CENTRAL BANKERS PROGRAM 2018 - Study Center Gerzensee
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www.szgerzensee.ch
Foundation 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
1Photos: Corinne Conti Ambühl, Susanne Senn-Graf Design: Gerber Druck AG, Steffisburg
Central Bankers Program 2018
INTRODUCTORY MESSAGE
The Study Center Gerzensee, Foundation of lecturers as well as specialists from the Swiss In the coming year, the Study Center Ger-
the Swiss National Bank, opened its doors in National Bank and other partner institutions. zensee offers six courses for central bank
1986 to serve as an international training, re- economists. This brochure describes the
search and conference center for economists Over the last decades, central bank staff courses and their lecturers and provides ad-
and central bank staff. The Center is located representing more than one hundred and ministrative information.
in an old manor in the heart of Switzerland. fifty monetary authorities has participated in
High-ranking members of the Swiss National the Center’s Central Bankers’ Courses. We We hope that you find the program attractive
Bank, the government as well as the aca- appreciate the strong interest in our courses and are looking forward to welcoming inter-
demic and business community serve on its and are grateful for the long-standing coop- ested and motivated course participants from
Foundation Council and Advisory Committee eration. And we strive to continually offer pro- all over the world to Gerzensee.
for Education and Training. The faculty is grams of the highest quality, covering topics
composed of the Study Center’s teaching of first-order importance for central banks and Prof. Dirk Niepelt
staff and external, internationally renowned emphasizing both theory and applications. Director
COURSES
The following courses are offered All courses are offered free of charge. Par- to develop a deeper understanding of the
in 2018 ticipants must be fluent in English since no various subjects. Visits to the Swiss National
translation is provided. As several of the Bank or the Bank for International Settle-
Inflation Forecasting and Monetary Policy, topics covered in the courses require formal ments typically complement the program.
jointly with Swiss National Bank analysis, proficiency in mathematics at least
February 5 – 16 at the high school level is required. On weekends, excursions to beautiful areas
of Switzerland provide a welcome change to
Monetary Policy, Exchange Rates, Courses employ a variety of teaching the course work.
and Capital Flows methods, taking full advantage of the small
March 12 – 29 class size and the infrastructure at the Cen-
ter. Each topic is introduced in a classroom
Financial Stability, jointly with lecture. Group work, case studies, computer
Swiss National Bank exercises, and discussions among the parti-
April 9 – 20 cipants with their diverse backgrounds help
Monetary Theory and Policy
May 14 – 31
Advanced Topics in Monetary Economics
August 20 – 31
Instruments of Financial Markets
September 10 – 27
3www.szgerzensee.ch
INFLATION FORECASTING AND MONETARY POLICY
Pierpaolo Benigno FEBRUARY 5 – 16, 2018 evaluate the forecasting ability of time se-
LUISS Guido Carli, Rome ries models. The third part of the course,
This two-week course, organized in colla- taught by Professor Carlo Favero, discusses
Carlo Favero boration with the Swiss National Bank, pro- the role of financial markets for forecasting
Università Bocconi, Milan vides an in-depth analysis of central bank purposes. This includes methods to extract
policies aimed at controlling inflation and investors’ inflation forecasts and expecta-
Experts from the stabilizing economic fluctuations. Special tions from indicators and prices in financial
Swiss National Bank emphasis is given to the economic and markets. The final part, taught by staff of
econometric tools to forecast inflation. the inflation forecasting and monetary po-
Lecturers and staff licy analysis units of the Swiss National Bank,
of the Study Center The first part of the course, taught by Pro- reviews the models used for inflation fore-
fessor Pierpaolo Benigno, is devoted to casting in Switzerland.
macroeconomic models. Topics include the
role of inflation targeting in New-Keynesian The course is designed for staff members in
models, monetary policy with near zero in- research and policy analysis units focusing
terest rates, as well as models of small open on inflation. The ideal age is between 30
economies and macro-prudential policies. and 40 years. Some years of professional
The second part of the course provides an experience in the central bank are a precon-
applied review of time series techniques dition for attending the course. Candidates
such as vector autoregressions, vector- with a Ph.D. are preferred. Participants with
error-correction-models, and techniques to a Master’s degree may be accepted.
