Norbert Kloten Prize for Applied Economic Research
The Institut für Angewandte Wirtschaftsforschung e.V. (Institute for Applied Economic Research) and the Head Office of the Deutsche Bundesbank in Baden-Württemberg are awarding a prize for applied economic research in honor of the long-standing Chairman of the Board of IAW e.V., President of the Landeszentralbank in Baden-Württemberg and member of the Central Bank Council of the Deutsche Bundesbank, Professor Dr. Dr. h.c. mult. Norbert Kloten.
The prize is awarded for an outstanding master's thesis of an innovative theoretical or empirical nature with relevance to current issues in economic policy. It should be written in German or English and not be older than one year. The prize is endowed with 3,000 euros. The call for proposals is aimed at master's degree candidates in economics at the universities of Hohenheim, Stuttgart and Tübingen. The right of nomination lies with the supervising professors.
Please send your proposals for the Norbert Kloten Prize 2026, including letters of recommendation, master's thesis, curriculum vitae and expert opinions electronically to: iaw@iaw.edu.
Deadline: 31 January 2026.
Prize winner 2025
The prize was awarded to Mr Jan Jacobsen, M.Sc. for his Master's thesis Do Finfluencers Give Good Investment Advice? A large-scale, LLMpowered Analysis of the Profitability of Investment Recommendations on YouTube. Supervisor: Professor Dr Dominik Papies, Chair of Marketing at the Faculty of Economics and Social Sciences at the Eberhard Karls University of Tübingen.
Photo: Deutsche Bundesbank
From left to right: Prof Dr Martin Biewen, Director of the IAW, Jan Jacobsen and Dr Patricia Staab, President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg.
Prize winners 2024
The prize was awarded to Ms. Carina Haller in recognition of her outstanding Master's thesis Residential Energy Consumption of German Low-Income Households: The Influence of Social Benefit Transfers under Prof. Dr. Martin Biewen at the Chair of Statistics, Econometrics and Quantitative Methods at the Faculty of Economics and Social Sciences at the Eberhard Karls University of Tübingen.
The prize was awarded to Mr. Luis Huxel in recognition of his outstanding Master's thesis Uncertainty Shocks in the Euro Area, which was supervised by Prof. Dr. Gernot Müller at the Chair of Money and Currency at the Faculty of Economics and Social Sciences of the Eberhard Karls University of Tübingen.
Photo: Deutsche Bundesbank
F.l.t.r.: Dr. Patricia Staab (President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg), Carina Haller, Luis Huxel, Prof. Dr. Wilhelm Rall (Chairman of the IAW e.V.)
Prize winner 2023
The prize was awarded to Mr Matthias Wirth for his master thesis Climate Change Econometrics: Estimating a two-component energy balance model as a cointegrated VAR, which was supervised by Professor Dr. Joachim Grammig at the University of Tübingen.
Photo: Deutsche Bundesbank
F.l.t.r.: Dr. Patricia Staab (President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg), Matthias Wirth, Prof. Dr. Wilhelm Rall (Chairman of the IAW e.V.)
Prize winners 2022
The prize was awarded to Mr Georg Schneider in recognition of his outstanding Master's thesis under Professor Dr Frank Stähler at the Chair for International Economics and Labor Markets at the University of Tübingen entitled "Consumption under Gravity – Value Added Taxation and International Trade".
The prize was awarded to Ms Lena Wiest in recognition of her outstanding Master's thesis under Professor Dr Wilhelm Kohler at the Chair for International Economics and European Integration at the University of Tübingen entitled "The European Green Deal, Carbon Pricing and International Trade".
Photo: Deutsche Bundesbank
F.l.t.r.: Dr. Patricia Staab (President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg), Georg Schneider, Lena Wiest, Prof. Dr. Wilhelm Rall (Chairman of the IAW e.V.)
Prize winner 2021
The prize was awarded to Ms Maike Becker in recognition of her outstanding Master's thesis under Professor Dr Robert Jung at the Institute of Economics (520K), Department of Econometrics and Economic Statistics and Computational Science Lab (CSL) at the University of Hohenheim entitled "Price effects of Austrian fuel price interventions: an econometric analysis using the synthetic control method".
Photo: Deutsche Bundesbank.
Prize winner 2020
The prize was awarded to Mr Kilian Klatt in recognition of his outstanding Master's thesis under Professor Dr Wilhelm Kohler at the Chair for International Economics and European Integration at the University of Tübingenfor entitled "Price effects of Austrian fuel price interventions: an econometric analysis using the synthetic control method".
Prize winners 2019
Mr Pascal Sturm was awarded for his Master's thesis ‘Business Cycle, Uncertainty and Sentiment Effects on Asset Prices - An Econometric Analysis’ with Professor Dr Joachim Grammig, University of Tübingen, Chair of Statistics, Econometrics and Empirical Economic Research at the Faculty of Business, Economics and Social Sciences.
Ms Julia Welsch was honoured for her Master's thesis ‘Trade, Trust, and Treaties: Theory and Empirics of Trade and Institutions’ with Professor Dr Benjamin Jung, University of Hohenheim, Chair of Foreign Trade, Faculty of Business, Economics and Social Sciences.
Prize winner 2018
Ms Susanne Wellmann was honoured for her Master's thesis ‘Inflation Dynamics in the Euro Area’ with Professor Dr Gernot Müller, University of Tübingen, Chair of Money and Currency.
