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.
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 (EMU), the General Manager of the Bank for International Settlements and the first President of the European Monetary Institute (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 Oxford University (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.
2025 Lamfalussy Fellows
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
Anna Abate Bessomo and Natalie Kessler | Assistant Professors, VU Amsterdam | Asset Purchases and Liquidity in Intermediated Markets | |
Naomi Cohen | PhD candidate at Sciences Po, Paris | The analysis of the role of cross-border capital holdings and portfolio diversification to explain households’ inequality in the euro area | |
Sitong Ding | PhD candidate at the London School of Economics | The role of non-bank financial institutions in driving large and persistent violations of the Fisher equation | |
Cédric Huylebroek | PhD candidate, KU Leuven | Shock propagation when individuals and firms share the same Bank | |
Junko Oguri and Cristoforo Pizzimenti | PhD candidates at Northwestern University - Kellogg School of Management | Ample reserves for whom? The role of Foreign Banks in Monetary Policy Implementation |
Past Lamfalussy Fellows
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
Karoline Bax | Postdoctoral researchers, Technical University of Munich | The Role of Biodiversity Risk in Shaping Bank Lending Decisions | |
Giovanni Bonfanti | Ph.D. Candidate in Economics, Columbia University | The mechanisms behind the determination of convenience yields in euros and their interaction with the ECB’s monetary policy | |
João Duarte | Ass. Professor, Nova School of Business and Economics | The Implications of Financial (Dis)Integration for Monetary Policy in the Euro Area | |
Rustam Jamilov | Postdoctoral Research Fellow, All Souls College, University of Oxford | The Geography of the Financial Accelerator | |
Shohini Kundu | Ass. Professor, UCLA | Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
Felix Corell | Ass. Professor, VU Amsterdam | Hand-to-mouth banks: deposit inflows and the marginal propensity to lend | |
Mishel Ghassibe | Ass. Professor, CREI Barcelona | Large granular shocks, endogenous price rigidity and Monetary Policy | |
Federico Kochen | Ass. Professor, CEMFI | Equity financing in a banking crisis: evidence from private firms | |
Tsvetelina Nenova | PhD candidate, London Business School | Investment fund 'flight to safety' in bond markets | |
Quentin Vandeweyer | Ass. Professor, Chicago Booth | The central bank’s balance sheet and treasury market disruptions |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
Magdalena Rola-Janicka | Ass. Professor at Tilburg University | Too levered for Pigou: carbon pricing, financial constraints, and leverage regulation | Döttling, Robin, and Magdalena Rola-Janicka. Journal of Financial Economics 172 (2025): 104105 |
Kilian Huber | Ass. Professor at Chicago Booth | ||
Diego Kaenzig | Ph.D. student at London Business School | Unraveling the drivers of energy-saving technical change | |
Philip Schnorpfeil | Post-doctoral fellow at Goethe University | Households' response to the wealth effects of inflation | |
Hui Xitong | Ph.D. candidate at the London School of Economics | Asset bubbles, wealth inequality fluctuations, and stabilization policies |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Edoardo Dávila | Ass. Professor, Yale University | Corrective financial regulation with imperfect instruments | |
| Kornelia Fabisik | Ass. Professor, University of Bern | Do Debt Investors Care about ESG Ratings? | |
| Isabella Müller and Eleonora Sfrappini (joint project) | PhD students, Halle Institute for Economic Research | Climate change regulatory risks and bank lending |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Brian Higgins | PhD student at Stanford | Mortgage borrowing limits and house prices: evidence from a policy change in Ireland | |
| Dick Oosthuizen and Ryan Zalla (joint project) | PhD students, University of Pennsylvania | Funding deposit insurance | Journal of Financial Stability 75 (2024): 101342 |
| Jing Zeng | Ass. Professor, Frankfurt School of Finance & Mgmt | Voluntary Support and Ring-Fencing in cross-border banks | |
| Dmitry Kuvshinov | Ass.Professor, Universitat Pompeu Fabra | The shifts and the shocks: bank risk, leverage, and the macroeconomy | |
| Emanuele Rizzo | Ass. Professor, Nova School of Business and Economics | The real effects of FinTech lending on SMEs: evidence from loan applications |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Bianca Barbaro | PhD student University of Bicocca, Milano | Forbearance vs foreclosure in a general equilibrium model | |
| Robin Doettling | Assistant professor at Erasmus University Rotterdam | Bank capital regulation in a zero interest environment | Journal of the European Economic Association (2024). |
| Matthias Meier | Assistant professor at University of Mannheim | Monetary policy, markup dispersion, and aggregate TFP | Matthias Meier, Timo Reinelt; Monetary Policy, Markup Dispersion, and Aggregate TFP. The Review of Economics and Statistics 2024; 106 (4): 1012–1027 |
| Gil Nogueira | PhD candidate at NYU Stern | Not all shocks are created equal: assessing heterogeneity in the bank lending channel | Gil Nogueira, Luísa Farinha, and Laura Blattner.2024. "Not All Shocks Are Created Equal: Assessing Heterogeneity in the Bank Lending Channel ". Management Science.70:10, 6942-6965 |
| Linda Schilling | Assistant professor at Ecole Polytechnique (CREST) | Central Bank Digital Currency: when price and bank stability collide | Linda Schilling, Jesús Fernández-Villaverde and Harald Uhlig. 2024. " Central bank digital currency: When price and bank stability collide ". Journal of Journal of Monetary Economics. Vol. 145, pp. 103554 |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Kyle Dempsey | Assistant Professor, The Ohio State University | Macroprudential capital requirements with non-bank finance | |
