• Pierre Aldama

Pierre Aldama is macroeconomist-modeller in the Directorate General Statistics, Economics and International, within the Macroeconomic Analysis and Forecasting Division. He is particularly interested in macroeconomic policy issues, especially fiscal policy, and in macroeconomic modelling. Before joining the Banque de France, he was a lecturer and researcher at Paris 1 University.

Current Position

Macroeconomist-modeller, Macroeconomic Analysis and Forecasting Division

Previous Position

Lecturer and researcher at Paris 1 University

Diplomas

• PhD in Economics, Paris 1 University, Paris School of Economics
• École Normale Supérieure de Cachan, Social sciences
• Master in Economics, Paris 1 University, Paris School of Economics

Research Interest

Fiscal policy, macroeconomic modelling

Contact

• pierre.aldama@banque-france.fr
• +33 (0)1 42 92 51 82
• Banque de France, 46-1376 DGSEI, 75049 Paris Cedex 01

Academic Publications

Articles 

• Fiscal policy in the US: Sustainable after all?, with Jérôme Creel, Economic Modelling, Volume 81, September 2019, Pages 471-479
• Les règles budgétaires. Une analyse empirique sur données révisées et en temps réel, with Jérôme Creel, Revue de l'OFCE, N. 158, Décembre 2018

Others

• Asymmetric macroeconomic stabilization and fiscal consolidation in the OECD and the Euro Area, avec Jérôme Creel, OFCE WP2020-09
• Fiscal policy in the US: Ricardian after all?, with Jérôme Creel, OFCE WP2017-23

• Pamfili Antipa

Current Position

Research Economist, Microeconomic Analysis Division (2021-present)

Previous Position

• Assistant Professor, Department of Economics, Sciences Po (2018-2020)
• Research Economist, Banque de France Monetary Policy Division (2010-2017)
• Macroeconomist, Banque de France Conjunctural Analysis and Forecasting Division (2007-2010)

Diplomas

• PhD in Economics, Paris School of Economics and EHESS (2018)
• MSc in Economic Analysis and Policies, Paris School of Economics (2012)
• MSc in Macroeconomics and Quantitative Analysis, Paris Ouest Nanterre University - EHESS, École Polytechnique (2006)

Research Interest

Economic history, monetary and financial economics, political economy

Contact

• pamfili.antipa@banque-france.fr
• Banque de France, S2A-2401 SAMIC, 39 rue Croix des Petits Champs, 75001 Paris, France

Academic publications

Articles

• “Whither Economic History? Between Narratives and Quantification” (2018), with Vincent Bignon, Revue de l'OFCE, Presses de Sciences-Po, vol. 3, pp. 1736
• “How Fiscal Policy affects the Price Level: Britain’s First Experience with Paper Money” (2016) The Journal of Economic History, vol. 76, No. 4, pp. 1044‐1077
• “Bulle immobilière et politique d'octroi de crédits. Enseignements d'un modèle structurel du marché français de l'immobilier résidentiel” (2013)  Revue de l'OFCE, Presses de Sciences-Po, vol. 2, pp. 163-187
• “Nowcasting German GDP: A comparison of Bridge and Factor Models” (2012), with Karim Barhoumi, Véronique Brunhes‐Lesage and Olivier Darné, Journal of Policy Modeling, vol. 34(6), pp. 864‐878
• “International Comparisons of Industry‐based Productivity Levels in the Financial and Business Service Sector” (2010),with Marie‐Elisabeth de la Serve, International Productivity Monitor, vol. 19, pp. 66‐81

Others

• “Regimes of Fiscal and Monetary Policy in England during the French Wars (1793-1821)” (2019), with Christophe Chamley, Boston University IED Working Paper, n° 327
• “Interactions between Monetary and Macroprudential Policies” (2014), with Julien Matheron, Financial Stability Review, issue 18. Awarded best economic article 2014 by Société d’Economie Politique
• “The Housing Market and Financial Factors: Insights from a Structural Model of the French and Spanish Housing Markets” (2009), with Rémy Lécat, in ‘Housing Markets in Europe: a Macroeconomic Perspective’, eds. Olivier de Bandt et al., Springer Verlag, Berlin
• “The Impact of Fiscal Policy on Residential Investment in France” (2009), with Christophe Schalck, in ‘Housing Markets in Europe: a Macroeconomic Perspective’, eds. Olivier de Bandt et al., Springer Verlag, Berlin

• Kai Arvai

Kai Arvai has been a research economist at the Banque de France since September 2021. His main research interests are in macroeconomics, with a particular focus on monetary and international economics, as well as structural transformation and inequality. He holds a PhD in economics from the University of Bonn.

Current Position

Macroeconomist, International Macroeconomics Division

Diploma

• PhD in Economics, University of Bonn

Research Interest

Macroeconomics, international economics, monetary economics

Contact 

• kai.arvai@banque-france.fr
• Banque de France, DGSEI, 75001 BdF HQ

• Jean Barthélemy

Jean Barthélemy is a senior research economist in the Financial Economics Reasearch Division, which is part of the Directorate General Statistics, Economics and International. He graduated from ENSAE (2006) and obtained a PhD in Economics (EHESS - Paris School of Economics) in 2011. Previously, Jean Barthélemy was visiting assistant professor at Sciences Po Paris. His work focuses on macroeconomic theory, regime switching, monetary and fiscal policies and the operational framework of monetary policy. His articles have been published in journals such as the Journal of Economic Dynamics and Control and Macroeconomic Dynamics.

Current Position

Senior research economist, financial studies division (since 2017)

Previous Position

• Visiting assistant professor, Sciences Po (2014-2017)
• Research economist, monetary policy division (2007-2014)

Diplomas

• Ph.D. in economics, EHESS-Paris School of Economics, 2011
• M.A. in economics, Paris School of Economics, 2006
• M.Sc in economics and Statistics, ENSAE, 2006

Research Interest

macroeconomic theory, monetary and fiscal policies, operational framework of monetary policy

Contact

• jean.barthelemy@banque-france.fr
• +33 (0)1 42 92 21 95
• Banque de France, DGEI-DEMFI-RECFIN 41-1391 , 75049 Paris Cedex 01

Academic publications

Articles

• «Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis», with V. Bignon and B. Nguyen, Economics and Statistics, forthcoming.
• «Solving Rational Expectations Models», with M. Marx, in Shu-Heng Chen and Mak Kaboudan OUP Handbook on Computational Economics and Finance, Oxford University Press, forthcoming
• «Trade Balance and Inflation Fluctuations in the Euro Area», with G. Cléaud, Macroeconomic Dynamics (2017), 1-30.
• «Solving endogenous regime switching», with M. Marx, Journal of Economic Dynamics & Control 77 (2017) 1-25.
• «A Two-Pillar DSGE Monetary Policy Model for the Euro Area», with L. Clerc and M. Marx, Economic Modeling, May 2011
• «China as an integrated area? Magnitude and determinants of Business Cycles within China», with S. Poncet, Journal of Economic Integration, Vol. 23, N° 4, 2008
• «Ampleur et déterminants des cycles d'activité en Chine», with S. Poncet, Économie et Prévision, N° 185/4, pp. 1-15, 2008 (in French)

Others

• «Credibility and Monetary Policy», with E. Mengus, HEC Paris Research Paper No. ECO/SCD-2017-1202
• «The signaling effect of raising inflation», with E. Mengus, HEC Paris Research Paper No. ECO/SCD-2016-1162

• Louis Bê Duc 

Louis Bê Duc is a national accounts expert at the European Commission, on secondment from the Banque de France. He was previously a senior economist at the Banque de France, in charge of external cooperation (macroeconomy and statistics sector) at the International Banking and Finance Institute (IBFI). He has also been a senior economist at the European Central Bank, the European Commission and the Ministry of Finance, as well as Bank Supervisor at the ACPR and administrator of the Banque de France’s Foundation for Research.

