Reserve Bank senior adviser receives Central Banking Award for Economics

Release date
14 February 2017

Reserve Bank senior adviser, Leo Krippner, has won a prestigious international economics award for his work on yield curve modelling with a lower bound for interest rates.

London-based Central Banking Publications (the Central Banking Journal and announced overnight that Dr Krippner won this year’s Economics in Central Banking Award.

The esteemed award is given annually for the work that the judging committee believes makes “the most significant contribution to economics within the field of central banking.”

Governor Graeme Wheeler said he and Reserve Bank colleagues are delighted for Leo.

“Leo produces excellent research, and the award recognises his long dedication to understanding and characterising the behaviour of yield curves, and how they contribute to the transmission of monetary policy. His research has led to a better understanding of how monetary policy actions under different environments can influence the global and New Zealand economies.”

“We are also pleased that Leo continues to develop, refine, and promote his research related to unconventional monetary policy and the yield curve, often in conjunction with external co-authors and Reserve Bank colleagues. This will help to extend the understanding of the implications unconventional monetary policy has for financial markets, exchange rates, and the macroeconomy.”

Dr Krippner said he was honoured to receive the award.

“It’s a fascinating and highly relevant area of economics to be involved in, given the global environment and its influence on the New Zealand economy. This recognition is a welcome bonus, and humbling at the same time given the list of past winners.”

Dr Krippner’s initial work in the field is summarised in a 2012 Analytical Note -A model for interest rates near the zero lower bound: An overview and discussion. Amongst other related work he also published a book on the topic in 2015.

He will receive the award at a ceremony in London in March.


Central Banking Publications is a financial publisher owned by Incisive Media specialising in public policy and financial markets, with emphasis on central banks, international financial institutions and financial market infrastructure and regulation.

Central Banking Publications was founded in 1990, and makes a number of annual awards to central banks and market participants over a range of categories. This is the fourth year of the awards.

The Reserve Bank of New Zealand won the ‘Central Bank of the Year Award' in 2015, and ‘Initiative of the Year’ in 2016 for its enterprise risk management system.

Judging was by the Central Banking Awards Committee, which is made up of the Central Banking Editorial Team and Editorial Advisory Board, comprising former senior central bank governors from around the world.

Entry to the awards is by submission. The number of submitters is not revealed.

More information

Read the Analytical Note A model for interest rates near the zero lower bound: An overview and discussion

Read Leo Krippner's research on measures of the stance of United States monetary policy

Central Banking awards announcement 

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