Guillaume Horny
Head of the Monetary Policy Division
Current Position
Head of the Monetary Policy Division (since Jul. 2024)
Previous Position
- Head of the Financial Economics Research Division, May 2022 – Jun. 2024
- Deputy head of the Financial Economics Research Division, Sep. 2017 – Apr. 2022
- Senior Economist, Jan. 2011-Sep. 2017.
- Economist, Banque de France, Jan. 2008-Jan. 2011
- PostDoc, UCLouvain (Belgium), Sep. 2007-Jan. 2008
Diploma
PhD in Economics, Strasbourg I (2006)
Research Interest
Economics of banking, microeconometrics.
Contact
- guillaume.horny@banque-france.fr
- +33 (0)1 42 97 71 21
- Banque de France, 41-1391 DGEI-DEMFI-RECFIN, 75049 Paris Cedex 01, France
Academic Publications
Articles
- “Bank Market Value and Loan Supply” (2024), with M. Girotti, Journal of Financial Services Research, 66, 171-192.
- “Monetary policy transmission through banks when liquidity is abundant but unevenly distributed” (2023), with M. Girotti, Finance Research Letters, 56, 104061.
- “The real effects of invoicing exports in dollars” (2022), with A. Berthou and J.-S. Mésonnier, Journal of International Economics, 135, 103569.
- “Measuring financial fragmentation in the euro area corporate bond market” (2018), with S. Manganelli and B. Mojon, Journal of Risk and Financial Management, 11(4), 74.
- « The stability of short-term interest rates pass-through in the Euro area during the financial market and sovereign debt crises » (2017), with S. Avouyi-Dovi and P. Sevestre, Journal of Banking and Finance, 79, 74-94.
- « Capital Utilisation and retirement » (2013), with A. Bonleu and G. Cette, Applied Economics, 45, 3483–3494.
- « Quel a été l'impact de la crise de 2008 sur la défaillance des entreprises ? » (2013), with D. Fougère, C. Golfier and E. Kremp, Économie et Statistique, 462, 69-97.
- « Évolution des inégalités salariales en France : le rôle des effets de composition » (2012), with G. Verdugo and H. Fraisse, Revue Économique, 63 (6), 1081-1112.
- « Job Durations With Worker- and Firm-Specific Effects: MCMC Estimation With Longitudinal Employer–Employee Data », (2012), with R. Mendes and G.J. van den Berg, Journal of Business Economics and Statistics, 30(3), 468-480.
- « Volatilité macroéconomique et règle d’indexation du SMIC » (2010), with H. Le Bihan, Revue de l’OFCE, 112, 161-168.
- « Une étude empirique de la mobilité professionnelle avec employeurs et employés hétérogènes » (2008), with R. Mendes and G.J. van den Berg, Revue Economique, 59 (3), 631-639.
- « Modèles de hasards proportionnels et hétérogénéité non observée » (2008), Bulletin Français d’Actuariat , 15 (8), 2-29.
Others
- “A global shock to bond yields?” (2022), with M. Girotti, A. Penalver and A. Petronevich, Eco Notepad, 281.
- “Money and its counterparts: instruments and reflections of monetary policy” (2021), with W. El Amri, M. Bussière, F. Mouriaux, J.-G. Sahuc and Y. Wicky, Banque de France Bulletin, 234(2).
- “Banks from 2008 to 2019: net income affected by a fall in intermediation margins but lower provision” (2021), with T. Cruzet, A. Lattaud and Y. Wicky, Banque de France Bulletin, 232(3).
- “The decomposition of long-term interest rates and its contribution to monetary policy conduct” (2018), with D. Sabes and J.-G. Sahuc, Banque de France Bulletin, Quarterly Selection of Articles, 49.
- “The 20th anniversary of the Banque de France Foundation for research in monetary, financial and banking economics” (2016), with L. Bê Duc, Banque de France Bulletin, Quarterly Selection of Articles, 40.
- “18th international panel data conference: a brief synthesis” (2012), with F. Savignac and P. Sevestre, Banque de France Bulletin, Quarterly Selection of Articles, 26.
- “Firms’ wage policy during the crisis: survey finding” (2010), with J. Montornès, J.-B. Sauner – Leroy and S. Tarrieu, Banque de France Bulletin, Quarterly Selection of Articles, 17.