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

Gizatulina A., Hellwig M., Beliefs, Payoffs, Information: On the Robustness of the BDP Property in Models with Endogenous Beliefs, Journal of Mathematical Economics, vol. 51, pp. 136-153, 2014. SSRN Preprint

Hellwig M., Financial Stability, Monetary Policy, Banking Supervision, and Central Banking, issue 2014/09, Bonn, Max Planck Institute for Research on Collective Goods, 2014. Abstract Full text

Hellwig M., Yes Virginia, There is a European Banking Union! But It May Not Make Your Wishes Come True, issue 2014/12, Bonn, Max Planck Institute for Research on Collective Goods, 2014. Abstract Full text

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., DeMarzo P. M., Hellwig M., Pfleiderer P., Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Socially Expensive, issue 2013/23, Bonn, Max Planck Institute for Research on Collective Goods, 2013. Abstract Full text

Hellwig M., From Posteriors to Priors via Cycles: An Addendum, Economics Letters, vol. 118, no. 3, pp. 455-458, 2013. Preprint

Admati A. R., DeMarzo P. M., Hellwig M., Pfleiderer P., The Leverage Ratchet Effect, issue 2013/13, Bonn, Max Planck Institute for Research on Collective Goods, 2013. Abstract Full text

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

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Teaching