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Moritz Lenel, a PhD student who focuses on macroeconomics and finance, is this year’s recipient of ÿ�ճԹ�’s Landau Prize.

The award, which recognizes the best student-written working paper, was established as a tribute to Claire and Ralph Landau and their commitment to economic policy research. Ralph Landau was a consulting professor of economics at Stanford and co-director of a research program on technology and economic growth.

Lenel’s paper, “Safe Assets, Collateralized Lending and Monetary Policy,” examines how quantities of safe bonds affect interest rates and asset prices. The question is important in understanding the effects of unconventional monetary policy. The paper develops a quantitative model of financial lending markets to analyze the use of safe bonds as collateral.

After leaving Stanford, Lenel will spend a year as a research fellow the University of Chicago’s Becker Friedman Institute. He is slated to join Princeton’s economics department in 2018.

Lenel holds a degree in economics from Universität Konstanz and a master’s degree in international trade, finance and development from the Universitat Pompeu Fabra in Barcelona.

He is a recipient of ÿ�ճԹ�’s Kohlhagen Fellowship, and was also awarded the Ric Weiland Graduate Fellowship from Stanford’s School of Humanities & Sciences.