Current Position

National Accounts Expert at the European Commission (Eurostat), on secondment

Previous Position

• Administrator of the Banque de France Foundation for research in monetary, financial and banking economics (2007-2015)
• Senior Economist at the European Central Bank (Monetary Policies Directorate and Fiscal Policies Directorate) (1999-2007)
•  Bank Supervisor at the ACPR (1996-1999)
•  Economist at the European Commission, DG Economics (1994-1996)
•  Economist at the French Budget Ministry (1992-1994)
•  Economist and statistician in the Banque de France Monetary Statistics and Analysis Directorate (1988-1992)

Diplomas

• MA, Institute of Political Studies, Paris (1984)
• BA in Economics, Paris II University (1985)
• Post-graduate certificate from ENSAE (2012)

Research Interest

Financial accounts, Monetary and fiscal policy

Contact

• louis.beduc@banque-france.fr
• +33 (0)1 42 92 49 33
• Banque de France, 41-1431 Fondation 75049 Paris cedex 01 France

Academic Publications

Articles

• From deficit to change in debt: bridging the gap (2007). ECB Monthly Bulletin, April.
• Developments in private sectors balance sheet in the euro area (2004). ECB Monthly Bulletin, February.
• Saving, financing and investment (2002). ECB Monthly Bulletin, August.
• Financing and financial investment of the non-financial sectors in the euro area (2001). ECB Monthly Bulletin, May.
• Article in “National budgeting for Economic and Monetary Union. Édité par A. Wildavsky (1993), Kluwer Academic Publishers.
• The decline in financing. (1992). INSEE Première, July.
• Article in “Banking structures in Major countries (1991). Edited by G. Kaufman, Kluwer Academic Publishers.

Others

• Flow-of-funds analysis at the ECB (2009), with G. Le Breton, ECB Occasional paper n° 105.
• The monetary presentation of the balance of payments (2008) with F. Mayerlen and P. Sola, ECB Occasional paper n° 96. 
• Financing conditions in the euro area (2005), with G. De Bondt ; A. Calza; D. Marqués Ibáñez, A. van Rixtel and S. Scopel, ECB Occasional paper n° 37.

• Nicoletta Berardi

Current Position

Expert Research Economist, Companies Observatory

Previous Position

• Senior Economist, ECB Directorate General Research
• Research Associate, OECD Development Centre
• Short Term Consultant, World Bank

Diplomas

• Accreditation to supervise research (HDR) in Economics, University Paris 1 Panthéon
• PhD in Economics, Toulouse School of Economics

Research Interest

Applied econometrics, price setting, corporate finance, social networks, labour economics, development economics

Contact

• nicoletta.berardi@banque-france.fr
• +33 (0)1 42 92 61 45
• Banque de France, DGSER-DE-OBSERDE, Paris, France

Academic Publications

Articles

• "Joint Ownership of Production Projects as a Commitment Device against Interest Groups” (2020), Journal of Institutional and Theoretical Economics, 176(3), p.572-594, with P.Seabright
•  “The Elasticity of Poverty with respect to Sectoral Growth in Africa” (2017), Review of Income and Wealth, 63 (1), pp. 147-168, with F. Marzo, DOI: 10.1111/roiw.12203.
• “The Impact of a 'Soda Tax' on Prices: Evidence from French Micro Data” (2016), Applied Economics, 48(41), pp. 3976-3994, with P. Sevestre, M. Tépaut & A. Vigneron
• “More Facts About Prices: France Before and During the Great Recession” (2015), Journal of Money, Credit and Banking, 47(8), p. 1465-50, with E. Gautier & H. Le Bihan, DOI: 10.1111/jmcb.12281. 
• The Elasticity of Poverty with respect to Sectoral Growth in Africa avec F. Marzo, à paraître dans, Review of Income and Wealth, DOI: 10.1111/roiw.12203.
• “Optimal Price Setting during a Currency Changeover: Theory and Evidence from French Restaurants” (2014), Applied Economics, 46(23), p.2766-2782, with T. Eife & E. Gautier
• "Les ajustements individuels de prix à la consommation en France : de nouveaux résultats sur la période 2003-2011" (2013), avec E. Gautier et H. Le Bihan, Économie et Statistique, 460-461, p. 1-31, with E. Gautier & H. Le Bihan
• "Social Networks and Wages in Senegal’s Formal Sector (2013), IZA Journal of Labor and Development, 2:3

Others

• Professional Networks and their Coevolution with Executives' Careers: Evidence from Europe and the US (2011), avec P. Seabright, CEPR, document de travail N°8632.
• Joint Ownership of Production Projects as a Commitment Device against Lobbies  (2010), avec P. Seabright, CEPR, document de travail N°7714.

• Clémence Berson

Clémence Berson is an economist and senior researcher in the Structural Policies Analysis Division in the Directorate General Statistics, Economics and International. Her studies focus on the labour market and its reforms and she is affiliated to Paris 1 University. Before joining the central bank, she was an economist at the French Treasury.

Current Position

Research Economist, Structural Policies Analysis Division

Previous Position

• Economist at the French Treasury (2012-2014)
• Researcher at Centre d’étude de l’emploi (2011-2012)

Diplomas

• PhD in Economics, Paris 1 University - Paris School of Economics
• M2R in Econometrics, Paris 1 University - Paris School of Economics
• M1 in Business, option finance, Paris XII University
• École Normale Supérieure of Cachan in Economics and Business

Research Interest

Labour economics, competition

Contact

• clemence.berson@banque-france.fr
• +33 (0)1 42 92 96 94
• Banque de France, 49-1374 DGEI-DEMS-SEPS, 75049 Paris Cedex 01

Academic Publications

Articles

• Local labor markets and taste-based discrimination, dans IZA Journal of Labor Economics, 2016, vol. 5, n°1, pp. 1-21.
• Private vs Public Sector Wage Gap: Does Origin Matter?, dans Metroeconomica, à paraître.
• Financial incentives and labour market duality (2015), avec N. Ferrari, Labour Economics, Décembre 2015, vol. 37, pp.77-92.
• Testing : la difficulté de l'interprétation de la discrimination à l'embauche, dans Travail et Emploi, Juillet septembre 2013, n°135, pp.27-40.
• Concurrence imparfaite et discrimination sur le marché du travail, dans Revue Économique, Mai 2011, vol.62(3), pp.409-417.
• Les réformes des marchés du travail en Europe, avec M-E. de la Serve, dans Futuribles, 29 mars 2016.

Others

• Outsourcing human resources as a solution to prevent discrimination: Evidence from a correspondence study, avec M. Laouenan et E. Valat, dans Labour Economics, 2020, vol. 64 
• Asymmetric wage adjustment et employment in European firms avec P. Marotzke, R. Eterton, A. Bairrao, P. Thoth, dans The B.E. Journal of Macroeconomics, June 2020, vol. 20(2), pages 1-25
• Non-base wage components as a source of wage adaptability to shocks: Evidence from European firms, 2010-2013, avec J. Babecky, L. Fadejeva, A. Lamo, P. Marotzke, F. Martins et P. Strzelecki, dans IZA Journal of Labor Policy, 2019, 8:1 
• Fixed-term contracts et labor market duality in France, dans De Economist, December 2018, vol. 166 (4), pp. 455-476.
• Réduire la segmentation du marché du travail par des incitations financières ?, (2013), avec N. Ferrari, Les Cahiers de la DG Trésor, n°2013-04, Octobre 2013, pp. 1-48
• Does Competition Induce Hiring Equity?, (2012), CES Working Papers, 2012.19.
• Competition and Discrimination: A Not So Obvious Relationship, (2011), CES Working Papers, 2011.05.
• Private vs. Public Sector: Discrimination against Second Generation Immigrants in France, (2009), CES Working Papers 2009.59.

