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Two economists honored with the Banque de France – TSE Prizes

Published on 1 October 2026

Veronica Guerrieri Amit Seru lauréats prix Bdf-TSE 2026
Veronica Guerrieri and Amit Seru @ Chicago Booth School of Business and Stanford Graduate School of Business

The Toulouse School of Economics and the Banque de France are pleased to announce the winners of the 2026 Banque de France – TSE Prizes in Monetary Economics and Finance: Veronica Guerrieri (University of Chicago Booth School of Business) and Amit Seru (Stanford Graduate School of Business).

This year’s award honors two researchers whose work has had a profound impact on macroeconomics and finance. Veronica Guerrieri’s research has, in particular, contributed to a better understanding of the interaction between supply and demand shocks, the macroeconomic effects of financial crises, and the role of financial frictions in the transmission of monetary policy. Amit Seru, for his part, is recognized for his major contributions to the analysis of the financial system, banking intermediation, credit markets, and the links between finance and the real economy.

Both laureates have profoundly influenced economic research through work that has become fundamental in their respective fields. Their ability to develop new approaches to major economic challenges perfectly illustrates the spirit of this award.

Jean Tirole, Honorary President of the Toulouse School of Economics & Co-Chair of the award jury

The two distinghued scholars will spend some time in Paris and Toulouse. Veronica Guerrieri will be hosted at the Banque de France from October 5 to 8, 2026, before speaking at an annual internal seminar at TSE on October 9. Amit Seru, for his part, will be a guest at TSE’s macrofinance seminar on March 22, 2027, before continuing his residency at the Banque de France from March 23 to 26, 2027.

Portrait d'Agnès Benassy Quéré

The research of Veronica Guerrieri and Amit Seru perfectly illustrates how academic excellence can inform the actions of central banks and public authorities.

Agnès Bénassy-Quéré, Second Deputy Governor, Banque de France & Co-Chair of the award Jury

The Banque de France – TSE Prizes in Monetary Economics and Finance promote exchanges between leading researchers, the academic community, and public institutions engaged in the analysis of economic and financial policies.

Biographies of the awardees

Veronica Guerrieri is a professor of economics at the Chicago Booth School of Business (University of Chicago), where she holds the Ronald E. Tarrson Distinguished Service Professorship. She is also a fellow of the Econometric Society, a Research Associate at the NBER, a Research Fellow at the CEPR, and the co-director of the Macro Initiative of the Becker Friedman Institute. 
Her research in macroeconomics focuses in particular on business cycle fluctuations, monetary and fiscal policy, labor and financial market frictions, inequality, residential segregation, and economic growth.
A graduate of Bocconi University and a Ph.D. from MIT, she is also an academic member of the Bellagio Group, and a consultant at the Federal Reserve Bank of Chicago and at the Federal Reserve Bank of Minneapolis. Her work has been recognized with several prestigious awards, including the Bernácer Prize for the best European economist under 40 in macroeconomics and finance, the Carlo Alberto medal for the best Italian economist under 40, and the Sloan Research Fellowship.

Amit Seru is the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER). He was formerly a faculty member at the University of Chicago’s Booth School of Business.
Professor Seru’s research focuses on corporate finance with an emphasis on financial intermediation and regulation, technological innovation and incentive provision, and financing in firms. His research in these areas has been published in American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and other peer-reviewed journals. He was previously a co-editor of the Journal of Finance, an editor of Review of Corporate Finance Studies, department editor (Finance) of Management Science, and an associate editor of the Journal of Political Economy.
He has presented his research to U.S. and international regulatory agencies, including the Bank for International Settlement (BIS), Consumer Finance Protection Bureau (CFPB), European Central Bank (ECB), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Financial Industry Regulatory Authority (FINRA), the International Monetary Fund (IMF) and the Monetary Authority of Singapore (MAS). Most recently, he gave the Biennial Andrew Crockett lecture on regulation of banks in the era of fintechs to central bank governors around the world at the BIS. He has received various National Science Foundation grants, the Alexandre Lamfalussy research fellowship from BIS, and was named as one of the Top 25 Economists under 45 by the International Monetary Fund in 2014. His research has been featured in major media, including the Wall Street Journal, The New York Times, the Financial Times, and the Economist.
Seru earned a BE in electronics and communication and an MBA from the University of Delhi. Subsequently, he received a PhD in finance from the University of Michigan. He was a senior consultant at Accenture before pursuing his PhD Seru was the recipient of a Rackham Pre-Doctoral Fellowship at University of Michigan and received a Lt. Governor’s gold medal for overall academic excellence at the University of Delhi.

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