CURRICULUM VITAE Prof. Dr. Clemens J.M. Kool Professor of Finance and Financial Markets, Utrecht School of Economics, Utrecht University
Address Kriekenpitplein 21-22, 3584 EC Utrecht P.O. Box 80125, 3508 TC Utrecht The Netherlands Tel (+31)-30-2539813/2539800 Fax (+31)-30-2537373 e-mail:
[email protected]
Other Affiliations 200320102011-
Extramural research Fellow Meteor, University Maastricht Member Academic Council Philips Pension Fund Academic Partner, CPB, The Netherlands
Education 1969-1975 1975-1981
Gymnasium B (with honors), St. Bonifatius College, Utrecht MSc in Econometrics and Operations Research (double degree), Erasmus University Rotterdam Ph.D. in Economics (with honors), Erasmus University Rotterdam. Title: Recursive Bayesian Forecasting in Economics: The Multi State Kalman Filter Method
1989
Previous Affiliations 1981-1990
Assistant Professor (UD) of Monetary Economics, Erasmus University Rotterdam Senior Economist, De Nederlandsche Bank, Amsterdam Associate Professor (UHD) of Monetary and International Economics, Universiteit Maastricht Professor of Money, Credit, and Banking and Jean Monnet professor of European Financial Markets, University Maastricht Netspar Senior Research Fellow
1990-1991 1991-1995 1996-2003
2005-2007
Visiting Positions 1993, 1999, 2011 1995
Research Scholar, Federal Reserve Bank of St.Louis Visiting Professor, Kelley School of Business, Indiana University
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Administration and Management (selection) 1995-1996 1996-1998 1999-2002 2003-2007 2003-2007 2007-2011 2007-2011 2003-2010 2006-2011
Member Faculty Council, University Maastricht Member Faculty Board, University Maastricht Chair Department Economics, University Maastricht Member Management Team, Utrecht University School of Economics Director Undergraduate Studies, Utrecht University School of Economics Head of Department, Utrecht University School of Economics Associate Dean Research, Faculty of Law, Economics and Governance Member (Treasurer 2005-2007) Board Network of General and Quantitative Economics, the Netherlands
Member Board The Royal Netherlands Economic Association
International (refereed) Journal Publications 2011 Central bank transparency and the crowding out of private information in financial markets (with M. Middeldorp and S. Rosenkranz), Journal of Money, Credit and Banking, 2011, vol 43, nr 4, pp. 765-774. 2009 Effects of Heterogeneity on Bank Efficiency Scores (with J. Bos, J. Kolari and M .Kötter), European Journal of Operational Research, 2009, vol. 195, pp. 251-261. European Economic Integration and (A)symmetry of Macroeconomic Fluctuations, Economic Modelling (with C. Economidou), vol. 6, nr. 4, 2009, pp. 778787. International Capital Mobility: Linking the Feldstein-Horioka Puzzle to the Trade and Equity Home Bias Puzzles, Cambridge Journal of Regions, Economy and Society (with L. Keijzer), vol. 2, nr.2, 2009, pp. 211-228. Non-linear target adjustment in corporate liquidity management: an endogenous thresholds approach, Applied Economics (with W. Allard Bruinshoofd), vol. 41 nr. 17, 2009, pp. 2125-2131. 2007 Accounting for Distress in Bank Mergers, Journal of Banking and Finance, (with J.Bos, M. Kötter, J. Kolari, F. Heid and D. Porath), vol. 31, 2007, pp. 3200-3217 Long Run Real Exchange Rate Determinants: Evidence from Eight New EU Member States, 1993-2003, (with B. Candelon, K. Raabe and T. van Veen), Journal of Comparative Economics, vol. 35, 2007, 87-107 Risk Return Preferences in the Pension Domain: Are People able to Choose (with M. van Rooij and H. Prast), Journal of Public Economics, vol. 91, 2007, pp. 701-722 2006 Financial Stability in European Banking: The Role of Common Factors, Open Economies Review, vol. 17, 2006, pp. 525-540. Bank Efficiency: the Role of Bank Strategy and Local Market Conditions (with Jaap Bos), Journal of Banking and Finance, vol. 30, 2006, 1953-1974.
