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Faculty of Economics

Tuesday, 2 August, 2022

Second-year Economics PhD student Niklas Schmitz has received three awards for his paper which he presented in different conferences.

“I’m thrilled and delighted,” he says. “It is very hard for early-stage PhD students to get attention for their research and present it to a wide audience. The awards have allowed me to gain much more publicity for my work. Beyond that, they provide a welcome motivation for future projects and have put me in touch with fascinating researchers.”

He is one of the graduate students in the macroeconomics group within the Faculty of Economics, and is supervised by Chryssi Giannitsarou and Elisa Faraglia. He was commended for his paper that looked at why stock markets react to monetary policy decisions.

“My paper takes a particular look at recessions and proposes one reason: In crisis times, monetary policy actions can affect the probability of bad macroeconomic outcomes for the near future,” says Niklas Schmitz. “If monetary policy is effective in reducing downside risks to the economy, investors should be more inclined to invest in risky assets such as equities.”

His paper concludes that monetary policy can have a powerful effect on equity markets.

The paper is called “The Downside Risk Channel of Monetary Policy”. It has won the following awards:


  • Cambridge Finance Best Student Paper Award 2022
  • Best PhD Student Paper at the IAAE [International Association for Applied Econometrics] Conference
  • Young Economist Prize of the Qatar Centre for Global Banking & Finance


The full paper is available at :

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