycles  2012 NameAffiliationPaperPublished inDe Bruyckere, Valerie Ghent University Systemic risk rankings and network centrality in the European banking sector Taddei, Filippo Collegio Carlo Alberto Financial frictions, international capital flows and welfare Bongaerts, Dion Rotterdam School of Management Alternatives for issuer-paid credit rating agencies  Parlatore, Cecilia New York University Fragility in money market funds: sponsor support and regulation Journal of Financial Economics (2016), Vol. 121, pp. 595-623. Pérez, Ander Universitat Pompeu Fabra Bank lines of credit as contingent liquidity: A study of covenant violations and their implications 2011 NameAffiliationPaperPublished inAhnert, Toni London School of Economics Rollover risk, liquidity, and macro-prudential regulation Journal of Money, Credit and Banking (2016), Vol. 48 (8), pp.1753-1785. Buss, Adrian Goethe University Capital controls and international financial stability: a dynamic general equilibrium analysis in incomplete markets Georg, Co-Pierre Friedrich Schiller University Jena Contagious herding and endogenous network formation in financial networks Journal of Banking and Finance (2015), Vol. 50, pp. 273-285. Riordan, Ryan Karlsruhe Institute for Technology High frequency trading and price discovery Review of Financial Studies (2014), Vol. 27, No 8, pp. 2267-2306. 2010 NameAffiliationPaperPublished inSteffen, Sascha University of Mannheim On the importance of prior relationships in bank loans to retail customers Journal of Financial intermediation (2017), Vol. 31, pp. 1-15 under the title “What do a million observations have to say about loan defaults? Opening the black box of relationships”. Gourio, François Boston University Macroeconomic implications of time-varying risk premia American Economic Review (2012), Vol. 102, No 6, pp. 2734-2766. Pukthuanthong, Kuntara San Diego State University Internationally correlated jumps Review of Asset Pricing Studies (2015), Vol. 5, No 1, pp. 92-111. Sarkisyan, Anna City University London Retained interests in securitisations and implications for bank solvency 2009 NameAffiliationPaperPublished inCohen-Cole, Ethan University of Maryland Monetary policy and capital regulation in the US and Europe International Economics (2013), Vol. 134, pp. 56-77. Faia, Ester Goethe University Credit risk transfers and the macroeconomy Macroeconomic Dynamics, forthcoming. Korinek, Anton University of Maryland Systemic risk-taking - Amplification effects, externalities, and regulatory responses Martin, Alberto Universitat Pompeu Fabra Theoretical notes on bubbles and the current crisis IMF Economic Review (2011), Vol. 59, No 1, pp. 6-40. Petrasek, Lubomir Penn State University Multimarket trading and the cost of debt - Evidence from global bonds Journal of Banking & Finance (2012), Vol. 36, Issue 7, pp. 2110-2121. 2008 NameAffiliationPaperPublished inDorn, Daniel Drexel University, LeBow College of Business Investors with too many options? Fernandes, Nuno Universidade Católica Portuguesa - FCEE On the fortunes of stock exchanges and their reversals - Evidence from foreign listings Journal of Financial Intermediation (2014), Vol. 23, No 2, pp. 157-176. Ratnovski, Lev Bank of England The dark side of bank wholesale funding Journal of Financial Intermediation (2011), Vol. 20, No 2, pp. 248-263. White, Lucy Harvard Business School Reputational contagion and optimal regulatory forbearance Journal of Financial Economics (2013), Vol. 110, No 3, pp. 642-658. Yue, Vivian Z. New York University Interest rate swaps and corporate default 2007 NameAffiliationPaperPublished inMatos, Pedro USC Marshall School of Business Universal banks and corporate control - Evidence from the global syndicated loan market Review of Financial Studies (2012), Vol. 25, No 9, pp. 2703-2744. Montoriol-Garriga, Judit Universitat Pompeu Fabra Bank mergers and lending relationships Roscovan, Viorel Tilburg University, CentER Bank loan announcements and borrower stock returns - Does bank origin matter? International Review of Finance (2013), Vol. 13, No 2, pp. 137-159. Schaeck, Klaus University of Southampton How does competition affect efficiency and soundness in banking? New empirical evidence Zhang, Xiaoyan Cornell University International stock return comovements Journal of Finance (2009), Vol. 64, No 6, pp. 2591-2626. 2006 NameAffiliationPaperPublished inEhling, Paul BI Norwegian Business School Do international portfolio investors follow firms' foreign investment decisions? Gürkaynak, Refet Bilkent University Convergence and anchoring of yield curves in the euro area Review of Economics and Statistics (2011), Vol. 93, No 1, pp. 350-364. Huang, Rocco The World Bank Evaluating the real effect of bank branching deregulation - Comparing contiguous countries across U.S. state borders Journal of Financial Economics (2008), Vol. 87, No 3, pp. 678-705. Obreja, Iulian Carnegie Mellon University The pricing of risk in European credit and corporate bond markets Review of Finance (2010), Vol. 14, No 2, pp. 189-233. Rocholl, Jörg The University of North Carolina at Chapel Hill The price of liquidity - The effects of market conditions and bank characteristics Journal of Financial Economics (2011), Vol. 102, No 2, pp. 344-362. 2005 NameAffiliationPaperPublished inBecker, Bo University of Illinois at Urban-Champaign The effect of financial development on the investment-cash flow relationship - Cross-country evidence from Europe B.E. Journal of Economic Analysis & Policy (2010), Vol. 10, No 1, pp. 1-49. Cantillon, Estelle Université Libre de Bruxelles, ECARES How and when do markets tip? Lessons from the battle of the bund Champonnois, Sylvain Princeton University Comparing financial systems - A structural analysis Hainz, Christa University of Munich Acquisition versus greenfield - The impact of the mode of foreign bank entry on information and bank lending rates Journal of Comparative Economics (2014), Vol. 42, No 1, pp. 160-177. 2004 NameAffiliationPaperPublished inDvorak, Tomas Union College European Union enlargement and equity markets in accession countries Emerging Markets Review (2006), Vol. 7, No 2, pp. 129-146. Giannetti, Mariassunta Stockholm School of Economics Financial integration and entrepreneurial activity - Evidence from foreign bank entry in emerging markets Review of Finance (2009), Vol. 13, No 2, pp. 181-223. Koren, Miklós The Federal Reserve Bank of New York Technological diversification American Economic Review (2013), Vol. 103, No 1, pp. 378-414. Kollo, Michael London School of Economics Underwriter competition and gross spreads in the eurobond market Lane, Philip Trinity College Dublin Global bond portfolios and EMU International Journal of Central Banking (2006), Vol. 2, pp. 1-23. 2003 NameAffiliationPaperPublished inAlbuquerque, Rui Boston University International equity flows and returns: A quantitative equilibrium approach Review of Economic Studies (2007), Vol. 74, No 1, pp. 1-30. Iori, Giulia City University London An analysis of systemic risk in alternative securities settlement architectures E.J. Konotghiorghes, B. Rustem and P. Winker (eds.), Computational Methods in Financial Engineering, Springer, Heidelberg, 2008. Kaas, Leo University of Konstanz Financial market integration and loan competition - When is entry deregulation socially beneficial? Menkveld, Albert J. Vrije Universiteit Amsterdam Euro area sovereign yield dynamics - The role of order imbalance

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