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2005 Inflation Persistence under Semi-Fixed Exchange rate Regimes: the European Evidence 1974-1998, (with Alex Lammertsma), Open Economies Review, vol. 16, nr 1, 2005, 51-76. 2004 Dutch Corporate Liquidity Management: New evidence on Aggregation (with Allard Bruinshoofd), 2004, Journal of Applied Economics, vol. VII, no.2, November, 195-230. The Role of Inflation Differentials in Regional Adjustment: Evidence from the United States (with Ivo Arnold), Kredit und Kapital, vol. 37, nr 1, 2004, pp. 62-85 A Note on the Expectations Hypothesis at the Founding of the Fed (with Dan Thornton), 2004, Journal of Banking and Finance, vol. 28, December, pp. 3055-3068. 2002 The Cost of Capital in International Financial Markets: Local or Global (with K.G. Koedijk, P.C. Schotman, and M.A. van Dijk), Journal of International Money and Finance, 2002, vol. 21, no. 6, pp. 905-929. The Fat-tailedness of FX Returns (with Ronald Huisman Kees Koedijk, en Franz Palm), De Economist, vol. 150, no. 3, September 2002, pp 299-312. 2001 Tail Index Estimates in in Small Samples (with Ronald Huisman, Kees Koedijk en Franz Palm), Journal of Business and Economic Statistics, April 2001, 19(2), pp 208-216. 2000 and before The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes: Comment (with Alex Lammertsma), American Economic Review, March 2000, p. 312-315. International Bond Markets and the Introduction of the Euro, Federal Reserve Bank of St. Louis Review, September/October 2000, 82:5, pp. 41-56. Real interest Rates and Shifts in Macroeconomic Volatility (with Kees Koedijk and Francois Nissen), Journal of Empirical Finance, vol 5, 1998, 214-261 Extreme Support for Uncovered Interest Parity (with Ronald Huisman, Kees Koedijk and Francois Nissen), Journal of International Money and Finance, vol 17, 1998, pp. 211-228. Credibility of European Economic Convergence (with Hans Groeneveld and Kees Koedijk), Weltwirtschaftliches Archiv, 1998, band 134, heft 1, 1-24 Inflation Dynamics and Monetary Strategies: Evidence from Six Industrialized Countries (with J.M. Groeneveld and K.G. Koedijk), Open Economies Review, 1998, vol. 9 , nr 1, pp 21-38. Money, Prices and the Transition to EMU (with H. Groeneveld and K. Koedijk), Banco Nazionale di Lavoro Quarterly Review, 50, no. 203, December 1997, pp. 481-504 The Evidence on International Output-Inflation Trade-offs: an evaluation (with Alex Lammertsma and Kees Koedijk), Applied Economics Letters, 1997, 4, 233-236 Real Exchange Rates Between the Wars (with C.G. Koedijk), Journal of International Money and Finance, 1997, vol. 16, no. 2, pp. 211-232 The Case for Targeting Domestic Money Growth under Fixed Exchange Rates: Lessons from the Netherlands, Belgium, and Austria, 1973-1992, 1995, De Economist, vol. 143, 3, 329-351 War Finance and Interest Rate Targeting: Regime Changes in 1914-1918, 1995, Explorations in Economic History, vol.32, 365-382
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Future Inflation and the Information in International Term Structures, (with C.G. Koedijk), 1995, Empirical Economics, vol. 20, no 2, 217-243 Uncovered Interest Parity and Economic Convergence in the EMS: An Evaluation, (with C.G.Koedijk), Kredit und Kapital, Supplement to volume 13, 1995, 277-302 Changes in World Real Interest Rates and Inflationary Expectations, (with C.G. Koedijk and T. Kroes), 1994, Weltwirtschaftliches Archiv, vol. 130, no.4, 712-729. Tail Estimates and the EMS Target Zone (with C.G. Koedijk), Review of International Economics, 1994, vol. 2, nr. 2, 153-165 Dominant Interest and Inflation Differentials within the EMS: A Reply, (with C.G. Koedijk), 1994, European Economic Review, 38, 1665-1666 The P*-model in Five Small