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Mail: maxim(dot)ulrich(at)kit(dot)edu

Homepage: www.risk.fbv.kit.edu/c-ram



Academic Appointments

Karlsruher Institute of Technology (KIT)

Professor for Financial Economics and Risk Management, 2014 - ongoing


Columbia Business School

Assistant Professor for Finance and Economics, 2008 - 2013


University Education

Dr.rer.pol., DFG Program “Finance and Monetary Economics”, summa cum laude, Goethe University Frankfurt, 2003-2008

Board of Advisors: Prof. Dirk Krueger (Macroeconomics), Prof. Christian Schlag (Financial Engineering), Prof. Peter E. Kloeden (Numerical Mathematics)

Dissertation Topic: General Equilibrium and Reduced-Form Pricing, Hedging and Econometric Analysis of Fixed-Income Markets

Diplom, Business Economics, Catholic University Eichstaett-Ingolstadt, 1999–2003


Published Papers

Inflation Ambiguity and the Term Structure of U.S. Government Bonds, Journal of Monetary Economics, 2013.


Papers under submission

Economic Policy Uncertainty & Asset Price Volatility

How does the Bond Market Perceive Government Interventions?

The Real Risk-Free Rate and the Price of Equity: What Role does Macroeconomic Uncertainty Play?

Nominal Bonds, Real Bonds, and Equity; (with Andrew Ang)


Academic Presentations


AFA Philadelphia,


Workshop on Ambiguity and Robustness in Macro and Finance – Becker Friedman Institute at the University of Chicago, SITE Conference at Stanford Econ, Bank of Canada – Advances in Fixed-Income Modelling, SFS Calvcade Miami, European Finance Association – Cambridge (scheduled), Boston Fed (scheduled)


German Finance Association (Hannover), German Speaking Economists Abroad (Cologne), Karlsruhe Institute of Technology


WFA Santa Fe, NBER-SI Asset Pricing Cambridge, EFA Stockholm (presentation and discussion), Bank of Canada and Bank of Spain Workshop on Fixed Income Modelling, Johns Hopkins University, Bank of Canada, Karlsruhe Institute of Technology, Humboldt University, Friedrich Schiller University Jena, Leipzig University, TU Dresden, ESMT Berlin (German Speaking Economists Abroad)


NBER Asset Pricing Meeting in Chicago, Goethe University (German Speaking Economists Abroad)


EFA Bergen, EEA Barcelona, ECB, Fordham University, University of Heidelberg (German Speaking Economists Abroad)


AFA New Orleans, Stanford GSB, MIT Sloan, Columbia GSB, Bocconi University, University Pompeu Fabra, University of Bonn (German Speaking Economists Abroad)


SAFE VII International Conference: New Directions in Term Structure Modelling, 10th Conference of the Swiss Society For Financial Market Research, Campus For Finance at WHU, German Bundesbank


Goethe University


Discussions at Conferences

Andrea Buraschi., and Paul Whelan, “Macroeconomic Uncertainty, Differences in Beliefs, and Bond Risk Premia”, AFA Chicago, 2012.

Ravi Bansal, Dana Kiku, Ivan Shaliastovich, and Amir Yaron, “Volatility, the Macroeconomy and Asset Prices”,  2011 Five-Star Conference on Research in Finance

Francesca Rinaldi, Ambiguity and Rollover Risk: A Possible Explanation for Market Freezes?“, EFA Stockholm, 2009

Ralph Koijen, Hanno Lustig, and Stijn Van Nieuwerburgh, “The Cross-Section and Time-Series of Stock and Bond Returns”, Empirical Asset Pricing Retreat at the University of Amsterdam, 2009

Oldrich Alfons Vasicek, "The Economics of Interest Rates", SAFE VII International Conference: New Directions in Term Structure Modelling, 2007

Zvika Afik and Simon Benninga, "A Markov Model of Expected Bond Returns", Swiss Society for Financial Market Research, 2007

Peter Feldhütter, "Can Affine Models Capture the Dynamics of Risk Premia and Volatility in Bond Yields?", Campus For Finance, 2007


Teaching Experience

Columbia Business School, Investments and Capital Markets (Executive MBA), summer 2012

Columbia Business School, Investments and Capital Markets (MBA), spring 2009, summer 2010, summer 2011, spring 2013

Columbia Business School, Finance Theory I (PhD), spring 2011, spring 2012, spring 2013


Honors and Awards

DFG Mercator Research Fellow, fall 2013

German Science Foundation PhD Scholar, 2003-2008

DZ Bank PhD Scholar, 2008

Rotary travel grant for university exchange semester to the USA, 2001

Konrad Adenauer Student Scholar, 2000-2003


Memberships in Professional Organizations

American Finance Association, American Economic Association, Western Finance Association, European Finance Association, European Economic Association, German Finance Association


Referee for

Journal of Political Economy, Review of Financial Studies, American Economic Review, Journal of Financial Economics, Journal of Finance, Journal of Mathematical Economics, Journal of Financial Econometrics, Journal of Banking and Finance


WFA Program Committee Member (2010, 2011),

EFA Program Committee Member (2011, 2013)


Non-Academic Affiliations

Deutsche Bank, M&A, summer 2002

Dresdner Bank, EU-Public Affairs, spring 2002

BMW Group, Investor Relations, spring 2001