CENTRAL BANKERS PROGRAM 2016 - Gerzensee Bankers Program 2016 3 The Study Center Gerzensee, Foundation of the Swiss National Bank, opened its doors in 1986 to serve as an international

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www.szgerzensee.chFoundation of the Swiss National Bank

CENTRAL BANKERS PROGRAM 2016

TABLE OF CONTENTS

Introductory Message 3

Courses 3

Lecturers 10

Administration and Funding 15

Admission 15

Location 16

Photos: Corinne Conti Ambühl

Design: Gerber Druck AG, Steffisburg

Central Bankers Program 2016

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The Study Center Gerzensee, Foundation of the Swiss National Bank, opened its doors in 1986 to serve as an international training, re-search, and conference center for economists and central bank staff. The Center is located in an old manor in the heart of Switzerland. High-ranking representatives from the Swiss Natio nal Bank, the government as well as the academic and business community serve on the Foundation Council and Advisory Com-mittee for Education and Training. The facul-ty is composed of the Study Center’s teaching staff and external, internationally renowned

INTRODUCTORY MESSAGE

lecturers as well as specialists from the Swiss National Bank and other partner institutions.

Over the last decades, central bank staff representing more than one hundred and fifty monetary authorities has participated in our Central Bankers Courses. We value the strong interest in our courses and are grate-ful for the long-standing cooperation. And we strive to continually offer programs of the highest quality that cover topics of rel-evance for central banks while emphasizing both theory and applications.

In the coming year, the Study Center Ger-zensee is pleased to offer six courses for central bank economists. This brochure de-scribes the courses and their lecturers and provides administrative information.

We hope that you will find the program at-tractive and are looking forward to welcom-ing interested and motivated course partici-pants from all over the world in Gerzensee.

Prof. Dirk NiepeltDirector

The following courses are offeredin 2016

Inflation Forecasting and Monetary Policy, jointly with the Swiss National BankFebruary 1 – 12

Monetary Policy, Exchange Rates, and Capital Flows February 29 – March 17

Financial Stability, jointly with Swiss National BankApril 4 – 15

Monetary Policy in Developing CountriesMay 16 – June 2

Advanced Topics in Monetary EconomicsAugust 15 – 26

Instruments of Financial Markets, jointly with Swiss Finance InstituteSeptember 12 – 29

COURSES

All courses are offered free of charge. Par-ticipants must be fluent in English since no translation is provided.

A large variety of teaching methods is used in the courses, taking full advantage of the small class size and the infrastructure at the Center. Generally, each topic is introduced in a classroom lecture. Special emphasis is placed on individual preparation. Group work, case studies, computer exercises, and discussions are intended to deepen the un-derstanding of the various subjects. As sev-eral of the topics require formal analysis, a

background in mathematics and statistics is recommended. In the Study Center’s library, a wide selection of books and journals is available. The exchange of ideas among participants from different countries con-sistently proves to be a highly valuable ex-perience. Furthermore, the activities at the Center are typically complemented by a visit to the Swiss National Bank or the Bank for International Settlements.

Excursions to beautiful areas of Switzerland provide a welcome change to the course work.

www.szgerzensee.ch

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INFLATION FORECASTING AND MONETARY POLICY

FEBRUARY 1 – 12, 2016

This two-week course provides an in-depth analysis of central bank policies aimed at controlling inflation and stabilizing econom-ic fluctuations. Special emphasis will be giv-en to the economic and econometric tools to forecast inflation.

The first part of the course, taught by Profes-sor Pierpaolo Benigno, is devoted to macro-economic models. Specific topics include the role of inflation targeting in New-Keynesian models, monetary policy with near zero in-terest rates, as well as models of small open economies and macro-prudential policies. The second part of the course provides an applied review of time series techniques such as vector autoregressions, vector-er-ror-correction-models, and techniques to evaluate the forecasting ability of time se-ries models. The third part of the course,

taught by Professor Carlo Favero, discusses the role of financial markets and variables to do forecasting. This involves both a general discussion of this approach and specific ap-plications to extract financial market partic-ipants’ inflation forecasts and expectations from indicators and price developments in financial markets. The final part, taught by staff of the inflation forecasting and the monetary policy analysis units of the Swiss National Bank, will review the models used for inflation forecasting in Switzerland.

