Laurent Clerc
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laurent.clerc2@banque-france.fr
Current Position
Director Financial Stability
Previous Position
Director Monetary and Financial Studies (2008-2011) - Deputy Director Financial Stability (2008) - Head (2004 - 2008) of the Monetary Policy Research Division - Deputy Head (2000-2004) - Consultant at the OECD (2003) and the European Central Bank (2002) - Economist at the Bank of England (1999-2000), the Banque de France (1993-1999) and the Ministry of Finance (1990-1993) - Deputy Director Financial Stability (2008)
Diploma
MSc. Econ., London School of Economics (1999) - MPhil. Econ., Delta (1989) - Agrégation de Sciences Sociales (1989) - ENS Cachan (1985-1989)
Research Interest
Monetary Policy - Financial Stability - Macroeconomics
Contact
+33 (0)1 42 92 65 79
Banque de France, 35-1537 DGO-DSF, 75049 PARIS Cedex 01 - France
Publications
Working Paper Series no. 533:
Capital Regulation in a Macroeconomic Model with Three Layers of Default.
By Clerc Laurent, Derviz Alexis, Mendicino Caterina, Moyen Stephane, Nikolov Kalin, Stracca Livio, Suarez Javier, P. Vardoulakis Alexandros
- EN
- PDF (586.61 KB)
Publications
Financial Stability Review no. 18:
April 2014
By Noyer Christian, Caruana Jaime, Knot Klaas, Goodhart Charles, Perotti Enrico, Nier Erlend, K. Tarullo Daniel, Dombret Andreas, Angeloni Ignazio, Le Lorier Anne, Danthine Jean-Pierre, He Dong, Kim Choongsoo, C. Chakrabarty Kamalesh, Douglas J.Elliott, Kelber Anna, , Jeanne Olivier, Korinek Anton, K. Kashyap Anil, P. Tsomocos Dimitrios, Vardoulakis Alexandros, Clerc Laurent, Derviz Alexis, Mendicino Caterina, Moyen Stephane, Nicolov Kalin, Stracca Livio, Suarez Javier, P. Vardoulakis Alexandros, , Lecat Rémy, Labonne Claire, Levy-Garboua Vivien, Maarek Gérard, Peydro José-Luis, Antipa Pamfili, Matheron Julien
- FR
- PDF (2.39 MB)
Publications
Working Paper Series no. 477:
Monitoring the European CDS Market through Networks: Implications for Contagion Risks
- EN
- PDF (862.61 KB)
Publications
Financial Stability Review no. 17:
April 2013
By Noyer Christian, Carney Mark, Ingves Stefan, Kono Masamichi, Barnier Michel, H. Dallara Charles, Gensler Gary, Russo Daniela, Viral V. Acharya, C. Bodson Michael, Jenkinson Nigel, S. Leonova Irina, Buenaventura Rodrigo, Ross Verena, Brunnermeier Markus, Clerc Laurent, Coudert Virginie, Gex Mathieu, Aigrain Jacques, Biais Bruno, Heider Florian, Hoerova Maria, Lane Timothy, Dion Jean-Philippe, Slive Joshua, Tucker Paul, Autheman Marc-Antoine, Aerdt Houben, Slingenberg Jan Willem, Singh Manmohan, O’Connor Stephen, Oudéa Frédéric, D. Persaud Avinash
- FR
- PDF (3.51 MB)
Publications
Working Paper Series no. 390:
Macro-Prudential Policy and the Conduct of Monetary Policy
- EN
- PDF (1.18 MB)
Publications
Quarterly Selection of Articles no. 23:
Autumn 2011
By Cayssials Jean-Luc, Servant François, Clerc Laurent, Kempf Hubert, Ragot Xavier, Bourgeon Pauline, Bricongne Jean-Charles, Gaulier Guillaume, Gandolphe Sarah, Hauton Gaël, Viol Sandrine, Birouk Omar, Bouloux Alain-Nicolas
- EN
- PDF (903.65 KB)
Publications
Working Paper Series no. 323:
BASEL III: Long-term impact on economic performance and fluctuations
By Angelini Paolo, Clerc Laurent, Gambacorta Leonardo, Gerali Andrea, Locarno Alberto, Motto Roberto, Roeger Werner, Van den Heuvel Skander, Vlček Jan
- EN
- PDF (267.57 KB)
Publications
Occasional papers no. 8:
Macro-prudential policy and the conduct of monetary policy
- EN
- PDF (395.81 KB)
Publications
Quarterly Selection of Articles no. 20:
Winter 2010
By Kremp Elisabeth, Servant François, Nivat Dominique, Terrien Bruno, Clerc Laurent, Loisel Olivier, Mojon Benoît, Ragot Xavier, Bouthevillain Carine, Dufrénot Gilles, Frouté Philippe, Paul Laurent
- EN
- PDF (1.54 MB)
Publications
Working Paper Series no. 308:
To be or not to be in monetary union: A synthesis
- EN
- PDF (322.86 KB)
Publications
Quarterly Selection of Articles no. 19:
Autumn 2010
By Couleaud Nathalie, Delamarre Frédéric, Mérieux Antoine, De Charette Alice, Cayssials Jean-Luc, Kremp Elisabeth, Bê Duc Louis, Clerc Laurent, Kelber Anna
- EN
- PDF (1.14 MB)
Publications
Working Paper Series no. 290:
The art of central banking of the ECB and the separation principle
By Bordes Christian, Clerc Laurent
- EN
- PDF (2.41 MB)
Publications
Financial Stability Review no. 12:
October 2008
By Noyer Christian, Allen Franklin, Carletti Elena, Banziger Hugo, Caruana Jaime, Pazarbasioglu Ceyla, Clerc Laurent, , Jardet Caroline, , Monfort Alain, , Matherat Sylvie, S. Mishkin Frederic, D. Persaud Avinash, Plantin Guillaume, Sapra Haresh, Shin Hyun Song, Rochet Jean-Charles, Trainar Philippe, Tweedie David, Vinals José
- FR
- PDF (2 MB)
Publications
Working Paper Series no. 219:
A Two-Pillar DSGE Monetary Policy Model for the Euro Area.
