#TimetoMeet Andrea Prat
In our #TimetoMeet series we introduce members of the Gerzensee community and talk to them about their relationship with time. In this interview, it’s time to meet Andrea Prat, Professor of Economics at Columbia University and chair of the organizing committee of the European Summer Symposium in Economic Theory.
Andrea Prat, thank you for taking the time to talk to us.
In your opinion, what is the most important challenge of our time?
Andrea Prat: Humanity faces many crises: climate change, armed conflicts, financial instability, pandemics, and more. I think there exist tools to tackle those crises, but the real challenge is to create global institutions that can develop those tools.
Time is money, so as an economist what would you like to invest more time in?
Andrea Prat: It’s an issue I am very interested in. I have done some research on time use in organizations (Bandiera et al, CEO Behavior and Firm Performance, Journal of Political Economy, 2020). We collected the time use of over 1100 CEOs of medium/large firms and studied how it affects the performance of the firms they run. Successful CEOs are those who devote most of their time to activities that generate alignment and coordination within the firm. They are the true leaders.
And which activity do you find the biggest waste of time ?
Andrea Prat: The same research reveals that the worst CEOs are the micromanagers. They focus on the trees but miss the forest. Their firms end up underperforming.
If you had a free ride on a time machine, what year would you travel to?
Andrea Prat: 2092. I am incredibly curious about the future. Plus, I would love to attend the 100th edition of ESSET!
Which is your favorite time of the year, and why?
Andrea Prat: Definitely summer. I love swimming in open bodies of water, especially Gerzensee.
About our Interviewee:
Andrea Prat is the Richard Paul Richman Professor of Business at Columbia Business School and Professor of Economics at the Department of Economics, Columbia University. Professor Prat's work focuses on organizational economics and political economy. His research in organizational economics explores issues such as organizational design, corporate leadership, employee motivation, and optimal disclosure. His research in political economy examines the influence of the media industry on the democratic process. He is the author of numerous articles in leading journals including the American Economic Review, Econometrica, the Journal of Political Economy, the Quarterly Journal of Economics, the Journal of Finance, and the Review of Economic Studies.
Andrea Prat chairs the organizing committee of the CEPR European Summer Symposium in Economic Theory (ESSET) which takes place each July in Gerzensee. For more than 30 years now, ESSET has brought together leading economists to discuss the frontier of research in economic theory. In Gerzensee.
#TimetoMeet Professor Philipp Harms
In our #TimetoMeet series we introduce members of the Gerzensee community and talk to them about their relationship with time. In this interview, it’s time to meet Philipp Harms, Professor of International Economics at the University of Mainz and regular lecturer in the central bankers course program at Gerzensee.
Philipp Harms, thank you for taking the time to talk to us.
In your opinion, what is the most important challenge of our time?
The biggest challenge of our time is to sustain peace and international cooperation. There are enormous problems that mankind has to solve (the looming climate crisis, the aging of societies etc.) and that require a joint effort of all countries.
Time is money, so as an economist what would you like to invest more time in?
I definitely could use more time to read other scientists’ work. The privilege of being in academia is the possibility to absorb and to reflect on your colleagues’ innovative and inspiring thoughts. Unfortunately, daily business leaves you little time to fully take advantage of this.
And which activity do you find the biggest waste of time?
Preparing and sitting through faculty meetings.
If you had a free ride on a time machine, what year would you travel to?
Leipzig, Good Friday of 1727, when Johann Sebastian Bach’s St. Matthew Passion was performed for the first time. Oddly (and shockingly) nobody publicly acknowledged the breathtaking quality of this masterpiece during Bach’s lifetime. I would have loved to step in.
Which is your favorite time of the year, and why?
Actually, my favorite time of the year is the time when I usually teach at Gerzensee (early March). Winter is slowly giving way to spring, the first flowers are blossoming on the Study Center premises, the Swiss Alps are still covered with snow, but there are already some warm days to enjoy. Nature is full of hope and promise.
About our Interviewee:
Philipp Harms is a professor at Johannes Gutenberg University Mainz since 2010. His research interests include international economics, political economy, and development economics. Professor Harms is also the author of a textbook on International Macroeconomics. Since 2002 Philipp Harms has been a regular lecturer in our Central Bankers Course program. This year he has taught in our course on Monetary Policy, Exchange Rates and Capital Flows for mid-level central bank managers. Philipp Harms is also an alumnus and previous employee of Gerzensee. In 1995 / 1996 he completed our prestigious Swiss Program for Beginning Doctoral Students in Economics. In 2003 / 2004 he was responsible for organizing our program of Advanced Courses in Economics.
New Year’s Post 2024
From the Study Center in Gerzensee we wish you a prosperous 2024! We are looking forward to an exciting new year of academic activity. Here’s a preview of what we have planned for this year.