The course is designed for staff members dealing with research and policy analysis of inflation. The ideal age is between 30 and 40 years. Some years of professional experi-ence in the central bank are a precondition for attending the course. Candidates with a Ph.D. will be preferred. Participants with a Master’s degree may be accepted.

Pierpaolo BenignoLUISS Guido Carli, Rome

Carlo FaveroUniversità Bocconi, Milan

Experts from theSwiss National Bank

Lecturers and staffof the Study Center


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MONETARY POLICY, EXCHANGE RATES, AND CAPITAL FLOWS

FEBRUARY 29 – MARCH 17, 2016

This three-week course reviews monetary policy in open economies and examines recent issues related to exchange rates, capital flows, and monetary policy in open economies.

The first part of the course covers interna-tional macroeconomics such as the determi-nants of the current account, the link bet-ween exchange rates and prices, exchange rates and interest rates, the role of exchange rate regimes, and international capital flows. Implications of financial globali zation as well as the effects of fiscal and monetary poli-cy in the open economy are studied. In the second part of the course, some recent to-pics related to exchange rates and monetary policy are examined in detail. These topics include financial crises, dollarization, global financial imbalances, monetary stabilization in response to capital flows, and the perfor-mance of exchange rate regimes.

A sizable part of the course is dedicated to the usage of empirical techniques applied to specific issues related to the balance of pay-ments, exchange rates, and monetary policy.

In particular, the first week includes a review of statistical concepts and computational techniques, as well as an introduction to the software package Eviews. In addition, parti-cipants are exposed to econometric me-thods ranging from ordinary least squares to more advanced techniques such as vector autoregression (VAR) analysis.

In addition to the general lectures, experts from the Swiss National Bank explain the conduct of monetary policy in Switzerland. The major topics are: the strategy of mone-tary policy and its economic effects, the role of the exchange rate for monetary policy, the practical implementation of monetary policy, and the management of foreign ex-change reserves.

The course is designed for staff members in middle management positions of central banks. The ideal age is between 30 and 40 years. Some years of professional experience in the central bank are a precondition for attending the course. Applicants holding a university degree in economics are pre-ferred. We expect participants to be familiar with elementary mathematics and statistics.

Philippe BacchettaUniversity of Lausanne

Giancarlo CorsettiUniversity of Cambridge

Philipp HarmsJohannes Gutenberg University Mainz



www.szgerzensee.ch

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FINANCIAL STABILITY

APRIL 4 – 15, 2016

This two-week course is organized in colla-bo ration with the Swiss National Bank. It pro vides an introduction to financial stabi-lity, crisis prediction, prevention and ma na-ge ment. The course adopts the perspective of a central banker, who is interested in the stability of the financial system as a whole, rather than in the solvency of an individual financial ins titution. Participants focus on the structures and mechanisms that cause or propagate financial disturbances and on the policy instruments for preventing or fight-ing crises. The course combines micro- and macroeconomic concepts with the practical application of statistical and empirical tools.

During the first week, the theory and em-pirics of financial instability is introduced. Participants review fundamental micro-economic issues such as banking system vulnerability, contagion and systemic risk,

recent research on macroeconomic aspects of financial instability, and how financial in-novations have led to financial instability. The second week is devoted to the practical application of the basic concepts. Speakers from different institutions discuss methods of forecasting and preventing instability and approaches to manage and resolve an on-going crisis with due attention to institutio-nal and legal and practical aspects. During the whole course, participants deepen their understanding in daily exercise sessions.

Experts from the Swiss National Bank discuss current financial stability issues.

The course is designed for economists in ei-ther research functions or middle manage-ment positions, preferably with a few years professional experience. Candidates with a Ph.D. are preferred; participants with a Mas-ter’s degree may be accepted. The ideal age is between 30 and 40 years.