4Central Bankers Program 2018
MONETARY POLICY, EXCHANGE RATES, AND CAPITAL FLOWS
Philippe Bacchetta MARCH 12 – 29, 2018 policy. This includes a review of statistical
University of Lausanne concepts and computational techniques,
This three-week course reviews monetary as well as an introduction to the software
Giancarlo Corsetti policy topics in open economies, focusing package EViews. In addition, participants
University of Cambridge specifically on issues related to exchange learn econometric methods ranging from
rates and capital flows. ordinary least squares to more advanced
Philipp Harms techniques such as vector autoregression
Johannes Gutenberg University Mainz The first part of the course covers topics in (VAR) analysis.
international macroeconomics such as the
Experts from the determinants of the current account, the Experts from the Swiss National Bank
Swiss National Bank link between exchange rates and prices, ex- provide an overview over the conduct of
change rates and interest rates, the role of monetary policy in Switzerland, specifical-
Lecturers and staff exchange rate regimes, international capital ly the monetary policy strategy, the role of
of the Study Center flows, implications of financial globaliza- the exchange rate, policy implementation,
tion, as well as fiscal and monetary policy in and the management of foreign exchange
the open economy. The second part of the reserves.
course focuses on financial and sovereign
debt crises, dollarization, global financial The course is designed for staff members
imbalances, monetary stabilization in res- in middle management positions at central
ponse to capital flows, and the performance banks. The ideal age is between 30 and
of exchange rate regimes. 40 years. Some years of professional expe-
rience in the central bank are a precondi-
A sizable part of the course is dedicated tion for attending the course. Applicants
to empirical methods that are applied to holding a university degree in economics are
study questions related to the balance of preferred. Participants must be familiar with
payments, exchange rates, and monetary elementary mathematics and statistics.
5www.szgerzensee.ch
FINANCIAL STABILITY
Philippe Bacchetta APRIL 9 – 20, 2018 contagion, and systemic risk, as well as
University of Lausanne macroeconomic perspectives on financial
This two-week course is organized in colla- instability and the link between financial in-
Martin Gonzalez-Eiras boration with the Swiss National Bank. It novation and financial instability. The second
University of Copenhagen provides an introduction to financial stability, week is devoted to practical applications.
crisis prediction, prevention, and manage- Representatives from different institutions
Michael Rockinger ment. The course adopts the perspective discuss methods for forecasting and pre-
University of Lausanne of a central banker who is interested in the venting instability and approaches to man-
stability of the financial system as a whole, age and resolve a crisis with due attention
Ernst-Ludwig von Thadden rather than in the solvency of individual to institutional, legal and practical aspects.
University of Mannheim financial institutions. Participants focus on
the structures and mechanisms that cause Experts from the Swiss National Bank
Experts from or propagate financial disturbances and discuss current issues in financial stability.
the Swiss National Bank on the policy instruments for preventing
or fighting crises. The course covers micro- The course is designed for economists in
Lecturers and staff and macroeconomic concepts and teaches either research functions or middle manage-
of the Study Center statistical and empirical tools. ment positions, preferably with a few years
professional experience. The ideal age is
In the first week, the course introduces the between 30 and 40 years. Candidates with
theory and empirics of financial instability. a Ph.D. are preferred; participants with a
Participants review fundamental microeco- Master’s degree may be accepted.
nomic subjects such as the fragility of banks,
6Central Bankers Program 2018
MONETARY THEORY AND POLICY
Roberto Chang MAY 14 – 31, 2018 Part of the course is dedicated to the study
Rutgers University of empirical techniques related to monetary
This three-week course introduces the basic theory and policy. This includes a brief re-
Charles Goodhart analytical concepts and empirical methods view of statistical concepts and computa-
The London School of Economics to understand monetary policy, specifically tional techniques, as well as an introduction
in open economies. to the software package Eviews.
Bezhad Diba
Georgetown University The first part of the course covers basic Experts from the Swiss National Bank pro-
concepts including national accounts, the vide an overview over the conduct of
Philip Harms intertemporal approach to the balance monetary policy in Switzerland, specifically
Johannes Gutenberg University Mainz of payments, and the determination of the monetary policy strategy, the role of the
nominal and real exchange rates. The sec- exchange rate, as well as practical policy
Sarah Lein ond part deals with more advanced topics implementation.