• Antoine Berthou

Current Position

Economist, Competitiveness and International Trade Analysis Division

Previous Position

Economist at CEPII (2008-2011)

Diploma

• PhD in Economics, Paris School of Economics, Paris I University

Contact

• antoine.berthou@banque-france.fr
• +33 (0)1 42 92 28 76
• Banque de France, 46-2402 DGEI-DEMS-SEC2E, 75049 Paris Cedex 01

Academic Publications

Articles

• Variable Trade Costs, Composition Effects, and the Intensive Margin of Trade, à paraitre dans World Economy
• Export dynamics and sales at home, avec Nicolas Berman et Jérôme Héricourt, à paraître dans Journal of International Economics. doi:10.1016/j.jinteco.2015.04.001
• The Trade Unit Values Database, avec Charlotte Emlinger, International Economics, vol. 128, pp. 97-117, 04-2011.
• How do multi-product exporters react to a change in trade costs?, avec Lionel Fontagné, Scandinavian Journal of Economics, vol. 115, iss. 2, pp. 326-353, 04-2013.
• The Decision to Import Capital Goods in India: Firms’ Financial Factors Matter, avec Maria Bas, World Bank Economic Review, vol. 26(3), pp. 486-513, 2012.
• Les effets de l'introduction de l'euro sur les exportateurs français, une analyse sur données individuelles, avec Lionel Fontagné, Revue d'Economie Politique, vol. 120, iss. 2, pp. 335-354, 2010.
• Financial Market Imperfections and the Impact of Exchange Rate Movements on Exports, avec Nicolas Berman, Review of International Economics, vol. 17, iss. 1, pp. 103-120, 2009.

Others

• Does input-trade liberalization affect firm's technology choice?, avec Maria Bas, Document de Travail du CEPII 2013-11.
• The unequal effects of financial development on firms’ growth in India, avec Maria Bas, Document de Travail du CEPII n°2012-22.
• The Distorted Effect of Financial Development on International Trade Flows, Document de Travail du CEPII, n°2010-09
• Crises and the Collapse of World Trade: the Shift to Lower Quality, avec Charlotte Emlinger, Document de Travail du CEPII, n°2010-07.
• The Euro and the Intensive and Extensive Margins of Trade: Evidence from French Firm Level Data, avec Lionel Fontagné, Document de Travail du CEPII, n°2008-06.
• An investigation on the effect of real exchange rate movements on OECD bilateral exports, Document de Travail de la Banque Centrale Européenne n°0920, 07-2008.

• Vincent Bignon

Vincent Bignon has been with the Banque de France since 2011, and is currently a senior consultant researcher and adviser on communications and economic content in the Communications Directorate. Since joining the Bank, he has spent four years as adviser to the Director General Research and International Relations, two years as Deputy Head of the Microeconomic Analyses Division, four years in the Monetary Policy Research Division and a year on secondment with the Directorate in charge of supervising payment system infrastructures and central clearing counterparties in the Directorate General Financial Stability and Operations. He is also an associate professor at the Aix-Marseille School of Economics at the University of Aix-Marseille.

Before joining the Banque de France, he was an associate professor at Paris East University from 2003 to 2006, at Sciences Po Paris from 2006 to 2009 and at the Graduate Institute for International and Development Studies in Geneva from 2009 to 2011. He also held visiting positions at the University of Pennsylvania in Philadelphia, at the Bernoulli Center of the University of Basel, at the Marc Bloch Institute in the Humboldt University in Berlin and at George Mason University in Virginia.

Current Position

Advisor Communication and economic contents with the communication directorate and senior consultant researcher

Previous Position

• Advisor to the General Director of Statistics, Economics and International (2018-2022)
• Deputy head of the Microeconomic Analysis Unit of Banque de France (2016-2018)
• Research secondment in the division supervising payment system and market infrastructures (2015-2016)
• Macroéconomist in the Monetary Policy Study Unit – Banque de France (2011-2016)
• Visiting lecturer, Graduate Institute for International and Development Studies (2009–2011)
• Adjunct professor Sciences Po (2005–2009)
• Associate professor (with tenure), University of Paris Est Créteil (2003–2014)
• Visiting scholar University of Pennsylvania (2002-2003)

Diplomas

• Ph.D. in Economics, Ecole Polytechnique (2002)
• Master in Economics (D.E.A.) University of Paris West Nanterre (1997)
• B.A in History, La Sorbonne (1995) – B.A. in Economics and Management, La Sorbonne (1994)
• Agrégation in economics, business and accounting (1996) – E.N.S. Cachan (1993-1997)

Research Interest

Monetary and financial economics, economic history

Contact

• vincent.bignon@banque-france.fr
• +33 (0)1 42 92 43 30
• Banque de France, DGSEI S2A-2600 ; 31, rue des Petits Champs, 75049 Paris Cedex 01, France

Academic Publications

Articles

• What Lessons from History? or How to Cope with Large Increases in Public Debt? (in French only, “Quelles leçons de l’histoire ? ou comment faire face aux fortes augmentations de dette publique ? »), with Pierre Sicsic, Revue d'économie financière 146, p. 41-66, September 2022
• The challenges of a more demanding environment on monetary policy, with François Villeroy de Galhau and Bruno Cabrillac, Revue d’économie financière 144, p. 95-108, December 2021
• Measuring the impact of the Covid-19 crisis: The experience of the Banque de France (in French only, “Mesurer l'impact de la crise Covid-19 : l'expérience de la Banque de France), with Olivier Garnier Revue de l’OFCE 166(2), p. 45-57, July 2020
• The Failure of a Clearinghouse: Empirical Evidence, with Guillaume Vuillemey, Review of Finance 24(1), p. 99–128 February 2020
• Currency Union with and without Banking Union, with Régis Breton and Mariana Rojas-Breu, International Economic Review, 60 (2), p. 965-1003 May 2019.
• The Other Way: A Narrative History of Banque de France, with Marc Flandreau, chapter 6 in Sveriges Riksbank and the History of Central Banking, editors Rodney Edvinson, Tor Jacobson, Daniel Waldenstrom, Cambridge University Press, p. 206-241, April 2018
• Whither Economic History? Between Narratives and Quantification, with Pamfili Antipa, Revue de l’OFCE 153, p. 19-41, December 2017.
• Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis, with Jean Barthélemy  and Benoit Nguyen, Economics and Statistics 495-496, p. 111-130, October 2017.
• Coin Assaying and Commodity Money, with Richard Dutu, Macroeconomic Dynamics, 21(6), p. 1305-35, September 2017.
• Stealing to Survive? Crime and Income Shocks in 19th Century France (2016), with Eve Caroli et Roberto Galbiati, The Economic Journal 127(599), p. 19-49, February 2017.
• Big Push or Big Grab? Railways, Government Activism and Export Growth in Latin America, 1865-1913, with Rui Esteves et Alfonso Herranz-Loncán, The Economic History Review, 68(4), pp. 1277-1305, November 2015.
• The Price of Media Capture and the Debasement of the French Newspaper Industry during the Interwar, with Marc Flandreau, The Journal of Economic History 74(3), pp. 799-830, September 2014.
• L. Walras and C. Menger: Two Ways on the Path of Modern Monetary Theory, with Andrés Alvarez, The European Journal of the History of Economic Thought, 20, pp.89-124, 2013.
• Bagehot for Beginners: The Making of Lending of Last Resort Operations in the Mid-19th Century, with Marc Flandreau and Stefano Ugolini, The Economic History Review, 65, (2), pp. 580-608, May 2012.
• The Economics of Badmouthing: Libel Law and the Underworld of the Financial Press in France Before World War I, with Marc Flandreau, The Journal of Economic History 71(3), pp. 615-653, September 2011.
• Medias Bias in Financial Newspapers: Evidence from Early 20th Century France, with Antonio Miscio, European Review of Economic History, 14(3), pp. 383-432, December 2010.
• Une Théorie de l'Election de la Cigarette Comme Monnaie, Revue Économique 55(3), pp. 383-93, May 2004.
• Note sur l'Origine de la Monnaie dans les Modèles de Search, with Régis Breton, Revue Économique 54(3), pp. 465-474, May 2003.
• Les développements récents des modèles de search monétaire : Monnaie et formalisations des transactions, with Claire Compain, Revue d’Économie Politique 111(3), pp. 347-375, 2001.
• Intermédiation et Structure des Marchés, with Régis Breton, Revue d’Économie Politique 111(3), pp. 401-422, 2001.