Martin Gonzalez-EirasUniversity of Copenhagen

Michael RockingerUniversity of Lausanne

Ernst-Ludwig von ThaddenUniversity of Mannheim

Experts fromthe Swiss National Bank



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MONETARY POLICY IN DEVELOPING COUNTRIES

MAY 16 – JUNE 2, 2016

The purpose of this three-week course is to provide the analytical and empirical founda-tions for understanding the role of monetary policy in developing countries and emer ging economies. The discussion recognizes that the vast majority of these countries are open economies, in which the study of monetary policy cannot be undertaken in isolation. Furthermore, the course also takes into ac-count that unique challenges for monetary policy in developing countries arise, since their trade balance is often driven by the ex-port of a limited range of commodities such as natural resources (oil, gas, etc.).

The first part of the course, taught by Philipp Harms, covers some basic principles, inclu-ding national accounting, the monetary ap-proach to the balance of payments, and the determination of nominal and real exchange rates. The second part, taught by Roberto Chang, deals with more advanced topics in international finance and macroeconomics from the perspective of emer ging markets and developing countries, including ex-change rate regimes, international reserve currencies, capital flows and capital controls,

domestic and international transmission effects of monetary policy, financial deve-lopment as well as the inter action between fiscal policy, public debt, and monetary poli-cy. The final part of the course looks at the potentially destabilising impact of capital flows and the basic mechanisms of currency crises as well as the role of commodities for monetary policy.

Participants attend lectures, solve exercises, read assigned articles, and also become pro-ficient in the use of state of the art econo-metric packages (Eviews).

Experts from the Swiss National Bank and Norges Bank also contribute to the pro-gram, emphasising practical aspects in their presentations.

The course is designed for staff members in middle management positions of central banks. The ideal age is between 30 and 40 years. A university degree in economics, or a closely related field, and some years of pro-fessional experience in the central bank are a precondition for attending the course. We expect participants to be familiar with ele-mentary mathematics and statistics.

Philipp HarmsJohannes Gutenberg University Mainz

Roberto ChangRutgers University


Lucas BretschgerETH Zurich


www.szgerzensee.ch

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ADVANCED TOPICS IN MONETARY ECONOMICS

AUGUST 15 – 26, 2016

This two-week course discusses theories and quantitative methods needed to undertake policy analyses with Dynamic Stochastic General Equilibrium (DSGE) models.

The first week of the course, taught by Pro-fessor Carl E. Walsh, focuses on recent re-search in monetary economics with lessons directly relevant for monetary policy. Partici-pants discuss the design of optimal mone-tary policies, robustness, the consequences of the zero lower bound for monetary policy, unconventional monetary policies, policy is-sues arising in open economies, the integra-tion of modern theories of unemployment into policy models, and fiscal and monetary policy interactions. Morning sessions are in a lecture format, while afternoon sessions involve a mixture of computer exercises, ad-ditional lectures, and discussions of current issues facing monetary policy makers.

The second week is taught by Professor Lawrence Christiano. The course gives an overview of the tools needed to conduct empirical research using DSGE models. The course begins with an introduction to Bay e-sian econometrics and a survey of me thods for solving and analyzing DSGE models. Extensions of the standard New Keynesian DSGE model to include financial and labor market frictions are considered. The course primarily follows a lecture format, but there are also computer sessions that feature the use of Dynare to estimate DSGE models and study monetary policy questions.

The course is designed for research econo-mists with a Ph.D. degree. Candidates with Master’s degree may also be considered if their mathematical and statistical skills are at the Ph.D. level.

Lawrence ChristianoNorthwestern University

Carl WalshUniversity of California Santa Cruz




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INSTRUMENTS OF FINANCIAL MARKETS

SEPTEMBER 12 – 29, 2016

This course, organized jointly with the Swiss Finance Institute, provides an introduction to financial instruments and the analysis of capital markets. The view of a central bank-er who needs to understand financial instru-ments both in terms of their economic role and their actual use is taken. Particular em-phasis is given to how banks and financial institutions should use these instruments to protect themselves against risks.

The first week of the course reviews funda-mental concepts of finance, including asset returns, market efficiency, portfolio theo-ry, and the CAPM. Participants then take a macroeconomic perspective and analyze the interaction between monetary policy and financial markets. The foreign exchange market as well as issues related to financial crises are also examined.

