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Call for proposals n° 20

At its meeting on 10 February 2016, the Board of the Foundation decided to award a grant of EUR, 30 000 to each of the following projects :

  • « Whatever it takes : the real effects of unconventional monetary policy »
    Viral V. Acharya*, Tim Eisert**, Christian Eufinger***, Christian Hirsch****
    *NYU Stern, **Erasmus Rotterdam University, ***IESE Business School, ****Goethe University

  • «Testing for adverse selection in nonexclusive markets»
    Andrea Attar*, Thomas Mariotti, François Salanié**, Alessandro Gavazza***
    *TSE and Universita di Roma Tor Vergata, **TSE, ***London School of Economics

  • «Assessing the long-run effects of financial crises»
    Régis Barnichon, Alexander Ziegenbeim*, Christian Matthes**
    *CREI Universitat Pompeu Fabra, **FRB Richmond

  • «Sovereign debt»
    Eduardo Davila*, Charles-Henri Weymuller**
    *Leonard N. Stern School of Business, **Direction Générale du Trésor

Publications of Foundation’s research projects in international journals


« Entry and Exit in OTC Derivatives Markets »
Pierre-Olivier Weill, Andrew G. Atkeson, Andrea L. Eisfeldt
Econometrica, volume 83, issue 6, pages 2231-2292

« Aggregate Demand, Idle Time and Unemployment »
Pascal Michaillat, Emmanuel Saez
Quarterly Journal of Economics, volume 130, issue 2, pages 507-569


« Hot and cold seasons in the housing markets »
Silvana Tenreyro, Rachel Ngai
American Economic Review, volume 104, issue 12, pages 3991-4026

« Mutual excitation in Eurozone sovereign CDS »
Yacine Aït-Sahalia, Roger J.A Laeven, Loriana Pelizzon: Journal of Econometrics, December 2014, volume 183, issue 2, pages 151-167

« Estimating a structural model of herd behavior in financial markets »
Marco Cipriani, Antonio Guarino
American Economic Review, January 2014, volume 104, issue1, pages 224-251

« Systemic Risk in Europe »
Robert Engle, Eric Jondeau, Michael Rockinger
Stern School of Business (NYU), HEC Lausanne
Review of Finance, March 2014, pages 1-46

« Domestic Credit Growth and International Capital Flows »
Philip R. Lane, Peter McQuade
Trinity College Dublin, European Central Bank
The Scandinavian Journal of Economics, 2014, volume 116, issue 1, pages 218-252


« Imperfect Competition in the Interbank Market for liquidity as a rationale for central banking »
Denis Gromb, Viral Acharya, Tanju Yorulmazer
American Economic Journal : Macroeconomics, volume 4, issue 2, pages 184-217

« Monetary Policy and Labor Market Frictions: A Tax Interpretation: »
Federico Ravenna, Carl Walsh
Journal of Monetary Economics, Mars 2012, 59(2): 180-195

« Durable consumption and asset management with transaction and observation cost »,
Francesco Lippi, Fernando Alvarez, Luigi Guiso
American Economic Review, Août (pp. 2272-2300)


« Precautionary demand and liquidity in payment system  »
Hyun Song Shin, Gara Afonso
Journal of Credit, Money and Banking, vol.43, issue supplement, S2, (pp 589-619), octobre 2011

« Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework »
Federico Ravenna, Carl E. Walsh
American Economic Journal, Macroeconomics, Vol.3, n° 2.

« Optimal price setting with observation and menu costs »
Francesco Lippi, Fernando Alvarez, Luigi Paciello
Quarterly Journal of Economics, Vol. 126, Issue 4.

« Internal rationality, Imperfect Market Knowledge and Asset Prices»
Albert Marcet, Klaus Adam, Juan Pablo Nicolini
Journal of Economic Theory, Mai (pp. 1224-1252)


Carlo Favero, Marco Pagano, Ernst-Ludwig von Thadden : « How Does Liquidity Affects Government Bond Yields ? », Journal of Financial and Quantitative Analysis, vol. 45, iss.1, pp. 107-134.


