The E-axes Forum Research Prize

The E-axes Forum awards an annual prize to recognize outstanding research conducted by young scholars in macroeconomic policies and sustainability.

Topic of the 2023 Prize

Applicants must submit a completed but unpublished paper on:

“Financing the Green Transition"

Topics of interest include, but are not restricted to:

  • What is the appropriate role of financial markets and institutions in financing the green transition?
  • How can nonfinancial corporations best facilitate the financing of the green transition?
  • How can fiscal policymakers, financial regulators, and central banks help to facilitate the financing of the green transition?
  • What is the appropriate role of international financial institutions, including development banks?


Prize Award Criteria

The E-axes Forum will assess papers using three selection criteria: i) innovative thinking and scientific merit, ii) implications for policymakers, and iii) relevance to the themes described above.  The prize amount is $5,000 and is intended to support the recipient(s) in their research activities.   The total cash award is the same for both single and co-authored papers.  Should more than one winning paper be selected, the total cash award will be distributed equally between the authors of the prize-winning papers.

Submission deadline: September 15, 2023

Announcement of the winner: Mid-November 2023

Eligibility Requirements

The prize is intended to support young researchers in their early career development.  Eligible candidates must either have completed their PhD in 2016 or later; or are completing their PhD in 2023-2024.  Both single and co-authored papers will be considered.  However, all authors of a co-authored paper must comply with the eligibility requirement.

Prize Committee Members

Stephen G. Cecchetti, Brandeis University

Stefano Giglio, Yale University

Galina Hale, University of California, Santa Cruz

Alissa M. Kleinnijenhuis, Imperial College

Pierre Monnin, Council on Economic Policies

Fernanda Nechio, Federal Reserve Bank of San Francisco


Winner of the 2022 Research Prize on

“Challenges Climate Change Poses for Central Banks”

Filippo Natoli

Senior Economist at the Advanced Economies and International Finance Division Bank of Italy

"The macroeconomic effects of temperature surprise shocks"


The question of how climate change affects the economy through temperatures is high on the economic research agenda, as the identification of exogenous shocks from weather variations is still an open issue. Using daily county-level data since 1970, we construct a series of temperature shocks for the United States that capture the average surprise effect of relatively high and low temperatures experienced in each season, isolating an unanticipated component at business cycle frequency. Temperature surprise shocks in the US have been a balanced mix of heat and cold surprises and reduced in size in recent times. Estimates made with local projections show a negative impact on the US economy via both consumption and investment, while the effect on prices is more muted and varies over time. The Federal Reserve does react by adjusting its economic projections and cutting interest rates, with effects spreading out through the yield curve.

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