CENTRAL BANKERS PROGRAM 2018 - · PDF fileCentral Bankers Program 2018 3 The Study Center...

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www.szgerzensee.chFoundation of the Swiss National Bank

CENTRAL BANKERS PROGRAM 2018

TABLE OF CONTENTS

Introductory Message 3

Courses 3

Lecturers 10

Administration and Funding 15

Admission 15

Location 16

Photos: Corinne Conti Ambühl, Susanne Senn-Graf

Design: Gerber Druck AG, Steffisburg

Central Bankers Program 2018

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The Study Center Gerzensee, Foundation of the Swiss National Bank, opened its doors in 1986 to serve as an international training, re-search and conference center for economists and central bank staff. The Center is located in an old manor in the heart of Switzerland. High-ranking members of the Swiss National Bank, the government as well as the aca-demic and business community serve on its Foundation Council and Advisory Committee for Education and Training. The faculty is composed of the Study Center’s teaching staff and external, internationally renowned

INTRODUCTORY MESSAGE

lecturers as well as specialists from the Swiss National Bank and other partner institutions.

Over the last decades, central bank staff representing more than one hundred and fifty monetary authorities has participated in the Center’s Central Bankers’ Courses. We appreciate the strong interest in our courses and are grateful for the long-standing coop- eration. And we strive to continually offer pro-grams of the highest quality, covering topics of first-order importance for central banks and emphasizing both theory and applications.

In the coming year, the Study Center Ger-zensee offers six courses for central bank economists. This brochure describes the courses and their lecturers and provides ad-ministrative information.

We hope that you find the program attractive and are looking forward to welcoming inter-ested and motivated course participants from all over the world to Gerzensee.

Prof. Dirk NiepeltDirector

The following courses are offeredin 2018

Inflation Forecasting and Monetary Policy,jointly with Swiss National BankFebruary 5 – 16

Monetary Policy, Exchange Rates, and Capital FlowsMarch 12 – 29

Financial Stability, jointly with Swiss National BankApril 9 – 20

Monetary Theory and PolicyMay 14 – 31

Advanced Topics in Monetary Economics August 20 – 31

Instruments of Financial MarketsSeptember 10 – 27

COURSES

All courses are offered free of charge. Par-ticipants must be fluent in English since no translation is provided. As several of the topics covered in the courses require formal analysis, proficiency in mathematics at least at the high school level is required.

Courses employ a variety of teaching methods, taking full advantage of the small class size and the infrastructure at the Cen-ter. Each topic is introduced in a classroom lecture. Group work, case studies, computer exercises, and discussions among the participants with their diverse backgrounds help

to develop a deeper understanding of the various subjects. Visits to the Swiss National Bank or the Bank for International Settle-ments typically complement the program.

On weekends, excursions to beautiful areas of Switzerland provide a welcome change to the course work.

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INFLATION FORECASTING AND MONETARY POLICY

FEBRUARY 5 – 16, 2018

This two-week course, organized in collaboration with the Swiss National Bank, pro-vides an in-depth analysis of central bank policies aimed at controlling inflation and stabilizing economic fluctuations. Special emphasis is given to the economic and econometric tools to forecast inflation.

The first part of the course, taught by Pro-fessor Pierpaolo Benigno, is devoted to macroeconomic models. Topics include the role of inflation targeting in New-Keynesian models, monetary policy with near zero in-terest rates, as well as models of small open economies and macro-prudential policies. The second part of the course provides an applied review of time series techniques such as vector autoregressions, vector- error-correction-models, and techniques to

evaluate the forecasting ability of time se-ries models. The third part of the course, taught by Professor Carlo Favero, discusses the role of financial markets for forecasting purposes. This includes methods to extract investors’ inflation forecasts and expecta-tions from indicators and prices in financial markets. The final part, taught by staff of the inflation forecasting and monetary policy analysis units of the Swiss National Bank, reviews the models used for inflation fore-casting in Switzerland.

