Young Economist Prize
Young economists have a vital role to play in shaping Europe’s future. Every year we recognise this through the Young Economist Prize, a research competition that offers talented students the chance to share their fresh perspectives on today’s challenges.
Finalists are invited to the annual ECB Forum on Central Banking, and the overall winner is awarded €10,000.
Young Economist Prize 2025
What are the research topics for this year’s Young Economist Prize?
The theme of the 2025 ECB Forum on Central Banking is “adapting to change: macroeconomic shifts and policy responses”. PhD students were invited to submit papers on this theme for the 2025 Young Economist Prize, with a focus on the following topics:
macroeconomic implications of (recent) structural changes in euro area labour markets
- strength, speed and state-dependence of monetary transmission (with a focus on households, consumption and savings)
- growth of non-bank financial intermediaries, liquidity and their prudential treatment
- new industrial developments and the evolving architecture of international trade
- cross-country heterogeneity in the euro area and implications for monetary policy
- current challenges in central bank communications
Papers on other topics relevant to euro area central banking (including monetary policy, new means of payment and payments infrastructures, the deepening of Economic and Monetary Union, the functioning of the euro area economy and financial system, financial stability, and banking regulation and supervision) were also considered.
How did we select the finalists?
We assessed the papers submitted by the candidates based on three selection criteria:
- innovative thinking and scientific merit
- relevance for ECB/euro area policies
- pertinence to the Forum theme and aforementioned topics
We also took into account the information provided in their CVs and recommendation letters.
What will the finalists do at the Forum?
The selected finalists will have the unique opportunity to attend the ECB Forum on Central Banking in Sintra, Portugal from 30 June to 2 July 2025. Their research papers, available below, will be shared with all Forum participants, including policymakers, top academics and market economists from around the world.
During the Forum, finalists will participate in a varied programme of panel discussions and expert talks.
Their papers will be assessed by a jury of top academics and senior ECB staff, taking into account votes to be cast by Forum participants. Please see the prize rules and privacy statement for further details.
The call for papers closed on 12 February 2025.
Meet the 2025 finalists
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Thomas Bourany
University of Chicago
The Optimal Design of Climate Agreements
Poster
“I study the optimal design of climate agreements: how to choose the appropriate carbon tax on emissions and trade tariffs, and when countries can strategically free-ride and leave climate agreements. Is net zero the best policy, or can lowering ambitions help promote cooperation on climate policy?”
Leonardo D’Amico
Harvard University
Capital Market Integration Boosts US Growth
Poster
“The increased flow of financial capital across states between 1958 and 1983 fueled economic growth in the American South and West. High nominal rates catalyzed capital market integration as they prompted households to move their liquidity from their local banks to national money markets. This led to liquidity being allocated across states.”
Friederike Fourné
Ludwig Maximilian University Munich and ifo Institute
Micro identification of material shocks
Poster
“I leverage the time dimension of firm-level survey data to identify input material shocks to the German manufacturing sector. The study shows that restrictive shocks immediately push up prices but induce a slower response in output. The opposite is true for input materials that unexpectedly become readily available.”
Marko Irisarri
Universitat Pompeu Fabra Barcelona
Entrepreneurship Across Cities: Uncovering Policy Implications
Poster
“My interest lies in studying the interaction between inequality/heterogeneity and macroeconomics. I am currently studying the implications of heterogeneous returns to capital stemming from financial frictions for (i) capital, wealth and inheritance taxation, and (ii) place-based entrepreneurial subsidies.”
Patrizia Massner
University of Stockholm
Should elder care be subsidized?
Poster
“I blended empirical and theoretical work to show that increasing subsidies for formal elder care services not only leads to improved health management of seniors but also protects their adult children from interruptions to their career paths. Ultimately, the subsidy becomes self-funding and can pay for itself.”
Lovisa Reiche
University of Oxford
Exposure Matters When in Doubt
Poster
“I show that exposure to volatile prices (e.g. groceries) affects inflation forecasts only when forecast confidence is low. This explains the gender gap and highlights a broader learning mechanism. Boosting confidence via financial literacy may lead to higher spending in response to inflation.”
Giovanni Sciacovelli
Northwestern University
Adjustable Mortgages & Monetary Policy
Poster
“This study investigates how adjustable-rate mortgages affect the impact of policy changes by the ECB. It finds that their role depends on how financially constrained households are and helps explain why the effects of monetary policy differ across euro area countries.”
Jakob Sundram
University of Copenhagen
Foreign Spillovers of Monetary Policy
Poster
“I find that a tightening of US monetary policy before 1990 depressed output abroad but has no effect today. Using panel local projections and a macroeconomic model, I show that this is due to higher foreign holdings of US dollars, as the US has gone from a net creditor to a net debtor.”
Giovanni Trebbi
Tilburg University
Inflation Narratives and Expectations
Poster
“Using causality extraction, this study finds that households' gap in inflation expectations with experts widens with disagreement in demand and supply narrative between general and specialized newspapers. This is particularly relevant for older and less educated households.”
Alena Wabitsch
University of Oxford
“Does it matter who communicates policies to the public? Yes! The messenger impacts the reach and influence of policy communication. I show this based on big data from X, an experiment and a model. Selecting the right messenger maximizes welfare, making it a powerful policy tool.”
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ECB Forum on Central Banking
The ECB Forum on Central Banking is an annual event organised by the European Central Bank and is held in Sintra, Portugal.
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