Hervé Le Bihan
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herve.lebihan@banque-france.fr
Current Position
Deputy Director, Business Conditions and Macroeconomic Forecasting Directorate (from sept 2022),
Previous Position
Secondment to Banco de España, Advisor to the Director of the Economic Developments Department. Deputy Director, Monetary and Financial Studies Directorate (2015-2021); Secretary of the Fondation Banque de France (2015-2018) - Head of Macro-Analysis and Forecasting Division (2012-2015), Head of Microeconomic Analysis Division (2009-2012); Deputy head of Economic and Financial Research division (2007-2008) ; Economist, Research Unit, Banque de France (1999-2006) ; Economist, OFCE (Observatoire Français des Conjonctures Économiques) (1995-1998)
Diploma
M.S in Economics and Statistics (ENSAE Graduate) ; Ph D. in Economics Université Paris XII
Research Interest
Sticky prices and wages; inflation; monetary policy; applied econometrics; macroeconometric modelling
Contact
Publications
Economic projections
Macroeconomic projections – March 2023
By Aldama Pierre, André Julien, Baret Kéa, Carroy Alice, Cochard Marion, Coueffe Mélanie, Coursieras Laurence, Ducoudré Bruno, Gautier Erwan, Giuliani Lionel, Le Bihan Hervé, Lemoine Matthieu, Levy-Rueff Guy, Menard Alexandre, Rouvreau Béatrice, Sabatini Mylène, Sabes David, Schmidt Katja, Thubin Camille, Turunen Harri, Ulgazi Youssef
- Published on 03/20/2023
- 15 pages
- EN
- PDF (3.59 MB)
Publications
Economic projections
Macroeconomic projections – December 2022
By Aldama Pierre, André Julien, Carroy Alice, Cochard Marion, Ducoudré Bruno, Dunne Niamh, Giuliani Lionel, Jousselin Edouard, Le Bihan Hervé, Lemoine Matthieu, Levy-Rueff Guy, Loise Matthias, Menard Alexandre, Rouvreau Béatrice, Sabatini Mylène, Sabes David, Schmidt Katja, Thubin Camille, Turunen Harri, Ulgazi Youssef
- Published on 12/17/2022
- 14 pages
- EN
- PDF (6.1 MB)
Publications
Economic projections
Macroeconomic projections – September 2022
By Aldama Pierre, Andaloussi Erwan, Carroy Alice, Cochard Marion, Ducoudré Bruno, Dunne Niamh, Honvo William, Jousselin Edouard, Le Bihan Hervé, Lemoine Matthieu, Levy-Rueff Guy, Loise Matthias, Lor-Lhommet Emilie, Menard Alexandre, Ouvrard Jean-François, Rouvreau Béatrice, Sabatini Mylène, Sabes David, Sigwalt Antoine, Schmidt Katja, Thubin Camille, Ulgazi Youssef, Vu Thao
- Published on 09/16/2022
- 8 pages
- EN
- PDF (3.9 MB)
Publications
Working Paper Series no. 862:
Make-up Strategies with Finite Planning Horizons but Forward-Looking Asset Prices
- Published on 01/21/2022
- 50 pages
- EN
- PDF (2.36 MB)
Publications
Working Paper Series no. 839:
Empirical Investigation of a Sufficient Statistic for Monetary Shocks
- Published on 10/20/2021
- 94 pages
- EN
- PDF (3.76 MB)
Publications
Working Paper Series no. 820:
Inflation tolerance ranges in the New Keynesian model
- Published on 06/29/2021
- 35 pages
- EN
- PDF (1.17 MB)
Publications
Working Paper Series no. 811:
Should the ECB Adjust its Strategy in the Face of a Lower r*?