University of Basel in monetary macroeconomics, including
the New-Keynesian model, the role of ex- The course is designed for staff members
Lecturers and staff change rate regimes, international reserve in middle management positions at central
of the Study Center currencies, and domestic and international banks. The ideal age is between 30 and
transmission channels of monetary policy. 40 years. A university degree in economics
The final part of the course is devoted to or a closely related field, and some years of
the interaction between monetary and fis- professional experience in the central bank
cal policy. Topics include interdependencies are a precondition for attending the course.
between public debt, interest rates and in- Participants must be familiar with elementa-
flation, the fiscal theory of the price level, ry mathematics and statistics.
and other fiscal aspects of monetary policy.
7www.szgerzensee.ch
ADVANCED TOPICS IN MONETARY ECONOMICS
Lawrence J. Christiano AUGUST 20 – 31, 2018 and analyzing DSGE models, and covers
Northwestern University extensions of the standard New-Keynesian
This two-week course covers Dynamic Sto- DSGE model to include network effects in
Stephanie Schmitt-Grohé chastic General Equilibrium (DSGE) models production as well as financial frictions. The
Columbia University as well as quantitative methods for policy course primarily follows a lecture format but
analysis based on them. also includes computer sessions featuring
Experts from the the estimation of DSGE models using
Swiss National Bank The first week of the course focuses on re- Dynare and the analysis of monetary policy
cent research in monetary economics with problems.
Lecturers and staff lessons directly relevant for monetary policy.
of the Study Center It emphasizes topics related with open eco- The course is designed for research econo-
nomy macroeconomics, including financial mists with a Ph.D. degree. Candidates with
frictions, macroprudential policies, overbor- a Master’s degree may also be considered if
rowing, nominal exchange rate policies, their mathematical and statistical skills are at
capital controls, and lending under limited the Ph.D. level.
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
8Central Bankers Program 2018
INSTRUMENTS OF FINANCIAL MARKETS
Philippe Bacchetta SEPTEMBER 10 – 27, 2018 the third week provides an in-depth anal-
University of Lausanne ysis of advanced financial instruments and
This course provides an introduction to their use for risk management purposes. It
Amit Goyal financial instruments and the analysis of reviews the characteristics of derivative as-
University of Lausanne capital markets. It adapts the view of a sets such as forward/future contracts and
central banker who needs to understand options. Several practical exercises, using
Michel A. Habib financial instruments both in terms of their actual data, familiarize participants with
University of Zurich economic role and their actual use. Particu- these instruments. The final section discuss-
lar emphasis is given to financial institutions’ es risk-management concepts such as value
Erwan Morellec risk management. at risk and expected shortfall.
Swiss Federal Institute of Technology
The first week of the course reviews fun- Experts from the Bank for International
Michael Rockinger damental concepts in finance and macro- Settlements and the Swiss National also
University of Lausanne economics, including asset returns, market contribute to the program, emphasizing
efficiency, portfolio theory, the CAPM, mon- practical aspects in their presentations.
Roberto Steri etary policy and financial markets, foreign
University of Lausanne exchange markets, as well as financial crises. The course is designed for staff members
in middle management positions at central
Experts from the The second week starts with an introduc- banks. The ideal age is between 30 and
Swiss National Bank and the tion to the pricing of financial assets and 40 years. Several years of professional expe-
Bank for International Settlements proceeds to illustrate various bond charac- rience in the central bank are a precondition
teristics in the context of three case studies: for attending the course. Applicants holding
Lecturers and staff the Greek debt exchange (bond yields and a university degree in economics or business
of the Study Center haircuts), Kentish Town Capital (convexity are preferred. Participants must be familiar
and arbitrage), and Banc One (duration and with basic mathematics and statistics.
immunization). Against this background,
9www.szgerzensee.ch
LECTURERS
EXTERNAL LECTURERS
Philippe Bacchetta Philippe Bacchetta is Swiss Finance Institute universities in Europe and has been an aca-
professor of economics at the University of demic consultant at various central banks.
