August 31, 2001

Los Angeles — The American Statistical Association has awarded its prestigious Zellner Award to Assistant Professor Monika Piazzesi. Piazzesi is co-winner of the 2001 Zellner Award with Mikhail Chernov of Columbia University. The award, given for the best Ph.D. thesis dealing with an applied problem in business and economic statistics, recognizes outstanding work by promising young researchers in the field.
Piazzesi was honored for her thesis entitled "Essays in Monetary Policy and Asset Pricing," conducted at Stanford University, where she completed her Ph.D. in economics in 2000. Piazzesi said her thesis presents a new method for incorporating the effects of the central bank's monetary policy, and specifically shows how the bank's policy and regular meetings impact bond pricing. The model is the first structural method to determine how the Federal Reserve affects bond prices when it sets interest rates.

The model can be used to understand the role of monetary policy and macroeconomic variables for interest rates or vice-versa. It can also estimate outcomes using German and U.S. data.

Piazzesi, whose focus is on financial economics, applied time series econometrics and macroeconomics, joined UCLA Anderson as an assistant professor in finance in July 2000. She also was named a faculty research fellow of the National Bureau of Economic Research in January 2001. Her other honors include two Outstanding Teaching Assistant Awards from Stanford University, 1997; the German National Merit Foundation Dissertation Fellowship, 1997-2000; the Alfred P. Sloan Dissertation Fellowship, 1998-1999; the Bradley Foundation Fellowship, 1999-2000; and the Review of Economic Studies Tour 2000.

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