Central Bankers Courses
This year, we are again offering an exciting program of courses for central bank staff. 112 selected participants from all over the world will take part in our four courses for mid-level managers on Monetary Policy & Exchange Rates, Monetary Theory & Policy, Financial Stability, and Financial Markets. We will also welcome 56 selected participants to our courses for analysts and researchers on Inflation Forecasting, and Monetary Economics.
Graduate Training
We are delighted to announce that Cristina Arellano (Minneapolis Fed and University of Minnesota) will join the faculty of our Swiss Program for Beginning Doctoral Students this year. Prof. Arellano will teach our course on international macroeconomics.
We are also excited to announce our 2024 Program of Advanced Courses in Economics with courses on Corporate Behavior; Survey Data in Economics & Finance; The Economics of Digital Markets; Machine Learning for Treatment Effects; Trade & Growth; Tax Systems; or Macroeconomics with Household Heterogeneity. PhD students, faculty members and research economists are welcome to apply!
Our 2024 Program of Law and Economics Courses while include courses on International Law as well as Law, AI & Machine Learning.
Gerzensee Forum
This May we will host a Conference on Financial Intermediation jointly organized with BIS, CEPR and SFI.
In October we will host our biannual Conference on Monetary Economics, co-organized with the Journal of Monetary Economics and the Swiss National Bank. Don’t miss our call for papers for this conference, which will be out soon.
And in between, we look forward to welcoming researchers attending symposia and workshops we host for our partner research networks: CEPR and the Swiss Finance Institute.
Can’t wait to meet you!
End of year post 2023
At the Study Center in Gerzensee we are getting ready to close the gates for this year. We look back on a busy, and exciting year of academic activities.
This year we hosted 159 central bankers from 73 countries in our continuing education program. 35 graduate students completed our renowned program for beginning doctoral students and 28 more are well on their way to complete the 2023/2024 program. 133 participants took part in our advanced courses in economics and law and economics. And numerous scholars visited the study center for research conferences, workshops and research retreats. Thank you all for coming.. it was wonderful having you with us!
While we get the study center sparkling for the new year, we leave you with one final impression of 2023. This year, Prof. Florencia Marotta-Wurgler was one of the outstanding global scholars to spend time in Gerzensee. In October, she gave a course on the Law & Economics of Consumer Contracts and Privacy. And she also found time for an interview which we can now share with you. Listen to what Florencia Marotta-Wurgler has to say on why she studied law after economics, how she supports female students in law school, and how the internet has changed the law and economics of consumer contracts.
Listen to the podcast here.
See you next year!
New Year’s Post 2023
From the Study Center in Gerzensee we wish you a prosperous 2023! In our new year’s post, we present our interview with a featured guest of 2022. We also preview our 2023 academic program. For a regular update on ongoing activities at the Study Center: Follow us on LinkedIn.
Featured guest of 2022: Prof. James H. Stock (Harvard University)
In June 2022, we welcomed Prof. James Stock to the Study Center to give an advanced course on “The Economics and Econometrics of Climate Change Policy ”. During his stay, Prof. Stock found time to talk to us about his experience as an advisor on climate policy, and his visit to the Study Center.
Listen to the podcast here.
Interview: June 2022, Moderator: Fabio Canteg.
Central Bankers Courses in 2023
In 2023, we again offer a program of courses for central bank staff from all over the world. We look forward to welcoming in total 173 participants from 73 central banks to our intermediate courses on Monetary Policy, Banking Regulation, Macroeconomic Forecasting, Instruments of Financial Markets, as well as to our Topics courses in Empirical Finance and Monetary Economics.
Graduate Training in 2023
We are delighted to announce that Prof. Anna Mikusheva (MIT) and Prof. Stephanie Schmitt-Grohé (Columbia University) will join the faculty of our Swiss Program for Beginning Doctoral Students during the coming year. We wave goodbye to Prof. Mark Watson (Princeton) and Prof. Sérgio Rebelo (Northwestern) and thank them for their long-standing and incommensurable contribution to our core graduate training program. They will be missed.
We are also excited to announce our 2023 Program of Advanced Courses in Economics with courses on Policy Evaluation, Inequality, International Macro, FinTech, Computation of Heterogenous Agent Models and Probabilistic Modeling of Networks.
Our 2023 Program of Law and Economics Courses is currently being finalized and will be announced within the next weeks.
Conferences in 2023
We are excited to host for the first time the Swiss Winter Conference on Financial Intermediation.
Also for the first time, we will host the Summer Workshop on Money, Banking, Payments and Finance, co-organized with the Bank of Canada and the FED Board of Governors.
We look forward to our biannual autumn Conference with the Journal of Economic Dynamics and Control, co-organized with the Fed St. Louis and the Swiss National Bank.
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