Lausanne and chairman of the economics He is a fellow of the European Economic
department. He is program director for In- Association and has been president of the
ternational Macroeconomics and Finance at Swiss Society of Economics and Statistics
CEPR (Centre for Economic Policy Research, and a member of the Swiss National Re-
London). He was director of the Study Cen- search Council. In 2011 he was awarded an
ter Gerzensee from 1998 to 2007. He re- Advanced Researcher Grant by the European
ceived his Ph.D. and M.A. in economics from Research Council. His research interests
Harvard University and his B.A. and M.S. in include open economy macroeconomics,
economics from the University of Lausanne. financial crises, and monetary economics.
Philippe Bacchetta has taught at several
Pierpaolo Benigno Pierpaolo Benigno is professor of economics viously taught at New York University and
at LUISS Guido Carli. He is Research Fellow Columbia University. Pierpaolo Benigno’s
of CEPR (Centre for Economic Policy Re- areas of research are open-economy mac-
search) and EIEF (Einaudi Institute for Eco- roeconomics and monetary economics. He
nomics and Finance). He holds a degree in has published articles in leading academic
economics from Bocconi University and a journals, and is currently co-editor of the In-
Ph.D. in economics from Princeton. He pre- ternational Journal of Central Banking.
Roberto Chang Roberto Chang is a professor of economics bility of monetary policy; the links between
at Rutgers University, the State University banking panics, exchange rate regimes, and
of New Jersey, and a Research Associate at currency crashes; and the macroeconomic
the National Bureau of Economic Research. impacts of balance sheet effects, currency
Before joining Rutgers, he was an assistant mismatches, and financial frictions. He has
professor at New York University and a re- been a Peter Kenen International Economics
search officer at the Federal Reserve Bank Fellow at Princeton University and recently
of Atlanta. He has also taught at Princeton received a Rutgers University Board of Trust-
and Columbia. Professor Chang has pub- ees award for excellence in research. He is a
lished extensively on monetary economics, frequent visitor, consultant, and advisor to
exchange rate policy, and financial crises. several international financial organizations
He has written on the dynamics and credi- and central banks around the world.
Lawrence J. Christiano Lawrence J. Christiano is the Alfred W. tor to the European Central Bank and the
Chase Professor of business institutions International Monetary Fund. He is a fellow
in the department of economics at North- of the Econometric Society and has been
western University. Starting in the fall of associate editor of several journals. He has
2016, he will also be Economics Department published widely in the areas of macroeco-
Chair. He is a consultant at several Federal nomics and applied time series analysis.
Reserve Banks and has been a regular visi-
Giancarlo Corsetti Giancarlo Corsetti is professor of macro- financial crises and their international con-
economics at the University of Cambridge. tagion. He has published articles in leading
Between 2003 and 2010, he was Pierre academic journal. From 2005 to 2016, he
Werner Chair at the European University was co-editor of the Journal of International
Institute. He has taught at the Universities of Economics. Corsetti has long developed re-
Rome III, Bologna, and Yale. His research is search collaboration with monetary author-
focused on international dimensions of eco- ities and policy institutions in Europe and
nomic policy. His contributions range from overseas. He is Director of the Cambridge-
theoretical and empirical work on fiscal and Inet Institute, a fellow of Centre for Eco-
monetary policy, to analyses of currency and nomic Policy Research.
10Central Bankers Program 2018
Behzad Diba Behzad Diba is a professor of economics economics, financial markets, international
at Georgetown University. He received his finance, and applications of mathematical
Ph.D. in economics in 1984 from Brown methods. His research interests are in macroe-
University. He has taught courses on macro- conomics and international finance.
Carlo Favero Carlo Favero holds a D.Phil. from Oxford and time-series models for macroeconomics
University, where he was a member of the and finance. He is a research fellow of CEPR
Oxford Econometrics Research Centre. He in the International Macroeconomics pro-
has been professor of econometrics at Boc- gramme. He has been advisor to the Italian
coni University from 1994 to 2001 and pro- Treasury for the construction of an econo-
fessor of Economics since 2002. In 2009 he metric model of the Italian economy. He has
joined the newly formed department of fi- been a consultant for the European Com-
nance at Bocconi University, where he holds mission, the World Bank and the European
the Deutsche Bank Chair in Asset Pricing Central Bank. He is member of the Wize
and Quantitative Finance. He has published Men Committee of Borsa Italiana and of
in scholarly journals on the econometric the editorial board of the Bocconi Springer
modelling of bond and stock prices, applied Series in Mathematics, Statistics, Finance
econometrics, monetary and fiscal policy and Economics.