Economies, (with J.A. Tatom), 1994, Federal Reserve Bank of St. Louis Review, May/June, 11-29 Betting on the EMS (with C.G. Koedijk), Open Economies Review, vol. 4, no.2, 1993, pp. 151-174 Dominant Interest and Inflation Differentials within the EMS (with C.G. Koedijk), European Economic Review, vol. 36, no. 4, May, 1992, pp. 925-943 Tail Estimates of East-European Exchange Rates (with C.G.Koedijk), Journal of Business and Economic Statistics, vol. 10, no. 1, 1992, pp. 83-96 International Linkages in the Term Structure of Interest Rates (with J.A. Tatom), Federal Reserve Bank of St.Louis, vol. 70, July/August 1988, pp. 30-43 Simulating Currency Substitution Bias (with M. Boon and C.G. de Vries), Economics Letters, vol. 28, no.3, 1988, pp. 269-272 Forecasting the Money Multiplier: Implications for Money Stock Control and Economic Activity (with R.W. Hafer and S.E. Hein), Federal Reserve Bank of St. Louis Review, vol. 65, 1983, pp. 22-33 The Multi-State Kalman Filter Method, in: K. Brunner and A.H. Meltzer (eds.), Economic Policy in a World of Change, Carnegie-Rochester Conference Series on Public Policy, Vol. 17, Autumn 1982, pp. 39-46 A Recursive Prediction Error Method, in: K. Brunner and A.H. Meltzer (eds.), Economic Policy in a World of Change, Carnegie-Rochester Conference Series on Public Policy, vol. 17, Autumn 1982, pp. 47-56
Books and Monographs Banking and Finance in an Integrating Europe, (eds. Special issue with J. Bos and K. Knot), Journal of Banking and Finance, vol. 30, 2006, pp. 1835-1837. Country Risk Analysis, (with L. van Efferink and T. van Veen), Financiële en Monetaire Studies, NIBE, vol. 21, nr. 4, 2003 Strategieën voor Prijsstabiliteit: Geldhoeveelheidsbeleid of Direct-inflatiebeleid? (met J.M. Groeneveld en C.G. Koedijk), Financiële en Monetaire Studies, 15e jaargang, nr.4, 1996-1997 Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, (eds. with K. Alders, K. Koedijk, and C. Winder), Kluwer Academic Publishers, 1996 Essays on Money, Banking, and Regulation, Essays in Honour of C.J. Oort, 1996, (eds. with J. Muysken and T. van Veen), Kluwer Academic Publishers De Andere Kant van de Ene Munt, University Press Maastricht, 1996 Economic Cooperation in Globalizing Financial Markets (with C.J. Oort and A.P. van Veen (eds.)), NIBE KATERN, 20, Nibe, 1992, pp. 1-63 Venture Capital I (with C.G. Koedijk), Rotterdamse Monetaire Studies, nr. 28, 1987, pp. 1-68
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Contributions to Books The Sustainability of Global Financial Imbalances, in M. Balling, J.M. Berk and M.O. Strauss-Kahn (eds) The Quest for Stability: the Macro View, SUERF Study, Vienna/Brussels, May 2010, ISBN 978-3-902109-52-1, 61-85. What Drives ECB Monetary Policy?, 2006, in W. Mitchell, J. Muysken and T. van Veen (eds): Growth and Cohesion in the European Union: The Impact of Macroeconomic Policy, Edgar Elgar, pp. 74-97. The Global Capital Market: Friend or Foe?, 2005, in P. de Gijsel and H. Schenk (eds): Multidisciplinary Economics, the Birth of a New Economics Faculty in the Netherlands, Springer, pp. 405-424. Weighted Dutch and German Monetary Aggregates: How Do They Perform as Monetary Indicators for the Netherlands? (with Norbert G.J. Janssen), in M.T. Belongia and J.M. Binner (eds): Divisia Monetary Aggregates: Theory and Practice, Palgrave (fm MacMillan), 2000, 120-137. Is Monetary Targeting in Germany Still Adequate? A Comment, 1995, in H. Siebert (ed.): Monetary Policy in an Integrated World Economy, Kiel Week Conference 1995, 1996, J.C.B. Mohr, Tuebingen, pp. 131-136 Monetary Interdependencies in the 'CORE' ERM Countries: The P-Star Approach (with C.G. Koedijk and H.M. Groeneveld, DNB), in K. Alders, K. Koedijk, C. Kool and C. Winder (eds.): Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, Kluwer Academic Publishers, 1996, 39-60 Monetary Policy in a Converging Europe: Overview of the Issues and Summary of the Discussion (with K. Alders, K. Koedijk, and C. Winder), in K. Alders, K. Koedijk, C. Kool and C. Winder (eds.): Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, Kluwer Academic Publishers, 1996, 1-20 The Best Way to EMU: Summary of the Panel Discussion (with K. Alders, K. Koedijk, and C. Winder), in K. Alders, K. Koedijk, C. Kool and C. Winder (eds.): Monetary Policy in a Converging Europe, Papers and Proceedings of an International Workshop, Financial and Monetary Policy Studies 31, Kluwer Academic Publishers, 1996, 131-142 Measuring Money in the Netherlands (with N.G.J. Janssen), 1996, in C. Kool, J. Muysken, T. van Veen (eds.): Essays on Money, Banking, and Regulation, Essays in Honour of C.J. Oort, Kluwer Academic Publishers, pp. 3-26 Inflationary Expectations (with E.J. Bomhoff), in: E.J. Bomhoff, Monetary Uncertainty, North Holland Amsterdam 1983, pp. 105-134 Forecasting with Multi-State Kalman Filters, in: E.J. Bomhoff, Monetary Uncertainty, North-Holland Amsterdam 1983, pp. 227-246 On-line forecasts with the RPE-method, in: E.J. Bomhoff, Monetary Uncertainty, North-Holland Amsterdam 1983, pp. 247-254 Learning Processes and the Choice between Abrupt and Gradual Counter-Inflation Policies, in: H. Goppl and R. Henn (eds.), Geld, Banken und Versicherungen, Karlsruhe, pp. 1983
Professional (non-refereed) Publications Drama Icesave was te voorzien, Jaarboek KVS 2009/2010, (met D. Gerritsen), pp. 31-39. Drama Icesave was te voorzien, Economisch Statistische Berichten, vol. 95, nr. 4580, 5 maart 2010 (met D. Gerritsen), pp. 134-137 Een nieuw Pact voor Stabiliteit en Groei in Europa, Economisch Statistische Berichten, vol. 95, nr. 4576, 8 januari 2010 (met J. Muysken en N. Holinski), pp. 10-12 Is het Externe Vermogen van Nederland een Fata Morgana? (Met W. Allard Bruinshoofd), in W.W. Boonstra en S. Eijffinger (eds): “Een klassiek
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econoom met een brede blik”: opstellen aangeboden aan Hans Visser, SDU Uitgevers, 2008, pp. 81-92. De Oorlog tegen Terrorisme gaat ten koste van marktwerking, Aelementair, december 2006, vol 6, nr 1, p.3. De Economische Groei komt niet uit Den Haag, ESB, vol. 91, nr. 4498, 17 november 2006, p. 601. Werknemer kan én wil niet zelf beleggen voor pensioen (met H.M. Prast en M.C.J. van Rooij), ESB, vol. 90, nr. 4458, 22 april 2005, 172-175. Het Reële Belang van de Keuze van Wisselkoersregime (met Markus Poschke) in S.C.W.Eijffinger, H.G. van Hemert, en G.P.L. van Roij (red), Intermediair tussen Wetenschap en Onderwijs: Liber Amicorum Jacques Sijben, 2004, pp. 121-140 De Azië-crisis was Voorspelbaar (met Thomas Ziesemer, Stefanie Holle, Rainer Haselmann), ESB, 88e jaargang, 30 mei 2003, nr. 4404, pp. 256-259. Regionale Inflatieverschillen in een Muntunie (met Ivo Arnold), ESB, 13 juli 2001, 86e jaargang, nr. 4318, pp. 572-575. Currency Competition and Foreign Exchange markets: The Dollar, the Yen and the Euro (book review), De Economist, 1999, vol. 147, no.4, 545-547. The Desirability of Currency Unification (book review), De Economist, 1999, vol. 147, no.1, 98-101. Instrumenten van het Geldmarktbeleid in Nederland, september 1998, Bank- en Effectenbedrijf, 16-18 Discussie: Een Hypotheek op de Toekomst?, Economisch Statistische Berichten, 16 januari 1998, nr.4135, pp. 34-35 Gebrekkige economische onderbouwing van een politiek project (met Joan Muysken en Luc Soete) in G. Reuten, K. Vendrik, R. Went (red.), De Prijs van de Euro, van Gennep Amsterdam, 1998, pp. 29-36 Hoera, het gaat goed (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp. 304-308 