During the second week, participants start with the pricing of financial assets. Then, participants proceed to illustrate various properties and characteristics of bonds by way of three case studies: the Greek debt exchange (bond pricing and the term struc-ture of inte rest rates), Kentish Town Capital (conve xity and fixed-income arbitrage), and Banc One (duration and immunization).

Against this background, the third week provides an in-depth analysis of advanced financial instruments in order to understand when and how they should be used for risk management. The characteristics of deriva-tive assets such as forward/future contracts and options are reviewed and discussed. Several practical exercises, based on actual data, allow participants to become more familiar with these instruments. In the final section, risk-management concepts such as value at risk as well as expected shortfall are discussed.

Experts from the Bank for International Settle ments and the Swiss National Bank also contribute to the program, emphasi-zing practical aspects in their presentations.

The course is designed for staff members in middle management positions of central banks. The ideal age is between 30 and 40 years. Several years of professional experi-ence in the central bank are a precondition for attending the course. Applicants holding a university degree in economics or business are preferred. Participants are expected to be familiar with basic mathematics and sta-tistics.


Amit GoyalUniversity of Lausanne

Michel A. HabibUniversity of Zurich

Erwan Morellec Swiss Federal Institute of Technology

Michael Rockinger University of Lausanne

Experts from the Swiss National Bank and

the Bank for International Settlements

Lecturers and staff of the Study Center

www.szgerzensee.ch

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LECTURERS

Philippe Bacchetta is Swiss Finance Institute professor of economics at the University of Lausanne, chairman of the economics de-partment and a research fellow of the Cen-tre for Economic Policy Research (CEPR, Lon-don). He was director of the Study Center Gerzensee from 1998 to 2007. He received his Ph.D. and M.A. in economics from Har-vard University and his B.A. and M.S. in economics from the University of Lausanne. Philippe Bacchetta has taught at several universities in Europe and in the US. He has

been visiting scholar at Harvard University, the IMF and the NBER and an academic con-sultant at various central banks. He is a fel-low of the European Economic Association and has been president of the Swiss Society of Economics and Statistics and a member of the Swiss National Research Council. In 2011 he was awarded an Advanced Re-searcher Grant by the European Research Council. His research interests include open economy macroeconomics, financial crises, and monetary economics.

EXTERNAL LECTURERS

Philippe Bacchetta

Pierpaolo Benigno is professor of economics at LUISS Guido Carli. He is Research Fellow of CEPR (Centre for Economic Policy Re-search) and EIEF (Einaudi Institute for Eco-nomics and Finance). He holds a degree in economics from Bocconi University and a Ph.D. in economics from Princeton. He pre-

viously taught at New York University and Columbia University. Pierpaolo Benigno’s areas of research are open-economy macro-economics and monetary economics. He has published articles in leading academic jour-nals, and is currently co-editor of the Inter-national Journal of Central Banking.

Pierpaolo Benigno

Lucas Bretschger is full professor of eco-nomics/resource economics at the Center of Economic Research of ETH Zurich. He is the President-Elect of the European Association of Environmental and Resource Econo mists (EAERE) and will take office as President in 2016. He is a Research Associate of the University of Oxford and holds the title of professor at the University of Zurich; he is a member of the Exe cutive Committee of the

Swiss National Science Foundation, a con-sultant to the Swiss government on climate issues, and a member of the Swiss delega-tion at internatio nal climate negotiations. He has served on many platforms such as the German Board of Environmental and Resource Economics, the Energy Science Center, the Center for Corporate Responsi-bility and Sustainability, and the Alliance for Global Sustainability.