- Published on 04/21/2021
- 40 pages
- EN
- PDF (2.15 MB)
Publications
Working Paper Series no. 682:
Shocks vs Menu Costs: Patterns of Price Rigidity in an Estimated Multi-Sector Menu-Cost Model
- Published on 05/24/2018
- EN
- PDF (927.68 KB)
Publications
Working Paper Series no. 670:
The Optimal Inflation Target and the Natural Rate of Interest
- Published on 03/26/2018
- 62 pages
- EN
- PDF (2.57 MB)
Publications
Working Paper Series no. 492:
Small and large price changes and the propagation of monetary shocks
- EN
- PDF (1.47 MB)
Publications
Working Paper Series no. 442:
Non-uniform wage-staggering: European evidence and monetary policy implications
- EN
- PDF (640.12 KB)
Publications
Working Paper Series no. 425:
More Facts about Prices: France Before and During the Great Recession
- EN
- PDF (1.48 MB)
Publications
Working Paper Series no. 353:
Price Stickiness and Sectoral Inflation Persistence: Additional Evidence
By Le Bihan Hervé,
- EN
- PDF (423.72 KB)
Publications
Working Paper Series no. 324:
Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications
By Dixon Huw D., Le Bihan Hervé
- EN
- PDF (394.06 KB)
Publications
Working Paper Series no. 307:
Inattentive professional forecasters
By Andrade Philippe, Le Bihan Hervé
- EN
- PDF (852.51 KB)
Publications
Working Paper Series no. 231:
Time-varying (S, s) band models: empirical properties and interpretation
- EN
- PDF (982.04 KB)
Publications
Working Paper Series no. 216:
Restaurant Prices and the Minimum Wage
- EN
- PDF (845.65 KB)
Publications
Working Paper Series no. 208:
Sticky Wages. Evidence from Quarterly Microeconomic Data
- EN
- PDF (726.7 KB)
Publications
Working Paper Series no. 137:
Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation
- EN
- PDF (625.22 KB)
Publications
Working Paper Series no. 138:
Sticky Prices in the Euro Area: A Summary of New Micro Evidence
By Âlvarez Luis.J, Dhyne Emmanuel, Hoeberichts Marco, Kwapil Claudia, Le Bihan Hervé, Lünnemann Patrick, Martins Fernando, Sabbatini Roberto, Stahl Harald, Vermeulen Philip, Vilmunen Jouko
- EN
- PDF (453.28 KB)
Publications
Working Paper Series no. 136:
Price Setting in the Euro Area: Some Stylized Facts from Individual Consumer Price Data
By Dhyne Emmanuel, Âlvarez Luis.J, Le Bihan Hervé, Veronese Giovanni, Dias Daniel, Hoffmann Johannes, Jonker Nicole, Lünnemann Patrick, Rumler Fabio, Vilmunen Jouko
- EN
- PDF (674.19 KB)
Publications
Working Paper Series no. 113:
Price Rigidity. Evidence from the French CPI Macro-Data
- EN
- PDF (2.09 MB)
Publications
Working Paper Series no. 103:
ML vs GMM Estimates of Hybrid Macroeconomic Models (With an Application to the New Phillips Curve)
By Jondeau Eric, Le Bihan Hervé
- EN
- PDF (499.37 KB)
Publications
Working Paper Series no. 89:
Potential Output and Output Gap : Some estimates for France (In French)
By Baghli Mustapha, Bouthevillain Carine, De Bandt Olivier, Fraisse Henri, Le Bihan Hervé, Rousseaux Philippe
- EN
- PDF (846.47 KB)
Publications
Working Paper Series no. 86:
Testing for a Forward-Looking Phillips Curve. Additional Evidence from European and US Data
By Jondeau Eric, Le Bihan Hervé
- EN
- PDF (1.04 MB)
Publications
Working Paper Series no. 83:
Evaluation de l'estimation par les GMM de la fonction de réaction de la Federal Reserve Bank
- EN
- PDF (589.26 KB)
Publications
Working Paper Series no. 76:
Evaluating Monetary Policy Rules in Estimated Forward-Looking Models: A Comparison of US and German Monetary Policies
By Jondeau Eric, Le Bihan Hervé
- EN
- PDF (588.12 KB)
Publications
Working Paper Series no. 69:
Implementing and interpreting indicator of core inflation: the case of France
By Le Bihan Hervé, Sédillot Franck
- EN
- PDF (525.22 KB)
Publications
Working Paper Series no. 68:
Modeling and Forecasting the French Consumer Price Index Components
- EN
- PDF (392.11 KB)
Eco Notepad
Post n°95
The end of net asset purchases does not put a stop to quantitative easing
Go to page
- «Shocks vs Menu Costs: Patterns of Price Rigidity in an Estimated Multi-Sector Menu-Cost Model», with E.Gautier –Review of Economics and Statistics, 2022, 104(4), 668-685.
- «Should the ECB adjust its strategy in the face of a lower r*?» with Philippe Andrade, Jordi Galí, Julien Matheron, Journal of Economic Dynamics and Control (2021), 132.