The course is designed for staff members in research and policy analysis units focusing on inflation. The ideal age is between 30 and 40 years. Some years of professional experience in the central bank are a precon-dition for attending the course. Candidates with a Ph.D. are preferred. Participants with a Master’s degree may be accepted.

Pierpaolo BenignoLUISS Guido Carli, Rome

Carlo FaveroUniversità Bocconi, Milan

Experts from theSwiss National Bank

Lecturers and staffof the Study Center


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MONETARY POLICY, EXCHANGE RATES, AND CAPITAL FLOWS

MARCH 12 – 29, 2018

This three-week course reviews monetary policy topics in open economies, focusing specifically on issues related to exchange rates and capital flows.

The first part of the course covers topics in international macroeconomics such as the determinants of the current account, the link between exchange rates and prices, ex-change rates and interest rates, the role of exchange rate regimes, international capital flows, implications of financial globaliza-tion, as well as fiscal and monetary policy in the open economy. The second part of the course focuses on financial and sovereign debt crises, dollarization, global financial imbalances, monetary stabilization in response to capital flows, and the performance of exchange rate regimes.

A sizable part of the course is dedicated to empirical methods that are applied to study questions related to the balance of payments, exchange rates, and monetary

policy. This includes a review of statistical concepts and computational techniques, as well as an introduction to the software package EViews. In addition, participants learn econometric methods ranging from ordinary least squares to more advanced techniques such as vector autoregression (VAR) analysis.

Experts from the Swiss National Bank provide an overview over the conduct of monetary policy in Switzerland, specifical-ly the monetary policy strategy, the role of the exchange rate, policy implementation, and the management of foreign exchange reserves.

The course is designed for staff members in middle management positions at central banks. The ideal age is between 30 and 40 years. Some years of professional expe-rience in the central bank are a precondi-tion for attending the course. Applicants holding a university degree in economics are preferred. Participants must be familiar with elementary mathematics and statistics.

Philippe BacchettaUniversity of Lausanne

Giancarlo CorsettiUniversity of Cambridge

Philipp HarmsJohannes Gutenberg University Mainz



www.szgerzensee.ch

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FINANCIAL STABILITY

APRIL 9 – 20, 2018

This two-week course is organized in collaboration with the Swiss National Bank. It provides an introduction to financial stability, crisis prediction, prevention, and manage-ment. The course adopts the perspective of a central banker who is interested in the stability of the financial system as a whole, rather than in the solvency of individual financial institutions. Participants focus on the structures and mechanisms that cause or propagate financial disturbances and on the policy instruments for preventing or fighting crises. The course covers micro- and macroeconomic concepts and teaches statistical and empirical tools.

In the first week, the course introduces the theory and empirics of financial instability. Participants review fundamental microeco-nomic subjects such as the fragility of banks,


Martin Gonzalez-EirasUniversity of Copenhagen

Michael RockingerUniversity of Lausanne

Ernst-Ludwig von ThaddenUniversity of Mannheim

Experts from the Swiss National Bank


contagion, and systemic risk, as well as macroeconomic perspectives on financial instability and the link between financial in-novation and financial instability. The second week is devoted to practical applications. Representatives from different institutions discuss methods for forecasting and pre-venting instability and approaches to man-age and resolve a crisis with due attention to institutional, legal and practical aspects.

Experts from the Swiss National Bank discuss current issues in financial stability.

The course is designed for economists in either research functions or middle manage-ment positions, preferably with a few years professional experience. The ideal age is between 30 and 40 years. Candidates with a Ph.D. are preferred; participants with a Master’s degree may be accepted.


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MONETARY THEORY AND POLICY

MAY 14 – 31, 2018

This three-week course introduces the basic analytical concepts and empirical methods to understand monetary policy, specifically in open economies.

The first part of the course covers basic concepts including national accounts, the intertemporal approach to the balance of payments, and the determination of nominal and real exchange rates. The sec-ond part deals with more advanced topics in monetary macroeconomics, including the New-Keynesian model, the role of ex-change rate regimes, international reserve currencies, and domestic and international transmission channels of monetary policy. The final part of the course is devoted to the interaction between monetary and fis-cal policy. Topics include interdependencies between public debt, interest rates and in-flation, the fiscal theory of the price level, and other fiscal aspects of monetary policy.