F.l.t.r.: Mr Bernhard Sibold [President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg], Ms Susanne Wellmann and Prof. Dr. Wilhelm Rall [Chairman of the IAW e.V.]
Photo: Norman Stollhof, Deutsche Bundesbank
Prize winners 2017
Ms Maria Gürlich was honoured for her Master's thesis ‘The Impact of Municipal Mergers on Local Business Taxes’ with Professor Dr Georg Wamser, University of Tübingen, Chair of Finance.
Ms Julie Schnaitmann was honoured for her Master's thesis ‘Econometric Analysis of Asset Pricing Models with Habit Formation’ with Prof. Dr Joachim Grammig, University of Tübingen, Chair of Econometrics, Statistics and Empirical Economic Research.
Prize winner 2016
Mr Dario Cords M.Sc. was awarded in recognition of his Master's thesis ‘Multi-unionism at the Firm Level: A Theoretical Analysis’ with Professor Dr Thomas Beißinger at the Institute of Economics, Department of Service and Labour Economics, at the University of Hohenheim.
Prize winner 2015
The 2015 award winner Leopold M. Schiele M.Sc. was honoured for his Master's thesis ‘Regional Values and Firms’ Tax Payments’ under Professor Dr Georg Wamser at the Chair of Economics, in particular Finance, at the University of Tübingen.
Prize winners 2014
The two 2014 prize winners are:
Thomas Steinwachs M.Sc. for his Master's thesis Offshoring and Employment with Labour Market Frictions,
with Professor Dr Wilhelm Kohler, Chair of International Economics, University of Tübingen.
Tim Roth M.Sc. for his Master's thesis Trade in Value Added: A Fresh Perspective on Bilateral Trade Relations, Trade Barriers and Production Fragmentation, with Professor Dr Bernhard Jung, Chair of Foreign Trade, University of Hohenheim.
Prize winners 2013
The two prize winners for 2013 are:
Katharina Erhardt M.Sc. for her Master's thesis ‘The Home Market Effect in a Multi-Sector Melitz Model’ with Professor Dr Wilhelm Kohler at the Chair of International Economic Relations at the Eberhard Karls University of Tübingen.
Yin Krogmann M.Sc. for her Master's thesis ‘Inter-Firm R&D Networks in Pharmaceutical Biotechnology: What Determines Firm's Centrality-based Partnering Capability?’ with Professor Dr Ulrich Schwalbe at the Chair of Microeconomics, in particular Industrial Economics at the University of Hohenheim.
F.l.t.r.: Prof. Dr. Wilhelm Rall [Chairman of the IAW e.V.], Yin Krogmann, Katharina Erhardt and Bernhard Sibold [President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg], Photo: Deutsche Bundesbank
Prize winner 2012
The 2012 prize winner is economist Florian Smuda. His thesis ‘Cartel price mark-ups: an econometric analysis for the European market’ was written at the chair of Prof Gerhard Wagenhals, University of Hohenheim.
F.l.t.r.: Prof. Dr. Wilhelm Rall (Chairman of the IAW e.V.), Florian Smuda, Prof. Dr. Claudia Buch (Direktorof the IAW) and Bernhard Sibold (President of the Head Office of the Deutsche Bundesbank in Baden-Württemberg], Photo: Dieter Buck (Deutsche Bundesbank).
Prize winner 2011
The 2011 award winner is economist Lena Tonzer. Her thesis ‘Financial Integration, Liquidity Shocks, and Systemic Risk’ was written at the chair of Prof Claudia Buch, University of Tübingen. The prize was accepted on behalf of the prizewinner's sister.
F.l.t.r: Bernhard Sibold, President the Head Office Stuttgart of the Deutsche Bundesbank, Professor Dr. Claudia M. Buch, Director of the IAW, Professor Dr. Wilhelm Rall, Chairman of the IAW e.V., Anna Tonzer, Professor Dr. Clemens Fuest, University of Oxford. Photo: Dieter Buch, Deutsche Bundesbank
Prize winner 2010
The 2010 prize winner is economics graduate Jens Wrona. His thesis was supervised by Prof Dr Wilhelm Kohler (University of Tübingen) and is entitled ‘Trade in Tasks: Unemployment and the Welfare State’. In it, Jens Wrona deals with the relocation of individual parts of the value chain abroad (trade in tasks) and uses a stylised theoretical model to examine the effects of offshoring on domestic employment and income inequality.
F.l.t.r: Professor Dr. Frank C. Englmann, University of Stuttgart, Professor Dr. Claudia M. Buch, Director of the IAW, Jens Wrona, Bernhard Sibold, President of the Head Office Stuttgart of the Deutsche Bundesbank. Photo: Dieter Buck, Deutsche Bundesbank
Prize winner 2009
The 2009 prize winner is economist Stephan Jank. His thesis was supervised by Prof Dr Joachim Grammig (University of Tübingen) and is entitled ‘Money Market Funds and Liquidity Risk: An Empirical Analysis of Fund Flows and Returns’. In it, Stephan Jank analyses the returns of differently liquid money market funds before and during the financial market crisis.
Prize winner 2008
The prize, which was awarded for the first time on 11 March 2008, went to economist Franziska Peter for her thesis ‘Price Discovery of Canadian Cross-Listed Stocks Revisited: An Econometric Analysis Using NYSE, TSX and FX Data’. Ms Peter is a research assistant at the Chair of Statistics and Econometrics of Prof Dr Joachim Grammig (University of Tübingen).