De Programma’s vergeleken (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp. 309-312 Organisatie in plaats van geld (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp. 315-317 Nederland investeert! Of toch niet? (met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp. 318-319 Van Rentenier tot Pionier(met A. Van Witteloostuyn, C.G. Koedijk, en A.P. van Veen), ESB, 17 april 1998, 83e jaargang, nr. 4148, pp. 320-322 Inflatiebestrijding: direct of indirect?, (met J.M. Groeneveld en C.G. Koedijk), Economisch Statistische Berichten, 16 juli 1997, 82e jaargang, nr. 4114, pp. 560-564 EMU 1999: Macro-economisch beleid gevaarlijk star, Tijdschrift voor Bedrijfsadministratie, 101e jaargang, april 1997, pp. 118-124 Dollar en aandelenkoersen (met drs. M. Schweitzer), Economisch Statistische Berichten, 30 april 1997, 82e jaargang, nr. 4104, pp. 348-351 De EMU als fusieproces (met R. Olie), Economisch Statistische Berichten, 18 juni 1997, 82e jaargang, nr. 4111, pp. 495-498 Some Comments on: The ins and outs of EMU, CPB Report, 1996/4, pp. 45-46 EMU: Uitstel of Afstel?, Economisch Statistische Berichten, 27 november 1996, pp. 968-971 Koffiedik Kijken op de Valutamarkt, Economisch Statistische Berichten, 8 maart 1995, nr. 4000, 233-235 Book Review "Japan, Europe, and International Financial Markets", R. Sato, R.M. Levich, and R.V. Ramachandran (eds.), Cambridge University Press, Cambridge, De Economist, 1995, vol. 143, no. 4, 558-560 Psychologische Grenzen in Financiële Markten (with C.G. Koedijk and P. Stork), working paper 1994, Economisch Statistische Berichten, 7 december 1994, nr. 3988, 1104-1107
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EMU liefst met Ruime Marges (met J. von Hagen, K. Matthews, J. Melitz, P. Minford, D. Peel, R. Vaubel, M. Wickens), De Financieel Ekonomische tijd, 30 april 1994, p.4 De Kapitaalmarkt functioneert goed (with C.G. Koedijk), Economisch Statistische Berichten, 11 maart 1992, nr. 3850, pp. 244-248 Koers/Winst-verhoudingen en Groeiverwachtingen: Discussie, in: P.C. van Aalst, F. Brouwer, en N.L. v.d. Sar (red.), Financiering en Belegging: Stand van Zaken anno 1992, deel 15, pp. 108-110 Consumptie en Financiële Rendementen: Een Internationale Vergelijking (with C.G. Koedijk), Proceedings Finbel Conference, 1990, Rotterdam Rentevoorspellingen en de Termijnstruktuur van de Rente in Nederland, VBA-Journaal, vol. 5, no. 2, juni 1989, pp. 28-32 Ontwikkelingen op de Nederlandse Markt voor Venture Capital (with C.G. Koedijk), Pecunia, Herfst 1988, pp. 3-7 De Nederlandse Markt voor Venture Capital (with C.G. Koedijk), Economisch Statistische Berichten, 16 November 1988, pp. 1080-1085 Venture Capital en Stagnatie (with C.G. Koedijk), Economisch Statistische Berichten, 16 December 1988
Macro-economische Onzekerheid: Een Onzekere Factor?, Bank- en Effectenbedrijf, April 1985, pp. 165-167 Onzekerheid en Innovatie op de Hypotheekmarkt, Bank- en Effectenbedrijf, November 1984, pp. 333-336 De Lage Lasten Hypotheek, Bank- en Effectenbedrijf, December 1984, pp. 354-358
Commisioned Reports (selection) Achtergronden bij het liquiditeitsbeheer van de Provincie Noord-Holland (with D. Gerritsen), 2009, pp. 1-59 [Commissioned by the Province of NorthHolland, k€34 excl. BTW] The fundamentals behind the real exchange rate developments of the new EUmembers: theory and empirical evidence (with B. Candelon, K. Raabe and T. van Veen), 2004, pp. 1-113 [Commissioned by the Dutch Ministry of Finance, k€90 excl. BTW] Venture Capital in the Netherlands (with C.G. Koedijk), Report for the Nederlandse Vereniging van Participatiemaatschappijen, 1987, pp. 1-110
Completed PhD Supervision 1995 1997
1997 1997 1999 2002 2003 2005