Others

• Historical monetary and financial statistics for policymakers: towards a unified framework, with Claudio Borio, Øyvind Eitrheim,Marc Flandreau,Clemens Jobst, Jan F. Qvigstad and Ryland Thomas, BIS Papers n°127, 30 September 2022
• Interbank market and central bank policy (2016), avec Jung-Hyun Ahn, Régis Breton et Antoine Martin, Staff Reports 763, Federal Reserve Bank of New York.
• Protectionism and the Education-Fertility Trade-off in Late 19th Century France (2016), avec Cecilia García-Peñalosa, Document de travail 2016-04 Aix Marseille School of Economics.
• The Price of Media Capture and the Looting of Newspapers in Interwar France, (2012), avec Marc Flandreau, IHEID working paper, CEPR discussion paper 9014.
• Stealing to Survive: Crime and Income Shocks in 19th Century France, (2012), avec Eve Caroli et Roberto Galbiati, PSE working paper PSE 2011-33, Janvier.
• L. Walras and C. Menger: Two ways on the path of modern monetary theory (2010), avec Andrés Alvarez, EconomiX Working Papers 2010-25.
• The Economics of Badmouthing: Libel Law and the Underworld of the Financial Press in France before World War I (2010), avec Marc Flandreau, EconomiX Working Papers 2010-18 and IHEID Working Papers 15-2010.
• Bagehot for beginners: The making of lending of last resort operations in the mid-19th century (2009) avec Marc Flandreau et Stefano Ugolini, Working Paper 2009/22, Norges Bank.
• Cigarette Money and Black Market Prices around the 1948 German Miracle (2009), EconomiX Working Papers 2009-2.
• Media Bias in Financial Newspapers: Evidence from Early 20th Century France (2009), avec Antonio Miscio, EconomiX Working Papers 2009-4.
• Moneychangers and Commodity Money (2006), avec Richard Dutu, EconomiX Working Papers 2006-9
• Accounting Transparency and the cost of capital (2004), avec Régis Breton, Working paper University of Orléans – LEO 2004-06.
• Middlemen as a Separating Device (2001), avec Régis Breton, Documents du CREA 04-2001.

Régis Breton is a senior research expert at the Centre for Analytical Modelling in the Banque de France Directorate General Financial Stability and Operations. He holds a PhD in economics from Paris X University, a Masters degree in economics and an engineering degree from École Polytechnique. He joined the Banque of France in 2010, initially as an economist in the Macro-Finance Division. Prior to joining the Banque de France he held a post-doctoral visiting position at the London School of Economics, and was a CNRS research fellow at the University of Orléans. His research covers various topics in financial intermediation and banking, financial stability, monetary economics, and imperfect information in financial markets.

Previous Position

• Economist, Banque de France Macro-Finance Division (2010-2012)
• CNRS researcher, LEO – University of Orléans (2003-2010)
• Visiting scholar, FMG – London School of Economics (2002-2003)

Diplomas

• PhD in Economics, Paris X University (2002) 
• Masters degree in Economics (D.E.A.), École Polytechnique-EHESS-Paris X University (1997)
• École Polytechnique (1993-1996)

Research Interest

Financial intermediation and banking, monetary economics, imperfect information, financial markets

Contact

• regis.breton@banque-france.fr
• +33 (0)1 42 92 38 22
• Banque de France, 35-1537 DGSO – DSF, 75049 Paris Cedex 01, France

Academic Publications

Articles

• Currency Union with or without Banking Union (2019), with Vincent Bignon and Mariana Rojas Breu, International Economic Review, 60, p. 965-1003.
• La relation firme-analyste explique-t-elle les erreurs de prévision des analystes ? (2017), avec Sébastien Galanti, Christophe Hurlin et Anne-Gaël Vaubourg, Revue Economique 68, pp. 1033-1062.
• Reforming the structures of the EU banking sector: Risks and challenges (2015), with Laurent Clerc, Bankers, Markets and Investors, 135, pp. 37-48, mars-avril.
• Securitization, competition, and monitoring (2014), with Jung-Hyun Ahn, Journal of Banking and Finance, 40, pp. 195-210.
• Banks, Moral Hazard, and Public Debts (2012), avec Caroline Pinto et Pierre-François Weber, Banque de France - Revue de la Stabilité Financière N°16, pp. 58-70.
• Titrisation, concurrence et rente bancaire (2010), avec Jung-Hyun Ahn, Revue Économique, 61(3), pp. 431-440.
• Intermédiation, diversification et dissimulation d’information (2005), Revue Économique, 56(3), pp. 765-775.
• Note sur l'Origine de la Monnaie dans les Modèles de Search (2003), avec Vincent Bignon, Revue Économique 54(3), pp. 465-474.
• Financial System and Modes of Corporate Control (2003), avec Michel Aglietta, in Corporate Governance : An Institutionalist Approach, R. Cobbaut and J. Lenoble Eds., Kluwer Law International, 2003.
• Does the “New Economy” change the frontiers of the large corporation ? (2002), avec Bruno  Amable et Xavier Ragot, Louvain Economic Review 68(1-2), pp. 1-17, 2002.
• Financial systems, corporate control, and capital accumulation (2001), avec Michel Aglietta, Economy and Society 30(4), pp. 433-466, 2001.
• Intermédiation et Structure des Marchés (2001), avec Vincent Bignon, Revue d’Économie Politique 111(3), pp. 401-422.
• Vieillissement démographique et transferts internationaux d’épargne (2001), avec l'équipe INGENUE, Revue d’Économie Politique, Hors Série, pp.195-214, février 2001.
• Economie et démographie mondiales au XXIe siècle: le nombre et le savoir (2000), avec l'équipe INGENUE, L’Année de la Régulation 4, pp. 275-304.  

