Felix Neubergh lecture
The Felix Neubergh Lecture in Gothenburg has been held every year since 1977. Every other year the lecture is to deal with problems in banking and finance, and in alternate years the subject is in archaeology.
Professor Dimitrios Vayanos, London School of Economics was the 2025 Felix Neubergh prize winner. "International Macroeconomics with Frictional Capital Markets"
His research focuses on what drives financial market liquidity, why asset prices can deviate from assets’ fundamental values, and what the implications of imperfect financial markets are for asset management, financial regulation, monetary policy and the macroeconomy.
International macroeconomics models often take a simplified view of capital markets, assuming that textbook relationships such as the uncovered interest parity and the expectations hypothesis of the term structure hold. A large literature in empirical finance shows, however, that these relationships fail to hold because of strongly time-varying risk premia. This lecture will present a model that integrates frictional capital markets in international macroeconomics and will describe the model’s rich implications for monetary policy, exchange-rate policy and international capital flows.
Video recording of Professor Anna Cieslak lecture October 19, Felix Neubergh prize winner year 2023; "Policymakers' Uncertainty". Anna Cieslak is an Associate Professor of Finance at Duke University's Fuqua School of Business, working at the intersection of asset pricing, macroeconomics, and monetary economics. Her agenda spans two related domains: the dynamics of interest rates and the interactions between central banks and financial markets.
Video recording of Professor Lars Jonung lecture, Felix Neubergh prize winner year 2021. Lars Jonung is professor emeritus at the department of economics at Lund University. He served as chairman of the Swedish Fiscal Policy Council, 2011-13. He was Research Advisor at DG ECFIN, European Commission, Brussels 2000-2010, professor in economics, Stockholm School of Economics (Handelshögskolan), 1988-2000, professor in finance at Lund University, 1987-88, Research Director at the National Institute of Economic Research (Konjunkturinstitutet), Stockholm, 1981-82. His research interests cover monetary economics, monetary and financial history, inflationary expectations, the euro, European integration and the economics of Knut Wicksell.
The Felix Neubergh Lecture has been established through donations by the late banker Felix Neubergh and his wife Bertha. Born in Gothenburg, Felix Neubergh generously endowed diverse institutions in his native city for a number of years, especially the University of Gothenburg. He strove to support the universities’ contacts with culture and science in English-speaking countries.