Part of the course is dedicated to the study of empirical techniques related to monetary theory and policy. This includes a brief re-view of statistical concepts and computa-tional techniques, as well as an introduction to the software package Eviews.

Experts from the Swiss National Bank pro-vide an overview over the conduct of monetary policy in Switzerland, specifically the monetary policy strategy, the role of the exchange rate, as well as practical policy implementation.

The course is designed for staff members in middle management positions at central banks. The ideal age is between 30 and 40 years. A university degree in economics or a closely related field, and some years of professional experience in the central bank are a precondition for attending the course. Participants must be familiar with elementa-ry mathematics and statistics.

Roberto ChangRutgers University

Charles GoodhartThe London School of Economics

Bezhad DibaGeorgetown University

Philip HarmsJohannes Gutenberg University Mainz

Sarah LeinUniversity of Basel


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ADVANCED TOPICS IN MONETARY ECONOMICS

AUGUST 20 – 31, 2018

This two-week course covers Dynamic Sto-chastic General Equilibrium (DSGE) models as well as quantitative methods for policy analysis based on them.

The first week of the course focuses on re-cent research in monetary economics with lessons directly relevant for monetary policy. It emphasizes topics related with open economy macroeconomics, including financial frictions, macroprudential policies, overbor-rowing, nominal exchange rate policies, capital controls, and lending under limited enforcement.

The second week gives an overview over the tools needed to conduct empirical research using DSGE models. It introduces Bayesian econometrics, surveys methods for solving

and analyzing DSGE models, and covers extensions of the standard New-Keynesian DSGE model to include network effects in production as well as financial frictions. The course primarily follows a lecture format but also includes computer sessions featuring the estimation of DSGE models using Dynare and the analysis of monetary policy problems.

The course is designed for research econo-mists with a Ph.D. degree. Candidates with a Master’s degree may also be considered if their mathematical and statistical skills are at the Ph.D. level.

Lawrence J. ChristianoNorthwestern University

Stephanie Schmitt-GrohéColumbia University




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INSTRUMENTS OF FINANCIAL MARKETS

SEPTEMBER 10 – 27, 2018

This course provides an introduction to financial instruments and the analysis of capital markets. It adapts the view of a central banker who needs to understand financial instruments both in terms of their economic role and their actual use. Particu-lar emphasis is given to financial institutions’ risk management.

The first week of the course reviews fun-damental concepts in finance and macro-economics, including asset returns, market efficiency, portfolio theory, the CAPM, mon-etary policy and financial markets, foreign exchange markets, as well as financial crises.

The second week starts with an introduc-tion to the pricing of financial assets and proceeds to illustrate various bond charac-teristics in the context of three case studies: the Greek debt exchange (bond yields and haircuts), Kentish Town Capital (convexity and arbitrage), and Banc One (duration and immunization). Against this background,

the third week provides an in-depth anal-ysis of advanced financial instruments and their use for risk management purposes. It reviews the characteristics of derivative as-sets such as forward/future contracts and options. Several practical exercises, using actual data, familiarize participants with these instruments. The final section discuss-es risk-management concepts such as value at risk and expected shortfall.

Experts from the Bank for International Settlements and the Swiss National also contribute to the program, emphasizing practical aspects in their presentations.

The course is designed for staff members in middle management positions at central banks. The ideal age is between 30 and 40 years. Several years of professional expe-rience in the central bank are a precondition for attending the course. Applicants holding a university degree in economics or business are preferred. Participants must be familiar with basic mathematics and statistics.