Lucas Bretschger

Roberto Chang is a professor of economics at Rutgers University, the State University of New Jersey, and a Research Associate at the National Bureau of Economic Research. Before joining Rutgers, he was an assistant professor at New York University and a re-search officer at the Federal Reserve Bank of Atlanta. He has also taught at Princeton and Columbia. Professor Chang has publi-shed extensi vely on monetary economics, exchange rate poli cy, and financial crises. He has written on the dynamics and credi-

bility of monetary policy; the links between banking panics, exchange rate regimes, and currency crashes; and the macroeconomic impacts of balance sheet effects, currency mismatches, and financial frictions. He has been a Peter Kenen International Economics Fellow at Princeton University and recently received a Rutgers University Board of Trus-tees award for excellence in research. He is a frequent visitor, consultant, and advisor to several international financial organizations and central banks around the world.

Roberto Chang


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Lawrence J. Christiano is the Alfred W. Chase Professor of business institutions in the department of economics at Northwest-ern University. He is a consultant at several Federal Reserve Banks and has been a reg-ular visitor to the European Central Bank

and the International Monetary Fund. He is a fellow of the Econometric Society and has been associate editor of several journals. He has published widely in the areas of macro-economics and applied time series analysis.

Lawrence Christiano

Giancarlo Corsetti is professor of macro-economics at the University of Cambridge. Between 2003 and 2010, he was Pierre Werner Chair at the European University In-stitute. He has taught at the Universities of Rome III, Bologna, and Yale. His research is focused on international dimensions of eco-nomic policy. His contributions range from theoretical and empirical work on fiscal and monetary policy, to analyses of currency and

financial crises and their international conta-gion. He has published articles in leading ac-ademic journal. Since 2005, he is co-editor of the Journal of International Economics. Corsetti has long developed research collab-oration with monetary authorities and poli-cy institutions in Europe and overseas. He is Director of the Cambridge-Inet Institute and Director of International Macro at the Cen-tre for Economic Policy Research in London.

Giancarlo Corsetti

Carlo Favero holds a D.Phil. from Oxford Uni-versity, where he was a member of the Ox-ford Econometrics Research Centre. He has been professor of econometrics at Bocconi University from 1994 to 2001 and professor of Economics since 2002. In 2009 he joined the newly formed department of finance at Bocconi University, where he teaches finan-cial econometrics. He has published in schol-arly journals on the econometric modelling of bond and stock prices, applied economet-rics, monetary policy and time-series models for macroeconomics and finance. He is a research fellow of CEPR in the International Macroeconomics programme. He is presi-

dent of the Innocenzo Gasparini Institute for the Economic Research at Bocconi University and a member of the scientific committee of the Centro Interuniversitario Italiano di Econometria (CIDE). He has been advisor to the Italian Treasury for the construction of an econometric model of the Italian econo-my. He has been a consultant for the Euro-pean Commission, the World Bank and the European Central Bank, on monetary policy and the monetary transmission mechanism and bond markets. He is member of the edi-torial board of the Bocconi Springer Series in Mathematics, Statistics, Finance and Eco-nomics.

Carlo Favero

Martín Gonzalez-Eiras is associate professor of economics at the University of Copen-hagen. He holds a Ph.D. in economics from MIT, and has been on the faculty of Univer-sidad de San Andres (Argentina) and Univer-sidad Adolfo Ibáñez (Chile). He held visiting positions at IIES, Study Center Gerzensee, and Columbia University. He has research interests in macroeconomics, political eco-

nomy, public finance and banking. He has published in the Journal of Monetary Eco-nomics, European Economic Review and Re-view of Economic Dynamics. He has been a consultant at the IADB and has received a variety of grants and awards, including the GDN First Prize Medal in Financial Markets and a Fulbright research grant.

Martín Gonzalez-Eiras

Amit Goyal is a professor of finance at HEC Lausanne. Formerly on the faculty of Emory University (Atlanta, USA), he holds a Ph.D. in finance from University of California at Los Angeles. He has research interests in em-pirical asset pricing, predictability of stock

returns, portfolio optimization, and pension funds. His papers have been published in a variety of academic journals including the Journal of Finance, the Journal of Finan-cial Economics, and the Review of Financial Studies.

Amit Goyal

www.szgerzensee.ch

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Michel Habib is professor of finance at the University of Zurich. His research interests are corporate finance and the theory of the firm. His research has appeared in a num-ber of academic and practitioner publica-tions, such as the the Journal of Applied Corporate Finance, the Journal of Finance, Management Science, and the Review of

Financial Studies. He directed the NCCR FIN-RISK from 2009 to 2013. He is a graduate of McGill University and the Wharton School of the University of Pennsylvania and was as-sociate professor of finance at the London Business School prior to joining the Univer-sity of Zurich.