- «Identifying price reviews by firms: an econometric approach» with M.Harris and P.Sevestre, Journal of Money, Credit and Banking, 2020, 52(2-3), 293-322.
- «The Optimal Inflation Target and the Natural Rate of Interest» with P Andrade, J. Galí, and J.Matheron Brookings Papers on Economic Activity, Fall 2019.
- The real effects of monetary shocks in sticky price models: a sufficient statistic approach» with Fernando Alvarez and Francesco Lippi, American Economic Review , 2016, 106(10), 2817-2851.
- The real effects of monetary shocks in sticky price models: a sufficient statistic approach « More Facts about Prices: France Before and During the Great Recession » with Nicoletta Berardi and Erwan Gautier, Journal of Money, Credit and Banking, 47 (8), pp. 1465–1502, DOI: 10.1111/jmcb.12281.
- « Inattentive Professional Forecasters » (2013), with Phillipe Andrade, Journal of Monetary Economics, vol. 60(8), pp.967-982.
- « Price Stickiness and sectoral Inflation Persistence: Additional Evidence» (2012), with J. Matheron, Journal of Money, Credit and Banking, 44 (7), pp. 1427-1422 .
- « Sticky Wages Evidence from Quarterly Microeconomic Data» with J. Montornès and T. Heckel, American Economic Journal: Macroeconomics, 4(3), pp. 1-32.
- « Generalized Taylor and Generalized Calvo price and wage-setting: micro implications» (2012) with H. Dixon, Economic Journal, 122 (May), pp. 532-554.
- « Time-varying (S, s) band models: empirical properties and interpretation » with E. Gautier, Journal of Economic Dynamics and Control, 35, pp. 394-412.
- « Restaurant prices and the minimum wage » with D .Fougère and E.Gautier, Journal of Money, Credit and Banking, 2010, 42(7) ,pp. 1199-1234.
- « Some macroeconomic and monetary policy implications of new microeconomic evidence on wage dynamics »,(2010) with G.De Walque, J. Jimeno, M. Krause, S. Millard and F. Smets, Journal of the European Economic Association, Papers and Proceedings, 8(2-3) pp. 506-513.
- « 1958-2008 : avatars et enjeux de la courbe de Phillips » (2009), Revue de l’OFCE, n°111, octobre.
- « Examining Bias in Estimators of Linear Rational Expectations Models under Mis-specification » (2008), with E.Jondeau, Journal of Econometrics, 2008, 143 (2), pp. 375-395. .
- « Heterogeneity in price stickiness: a microeconometric investigation » (2007), with D. Fougère and P.Sevestre, Journal of Business and Economics Statistics, 25(3), pp. 247-264.
- « What do thirteen million price records have to say about consumer price rigidity? » (2007), with L. Baudry, P. Sevestre and S. Tarrieu,Oxford Bulletin of Economics and Statistics, vol. 69, n°2, pp.139-183.
- « Price changes in the euro area and the United States. Some facts from Individual Consumer Price Data » (2006), with E. Dhyne, L. Álvarez, G. Veronese, D. Dias, J. Hoffman, N. Jonker, P. Lünnemann, F. Rumler, J. Vilmunen, Journal of Economic Perspectives,vol 20 (2), pp. 171-192.
- « Sticky prices in the euro area: a summary of new micro-evidence. » (2006), with L. J. Álvarez , E. Dhyne, M. Hoeberichts, C. Kwapil, P. Lünnemann, F. Martins, R. Sabbatini, H. Stahl, P. Vermeulen and J. Vilmunen, Journal of the European Economic Association, vol. 4 (2-3), pp. 575-584.
- « Using structural balance data to test the Fiscal Theory of the Price Level: some international evidence » (2006), with J.Creel, Journal of Macroeconomics, vol. 28, pp. 338-360.
- « Testing for a forward-looking Phillips curve. Additional international evidence from European and US data. » (2005), with E. Jondeau,Economic Modelling ,vol. 22, pp. 521-550.
- « Tests de rupture : application au PIB tendanciel français » (2004), Economie et Prévision, n°163, pp. 133-154.
- « Assessing Generalized Method of Moments Estimates of the Federal Reserve reaction function » (2004), with C. Gallès and E. Jondeau,Journal of Business and Economics Statistics, vol. 22, n°2, pp. 225-239.
Updated on: 08/31/2022 10:40