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Monika Piazzesi Wins the 2005 Bernácer Prize


Monika Piazzesi, an associate professor of finance at the University of Chicago Graduate School of Business, has won the 2005 Bernácer Prize as the best European economist under the age of 40 focusing on finance or macroeconomics.

Piazzesi is the second faculty member from Chicago GSB to win the award since it was first given in 2001. Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance at Chicago GSB won in 2003.

Piazzesi was recognized by the award committee “for her important research in developing a unified approach that improves our understanding of the connection between asset prices – including bonds, equities and real estate – and the institutional features of monetary policy and business cycles.”

She will receive the award in Madrid on May 31, 2006. The Bernácer Prize, sponsored by Spanish bank La Caja de Ahorros del Mediterráneo (CAM), includes a cash award of 25,000 euros, approximately $31,500.

Winners must have a nationality from one of the countries in the European Union. Piazzesi is a citizen of Germany.

“Monika Piazzesi is an outstanding scholar who reflects the depth and global nature of our faculty,” said Edward A. Snyder, dean of Chicago GSB. “To have Monika and Luigi Zingales win this prestigious award in the past three years is a remarkable accomplishment,” said Snyder, who also is the George Pratt Shultz Professor of Economics at the school.

The 2005 Bernácer Award selection committee was chaired by Lucas Papademos, vice-governor of the European Central Bank. Committee members included Edward Prescott, winner of the 2004 Nobel Prize in economics.

The Bernácer Prize, named for Spanish economist Germán Bernácer, was established to recognize the work of young economists from the European Monetary Union and to stimulate research on European macroeconomics and financial issues.

Piazzesi received an undergraduate degree in economics from the University of Bonn and a Ph.D. in economics from Stanford University.

During the current academic year she is teaching a course in financial instruments to MBA students at Chicago GSB. Her research on financial economics, macroeconomics and applied time series has been published in leading academic journals including American Economic Review, the Journal of Political Economy, the Journal of Monetary Economics and others.

In 2005 Piazzesi received a Sloan Fellowship from the Alfred P. Sloan Foundation which provides support and recognition to early-career scientists and scholars. Sloan Fellows are chosen for their promise of making fundamental contributions to new knowledge.

The University of Chicago Graduate School of Business is one of the oldest and largest business schools in the world. It offers full-time and part-time MBA programs, a Ph.D. program, open enrollment executive education and custom corporate education. The school has campuses in London and Singapore in addition to two campuses in Chicago.