Michel Habib

Philipp Harms is professor of economics at Johannes Gutenberg University Mainz (Ger-many) and joined the Study Center Gerzen-see in September 2002. Before receiving his doctorate in economics from the University of St. Gallen in 1999, he attended the Pro-gram for Doctoral Students at Gerzen see and spent a year as a visiting graduate student at the University of Maryland. Upon gradu-ation, he joined the faculty of the University

of Konstanz (Germany) where he worked as an assistant professor from 1999 through 2004. He also taught classes in macro-economics and monetary economics at the Universities of St. Gallen and Lausanne, and from 2004 through 2010 he was professor of macroeconomics at RWTH Aachen Uni-versity (Germany). His main research areas are international economics, macroeconom-ics and political economy.

Philipp Harms

Erwan Morellec is Swiss Finance Institute pro-fessor and professor of finance at EPFL (Swiss Federal Institute of Technology), Switzerland. Formerly on the faculties of the University of Rochester (USA) and of the University of Lausanne (Switzerland), he holds a Ph.D. in finance from HEC Paris. He is project director for the Swiss National Science Foundation, the head of the Swiss Finance Institute (SFI)

doctoral program, and a CEPR research fel-low. He has research interests in banking, corporate finance, and corporate gover-nance. His papers have been published in a variety of academic journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Review of Finance, and the Journal of Economic Theory.

Erwan Morellec

Michael Rockinger is professor of finance at HEC Lausanne and a member of the Swiss Finance Institute. He is a former sci-entific consultant of the Banque de France. He earned a Ph.D. in economics at Harvard University after graduating in mathematics from the Swiss Federal Institute of Technolo-gy. Recently he published a 540 pages book on how to model “Non-Gaussian Finance” with Springer. He has extensively published

in international journals. Michael Rockinger has also been a visiting professor at the New Economic School in Moscow, the London Business School, Amos Tuck Business School at Dartmouth College, as well as at the Uni-versity of California San Diego. His research interests are split in three strands: the infor-mation content of financial derivative instru-ments, financial stability, as well as financial modeling aspects of pension funds.

Michael Rockinger


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Ernst-Ludwig von Thadden is professor of microeconomics and finance at the Univer-sity of Mannheim. He was previously pro-fessor of economics at the Département d’Econométrie et Economie Politique at the University of Lausanne. He obtained his Ph.D. in economics at the University of Bonn within the “European Doctoral Program in Economics” in 1991, after an undergradu-ate degree in mathematics and economics at the university of Heidelberg and M.Phil. studies at the London School of Econom-ics. He is research fellow at the Center for Economic Policy Research (London), fellow of the European Economic Association, and

former resident fellow of the Center for Ad-vanced Studies in the Behavioral Sciences in Stanford. He was director of the doctoral program of the International Center FAME at the Universities of Lausanne and Gene-va and director of the Graduate School in Economic and Social Sciences at Mannheim University. He has been a co-organiser of the European Summer Symposium in Financial Markets, board member of several journals and a consultant to the World Bank and other international institutions. His research covers corporate finance, banking, interna-tional finance, political economy, and con-tract theory.

Ernst-Ludwig von Thadden

Carl E. Walsh is Distinguished Professor of economics at the University of California, Santa Cruz and a visiting scholar at the Federal Reserve Bank of San Francisco. In addition to numerous journal articles, he is the author of Monetary Theory and Policy, a graduate level text on monetary econom-

ics. He is a past member of the board of editors of the American Economic Review and is currently a co-editor of the Interna-tional Journal of Central Banking as well as a member of the editorial boards of several other journals.

