Grégory Levieuge

Senior research economist

Grégory Levieuge has been a research economist at the Banque de France (DEMFI-RECFIN) since September 2017. He previously served as a Full Professor at the University of Orléans, was a member of the National Council of Universities (CNU) from 2011 to 2022, and worked as a consultant at the Macroeconomic Analysis and Forecasting Directorate (DCPM-SEMAP) of the Banque de France between 2012 and 2015. He contributes to the work of the Network for Greening the Financial System (NGFS). He is an Associate Editor of the journal International Economics. His research focuses on monetary and financial macroeconomics, as well as monetary and macroprudential policies, particularly in the context of climate change and the energy transition. He received a special mention for the Banque de France Foundation Prize for Monetary, Financial and Banking Economics in 2004. He has published more than thirty articles in peer-reviewed journals, including AEJ: Macroeconomics, European Economic Review, Journal of Economic Dynamics and Control, Journal of Banking & Finance, Ecological Economics, Journal of International Money and Finance, Review of World Economics, World Economy, Southern Economic Journal, and Journal of Financial Stability.

Current Position

Senior Research Economist

Previous Position

Full Professor, University of Orléans (2015-2025)
Associate Professor, University of Orléans (2004-2015)
Scientific consultant at the Banque de France (DCPM-SEMAP, 2012-2015)
Membre du Conseil des Universités (CNU, 2011-2022)

Diplomas

Habilitation Thesis (French HDR, 2013)
PhD in Economics, University of Orléans (LEO, France)

Research Interest

Monetary and financial macroeconomics
Climate change and the environmental transition

Contact

gregory.levieuge@banque-France.fr
+33 (0)1 42 92 91 67
Banque de France, DGEI-DEMFI-RECFIN, 31 rue Croix des Petits Champs, 41-1391, 75049 Paris Cedex 01

