IMFS Research Fellows
Tobias Adrian has been the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF) 2017-26. In this capacity, he led the IMF’s work on capital markets, financial sector surveillance, monetary and macroprudential policies, digital money, financial regulation, and crisis management. He also oversaw capacity building activities in IMF member countries with regard to central banking, monetary and exchange rate regimes, tokenized money and finance, the supervision and regulation of financial systems, bank resolution, and debt management.
Prior to joining the IMF, Mr. Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. At the Federal Reserve, he contributed to monetary policy, to financial stability policies, and to crisis management.
Mr. Adrian has published extensively in economics and finance journals. His research focuses on aggregate consequences of capital market developments and spans macro-finance, monetary policy, and financial stability. He has taught at Princeton University, New York University, and Seoul National University, and served on the editorial boards of the International Journal of Central Banking and the Annual Review of Financial Economics.
Mr. Adrian holds a Ph.D. from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in Literature and Mathematics from Humboldtschule Bad Homburg.
Prof. Michael Bauer, Ph.D. is a research economist at the Federal Reserve Bank of San Francisco. From 2020 until June 2023, he was a Professor of Financial Economics at the University of Hamburg, analyzing the interactions between financial markets, monetary policy and the economy and addressing issues of sustainability in financial and monetary policy. Previously, he worked for ten years as an economist for the Federal Reserve Bank of San Francisco. He earned his Ph.D. in Economics from the University of California, San Diego in 2010. He has also taught at several American universities, including the University of California, Berkeley.
Prof. Dr. Günter W. Beck is Professor for European Macroeconomics at the University of Siegen and Research Fellow at the Center for Financial Studies. His research focuses on macroeconomics, monetary economics, and international economics. Before his appointment in Siegen, Günther W. Beck was Professor at the University of Mainz. After gaining a Ph.D from Goethe University in 2004, he worked as an Assistant Professor in Frankfurt.
Dr. Petra Geraats is a Senior Lecturer at the Department of Economics at the University of Cambridge. Her research areas include macroeconomics, international finance and behavioral economics. She holds a Ph.D. in Economics from the University of California at Berkeley and a Master in Economics from Tilburg University. Her special interest lies in the transparency of monetary policy on which she has contributed to several publications, e.g. The Oxford Handbook of Economics and Central Bank Communication, Decision-Making and Governance. Currently, Petra Geraats is among the experts to evaluate the Central Bank of Chile. She was an advisor to the International Monetary Fund and an external expert for the Central Bank Studies group at the Bank for International Settlements.
Prof. Luisa Lambertini, Ph.D. is a Professor at the Ecole Polytechnique Fédérale de Lausanne (EPFL), where she holds the Chair of International Finance. She received her Ph.D. in Economics from the University of California at Berkeley in 1995, her Master of Science in Economics from the University of Warwick in 1989 and her Laurea cum Laude from the Universita’ degli Studi di Bologna in 1987. Professor Lambertini’s research focuses on the interaction of monetary and fiscal policies; on introducing housing and mortgage default in macroeconomic models; on the analysis of regulation and macro-prudential policies in models with financial institutions. Her research has been published in the American Economic Review, the Review of Economic Studies, and the Journal of International Economics. Professor Lambertini has been a consultant with the European Central Bank and the Federal Reserve Bank of Richmond and Hoover National Fellow.
Prof. Dr. Emanuel Mönch is Professor of Financial and Monetary Economics at the Frankfurt School of Finance & Management. From 2015 until November 2021, he was Head of the Research Center of Deutsche Bundesbank. Besides, he was Co-Optation Professor for Monetary Policy and Financial Markets at Goethe University. Mönch studied statistics at the École Nationale de la Statistique et de l'Administration Économique (ENSAE) in Paris and economics at Humboldt University in Berlin, where he later gained his doctorate. From 2007 until 2015 he worked at the Research Group of the Federal Reserve Bank in New York, ultimately as a Research Officer, and also taught as a visiting professor at the prestigious Columbia University in New York. Mönch has published articles in numerous renowned academic journals.
Prof. Athanasios Orphanides, Ph.D. is Professor of the Practiceof Global Economics and Management at the MIT Sloan School of Management, Cambridge, MA. He served as Governor of the Central Bank of Cyprus from May 2007 to May 2012 and was a member of the Governing Council of the European Central Bank between January 2008 and May 2012. Prior to that, Orphanides was a Senior Adviser to the Board of Governors of the US Federal Reserve System. While at the Federal Reserve, he taught undergraduate and graduate courses in macroeconomics and monetary economics at Georgetown University and Johns Hopkins University. Orphanides holds undergraduate degrees in mathematics and economics as well as a Ph.D. in economics from the Massachusetts Institute of Technology.
Prof. Dr. Peter Tillmann is Professor of Monetary Economics at the Justus-Liebig-University Giessen. He has been a Research Fellow at the Institute for Monetary and Financial Stability since 2009. His research focuses on monetary policy, empirical macroeconomics, and financial markets. Before coming to Giessen in 2009, Tillmann was a senior economist at the Swiss National Bank. He started his academic career at the Universities of Bonn and Edinburgh. In 2003, he gained a Ph.D. from the University of Cologne.
Prof. Dr. Maik Wolters is Professor of Macroeconomics at the University of Kiel and a Research Fellow at the Kiel Institute for the World Economy. He completed his Ph.D. in 2010 under the supervision of Volker Wieland at Goethe-University Frankfurt. Afterwards he was Assistant Professor of Macroeconomics at the University of Kiel and the Kiel Institute followed by positions as full Professor at the University of Jena and the University of Würzburg. Maik Wolters research focusses on business cycles and monetary policy and he has published many articles in international academic journals.