- EN
- PDF (720.06 KB)
Publications
Occasional papers no. 4:
A primer on the subprime crisis
- EN
- PDF (228.09 KB)
Publications
Working Paper Series no. 168:
Understanding Asset Prices: Determinants and Policy Implications
- Published on 05/01/2007
- EN
- PDF (461.17 KB)
Publications
Working Paper Series no. 165:
Is there a structural break in equilibrium velocity in the euro area?
- EN
- PDF (392.49 KB)
Publications
Working Paper Series no. 109:
Price Stability and The ECB's Monetary Policy Strategy (en anglais)
By Bordes Christian, Clerc Laurent
- EN
- PDF (461.93 KB)
Articles
- Le shadow banking en Europe, Revue d’Économie Financière, n° 109, Mars 2013.
- The ECB's separation principle: does it "rule OK"? From policy rule to stop-and-go, avec Christian Bordes, Oxford Economic Papers, Volume 65 suppl., pp. 66-91, April 2013.
- La méthodologie des études d’impact de Bale III, dans Le financement de l’économie dans le nouveau contexte réglementaire , Rapport du Conseil d’Analyse Économique, La Documentation française, décembre 2012.
- La BCE: quel(s) scénario(s) de sortie de crise?, avec Christian Bordes, Revue d'Économie Financière, «les politiques de sortie de crise», n°103, Octobre 2011.
- A Two-Pillar DSGE Model for the Euro Area, avec Jean Barthélémy et Magali Marx, Economic Modelling, Elsevier, vol. 28(3), pp. 1303-1316, May 2011.
- Financial Stability and Monetary Policy: Lessons from the euro area, avec Benoît Mojon, à paraître dans M. Beblavy, D. Cobham et L. Odor (eds), “The Euro Area and the Financial Crisis,” Chap.14, Cambridge University Press, 2011.
- To be or not to be in a monetary union: a synthesis, avec Harris Dellas et Olivier Loisel, Journal of International Economics, 83, pp. 154-167, 2011.
- House price boom-bust cycles, avec Vladimir Borgy et Jean-Paul Renne, dans Housing Markets in Europe. A macroeconomic perspective. De Bandt, Knetch, Penalosa et Zollino, éditeurs, Springer, pp. 359-404, 2010.
- Le principe de séparation et l’art du central banking de la BCE, avec Christian Bordes, Revue d’Économie Politique, No 120 (2), Mars-Avril, pp. 269-302, 2010.
- Les événements extrêmes : nouveaux défis entre sciences et choix collectifs (2008), avec Christian Gollier, Risques, n°76, décembre.
- Price Stability and the ECB's Monetary Policy Strategy (2007), avec Christian Bordes, Journal of Economic Surveys, vol. 21, Issue 2, pp. 268-326, Avril.
- Monetary Policy in a Changing Environment: a Case for the Signalling Function of Central Banks' Operating Framework (2007), avec Maud Thuaudet, dans Open Market Operations and Financial Markets, D.G. Mayes etd J. Toporowski (Ed.), Routledge, Londres et New York, pp. 86-116.
- La BCE, 5 ans de politique monétaire unique (2004), avec Christian Bordes, Les Cahiers Français, n° 319, Mars-Avril, pp. 29-36.
- The influence of structural changes on market functioning and it's implications for monetary policy: a focus on the euro area (2002), avec Françoise Drumetz et François Haas, BIS papers N°12, Market Functioning and Central Bank Policy, août.
Other
- Assessing contagion risk from the CDS market, ESRB Occasional Paper No. 4– avec Brunnermeier, M., El Omari, Y., Gabrieli, S., Kern, S., Memmel, C., Peltonen, T., Podlich, N., Scheicher, M. et Vuillemey, G., September 2013.
- Macro-prudential Research Network reviews findings after two years’ work, ECB, avec Philipp Hartmann, Paolo Angelini, Carsten Detken, Cornelia Holthausen, Angela Maddaloni, Kalin Nikolov et Kateřina Šmídková, 30 October 2012.
Updated on: 03/06/2019 09:17