Research Focus

Research in general economic theory, in particular, the economics of information, incentives, and equilibrium, public goods and taxation, financial markets and financial institutions, and the foundations of macroeconomics and monetary theory.

Academic Career

• studies of economics and history at the Universities of Marburg and Heidelberg in Germany (diploma in economics 1970); doctoral studies in economics at the Massachusetts Institute of Technology (Ph.D. in economics 1973)
• academic positions at Stanford University (1973-74), Princeton University (1974-77), the University of Bonn (1977-87), the University of Basel (1987-96), Harvard University (1995-96), the University of Mannheim (1996-2004), and, since 2004, the Max Planck Institute for Research on Collective Goods

Publications on Banking and Financial Stability

Publications

Hellwig M., From Posteriors to Priors via Cycles: An Addendum, Economics Letters, In Press. Preprint

Admati A. R., Hellwig M., The Bankers' New Clothes: What’s Wrong With Banking and What to Do About It: Princeton University Press, pp. 398 , 2013.

Admati A. R., Hellwig M., DeMarzo P. M., Pfleiderer P., Comments on: Enhanced prudential standards under section 165, and early remediation requirements under section 166 of the Dodd-Frank Act, 2012. Link

Hellwig M., Sapir A., Pagano M., A contribution from the Chair and Vice-Chairs of the Advisory Scientific Committee to the discussion on the European Commission’s banking union proposals. Second Report of the Advisory Scientific Committee of the European Systemic Risk Board, 2012. Link

Admati A. R., DeMarzo P. M., Hellwig M., Pfleiderer P., Debt Overhang and Capital Regulation, issue 2012/05, Bonn, Max Planck Institute for Research on Collective Goods, 2012. SSRN

Hellwig M., et al., Forbearance, resolution, and deposit insurance. First Report of the Advisory Scientific Committee of the European Systemic Risk Board, 2012. Link

Hellwig M., The Problem of Bank Resolution Remains Unsolved: A Critique of the German Bank Restructuring Law, Too Big To Fail – Brauchen wir ein Sonderinsolvenzrecht für Banken?, Kenadjian P. S., (Ed.), Berlin/Boston, De Gruyter Verlag, pp. 35-63, 2012.

Gizatulina A., Hellwig M., Beliefs, Payoffs, Information: On the Robustness of the BDP Property in Models with Endogenous Beliefs, issue 2011/28, Bonn, Max Planck Institute for Research on Collective Goods, 2011. Abstract SSRN Full text

Hellwig M., et al., Eurozone with or without sovereign default?, Philadelphia, FIC Press Wharton Financial Institutions Center, 2011. Full Text

Hellwig M., From Posteriors to Priors via Cycles: An Addendum, issue 2011/07, Bonn, Max Planck Institute for Research on Collective Goods, 2011. Abstract Full text

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Teaching