Academic Publications

Articles

Environmental Subsidy to Mitigate Net-Zero Transition Costs, American Economic Journal: Macroeconomics, (Forthcoming 2026), with E. Jondeau, J-G. Sahuc and G. Vermandel.
Sustainable Development and the Mining Industry: the Mexican Case, Ecological Economics, (2026), with S. Bacouel-Jentjens, J. Riascos and C. Turcu, Vol. 246, 108952, August.
Revisiting 15 Years of Unusual Monetary Policies across the Atlantic, Journal of International Money and Finance, with J. Garcia Revelo and J-G. Sahuc, Vol. 159, 103441, December.
Doubling Down: The Synergy of CCyB Release and Monetary Policy Easing, Journal of International Money and Finance, (2025) with C. Jude, Vol. 155, 103330, May.
Natural Disasters and Financial Stress: Can Prudential Regulation Tame Green Swans?, Journal of International Money and Finance, (2025), with P. Avril and C. Turcu, Vol. 154, 103325, April.
The Fiscal Multiplier when Debt is Denominated in Foreign Currency, International Economics, (2023), with M-P. Hory and D. Onori, Vol. 176, 100458, December.
When could Macroprudential and Monetary Policies be in Conflict?, Journal of Banking & Finance, (2022), with J. Garcia-Revelo, Vol. 139, 106484, June.
Downward Interest Rate Rigidity, European Economic Review, (2021), with J-G Sahuc, Vol. 137, 103787, August.
Public spending, currency mismatch and financial frictions, Journal of International Money & Finance, (2021); with M-P. Hory and D. Onori, Vol. 116, 102413.
The cost of Banking Crises: Does the Policy Framework Matter?, Journal of International Money & Finance, (2021), with Y. Lucotte and F. Pradines-Jobet, Vol. 110.
How did Unconventional Monetary Policies impact Market Expectations? Revue d’Economie Politique, (2020), with D. Kanga, Vol. 130(2), pp. 231-256.
Central Banks’ Preferences and Banking Sector Vulnerability, Journal of Financial Stability, (2019), Vol. 40, pp.110-131, February, with Y. Lucotte and F. Pradines.
La politique monétaire doit-elle être utilisée à des fins de stabilité financière ?, Revue Française d’Economie, (2019), Vol. XXXIII, pp. 63-104, Janvier.
Central Bank Credibility and the Expectations Channel in Emerging Inflation-Targeting Countries: Evidence Based on a New Credibility Index, Review of World Economics, Vol. 154 (3), pp. 493-535, August, with Y. Lucotte and S. Ringuede.
Monetary Policy and Long-run Systemic Risk-Taking, Journal of Economic Dynamics and Control (2018), Vol. 86, pp.165-184, with G. Colletaz and A. Popescu.
An assessment of the effects of unconventional monetary policies on the cost of credit to non-financial companies in the Eurozone, (2017), Economics & Statistics, n. 494-496, with D. Kanga.
Growth Effect of FDI in Developing Countries: The Role of Institutional Quality, The World Economy, (2017), Vol. 40 (4), pp. 715-742, with C. Jude (Banque de France)
"Explaining and forecasting bank loans. Good times and crisis", Applied Economics, (2017), Vol. 49 (8), pp. 823-843.
Désintermédier : pourquoi, comment, et que peut-on en attendre ?, Revue d’Economie Financière, (2016), n. 123, pp. 147-174, with J.-P. Pollin.
Cohérence et contenu en information des indicateurs du Bank Lending Survey pour la France, Revue Française d’Economie, (2014), Vol. XXIX, n.2, pp. 245-287.
A Simple Empirical Measure of Central Banks' Conservatism, Southern Economic Journal, (2014), Vol. 81, n.2, pp. 409-434, with Y. Lucotte.
Les cibleurs d’inflation sont-ils monomaniaques ?, Revue Française d’Economie, (2013), Vol XXVIII, n.4, pp. 49-81, with Y. Lucotte.
Addressing Financial Heterogeneity in a Monetary Union, Journal of Economic Integration, (2013), Vol. 23 (3), pp. 482-506, with C. Badarau-Semescu.
Assessing the Effects of Financial Heterogeneity in a Monetary Union. A DSGE Approach, Economic Modelling, (2011), Vol. 28 (6), pp. 2451-2461, with C. Badarau-Semescu.
Financial Asymmetries, National Divergences and Macroeconomic Policy in a Monetary Union, in Monetary Policy after the Crisis, SUERF Study, (2011), ed., chapter 6, with C. Badarau-Semescu.
Les effets de richesse importent moins que les effets de bilan, Économie & Statistique, (2010), n. 438-440, pp. 141-149.
Introduction to the special Issue on Money, Banking and Finance, Brussels Economic Review, (2010), Co-editor, Vol. 53, n. 3-4, with S. Galanti.
The Fed and the ECB : Why such an apparent difference in reactivity ?, Journal of Financial Economic Policy, (2009), Vol 1 (4), pp. 319-337, with A. Penot.
Bank Capital Channel and Counter-Cyclical Prudential Regulation in a DSGE Model, Louvain Economic Review, (2009), n. 75 (4), pp. 425-460.
Les Indicateurs des Conditions Monétaires permettent-ils de prévoir l’activité économique ?, Revue de l'OFCE, (2008), n.105, pp. 91-116, with C. Blot.
Règle de Taylor vs Règle-ICM : Application à la Zone Euro, Revue Économique, (2006), vol.57(1), pp. 85-121.
Les banques comme vecteurs et amplificateurs des chocs financiers : le canal du capital bancaire, International Economics, (2005), n.104, pp. 65-95.
Politique monétaire et prix d'actifs : quelles issues ?, Revue de l'OFCE, (2005), n.93, pp. 1-39.
La neutralisation des mouvements et de l'impact des prix d'actifs doit-elle être du ressort de la politique monétaire ?, Revue d'Economie Financière, 2004, n.74, pp 253-284.
Politique monétaire avec information de marché : Application au spread de taux, Revue d'Économie Politique, (2003) Vol 113 (2,) pp. 233-254.
Banques Centrales et prix d'actifs : une étude empirique, Revue Française d'Économie, (2002), volume XVI, n.4, pp 25-57.