•   New
  • Outcome of the 19th call for proposals of research projects

    "Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades"
    Manuel Adelino*, Miguel A. Ferreira**
    *Duke University **Nova School of Business Economics (Lisboa)

    "Stagnation Traps"
    Gianluca Benigno*, Luca Fornaro**
    *LSE **CREI

    "Labor demand and financing constraints"
    Thomas Chaney*, Zongbo Huang **, David Sraer ***, David Thesmar****
    * TSE ** Princeton University *** Berkeley **** HEC Paris

    "Central Bank communication and inflation expectations"
    Stephen Hansen *, Paul Hubert **, Michael McMahon ***
    * UPF Barcelona ** OFCE- Sciences Po *** U. Warwick

    The Monetary, Financial and Banking Thesis Prize 2015

    The Foundation launches its Monetary Thesis Prize jointly with the French Economic Association (AFSE).
    The prize rewards a thesis in the field of Money, Financial and Banking economics.
    Applications should be sent to the AFSE Secretariat by 30 March 2015.


    Visiting scholars in 2015

    The following researchers will be visiting scholars at Banque de France for some weeks in 2015. The dates of their stay will be mentioned later on.

    Michael Bordo (Rutgers University)



    Newsletter - October 2014 

    7th Joint French Macro Workshop (Banque de France, 28 November 2014)

    The seventh Joint French Macro Workshop organized jointly by CREST, École Polytechnique, PSE, Sciences Po, TSE, with the support of Foundation Banque de France took place on 28 November 2014 in Paris.

    To register, please send the attached form, or write to : fondation.rech@banque-france.fr avant le 21 novembre 2014


    The Monetary, Financial and Banking Thesis Prize 2014

    The Monetary, Financial and Banking Thesis Prize of the Banque de France Foundation was awarded to M. Mouhamadou Sy, École d’economie de Paris, for his thesis on “Three Essays on Monetary Policy and Capital Flows in a Globalized World”.


    Young Researcher in Economics Prize 2014

    The Young Researcher in Economics Prize was awarded to the following persons (with indication of their research projects) :

    - Yinghua He (Toulouse School of Economics). "Answering policy questions with carefully designed empirical strategies"

    - Johan Hombert (HEC Paris). "Economics of financial markets and banking"

    The jury was composed Fabrice Collard (University of Bern), Frédéric Malherbe (LSE) and Pierre-Olivier Weill (UCLA and PSE).

    Augustin Landier has been awarded the Best Young Economist Prize 2014

    Augustin Landier, professor at the Toulouse School of Economics and member of the evaluation committee of the Foundation (within its scientific council) has been awarded the Best Young Economist Prize (from the Cercle des Économistes – Le Monde). Augustin Landier received the prize for his work on corporate financial contracts and their incentive features. The following persons were also nominated: Matthieu Bussière (Banque de France) for his research on financial crises and exchange rates, Antoine Bozio(Director of the Institute of public policies, PSE), expert on the pension system, and Élise Huillery (Sciences Po), a specialist in development economics.

    Publications of Foundation's research projects in international journals


    Yacine Ait-Sahalia, Roger J.A. Laeven, Loriana Pelizzon « Mutual excitation in Eurozone sovereign CDS  », Journal of Credit, Money and Banking, Journal of Econometrics (forthcoming)

    Marco Cipriani, Antonio Guarino « Estimating a Structural Model of herd Behaviour in Financial Markets  », American Economic Review, January 2014, 104 (1), 224-51,


    Philip R. Lane, Peter McQuade "Domestic Credit Growth and International Capital Flows ", Scandinavian Journal of Economics (forthcoming)

    Denis Gromb, Viral Acharya, Tanju Yorulmazer, "Imperfect Competition in the Interbank Market for liquidity as a rationale for central banking" American Economic Journal, Macroeconomics (forthcoming)


    Frederico Ravenna, Carl Walsh: "Monetary Policy and Labor Market Frictions: A Tax Interpretation ", Journal of Monetary Economics, March 2012, 59(2): 180-195

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


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

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

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

    Albert Marcet, Klaus Adam, Juan Pablo Nicolini : "Internal rationality, Imperfect Market Knowledge and Asset Prices", Journal of Economic Theory, May, (1224-1252)