Charles Goodhart Charles Goodhart is Emeritus Professor of books on monetary history; a graduate
of Banking and Finance with the Finan- monetary textbook, Money, Information and
cial Markets Group at the London School Uncertainty (2nd Ed. 1989); two collections
of Economics, having previously, 1987 to of papers on monetary policy, Monetary
2005, been its Deputy Director. Until his re- Theory and Practice (1984) and The Central
tirement in 2002, he had been the Norman Bank and The Financial System (1995); and
Sosnow Professor of Banking and Finance at a number of books and articles on Financial
LSE since 1985. Before then, he had worked Stability, on which subject he was Adviser to
at the Bank of England for seventeen years the Governor of the Bank of England, 2002
as a monetary adviser, becoming a Chief to 2004, and numerous other studies relat-
Adviser in 1980. In 1997 he was appointed ing to financial markets and to monetary
one of the outside independent members policy and history. His latest books include
of the Bank of England’s new Monetary The Basel Committee on Banking Supervi-
Policy Committee until May 2000. Earlier he sion: A History of the Early Years, 1974 to
had taught at Cambridge and LSE. Besides 1997, (2011), and The Regulatory Response
numerous articles, he has written a couple to the Financial Crisis, (2009).
Martin Gonzalez-Eiras Martín Gonzalez-Eiras is associate pro- tical economy, public finance and banking.
fessor of economics at the University of He has published in the Journal of Monetary
Copenhagen. He holds a Ph.D. in econom- Economics, European Economic Review and
ics from MIT, and has been on the faculty Review of Economic Dynamics. He has been
of Universidad de San Andres (Argentina) a consultant at the IADB and has received a
and Universidad Adolfo Ibáñez (Chile). He variety of grants and awards, including the
held visiting positions at IIES, Study Center GDN First Prize Medal in Financial Markets
Gerzensee, and Columbia University. He has and a Fulb right research grant.
research interests in macroeconomics, poli-
11www.szgerzensee.ch
Amit Goyal Amit Goyal is a professor of finance at HEC returns, portfolio optimization, and pension
Lausanne. Formerly on the faculty of Emory funds. His papers have been published in a
University (Atlanta, USA), he holds a Ph.D. in variety of academic journals including the
finance from University of California at Los Journal of Finance, the Journal of Finan-
Angeles. He has research interests in em- cial Economics, and the Review of Financial
pirical asset pricing, predictability of stock Studies.
Michel Habib Michel Habib is professor of finance at the Finance, and the Review of Financial Studies.
University of Zurich. His main research in- He directed the NCCR FINRISK from 2009 to
terests are corporate finance and the the- 2013. He is a graduate of McGill University
ory of the firm. His research has appeared and the Wharton School of the University of
in a number of academic and practitioner Pennsylvania and was associate professor of
publications, such as the Journal of Applied finance at the London Business School prior
Corporate Finance, the Journal of the Euro- to joining the University of Zurich.
pean Economic Association, the Journal of
Philipp Harms Philipp Harms is professor of economics he worked as an assistant professor from
at Johannes Gutenberg University Mainz 1999 until 2004. From 2004 until 2010 he
(Germany) and joined the Study Center was professor of macroeconomics at RWTH
Gerzensee in September 2002. Before re- Aachen University. His main research areas
ceiving his doctorate in economics from the are international economics, macroeco-
University of St. Gallen in 1999, he attend- nomics and political economy. He has pub-
ed the Program for Doctoral Students at lished several papers in these areas as well
Gerzensee. Upon graduation, he joined the as a masters-level textbook on international
faculty of the University of Konstanz, where macroeconomics.