Amit GoyalUniversity of Lausanne

Michel A. HabibUniversity of Zurich

Erwan Morellec Swiss Federal Institute of Technology

Michael Rockinger University of Lausanne

Roberto SteriUniversity of Lausanne

Experts from theSwiss National Bank and the

Bank for International Settlements


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LECTURERS

EXTERNAL LECTURERS

Philippe Bacchetta is Swiss Finance Institute professor of economics at the University of Lausanne and chairman of the economics department. He is program director for In-ternational Macroeconomics and Finance at CEPR (Centre for Economic Policy Research, London). He was director of the Study Cen-ter Gerzensee from 1998 to 2007. He re-ceived his Ph.D. and M.A. in economics from Harvard University and his B.A. and M.S. in economics from the University of Lausanne. Philippe Bacchetta has taught at several

universities in Europe and has been an academic consultant at various central banks. He is a fellow of the European Economic Association and has been president of the Swiss Society of Economics and Statistics and a member of the Swiss National Re-search Council. In 2011 he was awarded an Advanced Researcher Grant by the European Research Council. His research interests include open economy macroeconomics, financial crises, and monetary economics.

Philippe Bacchetta

Giancarlo Corsetti is professor of macro-economics at the University of Cambridge. Between 2003 and 2010, he was Pierre Werner Chair at the European University Institute. He has taught at the Universities of Rome III, Bologna, and Yale. His research is focused on international dimensions of eco-nomic policy. His contributions range from theoretical and empirical work on fiscal and monetary policy, to analyses of currency and

financial crises and their international con-tagion. He has published articles in leading academic journal. From 2005 to 2016, he was co-editor of the Journal of International Economics. Corsetti has long developed re-search collaboration with monetary author-ities and policy institutions in Europe and overseas. He is Director of the Cambridge- Inet Institute, a fellow of Centre for Eco-nomic Policy Research.

Giancarlo Corsetti

Pierpaolo Benigno is professor of economics at LUISS Guido Carli. He is Research Fellow of CEPR (Centre for Economic Policy Re-search) and EIEF (Einaudi Institute for Eco-nomics and Finance). He holds a degree in economics from Bocconi University and a Ph.D. in economics from Princeton. He pre-

viously taught at New York University and Columbia University. Pierpaolo Benigno’s areas of research are open-economy mac-roeconomics and monetary economics. He has published articles in leading academic journals, and is currently co-editor of the In-ternational Journal of Central Banking.

Pierpaolo Benigno

Roberto Chang is a professor of economics at Rutgers University, the State University of New Jersey, and a Research Associate at the National Bureau of Economic Research. Before joining Rutgers, he was an assistant professor at New York University and a re-search officer at the Federal Reserve Bank of Atlanta. He has also taught at Princeton and Columbia. Professor Chang has pub-lished extensively on monetary economics, exchange rate policy, and financial crises. He has written on the dynamics and credi-

bility of monetary policy; the links between banking panics, exchange rate regimes, and currency crashes; and the macroeconomic impacts of balance sheet effects, currency mismatches, and financial frictions. He has been a Peter Kenen International Economics Fellow at Princeton University and recently received a Rutgers University Board of Trust-ees award for excellence in research. He is a frequent visitor, consultant, and advisor to several international financial organizations and central banks around the world.

Roberto Chang

Lawrence J. Christiano is the Alfred W. Chase Professor of business institutions in the department of economics at North- western University. Starting in the fall of 2016, he will also be Economics Department Chair. He is a consultant at several Federal Reserve Banks and has been a regular visi-

tor to the European Central Bank and the International Monetary Fund. He is a fellow of the Econometric Society and has been associate editor of several journals. He has published widely in the areas of macroeco-nomics and applied time series analysis.

Lawrence J. Christiano


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Behzad Diba is a professor of economics at Georgetown University. He received his Ph.D. in economics in 1984 from Brown University. He has taught courses on macro-

economics, financial markets, international finance, and applications of mathematical methods. His research interests are in macroeconomics and international finance.

