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Freiburg im Breisgau | 03.09.2018

Silvana Tenreyro awarded the Carl Menger Prize

Silvana Tenreyro at the Carl Menger Prize Ceremony [+] This year saw the Carl Menger Prize for Economics awarded to economist Silvana Tenreyro. Achim Wambach, Chairman of the German Economic Association (Verein für Socialpolitik) presented her with the award – which comes with prize money of €20,000 – at the association’s annual meeting in Freiburg. Ms Tenreyro is a professor of economics at the London School of Economics and Political Science and ranks among the best-known and most influential macroeconomists teaching in Europe.

In his laudation, Mr Wambach highlighted her particular expertise in the fields of international economics and monetary macroeconomics, adding that her work on the theory and empirical analysis of optimal currency areas and on econometrics have attracted worldwide interest. He also drew special attention to her work on the housing market.

Extensive and varied academic experience

Ms Tenreyro has also been a member of the Bank of England’s Monetary Policy Committee, which determines the British central bank’s monetary policy, since July 2017. Upon her appointment, Bank of England Governor Mark Carney underlined her extensive and varied academic experience in areas such as the monetary transmission mechanism, productivity and wage dynamics, trade, and housing market issues. Mr Carney stated that this would be invaluable to the committee as it seeks to promote the good of the people of the United Kingdom through maintaining monetary stability.

Ms Tenreyro has repeatedly voiced criticism about Brexit. In the run-up to the referendum on the United Kingdom’s exit from the European Union, she signed an open letter together with 279 other economists. In it, she described Brexit as a “major mistake”.

The recipient studied at the Universidad Nacional de Tucumán in Argentina and Harvard University in the United States, obtaining a PhD there under advisors Alberto Alesina, Robert Barro and Kenneth Rogoff. She has undertaken a wide range of tasks in both the world of academia and policy consulting. For instance, positions that Ms Tenreyro has held include co-editor of the leading journal “Review of Economic Studies”, associate editor of the “Journal of Monetary Economics”, member of the Council of the Royal Economic Society and member of the Council of European Economic Association.

Joint award fosters research

The Carl Menger Prize has been jointly awarded by the Deutsche Bundesbank, the Oesterreichische Nationalbank and the Swiss National Bank since 2014. It is awarded in recognition of excellence in research work in the areas of monetary and international macroeconomics or financial market stability. In sponsoring this prize, the three central banks aim to foster research on monetary economics. In cooperation with the German Economic Association, it is awarded every two years to young researchers who hold teaching positions in Europe. Candidates can be nominated, inter alia, by the research departments of the three central banks. To qualify for the prize, they must be engaged as an academic in Europe and below the age of 46 at the time it is awarded. Direct applications are not considered.

The first person to receive the award was Hélène Rey from the London Business School in 2014. Klaus Adam from the University of Mannheim was awarded the Carl Menger Prize two years later.

Additional information

 

About Carl Menger

Foto zeigt ein Portrait von Carl Menger, wikimedia.org (public domain)

Austrian-born Carl Menger is commonly regarded as the founding father of the Austrian school of economic thought. In his work "Principles of Economics", published in 1871, he argued that the value of a good is in each case determined by the subjectively estimated value attached to that good’s final unit ("marginal unit"), a circumstance which he referred to as the "law of marginal utility".

Other economists including Eugen von Böhm-Bawerk, Friedrich von Wieser, Ludwig von Mises and Friedrich August von Hayek subsequently built on his hypotheses.