Sarah M. Lein Sarah M. Lein is Tenure-Track Assistant Pro- cycles. Her recent research focuses on the
fessor of Macroeconomics at the University intersection between price-setting behavior
of Basel. Before joining the University of Basel of firms at the microeconomic level and the
in 2014, she worked as a senior economist inflation process at the macroeconomic level.
in the Economic Analysis unit at the Swiss Furthermore, she has worked on estimates of
National Bank for more than six years. She the Phillips curve relationship based on micro
holds a PhD from the University of Zurich and data, imperfect information in monetary eco-
a Master’s degree in Economics from the Uni- nomics, and on the economics of reforms.
versity of Konstanz. She is an applied mac- Sarah Lein is also an associated research pro-
roeconomist with research interests in the fessor at KOF ETH Zurich.
fields of monetary economics and business
Erwan Morellec Erwan Morellec is Swiss Finance Institute pro- finance with a specific focus on financing
fessor and professor of finance at EPFL (Swiss decisions, credit risk, liquidity management
Federal Institute of Technology), Switzerland. and risk management. His papers have been
Formerly on the faculties of the University published in a variety of academic journals
of Rochester (USA) and of the University of including the Journal of Finance, the Journal
Lausanne (Switzerland), he holds a Ph.D. in of Financial Economics, the Review of Finan-
finance from HEC Paris. He is the head of cial Studies, the Review of Finance, and the
the Swiss Finance Institute (SFI) doctoral pro- Journal of Economic Theory.
gram and a CEPR research fellow. He has
research interests in banking and corporate
12Central Bankers Program 2018
Michael Rockinger Michael Rockinger is professor of finance at in international journals. Michael Rockinger
HEC Lausanne and a member of the Swiss has also been a visiting professor at the New
Finance Institute. He is a former scientific Economic School in Moscow, the London
consultant of the Banque de France. He Business School, Amos Tuck Business School
earned a Ph.D. in economics at Harvard Uni- at Dartmouth College, as well as at the Uni-
versity after graduating in mathematics from versity of California San Diego. His research
the Swiss Federal Institute of Technology. interests are split in three strands: the infor-
Recently he published a 540 pages book mation content of financial derivative instru-
on how to model “Non-Gaussian Finance” ments, financial stability, as well as financial
with Springer. He has extensively published modeling aspects of pension funds.
Stephanie Schmitt-Grohé Stephanie Schmitt-Grohé is a professor of on macroeconomic issues, in particular
economics at Columbia University. She is a monetary and fiscal policy in the open and
research associate of the National Bureau closed economy. She is a co-author (with
of Economic Research, a research affiliate Martín Uribe) of the 2017 graduate text-
of the Centre for Economic Policy Research, book “Open Economy Macroeconomics’’
London, and currently a Regular Research published by Princeton University Press.
Visitor in the Directorate General Research Schmitt-Grohé is a native of Germany and
of the European Central Bank. Her re- received her doctorate in economics in 1994
search and writings have primarily focused from the University of Chicago.
Roberto Steri Roberto Steri is assistant professor of finance University and at Central European Univer-
at HEC Lausanne. He earned a Ph.D. in sity. His current research interest encompass
finance at Bocconi University after gradua- the links between corporate financing and
ting in engineering from the Polytechnic stock prices, dynamic corporate liquidity,
University of Milan. He was an adjunct computational methods for economics, and
professor of Economics at Duke University, the optimal design of procurement auctions.
where he was teaching an elective class in Before joining academia, Roberto worked as
the Daytime MBA program. During his PhD, a banking consultant and as an analyst for
Roberto Steri was a visiting scholar at Duke merges and acquisitions.
Ernst-Ludwig von Thadden Ernst-Ludwig von Thadden is professor of former resident fellow of the Center for Ad-
microeconomics and finance at the Univer- vanced Studies in the Behavioral Sciences in
sity of Mannheim. He was previously pro- Stanford. He was director of the doctoral
fessor of economics at the Département program of the International Center FAME
d’Econométrie et Economie Politique at at the Universities of Lausanne and Gene-
the University of Lausanne. He obtained his va and director of the Graduate School in
Ph.D. in economics at the University of Bonn Economic and Social Sciences at Mannheim
within the “European Doctoral Program in University. He has been a co-organiser of the
Economics” in 1991, after an undergradu- European Summer Symposium in Financial
ate degree in mathematics and economics Markets, board member of several journals
at the university of Heidelberg and M.Phil. and a consultant to the World Bank and
studies at the London School of Econom- other international institutions. His research
ics. He is research fellow at the Center for covers corporate finance, banking, interna-
Economic Policy Research (London), fellow tional finance, political economy, and con-
of the European Economic Association, and tract theory.