Behzad Diba

Carlo Favero holds a D.Phil. from Oxford University, where he was a member of the Oxford Econometrics Research Centre. He has been professor of econometrics at Boc-coni University from 1994 to 2001 and pro-fessor of Economics since 2002. In 2009 he joined the newly formed department of fi-nance at Bocconi University, where he holds the Deutsche Bank Chair in Asset Pricing and Quantitative Finance. He has published in scholarly journals on the econometric modelling of bond and stock prices, applied econometrics, monetary and fiscal policy

and time-series models for macroeconomics and finance. He is a research fellow of CEPR in the International Macroeconomics pro-gramme. He has been advisor to the Italian Treasury for the construction of an econo-metric model of the Italian economy. He has been a consultant for the European Com-mission, the World Bank and the European Central Bank. He is member of the Wize Men Committee of Borsa Italiana and of the editorial board of the Bocconi Springer Series in Mathematics, Statistics, Finance and Economics.

Carlo Favero

Charles Goodhart is Emeritus Professor of Banking and Finance with the Finan-cial Markets Group at the London School of Economics, having previously, 1987 to 2005, been its Deputy Director. Until his re-tirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England’s new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple

of books on monetary history; a graduate monetary textbook, Money, Information and Uncertainty (2nd Ed. 1989); two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System (1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002 to 2004, and numerous other studies relat-ing to financial markets and to monetary policy and history. His latest books include The Basel Committee on Banking Supervi-sion: A History of the Early Years, 1974 to 1997, (2011), and The Regulatory Response to the Financial Crisis, (2009).

Charles Goodhart

Martín Gonzalez-Eiras is associate pro-fessor of economics at the University of Copenhagen. He holds a Ph.D. in econom-ics from MIT, and has been on the faculty of Universidad de San Andres (Argentina) and Universidad Adolfo Ibáñez (Chile). He held visiting positions at IIES, Study Center Gerzensee, and Columbia University. He has research interests in macroeconomics, poli-

tical economy, public finance and banking. He has published in the Journal of Monetary Economics, European Economic Review and Review of Economic Dynamics. He has been a consultant at the IADB and has received a variety of grants and awards, including the GDN First Prize Medal in Financial Markets and a Fulb right research grant.

Martin Gonzalez-Eiras

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Sarah M. Lein is Tenure-Track Assistant Pro-fessor of Macroeconomics at the University of Basel. Before joining the University of Basel in 2014, she worked as a senior economist in the Economic Analysis unit at the Swiss National Bank for more than six years. She holds a PhD from the University of Zurich and a Master’s degree in Economics from the Uni-versity of Konstanz. She is an applied mac-roeconomist with research interests in the fields of monetary economics and business

cycles. Her recent research focuses on the intersection between price-setting behavior of firms at the microeconomic level and the inflation process at the macroeconomic level. Furthermore, she has worked on estimates of the Phillips curve relationship based on micro data, imperfect information in monetary eco-nomics, and on the economics of reforms. Sarah Lein is also an associated research pro-fessor at KOF ETH Zurich.

Sarah M. Lein

Amit Goyal is a professor of finance at HEC Lausanne. Formerly on the faculty of Emory University (Atlanta, USA), he holds a Ph.D. in finance from University of California at Los Angeles. He has research interests in em-pirical asset pricing, predictability of stock

returns, portfolio optimization, and pension funds. His papers have been published in a variety of academic journals including the Journal of Finance, the Journal of Finan-cial Economics, and the Review of Financial Studies.

Amit Goyal

Michel Habib is professor of finance at the University of Zurich. His main research in-terests are corporate finance and the the-ory of the firm. His research has appeared in a number of academic and practitioner publications, such as the Journal of Applied Corporate Finance, the Journal of the Euro-pean Economic Association, the Journal of

Finance, and the Review of Financial Studies. He directed the NCCR FINRISK from 2009 to 2013. He is a graduate of McGill University and the Wharton School of the University of Pennsylvania and was associate professor of finance at the London Business School prior to joining the University of Zurich.

Michel Habib

Philipp Harms is professor of economics at Johannes Gutenberg University Mainz (Germany) and joined the Study Center Gerzensee in September 2002. Before re-ceiving his doctorate in economics from the University of St. Gallen in 1999, he attend-ed the Program for Doctoral Students at Gerzensee. Upon graduation, he joined the faculty of the University of Konstanz, where

he worked as an assistant professor from 1999 until 2004. From 2004 until 2010 he was professor of macroeconomics at RWTH Aachen University. His main research areas are international economics, macroeco-nomics and political economy. He has pub-lished several papers in these areas as well as a masters-level textbook on international macroeconomics.