Others

• Interbank Market and Central Bank Policy, (2016), with Jung-Hyun Ahn, Régis Breton and Antoine Martin, Staff Reports 763, Federal Reserve Bank of New York.
• Does soft information matter? An application of gravity models to financial analysts' forecasts (2011), avec Sébastien Galanti, Christophe Hurlin et Anne-Gaël Vaubourg, Document de Recherche du LEO n°2011-16.
• Robustness of Equilibrium Price Dispersion in Finite Market Games (2011), avec Bertrand Gobillard, Working Paper TSE No. 308.
• Intermédiation, diversification et dissimulation d’information (2005), Document de Recherche du LEO n°2005-02.
• Accounting Transparency and the cost of capital (2004), avec Vincent Bignon,  Breton, Document de Recherche du LEO n°2004-06.
• Middlemen as a Separating Device (2001), avec Vincent Bignon, Documents du CREA 04-2001.

• Jean-Charles Bricongne

Jean-Charles Bricongne is currently Deputy Director of the Business Surveys, Microeconomic and Structural Analysis Directorate, and was previously Deputy Director of the International Economics and Cooperation Directorate. He is a graduate of the Ecole Centrale Paris and Sciences Po Paris, and holds a PhD from Paris I Panthéon-Sorbonne University/Paris School of Economics. He previously worked as a seconded national expert on internal imbalances at the European Commission (DG ECFIN), focusing especially on credit and housing. Prior to that, he was adviser to the Banque de France’s Director General Economics and Research, Head of a unit in charge of trade and competitiveness, and a seconded expert on monetary and financial issues at the French statistical institute (INSEE). He has been a Senior Lecturer at Sciences Po Paris, Professor at Paris Dauphine University and Associate Professor at the Universities of Tours and Orléans. He is currently Associate Professor at Paris I Panthéon-Sorbonne University. He is an associate and affiliate researcher at LEO (Laboratoire d'Economie d'Orléans) and LIEPP (Laboratoire Interdisciplinaire d'Evaluation des Politiques Publiques, connected to Sciences Po Paris) respectively. He has written on various topics in applied trade analysis, globalisation statistics, financial macroeconomics, housing, migration, high-frequency indicators, the implementation of data-science techniques in economics, and the links between the financial and real economy.

Diplomas

• PhD from Paris I University: Essays on the links between the real and financial spheres in the international economy with a special focus on the crisis
• Research Master in Money, Banking and Finance at Paris I Panthéon-Sorbonne University
• Agrégation in economics and management
• Ecole nationale de la statistique et de l’administration économique (ENSAE)
• Certificate of Upper Specialized Studies: Economic Calculation & Macroeconomic Policy
• IEP Paris (“Sciences Po Paris”)
• Ecole CENTRALE Paris

Current Position

Deputy Director of Business Surveys, Microeconomic and Structural Analysis

Previous Position

• BANQUE DE FRANCE  (International Economics and Cooperation Directorate), Deputy Director (2019-2021)
• EUROPEAN COMMISSION (Macroeconomic imbalances and adjustment unit), Seconded national expert (economic impact of structural reforms and imbalances surveillance) (2014-2018)
• BANQUE DE FRANCE (Directorate General Economics and International relations)
• Adviser to the Director General (2012-2014)
• BANQUE DE FRANCE (Competitiveness and Foreign Trade Research Division), Head of Division (2009-2012)
• INSEE (National Statistical Institute) (Division in charge of the analysis of the economic situation), In charge of Monetary and Financial Affairs. Also member of the Macroeconomics Team of CREST (Statistical and Economics Research Centre) (2007-2009)
• BANQUE DE FRANCE (Division in charge of national financial accounts)
• Head of the entity (7 agents) in charge of the National Quarterly Financial Accounts, the MUFA (Monetary Union Financial Accounts) and GFS (Government Finance Statistics) Working Groups at the ECB, 2004-2007)
• BANQUE DE FRANCE (Monetary Statistics & National Financial Accounts DIvisions), Economist Statistician, in charge of the analysis of monetary developments in France and in the euro area, then Prohect Head for the National Quarterly Financial Accounts (2001-2004)

Research Interest

International economics, Housing, Macro-financial issues / intermediation, Data-science and economics, High-frequency indicators, History and economics

Contact

• jean-charles.bricongne@banque-france.fr
• +33 (0)1 42 92 47 36
• Banque de France, 49-1443 DGEI, 75049 Paris Cedex 01

Academic Publications

Articles

• 2023 Journal of International Economics (forthcoming), Productivity Slowdown and Tax Havens: where is measured value creation? (with S. Delpeuch & M. Lopez-Forero)
• 2022 Journal of Housing Economics, Web-scraping housing prices in real-time: the Covid-19 crisis in the UK, (with B. Meunier & S. Pouget)
• 2022 World Economy, The proximity-concentration trade-off with multi-product firms: Are exports and FDI complements or substitutes? (with S. Franco Bedoya & M. Lopez Forero)
• 2019 Open Economies Review & European Commission Discussion Paper, Is private debt excessive? (with L. Coutinho, A. Turrini & S. Zeugner)
• 2018 World Economy & European Commission Discussion Paper, Compared Performances of French Companies on the Domestic and Foreign Markets (with J. Bardaji, B. Campagne & G. Gaulier), also INSEE Working Document and in "French economy, accounts and files"
• 2017 Revue Économique (with P. Pontuch), La crise s'est-elle accompagnée d'un sous-investissement dans l'immobilier résidentiel dans les pays de la zone euro ?
• 2017 Scandinavian Journal of Economics (with M. Beine & P. Bourgeon), Aggregate Fluctuations and International Migration, also CESifo and Banque de France working papers
• 2017 Open Economies Review & European Commission Discussion Paper, Interlinkages between Household and Corporate Debt in Advanced Economies (with A. Mordonu)
• 2012 Journal of International Economics (with L. Fontagné, G. Gaulier, D. Taglioni and V. Vicard), Firms and the global crisis: French exports in the turmoil
• Available as Banque de France working paper, ECB working paper and online on VOX
• 2011 Revue d’Economie Politique (with M. Boutillier), Disintermediation or financial diversification? The case of developed countries (also Banque de France Bulletin, n°146, 2006)
• 2011 Économie et Statistique (with J.-M. Fournier, V. Lapègue & O. Monso), The subprime crisis: from a financial to an economic crisis (and Note de conjoncture INSEE, 2009)
• 2011 Économie et Statistique (with D. Bellas, L. Fontagné, G. Gaulier & V. Vicard)
• An analysis of the dynamics of French firms’ exports from 2000 to 2009

Others

• 2019 Document de travail du LEO & European Commission Discussion Paper & VOX, Assessing House Prices: Insights from HouseLev, A dataset of price level estimates (with A. Turrini & P. Pontuch) (https://ec.europa.eu/info/publications/assessing-house-prices-insights-houselev-dataset-price-level-estimates_en)
• 2019 Jean-Charles BRICONGNE, Nuria MATA GARCIA, Alessandro TURRINI, Macroeconomic Imbalance Procedure, economic reforms and policy progress in the European Union LIEPP Working Paper n°87, Avril 
• 2016 Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective, European Commission Discussion Paper 32, joint with Maria Demertzis, Peter Pontuch and Alessandro Turrini
• 2016 The Quantity Theory of Money Revisited: The Improved Short-Term Predictive Power of Household Money Holdings with Regard to Prices, LEO Working Paper
• 2014 Jean-Charles BRICONGNE, Do prizes in economics affect productivity? LIEPP Working Paper n°24, avril

Diploma

PhD in Economics, Mines Paris

Research Interest

Corporate finance, public economics

Contact

• benjamin.bureau@banque-france.fr
• Banque de France, 2/4 rue de la Banque, BAN-13156, 75002 Paris