Janssen, N.G.J., University Maastricht, The Definition and Policy Relevance of Monetary Aggregates in the Netherlands (co-supervision with C. Oort) Lammertsma, A., University Maastricht, Inflation-Output Tradeoffs and the Implications for Monetary Policy (co-supervision with J. Muysken and K. Koedijk) Nissen, F., University Maastricht, International Financial Market Dynamics, (co-supervision with C.Wolff and K. Koedijk) Groeneveld, H., University Maastricht, Inflation Dynamics and Monetary Strategies, (co-supervision with K. Koedijk) Huisman, R., University Maastricht, Adventures in International Financial Markets, (co-supervision with F. Palm and K. Koedijk) Bos, J., University Maastricht, Market Structure and Competition in European Banking Bruinshoofd, A., University Maastricht, Corporate Investment and Liquidity Holdings Kötter, M., University of Utrecht, Efficiency and Mergers in German Banking (co-supervision with J. Bos)
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2006 2006 2008 2009 2010 2010 2011
2008
Raabe, K., University Maastricht, Industry Structure and Monetary Policy Effectiveness (co-supervision with I. Arnold, Univ. Nijenrode) Sanditov, B., University Maastricht, Essays on Social Learning and Imitation, (co-supervision with R.Cowan) Hadzi-Vaskov, M., University of Utrecht, International Risk-Sharing: Macroeconomic and Financial Aspects Van Leuvensteijn, University of Utrecht, M. Measuring Competition in Financial Markets Middeldorp, M., University of Utrecht, Financial Market Microstructure and the Transmission of Monetary Policy (co-supervision with S. Rosenkranz) Holinski N., University Maastricht, International Capital Flows, Exchange Rates and Demographics (co-supervision with J. Muysken) Van Lamoen R., University of Utrecht, The Relationship between Competition and Innovation (co-supervision with J. Bos) Acemoglu D.; Honorary supervisor with prof. H. Garretsen at the occasion of awarding D. Acemoglu with a Utrecht University honorary doctorate.
Current PhD Supervision 2008
2008
2009
2011 2011 -
L. Zhang, Industrial Specialization, Risk Sharing and Business Cycle Synchronization in Europe; co-supervision with J. Bos [NWO funding k€200] Y. Li, Modelling Hydrogen Infrastructure Investment Decisions Using Real Options Theory; co-supervision with P.J. Engelen [NWO/ACTS funding k€200] B. Guilbert, Institutional Investors and the Evolution of Financial Markets in Europe before the Industrial Revolution (1500-1800); co-supervision with O. Gelderblom and J.Jonker, Utrecht University J. Lukkezen, Essays on Sovereign Debt Dynamics; [CPB co-funding k€135] M. de Castro Campos, Sustainable Macroeconomic Adjustment in a Eurozone with Preference Heterogeneity; co-supervision J. Muysken UM K. Haaf (external PhD candidate) EMU as an Optimal Currency Area: optimising the pathway to efficient enlargement
Teaching Experience Broad teaching experience both at undergraduate and graduate (MSc, MBA, PhD) level and in teaching professional master classes and in-house courses. At graduate level: courses International Financial Economics, International Risk Sharing Open Macroeconomics, International Money and Finance, Advanced Finance, Advanced Macroeconomics and thesis supervision. At undergraduate (selection): courses in Introductory Macroeconomics, International Monetary Economics, Monetary Theory, Price Determination in Financial Markets, International Financial Markets, Open Macroeconomics, Exchange Rate Determination and Exchange Rate Policy, International Policy Coordination and EMU, Monetary Economics, International Financial Markets and International Banking, Money, Financial Markets and Institutions, Corporate Finance, International Financial Management and thesis supervision.
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