Franz Weninger Award

Award for master’s and doctoral theses in the field of monetary theory and monetary policy.

The Oesterreichische Nationalbank grants the Franz Weninger Award for outstanding master’s and doctoral theses in the field of monetary theory and monetary policy. Three one-time prizes of EUR 3,000 each may be conferred for such theses every year.

For more information, please refer to the Conditions for Participation in our download area.

Over the past years, the following young economists have received the Franz Weninger Award:


    • Michael Berger for his work "Nominal GDP versus Inflation Targeting: The Case of Imperfect Credibility at the Zero Lower Bound"
    • Josef Platzer for his work "Two Models of Macroprudential Regulation in Debt Markets"
    • Christoph Scheuch for his work "Money Creation, Debt Dynamics and Financial Instability"


    • Philipp Hergovich for his work "Housing and the Redistributive Effects of Monetary Policy"
    • Stefan Pollinger for his work "Expectations, Precautionary Savings and Unemployment"
    • Patricia Klopf for her work "TARGET2 Im-/Balances: Why Do They Exist?"


    • Lukas Mayr for his paper “Monetary Policy in Models with Financial Frictions”
    • Clemens Rainer for his paper “Float, Peg or Introduce the Euro? Latvia’s Monetary Options in the Aftermath of the Crisis”


    • Sebastian Beer for his paper “Learning and Restricted Perceptions in the New Keynesian Model”
    • Makram Khalil for his paper “Monetary Policy Response to Commodity Price Movements: An Application of Markov-Switching Vector Autoregression”
    • Silvia Platzer for her paper “Positive and Negative Effects of Bank Bailouts – A Review of the Literature”


    • Emanuel Maximilian Gasteiger for his paper “Expectations in Monetary and Fiscal Policy”
    • Oliver Picek for his paper “The Underlying Driver of the Euro Zone Crisis: Current Account Imbalances”
    • Thomas Saghi for his paper “A Critical View of Credit Rating Agencies, Exemplified by Collateralized Debt Obligations”


    • Stephanie Lackner for her paper “Optimale Geldpolitik in offenen Volkswirtschaften unter besonderer Berücksichtigung von CPI- und PPI-basiertem Inflation Targeting”
    • Lukas Mayr for his paper “Modelle der New Keynesian School unter besonderer Berücksichtigung der Geldpolitik”
    • Wolf Heinrich Reuter for his paper “Can Monetary Policy Help to Prevent the Emergence of Asset Price Bubbles? Answers from Panel-Vectorautoregressions”


    • Martin Frontull for his paper “Central Bank Independence in Emerging Markets”
    • Christian Schoder for his paper “The Effects of Monetary Policy on Accumulation, Growth and Distribution. A Post-Kaleckian Perspective on the US and Germany”
    • Lisa Windsteiger for her paper “Die geldpolitische Strategie der EZB – unter besonderer Berücksichtigung der Rolle der Geldmenge”


    • Martin Gächter for his paper “European Central Bank Monetary Policy – Using Taylor Rules to explain Interest Rate Setting Behaviour”
    • Janice Goodenough for her paper “An Econometric Evaluation of the Subprime Crisis – Modeling the Link between Housing Markets and Monetary Policy”
    • Simon Dominik Sturn for his paper “Der Einfluss von Geld- und Fiskalpolitik auf die strukturelle Arbeitslosigkeit”


    • Robert Hierländer for his paper “Monetary Theory and Policy in Closed and Open Economies: A New Keynesian Approach”
    • Karin Lang for her paper “Analyse von Arbitragegelegenheiten im Bereich der Kapitalstruktur eines Unternehmens”


    • Bernhard Stanzl for his paper “Vergleichende Analyse der geldpolitischen Instrumente und Strategien von EZB und FED sowie deren institutionelle Rahmenbedingungen”


    • Hermann W. Elendner for his paper “On the Emergence of Money – The Formation of Media of Exchange in Artificial Societies”
    • Thomas Hedl for his paper “Fiscal Federalism in der Wirtschafts- und Währungsunion?”
    • Claudia Steinwender for her paper “Die Entstehung des Geldes”


    • Herwig Immervoll for his paper “The Effects of Inflation on the Taxation of Income in Europe. An Empirical Investigation Using Microsimulaton”
    • Stephan Gruber for his paper “Purchasing Power Parities: The Evidence from International (ICP) Price Data”
    • Christian Lininger for his paper “Austrian-German Interest Differentials and Economic Fundamentals”


    • Elisabeth Springler for her paper “Beschäftigungseffekte durch Finanzmarktliberalisierung? Griechenland als Critical-Case-Study”
    • Wolfgang Schwarzbauer for his paper“Stock Markets and Real Economic Activity”
    • Patrick Butler for his paper “The Accuracy of Analyst Forecasts: IPOs at the Neue Markt in Frankfurt”


    • Gertrude Preslmair for her paper “Der Transformationsprozess des tschechischen Bankensektors”
    • Stefan Povaly for his paper “Relationship between Stock- and Currency Markets in Emerging Regions with Particular Relevance for Poland”
    • Clemens Jobst for his paper “How to Join the Gold Club: The Credibility of Austria-Hungary’s Commitment to the Gold Standard 1892–1913”