Academic Publications

Articles

• A Granular Examination of the Impact of the Health Crisis and the Public Support Measures on French Companies’ Financial Situation, with A. Duquerroy, J. Giorgi, M. Lé, S. Scott, and F. Vinas, Economie et Statistique/Economics and Statistics, 532-33, 2022, 25-45.
• One Year of Covid: What Impact Did the Pandemic Have on the Economic Activity of French Companies? Construction of Individual Counterfactuals and Diagnoses for 2020, with A. Duquerroy, J. Giorgi, M. Lé, S. Scott, and F. Vinas, Economie et Statistique/Economics and Statistics, 532-33, 2022, 3-23.
• Distributional effects of a carbon tax on car fuels in France, Energy Economics, 33(1), 2011, 121-130.
• Distributional effects of public transport policies in the Paris Region, with M. Glachant, Transport Policy, 18(5), 2011, 745-754.
• Evaluation de l'impact des politiques "Quartiers Tranquilles" et "Quartiers Verts" sur les prix de l'immobilier à Paris, with M. Glachant, Economie et Prévision, 192, 2010, 27-44.
• Distributional effects of road pricing: Assessment of nine scenarios for Paris, with M. Glachant, Transportation Research Part A: Policy and Practice, 42(7), 2008, 994-1007.

• Matthieu Bussière

Current Position

Director of Monetary and Financial Analysis

Previous position

• Deputy Director then Director of Economics and International and European Relations (2013-2018)
•  Head of the Macroeconomic Analysis and International Syntheses Division.
• European Central Bank (2002-2009).
• IMF (1998-1999) and, for shorter periods, the US Federal Reserve (2004, as part of an exchange with the ECB) and the Bank of England (2000).

Diplomas

• PhD in Economics, European University Institute, Florence
• Masters degree in Economics, Cambridge University
• Graduate of the Institut d'Études Politiques de Paris.

Research interest

Macroeconomics and International Trade, International Finance, Financial Crises, Monetary Policy

Contact

• matthieu.BUSSIERE@banque-france.fr
• +33(0)1 42 92 29 21
• Banque de France, 49-1454 DERIE, 75049 Paris Cedex 01

Academic Publications

Articles

• "International Prudential Policy Spillovers: Evidence from the International Banking Research Network" with Claudia M. Buch and Linda Goldberg, 2017, International Journal of Central Banking, vol. 13(2), pages 1-4, March 2017.
• "International Banking and Cross-Border Effects of Regulation : Lessons from France" with Julia Schmidt and Frédéric Vinas, 2017,  International Journal of Central Banking, vol. 13(2), pages 163-193, March 2017.  
• “Commonality in Hedge Fund Returns: Driving factors and implications”, with Benjamin Klaus and Marie
• For a Few Dollars More: Reserves and Growth in Times of Crises, with Gong Cheng, Menzie D. Chinn, and Noëmie Lisack,  Journal of International Money and Finance, Vol. 52, April 2015, pp. 127-145.
• Do real exchange rate appreciations matter for growth?, with Claude Lopez and Cédric Tille,  Economic Policy, vol. 30(81), January 2015, pp. 5-45.
• Exchange Rate Pass-Through in the Global Economy, with Simona Delle Chiaie and Tuomas Peltonen, IMF Economic Review, vol. 62(1), pp. 146-178, April 2014 .
• Commonality in Hedge Fund Returns: A Determinant of Systemic Risk?, with Benjamin Klaus and Marie Hoerova, forthcoming in: Journal of Banking and Finance.
• Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09, 2013, with G. Callegari (IMF), F. Ghironi (Boston College), G. Sestieri (BdF) and N. Yamano (OECD); the American Economic Journal: Macroeconomics.
• Chronicle of Large Currency Devaluations: Re-Examining the Effects on Output, with S. Saxena and C. Tovar, Journal of International Money and Finance, Volume 31, Issue 4, pages 680–708, June 2012.
• Exchange Rate Pass-through to Trade Prices: the Role of Non-Linearities and Asymmetries, Oxford Bulletin of Economics and Statistics, volume 74, Issue 4, 2012.
• Balance of Payment Crises in Emerging Markets - How Early were the “Early Warning Signals?, Applied Economics, Vol. 45, N°12, pages 1601-1623, April 2013.
• Sovereign Debt and Fiscal Policy in the Aftermath of the Financial Crisis: Introduction, 2013, Economic Journal, Royal Economic Society, vol. 0, pages F1-F3, 02.
• The Financial Crisis: Lessons for International Macroeconomics, 2013, with Jean Imbs, Robert Kollmann & Romain Rancière, American Economic Journal: Macroeconomics, American Economic Association, vol. 5(3), pages 75-84, July.
• Protectionist Responses to the Crisis: Global Trends and Implications, 2011, with E. Perez, R. Straub and D. Taglioni, The World Economy, Wiley Blackwell, vol. 34, 05, pages 826-852.
• Productivity shocks, budget deficits and the current account, with Fratzscher, Marcel & Müller, Gernot J., Journal of International Money and Finance, Elsevier, vol. 29(8), pages 1562-1579, December, 2010 
• A Framework for Assessing Global Imbalances, with Thierry Bracke & Michael Fidora & Roland Straub, The World Economy, Wiley Blackwell, vol. 33(9), pages 1140-1174, 09, 2010 
• Evaluating China’s Integration in World Trade with a Gravity Model Based Benchmark, with Bernd Schnatz, Open Economies Review, Springer, vol. 20(1), pages 85-111, February, 2009 
• Financial Openness and Growth: Short-run Gain, Long-run Pain?, with Marcel Fratzscher, Review of International Economics, Wiley Blackwell, vol. 16(1), pages 69-95, 02, 2008 
• Low probability, high impact: Policy making and extreme events, with Fratzscher, Marcel, Journal of Policy Modeling, Elsevier, vol. 30(1), pages 111-121, 2008 
• Towards a new early warning system of financial crises, with Fratzscher, Marcel, Journal of International Money and Finance, Elsevier, vol. 25(6), pages 953-973, October, 2006 
• Uncertainty and Debt-Maturity in Emerging Markets, with Marcel Fratzscher & Winfried Koeniger, The B.E. Journal of Macroeconomics, Berkeley Electronic Press, vol. 6(1), pages 5, 2006 
• Current Accounts, Net Foreign Assets and the Implications of Cyclical Factors, with Georgios Chortareas & Rebecca Driver, Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 269-286, Spring, 2003 
• Political Instability and Economic Vulnerability, with Mulder, Christian, International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 5(4), pages 309-30, October, 2000 

