Academic publications

Academic publications by Banque de France economists

Research advances the frontiers of our knowledge by proposing new ways of understanding an issue or of quantifying and answering a question. Its role is to offer a new perspective and convince people of its relevance.

At the Banque de France, research is directly linked to the objectives and missions entrusted to the European System of Central Banks by the Treaty on the Functioning of the European Union: price stability, financial stability, the smooth functioning of payment systems, and "without prejudice to the objective of price stability", support for general economic policies in the Union. This has led, since the establishment of the Banque de France’s 2016-20 Strategic Plan, to the definition of 11 "must-have" research themes, which are regularly reviewed:

  1. The study of inflationary or deflationary pressures and price-setting mechanisms
  2. Studies on monetary policy
  3. Studies on financial stability, macro-prudential policy, stress testing and financial regulation
  4. The study of financial markets, payment systems and financial and insurance intermediaries
  5. The study of the financing of the economy – households or businesses
  6. The impact of climate change on the economy and green finance
  7. Macroeconomic modelling
  8. Studies on the labour market and on the determinants of employment, unemployment and wages
  9. Studies on innovation, productivity and growth
  10. International economics, both in terms of trade and finance
  11. The functioning of the Economic and Monetary Union and the Financing Union (Banking Union, Capital Markets Union)

Research at the Banque de France is based on the principles of “open science”:

  • Disseminate and inform all audiences of the progress of our common knowledge base: the results of our research are published in working papers and academic journals, as well as in blog posts or in articles published in the “Research” section of the Banque de France Bulletin. The Banque de France also organises economic conferences and seminars to present, share and advance its different topics of research.
  • Assess the quality of the research group externally and independently: the quality of the research group and its functioning are assessed by external researchers whose assessment is made public in an external research evaluation report; the last one was published in 2016.
  • Assess the quality of our research through external and independent procedures: the quality of the research published by Banque de France economists is measured by the quality of the academic journals in which they publish. In addition, the ranking of academic journals is published on the Banque de France website, as are the principles on which this ranking is based (see below).


Academic publications

Partnerships and other academic initiatives

The Banque de France has established partnerships as part of its corporate sponsorship activities.

Research partnerships

Toulouse School of Economics (TSE)

In 2007, the Banque de France and the Toulouse School of Economics (TSE) set up a partnership which has since been regularly renewed. The aim is to foster excellence in French economic research and place both institutions at the forefront of international economic debate and expertise. In 2012, the two institutions launched a series of prizes in the fields of monetary economics and finance, which are awarded by a joint jury that also includes external academics. Every two years, two Junior Prizes and one Senior Prize are awarded to academic researchers who have developed fundamental concepts to help us better understand monetary economics, finance and the banking system. These prizes reward excellence in research that contributes to improving central banks’ framework for action. The partnership also supports the TSE doctoral programme by allowing PhD students to carry out scientific internships at the Banque de France, under the joint responsibility of their TSE PhD supervisor and a Banque de France researcher. The two institutions also organise regular seminars in Paris, workshops bringing together their respective researchers, and academic conferences on topics of shared interest.

Paris School of Economics (PSE)

The Banque de France - PSE International Macroeconomics Chair fosters interaction between the two institutions with the aim of promoting research on international macroeconomics and the global monetary and financial system to inform economic policy decision-making. This interaction takes different forms, ranging from high-level conferences to cooperation on research. The partnership has expanded considerably since its creation in 2009 and was renewed in 2021.

Today, the Chair counts 48 members made up of Banque de France researchers and PSE teachers and doctoral students. Its renewal is in line with PSE's deeper commitment to cooperating with the Banque de France in various activities: co-organisation of high-level conferences and lectures; scientific cooperation; exchange of researchers; funding of research at the PSE.

Fondation Nationale des Sciences Politiques (Sciences Po)

The Banque de France has maintained a partnership with Sciences Po's Department of Economics since March 2012. As part of this initiative it has provided several rounds of financial sponsorship, helping to fund the rapid expansion of the department. In return, the Bank has benefited from increased interaction with faculty members, enabling it to raise the profile and quality of its own research. More recently, the partnership has organised joint numerous international conferences and research seminars. Senior economists from Sciences Po also regularly visit the Banque de France to discuss their work with researchers.

Foundation for International Development Studies and Research (FERDI)

The Banque de France and FERDI have worked together for many years, covering issues related to development financing, economic and financial integration in Africa – notably in French-speaking countries – and the role of financial markets in development. They are also carrying out work on reforms to the international financial architecture and to multilateral institutions’ action in developing countries. The partnership fosters joint publications and research collaborations, notably through the attribution of research grants. It also organises biannual seminars and biennial international conferences.

ACPR Chair with the Toulouse School of Economics, HEC and the Fondation du Risque

The main tasks of the Regulation and Systemic Risk Research Initiative, or ACPR Regulation and Systemic Risk Chair, are to organise research activities, foster relations between the academic world and the ACPR, and build an international think-tank for proposals on systemic risk management. The Chair brings together the ACPR, the Toulouse School of Economics (TSE), HEC and the Fondation du Risque. Its research focuses on the analysis of macroprudential issues using a microprudential approach, with the aim of informing the public debate on financial regulation. For the ACPR, the goal is to contribute to advances in financial regulation by developing quantitative approaches led by prestigious teams based in France and abroad. This research should help to improve the measurement and management of systemic risks in the financial sector and preserve financial stability.

Banque de France/Fondation France-Japon Fellowship

The Banque de France/EHESS Fondation France-Japon (FFJ) Fellowship has been active since 2015. Its purpose is to analyse Japanese macroeconomic trends since the start of the 1980s, along with the policies implemented by the Bank of Japan and the Japanese government. Under this partnership, the FFJ and Banque de France have set up a “Lab” aimed at strengthening ties between Japanese and French researchers by studying Japanese economic policies and their interaction with the rest of the world. The research programme is conducted by an international team of five to eight researchers with varying levels of experience, from different disciplines in the humanities and social sciences. The Fellowship also organises workshops, annual conferences and calls for papers, and researchers in the team are required to publish at least one academic paper over the duration of the project (FFJ Discussion Paper and/or paper in an academic journal).

Banque de France Visiting Scholar Programme

The Visiting Scholar programme aims at offering external researchers the opportunity to carry on their research at the Banque de France and interact with the bank's research staff. Visits usually last a couple of weeks, but can be extended up to four weeks, depending on research projects, preferences and availabilities.

We invite applications from established researchers both in academia and public or international institutions (notably central banks). Candidates should hold a doctoral degree in Economics or Finance and be active researchers in fields of interest for the Bank (notably: macroeconomics and monetary policy, financial intermediation and financial stability, climate change mitigation and adaptation, growth and productivity). Young scholars are also encouraged to apply.

Selected applicants will receive funding to cover the travel and accommodation costs associated with their visit.

Applications shall be submitted by 30 November 2023 for visits planned during the period from Juanary to June 2024. Responses to selected candidates will be sent by mid-December 2023.

Preference will be given to applications that have the potential to develop into a future research collaboration with the Banque de France staff.

Link to the application submission form: Visiting Scholar Programme Spring 2024

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