Philipp Harms

Erwan Morellec is Swiss Finance Institute pro-fessor and professor of finance at EPFL (Swiss Federal Institute of Technology), Switzerland. Formerly on the faculties of the University of Rochester (USA) and of the University of Lausanne (Switzerland), he holds a Ph.D. in finance from HEC Paris. He is the head of the Swiss Finance Institute (SFI) doctoral pro-gram and a CEPR research fellow. He has research interests in banking and corporate

finance with a specific focus on financing decisions, credit risk, liquidity management and risk management. His papers have been published in a variety of academic journals including the Journal of Finance, the Journal of Financial Economics, the Review of Finan-cial Studies, the Review of Finance, and the Journal of Economic Theory.

Erwan Morellec


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Michael Rockinger is professor of finance at HEC Lausanne and a member of the Swiss Finance Institute. He is a former scientific consultant of the Banque de France. He earned a Ph.D. in economics at Harvard Uni-versity after graduating in mathematics from the Swiss Federal Institute of Technology. Recently he published a 540 pages book on how to model “Non-Gaussian Finance” with Springer. He has extensively published

in international journals. Michael Rockinger has also been a visiting professor at the New Economic School in Moscow, the London Business School, Amos Tuck Business School at Dartmouth College, as well as at the Uni-versity of California San Diego. His research interests are split in three strands: the infor-mation content of financial derivative instru-ments, financial stability, as well as financial modeling aspects of pension funds.

Michael Rockinger

Stephanie Schmitt-Grohé is a professor of economics at Columbia University. She is a research associate of the National Bureau of Economic Research, a research affiliate of the Centre for Economic Policy Research, London, and currently a Regular Research Visitor in the Directorate General Research of the European Central Bank. Her re-search and writings have primarily focused

on macroeconomic issues, in particular monetary and fiscal policy in the open and closed economy. She is a co-author (with Martín Uribe) of the 2017 graduate text-book “Open Economy Macroeconomics’’ published by Princeton University Press. Schmitt-Grohé is a native of Germany and received her doctorate in economics in 1994 from the University of Chicago.

Stephanie Schmitt-Grohé

Roberto Steri is assistant professor of finance at HEC Lausanne. He earned a Ph.D. in finance at Bocconi University after graduating in engineering from the Polytechnic University of Milan. He was an adjunct professor of Economics at Duke University, where he was teaching an elective class in the Daytime MBA program. During his PhD, Roberto Steri was a visiting scholar at Duke

University and at Central European Univer- sity. His current research interest encompass the links between corporate financing and stock prices, dynamic corporate liquidity, computational methods for economics, and the optimal design of procurement auctions. Before joining academia, Roberto worked as a banking consultant and as an analyst for merges and acquisitions.

Roberto Steri

Ernst-Ludwig von Thadden is professor of microeconomics and finance at the Univer-sity of Mannheim. He was previously pro-fessor of economics at the Département d’Econométrie et Economie Politique at the University of Lausanne. He obtained his Ph.D. in economics at the University of Bonn within the “European Doctoral Program in Economics” in 1991, after an undergradu-ate degree in mathematics and economics at the university of Heidelberg and M.Phil. studies at the London School of Econom-ics. He is research fellow at the Center for Economic Policy Research (London), fellow of the European Economic Association, and

former resident fellow of the Center for Ad-vanced Studies in the Behavioral Sciences in Stanford. He was director of the doctoral program of the International Center FAME at the Universities of Lausanne and Gene-va and director of the Graduate School in Economic and Social Sciences at Mannheim University. He has been a co-organiser of the European Summer Symposium in Financial Markets, board member of several journals and a consultant to the World Bank and other international institutions. His research covers corporate finance, banking, interna-tional finance, political economy, and con-tract theory.

