Hervé Le Bihan

Deputy Director of Macroeconomic Analysis and Forecasting

Hervé Le Bihan

Current Position

Deputy Director of Macroeconomic Analysis and Forecasting

Previous Position

  • Secondment to Banco de España, Adviser to the Director of Economic Development Department.
  • Deputy Director, Monetary and Financial Analysis Directorate, Banque de France (2015-2021)
  • Secretary of the Banque de France Foundation (2015-2018)
  • Head of the Macro-Analysis and Forecasting Division, Banque de France (2012-2015)
  • Head of the Microeconomic Analysis Division, Banque de France (2009-2012)
  • Deputy Head of the Economic and Financial Research Division, Banque de France (2007-2008)
  • Economist, Banque de France Research Unit (1999-2006)
  • Economist, OFCE (Observatoire Français des Conjonctures Économiques) (1995-1998)


  • MS in Economics and Statistics (ENSAE Graduate)
  • PhD in Economics, Paris XII University

Research Interest

Sticky prices and wages,  inflation, monetary policy, applied econometrics, macroeconometric modelling


Academic Publications

  • «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 Econometrics2008, 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.