Professorial Fellowship in Monetary and Financial Economics


The Reserve Bank of New Zealand | Victoria University of Wellington | School of Economics and Finance | Victoria University Foundation | New Zealand Economic Situation and Context

In 1994 the Professorial Fellowship in Monetary Economics programme at Victoria University of Wellington was set up as an initiative of the Reserve Bank of New Zealand. In 2004, the focus of the programme was widened to include financial stability issues, and the name of the programme was changed to the Professorial Fellowship in Monetary and Financial Economics.

Current and future fellows

Martin Hellwig is Director emeritus at the Max Planck Institute for Research on Collective Goods and Professor of Economics at the University of Bonn, Germany. He has published extensively in areas as diverse as the economics of information and incentives, public goods and taxation, competition policy and sector-specific regulation, and financial economics. His 1990s publications on systemic aspects of risk in banking and finance already exposed some of the mechanisms that were so detrimental in the crisis of 2007 – 2009. With Anat Admati from Stanford University, he has co-authored The Bankers' New Clothes: What's Wrong with Banking and What to Do about It, Princeton University Press 2013. More recent work also analyses problems in the euro area.

Martin Hellwig has also been active in policy work. He is a Member of the Academic Advisory Committee of the German Ministry of Economic Affairs and of the European Parliament’s Expert Panel on Banking Union: Resolution. Previously, he was a Member and Chair of the German Monopolies Commission (1998 – 2006) of the European Commission, as well as Chair and Vice-Chair of the Advisory Scientific Committee of the European Systemic Risk Board (2011 – 2015).

Professor Hellwig will be visiting Wellington in December 2018.

Contact: Emma Clark, Economics Department

Past fellows – public lectures and research

Fellows from 1995 to 2017.


The objective of the programme is to enhance the development of monetary and financial-system policy in New Zealand to the advantage of New Zealand's long term welfare by furthering thinking and debate at the professional economics level, and, in particular, by:

1) promoting wider discussion of, and constructive challenge to, the Reserve Bank's thinking in the areas of monetary economics and financial-system policy; and

2) encouraging debate among university academics and policy advisers in the monetary and macroeconomic fields and in the financial stability field.

Funding and management

The programme is funded by the Reserve Bank of New Zealand through the Victoria University Foundation, which manages the programme. The Management Committee comprises representatives from the Reserve Bank, Victoria University's School of Economics and Finance, and the Victoria University Foundation, and independent members from the financial community.

Selection of Professorial Fellows

The fellowship position is staffed by specialists in monetary and financial economics of high international repute selected according to:-

  • their ability to contribute best to the above objectives
  • the extent of international recognition of their contribution in the field of monetary and/or financial economics, with a high weighting put on the relevance of their contribution to the practice of policy.
  • their demonstrated ability to communicate orally and in writing such that their contributions can readily be understood by those engaged in monetary and financial-system policy and practice in New Zealand
  • the extent to which their area of expertise and interest adds to the pool of knowledge in New Zealand

Duties of the Professorial Fellow

In general, the duties typically involve a mixture of:

  • original research of relevance to New Zealand
  • presentation of a public lecture
  • presentation of additional lectures and seminars to monetary policy and financial stability specialists, within and outside academe, in order to stimulate, educate and generally promote thinking on monetary policy and policy and financial stability issues
  • advice on, or supervision of, research by university staff and graduate or post-graduate students.

Some presentations take place at universities other than Victoria.


Professorial fellows are remunerated at a rate that is competitive in the market in which the fellow is normally employed. Travel and accommodation expenses are provided for, together with auxiliary expenses.

Living in New Zealand

Read about living in Wellington on the WREDA website.


Fellowships are for durations ranging from two weeks to six months according to the availability of the fellow and requirements of the programme.