The Deutsche Bundesbank, the Leibniz Institute for Financial Research SAFE, the House of Finance, and the Halle Institute for Economic Research (IWH) with the support of the network "Challenges of the European monetary and financial order" organise the second Frankfurt Summer School from 10‑15 August 2025 in Eltville am Rhein.

Advanced Ph.D. students and junior researchers in economics and finance are cordially invited to apply.
The Summer School features a Finance track and a Macro track offered by the following outstanding academics:

Finance track

Itay Goldstein, Wharton School, University of Pennsylvania

• Theory of financial intermediation and liquidity transformation: banks and non-banks
• Theory of financial fragility and crises: why are intermediaries fragile and what determines the level of fragility
• Policies to mitigate fragility: how they work and how to assess the tradeoffs involved
• From theory to empirical work: what can we tell about fragility in the data and how is it related to theory
• Recent developments in financial intermediation and the future of banking: fintech and beyond

Juliane Begenau, Stanford Graduate School of Business

• Financial frictions and investment response
• Effects of financial regulation 
• Measuring the risk of the banking system
• Monetary policy transmission via banks

Macro track

Ludwig Straub, Harvard University, Department of Economics

• Introduction of monetary economics with heterogeneous agents
• HANK models and their fiscal and monetary policy implications
• Covid stimulus programs and the resulting persistent inflation

Alberto Martin, Centre de Recerca en Economia Internacional (CREI)

• A review of the empirical evidence on bubbles
• Introduction to the theory of rational bubbles
• Credit and asset bubbles in business cycle models
• Policy design (I): bubbles and monetary policy
• Policy design (II): bubble, credit booms, and information depletion

Please send your application along with a CV and a paper/abstract you intend to present per email to events@safe-frankfurt.de. Preference will be given t a single-authored papers. 
Deadline for subissions: 21 April 2025