Philippe Aghion, Philippe Bacchetta, Ken Rogoff, Romain Rancière : « Exchange Rate Volatility and Productivity Growth : the Role of Financial Development » , Journal of Monetary Economics, vol.56, iss.4 pp.494-513.

Philip Strahan, Elena Loutskina : « Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates » , Journal of Finance, vol.64, iss.2, pp.861-889.


Richard Priestley, Gikas Hardouvelis, Dimitrios Malliaropulos : « The Impact of EMU on the Equity Cost of Capital », Journal of International Money and Finance, vol.26, iss.2, pp. 305-327, http://www.sciencedirect.com/science/journal/02615606

Patrick Bolton, Xavier Freixas, Joel Shapiro : « Conflicts of Interest, Information Provision and Competition in the Financial Services Industry », Journal of Financial Economics, vol.85, iss.2, pp. 297-330, http://jfe.rochester.edu/

Viral V. Acharya, Timothy Johnson : « Insider Trading in Credit Derivatives », Journal of Financial Economics, vol.84, iss.1, pp.110-141.


David Miles, Ales Cerny : « Risk, Return and Portfolio Allocation under Alternative Pension Systems with Incomplete and Imperfect Financial Markets », The Economic Journal, vol. 116, iss. 511, pp. 529–557.


Marco Cipriani, Antonio Guarino : « Herd Behavior in a Laboratory Financial Market », American Economic Review, vol.95, iss.5 pp. 1427-1444. http://www.aeaweb.org/articles.php?doi=10.1257/000282805775014443

Dominique Guégan, Raymond Brummelhuis : « Multi-period Conditional Distribution Functions for Heteroscedastic Models with Applications to VaR », Journal of Applied Probability, vol. 42, iss.2, pp. 426-445. http://projecteuclid.org/Dienst/UI/1.0/Journal?authority=euclid.jap&issue=1118777171

Magda Bianco, Tullio Jappelli, Marco Pagano : « Courts and Banks: Effects of Judicial Enforcement on Credit Markets » , Journal of Money, Credit and Banking, vol. 37, iss.2, pp. 223-245.

Norvald Instefjord : « Risk and Hedging : Do Credit Derivatives Increase Bank Risk? », Journal of Banking & Finance, vol. 29, iss. 2, pp. 333-345. http://www.sciencedirect.com/science/journal/03784266


Harald Hau, Hélène Rey : « Can portfolio rebalancing explain the dynamics of equity returns, equity flows and exchange rates ? » , American Economic Review, vol.94, iss.2, pp.126-133.


Mario Forni , Marc Hallin, Marco Lippi, Lucrezia Reichlin : « Do Financial Variables Help Forecasting Inflation and Real Activity in the Euro Area ? », Journal of Monetary Economics, vol. 50, 2003, Issue 6, pp. 1243-1255, http://www.sciencedirect.com/science/journal/03043932

Christophe Chamley : « Dynamic speculative attacks », American Economic Review, vol. 93, iss. 3, pp 603-621, http://www.aeaweb.org/aer/contents/june2003.html#6


Marco Pagano, Ailsa A. Röell, Josef Zechner : « The Geography of Equity Listing : Why do Companies List Abroad? », Journal of Finance, vol. 57, iss. 6, pp. 2651-2694, http://www.blackwell-synergy.com/toc/jofi/57/6

Laura Bottazzi, Marco Da Rin : « Venture Capital in Europe and the Financing of Innovative Companies », Economic Policy, www.economic-policy.org


Philippe Martin, Hélène Rey : « Financial Integration and Asset Returns », European Economic Review, vol. 44, iss.7, pp. 1327-1350, http://www.sciencedirect.com/science/journal/00142921

Xavier Freixas, Bruno Parigi, Jean-Charles Rochet : « Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank », Journal of Money, Credit and Banking, vol. 32, iss. 2, pp. 611-638.