After Eugene F. Fama in 2005 and Michael Woodford in 2007, this year "The Deutsche Bank Prize in Financial Economics" has been received by Robert Shiller. A good enough reason for fg and me to travel to Frankfurt in order to attend the ceremony. And we have not been dissapointed: amazing speeches by nobel laureate Robert C. Merton on challenges from the financial crisis (net vs. gross systemic risks), Nicholas Barberis on the psychology and the financial crisis (the role of cognitive dissonance and groupthinking), Luis Viceira on inflation indexed bonds (for long-term investors) and of course Robert “Bob” Shiller on the history of inventions and innovations of financial products. After the keynote adresses, there has also been a panel discussion with Ottmar Issing, Frank Smets, Klaus Schmidt-Hebbel, Susan Smith and Maria Vassalou.
Tough program, but as you can imagine, the Deutsche Bank is a quite good host: nice atmosphere, good food and drinks and the who-is-who of Frankfurt's financial society, such as Volker Wieland, Jan Krahnen, Michael Haliassos, Norbert Walter or Josef Ackerman.
Besides the official video, program, and background information, we provide readers of the coffee.house with exclusive material, see below.
UPDATE: Here you find all videos and speeches; Merton is great on systemic risks and Barberis on introducing to behavioral finance.
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