Ernst-Ludwig von Thadden

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LECTURERS OF THE STUDY CENTER

Nils Herger is program manager of the Cen-tral Bankers’ Courses at the Study Center Gerzensee and lecturer at the University of Bern. He studied for a BA. in economics at the Universities of Bern and Neuchâtel and received an MSc. and Ph.D. in economics from the University of Exeter (United King-dom). Nils has also worked as an economic advisor for the Swiss Competition Com-mission and the Swiss Business Federation, held a post-doctoral position in international

trade and finance at the University of Bern, and has taught international finance at the Swiss Distance Learning University. His re-search on a range of topics in internation-al trade and finance, exchange rates, and the role of multinational firms in the world economy has been published in a variety of academic journals. Furthermore, he is the author of an introductory book on central banking.

Nils Herger

Sylvia Kaufmann is Deputy Director of the Study Center Gerzensee and lecturer at the University of Basel. She is member of the monetary theory and policy committee and the econometrics committee of the Verein für Socialpolitik. Sylvia Kaufmann received her habilitation from the University of Basel, where she stayed as Visiting Scholar and Visiting Professor on several occasions. She holds a licentiate and a doctorate from the University of Bern. After her dissertation, she became Assistant Professor at the Univer-

sity of Vienna. As consultant, she worked for the Economic Analysis Division of the Austrian Central Bank, before joining the Austrian Central Bank as Research Econo-mist in the Economic Studies Division. Pre-vious to joining the Study Center she was Senior Staff member of the Swiss National Bank in the Inflation Forecasting Unit. Her research interests include macroeconomics, monetary policy, applied time series econo-metrics.

Sylvia Kaufmann


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The Study Center Gerzensee invites Central Banks to nominate candidates for the Central Bankers’ Courses. The courses are free of charge and include room and full board at the Study Center. However, the sponsoring institution must cover travel expenses to Switzerland and back and must certify that participants have an adequate insurance covering medical and hospital expenses in

ADMINISTRATION AND FUNDING

case of illness or accident. Furthermore, it is highly recommended that participants have adequate funds for shopping, personal trips, telephone calls and the like. Participants are responsible to obtain visas for their entire trip (including transit destinations). Accom-modation is offered in single rooms. Partici-pants are not allowed to bring along familiy members or other accompanying persons.

We cater to special diets. All participants can choose between meat, fish and vegetarian meals. The sponsoring institution certifies that, immediately prior to the course, the participant is not suffering from any medi-cal condition that could prevent his/her full attendance. The Study Center does not as-sume any liability for participants’ personal belongings.

Only one application per course may be sub-mitted from each central bank. As places are limited, we cannot guarantee acceptance. Candidates who have already attended a Central Bankers’ Course are not considered again.

The applicant must be sponsored by the re-spective central bank which certifies that the applicant, if accepted,– will receive leave of absence with regular

pay for the duration of the entire course– will be given no duties or assignments that

might conflict with his/her participation– is under obligation to attend the entire

course– is able to express himself/herself in English

fluently– has adequate insurance coverage

ADMISSION

Applications should be sent together with a recommendation letter either by post or courier and must be received by October 15, 2017. An electronic version of the application form and recommendation letter form can be downloaded from the Study Center’s homepage www.szgerzensee.ch/courses/central-bankers/2018. Late applica-tions and applications sent by fax or e-mail will not be considered. All mail should be addressed to: Study Center Gerzensee, Cen-tral Bankers’ Courses, Ms. Susanne Senn, Dorfstrasse 2, 3115 Gerzensee, Switzer-land. The sponsoring central bank will be informed about the decision of the Admis-sions Committee by the end of November 2017. You may contact the Study Center Gerzensee using:

Telephone +41 31 780 31 02Fax +41 31 780 31 00Internet www.szgerzensee.che-mail [email protected]

LOCATION

Study Center GerzenseeDorfstrasse 2, 3115 Gerzensee, SwitzerlandPhone +41 31 780 31 02, Fax +41 31 780 31 [email protected], www.szgerzensee.ch

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