Others

• 2016 with Hukkinen Juhana, Gächter Martin, Ferrara Laurent, Dimitropoulou Dimitra, Keeney Mary, Lodge David, Derviz Alexis, Cezar Raphael, Mroczek Wojciech and Borin Alessan. "Understanding the weakness in global trade - What is the new normal ?," Occasional Paper Series 178, European Central Bank.
• 2016 IRC Task Force on IMF issues with L´Hotellerie-Fallois Pilar, Moreno Pablo, Balteanu Irina, Beirne John, Brüggemann Axel, Estrada Ángel, Frost Jon and Herzberg Valerie. "Dealing with large and volatile capital flows and the role of the IMF," Occasional Paper Series 180, European Central Bank.
• 2016, with Julia Schmidt and Natacha Valla. "International Financial Flows in the New Normal : Key Patterns (and Why We Should Care)," CEPII Policy Brief 2016-10, CEPII research center.
• For a Few Dollars More: Reserves and Growth in Time of Crises, 2014, avec Gong Cheng, Noëmie Lisack et Menzie D. Chinn, NBER Working Paper N°19791.
• Understanding household savings in China: the role of the housing market and borrowing constraints, 2013, avec Yannick Kalantzis, Romain Lafarguette, et Terry Sicular, MPRA Paper 44611, University Library of Munich, Germany.
• Currency Crises in Reverse: Do Large Real Exchange Rate Appreciations Matter for Growth?, 2013, avec Claude Lopez et Cédric Tille, MPRA Paper 44053, University Library of Munich, Germany.
• Estimating trade elasticities: demand composition and the trade collapse of 2008-09, avec Giovanni Callegari, Fabio Ghironi, Giulia Sestieri et Norihiko Yamano, Working Papers No. 17712, National Bureau of Economic Research, 2011
• A decade (and a global financial crisis) after Blinder: The interaction between researchers and policy-makers in central banks, avec Livio Stracca, Working Paper Series 1260, European Central Bank, 2010
• Methodological advances in the assessment of equilibrium exchange rates, avec Michele Ca’ Zorzi & Alexander Chudík & Alistair Dieppe, Working Paper Series No.1151, European Central Bank, 2010
• Chronicle of currency collapses: re-examining the effects on output, avec Sweta c Saxena & Camilo Tovar, BIS Working Papers No. 314, Bank for International Settlements, 2010
• Modelling Global Trade Flows - Results from a GVAR Model, avec Alexander Chudik & Giulia Sestieri, Working Paper Series No 1087, European Central Bank, 2009
• Balance of payment crises in emerging markets - how early were the “early” warning signals?, Working Paper Series No 713, European Central Bank, 2007
• Exchange rate pass-through to trade prices - the role of non-linearities and asymmetries, Working Paper Series No 822, European Central Bank, 2007
• Productivity shocks, budget deficits and the current account, avec Marcel Fratzscher & Gernot J. Müller, Working Paper Series No 509, European Central Bank, 2005
• Currency mismatch, uncertainty and debt maturity structure, avec Marcel Fratzscher & Winfried Koeniger, Working Paper Series No 409, European Central Bank, 2004
• Current accounts, net foreign assets and the implications of cyclical factors, avec Georgios Chortareas & Rebecca L Driver, Bank of England working papers No 173, Bank of England, 2003
• External Vulnerability in Emerging Market Economies - How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion, avec Christian B. Mulder, IMF Working Papers No 99/88, International Monetary Fund, 1999
• Political Instability and Economic Vulnerability, avec Christian B. Mulder, IMF Working Papers No 99/46, International Monetary Fund, 1999

Bruno Cabrillac joined the Banque de France in 1983, working as an economist in the Directorate General Foreign Relations and then as a foreign exchange trader. In the 1990s, he was seconded to the Ministry of Finance as Financial Adviser in Cairo (1989-1992) and Tokyo (1994-1996). Between 1997 and 2001, he was Head of the Banque de France’s Franc Zone and Development Financing Division. In April 2001, he was seconded to the Ministry of Finance to become Trade Commissioner and Banque de France representative in Hong Kong and Macau. In July 2005, he was appointed Financial Adviser for Africa at the French Ministry of Finance (Treasury and Economic Policy Directorate General). In October 2008, he was appointed Director of Economics and International and European relations at the Banque de France and in 2016 became Deputy Director General Statistics, Economics and International.

Contact

• bruno.cabrillac@banque-france.fr

Academic Publications

Articles

• Benefits of GDP-indexed bonds for issuing countries, investors and international financial stability, with Ludovic Gauvin, Jean-Baptiste Gossé, with VoxEu, 07 March 2017
• Les marchés de dette obligataire en devise locale en Amérique latine, avec Marie-Hélène Ferrer, Revue d'économie financière 2016/4 (n° 124)
• Introduction, avec Lionel Zinsou, Revue d'économie financière 2014/4 (N° 116)
• Les perspectives des unions monétaires africaines, avec Emmanuel Rocher, Revue d'économie financière 2013/2 (N° 110)
• Coordination internationale et sortie de crise : quel rôle pour le G20 ? avec Pierre Jaillet, Revue d'économie financière 2011/3 (N° 103)
• Économie de la Chine, Coll. Que sais-je ?, Presses Universitaires de France, 2009

Current Position

Macroeconomist, Market Analysis and Asset Purchase Programmes Division, Monetary Policy Implementation Directorate

Previous Position

• Macroeconomist for the Euro Area, Banque de France Business Conditions Division
• Macroeconomist for France, Banque de France Macroeconomic Analysis and Forecasting Division
• Deputy Head of the Diagnosis and Forecasting team, French Treasury

Diplomas

• Paris X Nanterre University
• Master en Économie Internationale, Politiques Macroéconomiques et Conjoncture (EIPMC)
• Neoma Business School
• Grande École Programme

Research Interest

Economic modelling, international economics, financial markets

Contact

• hadrien.camatte@banque-france.fr
• +33 (0)1 53 45 65 12
• Banque de France, 21-1497 DGSO-SMPM-SAM, 75049 Paris Cedex 01, France

Academic Publications

Articles

• Hadrien CAMATTE, Maxime DARMET-CUCCHIARINI, Thomas GILLET, Emmanuelle MASSON, Olivier MESLIN, Ysaline PADIEU, Alexandre TAVIN, "Baisse du prix du pétrole : quelles conséquences pour l'économie mondiale et pour la France ?", Lettre Trésor-Éco n°168, 11 avril 2016.

• Juan Carluccio

Current Position

• Scientific Advisor, Directorate of International Economics and Cooperation
• Co-Director, Competitiveness Group at DGSEI
• Steering Member Comitté, Chair Banque de France – PSE.

Previous Position

• Research Director, Trade Secretariat of Argentina (2018-2019) 
• Research Economist, Directorate of Microeconomic and Structural Issues (2010-2017)
• Post-doctoral Fello, Collège de France (2009-2010)
• Junior Economist, Ministry of Economy of Argentina (1998-2002)

Diplomas

• PhD in Economics, École des Hautes Études en Sciences Sociales
• Master in Economics, London School of Economics
• Bachelor in Economics, Universidad de Buenos Aires

Research Interest

International Trade and Investment, Latin-American Macroeconomics

Contact

• juan.carluccio@banque-france.fr
• +33 (+33 (0)1 42 92 61 79
• Banque de France, 46-2401 DGEI-DEMS-SAMIC, 75049 Paris Cedex 01, France

Academic Publications

Articles

• “Dissecting the Impact of Imports from Low-Wage Countries on Inflation,” with Erwan Gautier and Sophie Guilloux-Nefussi, European Economic Review, forthcoming.  
• “Private firms, corporate investment and the WACC: evidence from France”, with Clément Mazet-Sonilhac and Jean-Stephane Mesonnier, The European Journal of Finance, lead article, pp 1-25, 2021.
• “La crise de la dette argentine et ses racines”, with Rafael Cezar, Revue d’économie financière, 2021/1, 140.
• “Offshoring and Skill Upgrading in French Manufacturing,” with Alejandro Cunat, Harald Fadinger, and Christian Fons-Rosen,  Journal of International Economics, 2019, 118, 138-159 
• “Fragmentation and Wage Inequality: Insights from a Simple Model,” with Ivar Ekeland and Roger Guesnerie, Annals of Economics and Statistics, Special issue in Honor of E. Malinvaud, 2017, Nr 125 / 126, pp. 113-134.
• “L’Argentine après le défaut : conditions d’accès aux marchés internationaux de capitaux et choix de politiques économiques « non conventionnelles »”, with Julio Ramos-Tallada, Revue d’économie financière, 2016, 124. PDF
• “Trade, Wages, and Collective Bargaining: Evidence from France,” with Denis Fougère and Erwan Gautier, The Economic Journal, 2015, 584, 803-837. 
• “The Impact of Worker Bargaining Power on the Organization of Global Firms,” with Maria Bas, Journal of International Economics, 2015, 96(1),162-181.
• “Foreign Entry and Spillovers with Technological Incompatibilities in the Supply Chain,” with Thibault Fally, Journal of International Economics, 2013, 90(1), 123-135. 
• “Global Sourcing under Imperfect Capital Markets,” with Thibault Fally, The Review of Economics and Statistics, 2012, 94(3), 740-763.