13www.szgerzensee.ch
LECTURERS OF THE STUDY CENTER
Nils Herger Nils Herger is program manager of the Cen- trade and finance at the University of Bern,
tral Bankers’ Courses at the Study Center and has taught international finance at the
Gerzensee and lecturer at the University of Swiss Distance Learning University. His re-
Bern. He studied for a BA. in economics at search on a range of topics in internation-
the Universities of Bern and Neuchâtel and al trade and finance, exchange rates, and
received an MSc. and Ph.D. in economics the role of multinational firms in the world
from the University of Exeter (United King- economy has been published in a variety of
dom). Nils has also worked as an economic academic journals. Furthermore, he is the
advisor for the Swiss Competition Com- author of an introductory book on central
mission and the Swiss Business Federation, banking.
held a post-doctoral position in international
Sylvia Kaufmann Sylvia Kaufmann is Deputy Director of the sity of Vienna. As consultant, she worked
Study Center Gerzensee and lecturer at the for the Economic Analysis Division of the
University of Basel. She is member of the Austrian Central Bank, before joining the
monetary theory and policy committee and Austrian Central Bank as Research Econo-
the econometrics committee of the Verein mist in the Economic Studies Division. Pre-
für Socialpolitik. Sylvia Kaufmann received vious to joining the Study Center she was
her habilitation from the University of Basel, Senior Staff member of the Swiss National
where she stayed as Visiting Scholar and Bank in the Inflation Forecasting Unit. Her
Visiting Professor on several occasions. She research interests include macroeconomics,
holds a licentiate and a doctorate from the monetary policy, applied time series econo-
University of Bern. After her dissertation, she metrics.
became Assistant Professor at the Univer-
14Central Bankers Program 2018
ADMINISTRATION AND FUNDING
The Study Center Gerzensee invites Central case of illness or accident. Furthermore, it is We cater to special diets. All participants can
Banks to nominate candidates for the Central highly recommended that participants have choose between meat, fish and vegetarian
Bankers’ Courses. The courses are free of adequate funds for shopping, personal trips, meals. The sponsoring institution certifies
charge and include room and full board at telephone calls and the like. Participants are that, immediately prior to the course, the
the Study Center. However, the sponsoring responsible to obtain visas for their entire participant is not suffering from any medi-
institution must cover travel expenses to trip (including transit destinations). Accom- cal condition that could prevent his/her full
Switzerland and back and must certify that modation is offered in single rooms. Partici- attendance. The Study Center does not as-
participants have an adequate insurance pants are not allowed to bring along familiy sume any liability for participants’ personal
covering medical and hospital expenses in members or other accompanying persons. belongings.
ADMISSION
Only one application per course may be sub- Applications should be sent together with Telephone +41 31 780 31 02
mitted from each central bank. As places are a recommendation letter either by post or Fax +41 31 780 31 00
limited, we cannot guarantee acceptance. courier and must be received by October Internet www.szgerzensee.ch
Candidates who have already attended a 15, 2017. An electronic version of the appli- e-mail susanne.senn@szgerzensee.ch
Central Bankers’ Course are not considered cation form and recommendation letter
again. form can be downloaded from the Study
Center’s homepage www.szgerzensee.ch/
The applicant must be sponsored by the re- courses/central-bankers/2018. Late applica-
spective central bank which certifies that the tions and applications sent by fax or e-mail
applicant, if accepted, will not be considered. All mail should be
– will receive leave of absence with regular addressed to: Study Center Gerzensee, Cen-
pay for the duration of the entire course tral Bankers’ Courses, Ms. Susanne Senn,
– will be given no duties or assignments that Dorfstrasse 2, 3115 Gerzensee, Switzer-
might conflict with his/her participation land. The sponsoring central bank will be
– is under obligation to attend the entire informed about the decision of the Admis-
course sions Committee by the end of November
– is able to express himself/herself in English 2017. You may contact the Study Center
fluently Gerzensee using:
– has adequate insurance coverage
15LOCATION
Study Center Gerzensee
Dorfstrasse 2, 3115 Gerzensee, Switzerland
Phone +41 31 780 31 02, Fax +41 31 780 31 00
susanne.senn@szgerzensee.ch, www.szgerzensee.chYou can also read
