Professur für Makroökonomik und Finanzmärkte

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book cover Financial Innovation: Too Much or Too Little? MIT Press, 2013

Michael Haliassos


Michael Haliassos

Professor and Chair for Macroeconomics and Finance

E-mail: haliassos(AT)

Phone: +49 69 798 33812

Biographical Information

Haliassos holds the Chair for Macroeconomics and Finance at Goethe University Frankfurt. He is Director of the Center for Financial Studies and Founding Director (2013-15) of the new Center of Excellence SAFE (on Sustainable Architecture of Finance in Europe). He is a Research Fellow of the Centre for Economic Policy Research (CEPR, UK), International Research Fellow of NETSPAR (The Netherlands), and External Fellow of the Centre for Finance and Credit Markets (University of Nottingham, UK). He is also advisor to the European Central Bank on the construction of a Eurozone Survey of Household Finances and Consumption.

Haliassos received a B.A. from Cambridge University, and a Ph.D. in Economics from Yale University in 1987. Prior to joining the faculty of Goethe University Frankfurt in 2004, he was a faculty member at the University of Maryland , and then at the University of Cyprus, where he also served as Deputy Dean of the School of Economics and Business. He has held visiting appointments inter alia at the European University Institute in the Chair of Finance and Consumption, and at the Center of Studies in Economics and Finance (CSEF). He designed and directed for the first 5 years of operation the new Master's Program in Money and Finance at Goethe University Frankfurt.

Haliassos' research interests lie in Macroeconomics and Finance with emphasis on household finance. He has studied household portfolio choice under labor income risk, stockholding behavior, consumer debt, portfolios of aging households internationally, cultural influences and effects of social interactions on financial behavior, the distribution of wealth, the impact of credit market imperfections, and the role of financial advice. His papers have appeared in major international journals, including the Review of Financial Studies, the Review of Economics and Statistics, the International Economic Review, the Economic Journal, and the Review of Finance; and in edited volumes, including the Handbook of Monetary Economics and the New Palgrave Dictionary of Economics and Finance. He recently edited a volume on Financial Innovation: Too Much or Too Little?, which appeared from MIT Press in January 2013 and is now in paperback and on MIT Scholarship online. He also edited a 3-volume collection of Critical Writings in Household Finance, forthcoming from Edward Elgar, and co-edited a forthcoming Cambridge University Press volume on Financial Regulation, and a special issue of the Review of Finance on household finance.

Haliassos has coordinated a number of international research projects. Results of a major project on Household Portfolios, coordinated together with L. Guiso and T. Jappelli, were published by MIT Press in early 2002 and have become a standard reference in household finance.

He has also been involved in policy analysis, with articles and interviews published by major German, Greek, and international press establishments. In addition to being active on the Policy Center of SAFE, he edits, together with Yannis Ioannides (Tufts) and Thanasis Stengos (Guelph), the policy blog Greek Economists for Reform. He recently completed a two-year term on the Panel of the journal Economic Policy (2010-11), and a three-year term as member of the 11-member Greek National Council on Research and Technology (ESET) advising the Greek government on how to fund and promote research and innovation (2010-13).