Carl Walsh

www.szgerzensee.ch

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Nils Herger is program manager Central Bankers’ Courses at the Study Center Ger-zensee and lecturer at the University of Berne. He studied for a B.A. in economics at the Universities of Bern and Neuchâtel and received an M.Sc. and Ph.D. in economics from the University of Exeter (United King-dom). Before taking up his current position at the Study Center, Nils has worked as an economic advisor for the Swiss Competition Commission (Wettbewerbskommission) and

the Swiss Business Federation (Economie-suisse) and held a post-doctoral position at the national competence centre in research (NCCR) for trade regulation at the University of Berne. His main areas of research areas are in international trade and finance, ex-change rates, and the role of multinational firms in the world economy. Furthermore, he is the author of an introductory book on central banking.

LECTURERS OF THE STUDY CENTER

Nils Herger

Sylvia Kaufmann is deputy director of the Study Center Gerzensee and lecturer at the University of Basel. She is member of the monetary theory and policy committee and the econometrics committee of the Verein für Socialpolitik. Sylvia Kaufmann received her habilitation from the University of Ba-sel, where she was as visiting scholar and visiting professor on several occasions. She holds a licentiate and a doctorate from the University of Bern. After her dissertation, she was appointed assistant professor at

the University of Vienna. As consultant, she worked for the economic analysis division of the Austrian Central Bank, before join-ing the Austrian Central Bank as research economist in the economic studies division. Previous to joining the Study Center she was senior staff member of the Swiss National Bank in the inflation forecasting unit. Her research interests include macroeconom-ics, monetary policy and applied time series econometrics.

Sylvia Kaufmann


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The Study Center Gerzensee invites Central Banks to nominate candidates to attend the individual courses. These courses are free of charge and include room and full board at the Study Center Gerzensee. However, the sponsoring institution must cover tra vel ex-penses to Switzerland and back and must certify that participants have an adequate insurance covering medical and hospital expenses in case of illness and accident. Furthermore, it is highly recommended that

ADMINISTRATION AND FUNDING

participants have adequate funds for shop-ping, personal trips, telephone calls and the like. Before coming to Switzerland, the participant is responsible to obtain visas for his/her entire trip (including transit destina-tions).

Accommodation is offered in single rooms in our lodging facility and is for participants only. Please be aware that participants are not allowed to bring along their families or

any other accompanying persons. We cater to special diets. All participants can choose between regular and ve getarian meals served in our own restaurant. The sponsor-ing institution certifies that, immediately prior to the course, the participants are not suffering from any medical condition that could prevent their full attendance during the course. Furthermore, we do not assume any liability for the participants‘ personal be-longings.

Only one application per course may be submitted from each central bank. Please be aware that we cannot guarantee accep-tance to each course, as places are limited. Candidates who have already attended one of our Central Bankers Courses will unfortu-nately not be considered again.

The applicant must be sponsored by the re-spective central bank which certifies that the applicant, if accepted,– will receive leave of absence with regular

pay for the duration of the entire course– will be given no duties or assignments that

might conflict with his/her participation– is under obligation to attend the entire

course– is able to express himself/herself in English

fluently

ADMISSION

Applications for our courses should be sent together with a recommendation letter ei-ther by post or courier and must be received by October 15, 2015. An electronic version of the application form and recommenda-tion letter can be downloaded on the Study Center’s homepage www.szgerzensee.ch/courses/central-bankers/2016. Late applica-tions and applications sent by fax or e-mail will not be considered. All mail should be addressed to: Study Center Gerzensee, Cen-tral Bankers Courses, Ms. Susanne Senn, Dorfstrasse 2, CH-3115 Gerzensee, Switzer-land. The sponsoring central bank will be in-formed about the decision of the Admissions Committee by the end of December 2015. You may contact the Study Center Gerzens-ee using:

Telephone +41 31 780 3102Fax +41 31 780 3100Internet www.szgerzensee.che-mail [email protected]

LOCATION

Study Center GerzenseeDorfstrasse 2, CH-3115 Gerzensee, SwitzerlandPhone +41 31 780 31 02, Fax +41 31 780 31 [email protected]

Documents

CENTRAL BANKERS PROGRAM 2016 - Gerzensee Bankers Program 2016 3 The Study Center Gerzensee, Foundation of the Swiss National Bank, opened its doors in 1986 to serve as an international