Senior Research Economist, Financial Economics Research Division

Grégory Levieuge

Grégory Levieuge

Grégory Levieuge is a Senior Research Economist in the Banque de France’s Financial Economics Research Division. He is on secondment from the University of Orléans where he is Professor of Economics. From 2012 to 2015, he worked as a scientific consultant to the Banque de France’s Forecasting and Macroeconomic Analysis Division (DCPM-SEMAP). He was a member of the Conseil National des Universités, the French consultative committee on the careers of lecturers and researchers, from 2011 to 2023. His research mainly focuses on financial macroeconomics, monetary and macroprudential policies, the financial impact of climate change and the energy transition. His scientific contributions have been published in peer-reviewed journals such as European Economic Review, Journal of Economic Dynamics and Control, Journal of International Money and Finance, Journal of Banking & 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 (since 2015)
  • Associate Professor, University of Orléans (2004-2015)
  • Scientific consultant at the Banque de France (DCPM-SEMAP, 2012-2015)


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

Research Interest

Financial macroeconomics, monetary and macroprudential policies, climate


Academic Publications

  • 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 EconomicsVol. 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. 2451-2461with 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.