| Maria Loumioti | Assistant Professor, University of Texas at Dallas | Lifting the banking veil: credit standards’ harmonization through lending transparency | Journal of Accounting & Economics (2021). Vol. 71, Issue 1, Art. 101386, under the title “The Harmonization of Lending Standards within Banks through Mandated Loan-Level Transparency”. |
| Julia Schaumburg | Assistant Professor, Vrije Universiteit Amsterdam | Networking the yield curve | |
| Olivier Wang | PhD candidate, MIT | Banks, low interest rates, and monetary policy transmission | Journal of Finance (2025). |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Ansgar Walther | Assistant Professor, Warwick Business School | Financial policy in an exuberant world | Kohlhas, Alexandre N., and Ansgar Walther. 2021. "Asymmetric Attention." American Economic Review, 111 (9): 2879–2925 |
| Eva Schliephake | Post-doctoral researcher, Institute of Financial Economics and Statistics of Bonn University | Bank risk-taking and impaired monetary policy transmission | Philipp J. Koenig and Eva Schliephake.2024. "Bank Risk-Taking and Impaired Monetary Policy Transmission”. International Journal of Central Banking. Vol.20, No.3, pp. 257-371 |
| Laura Blattner | PhD student, Harvard University | When losses turn into loans: the cost of undercapitalized banks | Blattner, Laura, Luisa Farinha, and Francisca Rebelo. "When losses turn into loans: The cost of weak banks." American Economic Review 113.6 (2023): 1600-1641 |
| Ralph Luetticke | Assistant Professor, University College of London | Financial frictions: micro vs macro volatility |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Anil Ari | University of Cambridge | Gambling traps | |
| Andrade Bilan and Claire Celerier | University of Zurich | Credit supply and human capital: evidence from bank pension liabilities | |
| David Martinez-Miera | Universidad Carlos III of Madrid | Markets, Banks and Shadow Banks | |
| Nitya Pandalai-Nayar | University of Michigan | Convex Supply Curves | Boehm, Christoph E., and Nitya Pandalai-Nayar. 2022. "Convex Supply Curves." American Economic Review, 112 (12): 3941–69 |
| Michael Weber | University of Chicago | Price rigidities and the granular origins of aggregate | Pastén, Ernesto, Raphael Schoenle, and Michael Weber. 2024. "Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations." American Economic Journal: Macroeconomics, 16 (2): 318–52 |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| McMahon, Michael | University of Warwick | The long-run information effect of central bank communication | Journal of Monetary Economics (2019), Vol. 108, pp. 185-202, under the title “The long-run information effect of central bank communication”. |
| Malamud, Semyon | Swiss Finance Institute - Zurich | Liquidity, innovation, and endogenous growth | Journal of Financial Economics (2019), Vol. 132, Issue 2, pp. 519-541. |
| 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 | The aggregate consequences of default risk: evidence from firm-level data |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Berg, Tobias | University of Bonn | Got rejected? Real effects of not getting a loan | Review of Financial Studies 31(12), 4912-4957. |
| Cerqueiro, Geraldo | Universidade Católica Portuguesa | Collateral damage? On collateral, corporate financing and performance | Journal of Financial Intermediation (2020), Volume 44, Art. 100824, under the title: “Collateral damaged? Priority structure, credit supply, and firm performance” |
| Gete, Pedro | Georgetown University | Lending standards and macroeconomic dynamics | |
| 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 | Journal of Economic Dynamics and Control (2016), Vol. 73, pp. 388-416. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Korte, 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. |
| Wieladek, Tomasz | Bank of England | Capital requirements, risk shifting and the mortgage market | Journal of Financial Intermediation (2018), Vol. 35, Part B, pp. 3-16. |
| Malherbe, Frederic | London School of Economics | Optimal capital requirements over the business and financial cycles | American Economic Journal: Macroeconomics (2020) Vol. 12, No. 3, pp. 139-174. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| De 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 | Journal of Financial Intermediation (2020), Vol. 44, Art 100817 |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Ahnert, 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, under the title “Contagious synchronization and endogenous network formation in financial networks”. |
| Riordan, Ryan | Karlsruhe Institute for Technology | High frequency trading and price discovery | Review of Financial Studies (2014), Vol. 27, No 8, pp. 2267-2306. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Steffen, 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 |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Cohen-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 (2018), Vol. 22, Issue 4, pp. 1096-1111. |
| 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. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Dorn, 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 | Journal of Economic Dynamics and Control (2018), Volume 88, pp. 104-120. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Matos, 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 | Competition, Efficiency and Stability in Banking | Financial Management (2014), Vol. 43, No. 6, pp. 215-241. |
| Zhang, Xiaoyan | Cornell University | International stock return comovements | Journal of Finance (2009), Vol. 64, No 6, pp. 2591-2626. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Ehling, 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. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Becker, 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. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Dvorak, 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. |
| Name | Affiliation | Paper | Published in |
|---|---|---|---|
| Albuquerque, 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 |