Others 

• “How Globalisation Affects Inflation”, with Olivier de Bandt, Bulletin de la Banque de France, June 2022.  Version française: “La mondialisation et ses répercussions sur l’inflation”.
• Large firms react more strongly to macro shocks, and it matters, Vox.eu, July 2022.
• Conducting Monetary Policy in an Interconnected World, with de Bandt, Lodge and Perez,  Banque de France Blog, N. 247, December 2021. Version française
• Globalisation and inflation: Insights from the ECB strategy review, Vox.eu, October 2021.
• The collapse of French exports in the Covid crisis: mainly those of large business units, Banque de France Blog, N. 238, December 2021
• “The implications of globalisation for the ECB monetary policy strategy”, Work stream on globalisation, European Central Bank Occasional Paper Nr 263, September 2021. 
• Global value chains and the challenge of Covid-19,  Banque de France Blog, N. 177, August 2020. 
• What does recent research tell us about the pains and gains of globalisation?, Research Newsletter, April 2018

• Rafaël Cezar

Rafael Cezar is currently Financial Adviser and Head of the Macroeconomics and Finance Unit at the French Embassy in Brazil (Brasilia), seconded by the Banque de France to the French Treasury. Previously, he was a Macroeconomist in the Banque de France’s International Monetary Relations Division. He was in charge of macroeconomic monitoring of the major emerging countries and helped represent France at major international meetings such as the G7 and G20, as well as the IMF and the BIS. He also conducted research in international macro-finance, focusing on external shocks to emerging economies, capital flows and sovereign debt crises. Previously, Rafael was an Economist in the Balance of Payments Directorate, where he worked on various issues related to France's international insertion and competitiveness.

Rafael also lectured economics for more than ten years at the École Nationale de la Statistique et de l'Administration Économique (ENSAE), at Sciences Po Paris and at Paris-Dauphine University. He holds a PhD in Economics from Paris-Dauphine University.

Diploma

PhD in Economics, Paris-Dauphine University

Current Position

Financial Adviser, Head of the Macro-Financial Unit (French Embassy in Brazil)

Previous Position

Macroeconomist, Banque de France International Monetary Relations Division

Research Interest

International economics, capital flows, emerging markets

Contact

• Rafael.CEZAR@banque-france.fr
• Banque de France, 39 rue Croix-des-Petits-Champs - 75049 Paris, France

Academic Publications 

Articles

• Rafaël Cezar & Rémy Lecat & Clément Marsilli & Floriane Van Den Hove, 2022. "Covid 19 crisis and capital outflows from emerging economies: global safety nets are effective, but need to be strengthened [Crise Covid 19 et sorties de capitaux dans les économies émergentes : de," Bulletin de la Banque de France, Banque de France, issue 239.
• Juan Carluccio & Rafael Cezar, 2021. " The Argentina Debt Crisis and its Roots," Revue d'économie financière, Association d'économie financière, vol. 141(1), pages 209-224.
• Cezar, Rafael & Silvestrini, Maéva, 2021. "Impact of the ECB Quantitative Easing on the International Investment Position," International Economics, Elsevier, vol. 165(C), pages 241-263.
• Rafaël CEZAR & Tancrède POLGE, 2020. "CO2 emissions in French international trade [Les émissions de CO2 dans les échanges internationaux de la France]," Bulletin de la Banque de France, Banque de France, issue 229.
• R. Cezar & T. Gigout & F. Tripier, 2020. “Cross-border Investments and Uncertainty: Firm-level Evidence,” Journal of International Money and Finance, https://doi.org/10.1016/j.jimonfin.2020.102159
• R. Cezar & T. Polge, 2020. “CO2 emissions embodied in international trade” Banque de France Bulletin no. 228: Article 1
• R. Cezar & F. Cartelier, 2019. “Price and non-price competitiveness: Lessons from global value chains”, Banque de France Bulletin no. 224: Article 2
• R. Cezar & M. Silvestrini, 2018. "Impact of the ECB Quantitative Easing on the French International Investment Position," Working papers 701, Banque de France.
• Cezar Rafael, 2017. "Financial Development & Commercial Advantage," Global Economy Journal, De Gruyter, vol. 17(1), pages 1-10, March.
• R. Cezar & A. Duguet & G. Gaulier & V. Vicard, 2017. "Competition for global value added: domestic and export market shares," Rue de la Banque, Banque de France, issue 36, january..
• R. Cezar. & A. Duguet. & G. Gaulier. & V. Vicard., 2016. "Competition for global value added: domestic and export market shares," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 41, pages 5-15, spring.
• R. Cezar, 2016. "France’s pharmaceutical industry in global value chains," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 44, pages 52-63, Winter.
• R. Cezar, 2016. "France’s trade integration measured in value added," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 43, pages 47-58, Autumn.
• Rafael Cezar, 2015. "The gravity of financial development," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 24(5), pages 696-723, August.
• Rafael Cezar & Octavio Escobar, 2015. "Institutional distance and foreign direct investment," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(4), pages 713-733, November.
• Rafael Cezar & Octavio Escobar, 2015. "Institutional Distance and Foreign Direct Investment," Post-Print hal-01270939, HAL.
• R. Cezar & O. R. Escobar, 2015. "Institutional distance and foreign direct investment," Working papers 579, Banque de France.
• Rafael Cezar, 2014. "The heterogeneous effect of finance on international trade," Applied Economics, Taylor & Francis Journals, vol. 46(24), pages 2903-2919, August.

Current Position

Deputy Director Balance of Payments

Previous Position

• Head of the Business Surveys Division
• Senior economist/researcher, in charge of inflation projections for France and the euro area

Diplomas

• Statistician Economist at Ecole Nationale de la Statistique et de l'Administration Economique
• Masters degree in economic analysis and policy from the Ecole des Hautes Etudes en Sciences Sociales

Research Interest

Business surveys, inflation, consumer behaviour

Contact

• valerie.chauvin@banque-france.fr
• +33 (0)1 42 92 29 39
• Banque de France, 43- 1465 DBDP, 75049 Paris Cedex 01, FRANCE

Academic Publications

Articles

• « Consumption, household portfolios and the housing market in France » Economie et statistique, numéro spécial Housing and Housing Markets, n°500-501-502, octobre 2018 avec J. Muellbauer
•  « Effet de richesse : le cas français » Economie et statistique, numéro spécial crise financière, n°438-440, juin 2011 avec O. Damette
• Competition, productivity and prices in the euro area services sector (2006) European Central Bank, Occasional paper n°44, April.
• Logements : sommets atteints (2005), with S. Le Bayon, Lettre de l'OFCE n° 257, 9 February. 
• La TVA : instrument d'une politique de l'emploi ? (2003), with R. Hugounenq, Lettre de l'OFCE, February. 
• Le Modèle France de l'OFCE. La nouvelle version: e-mod.fr (2002) with G. Dupont, E. Heyer, M. Plane and X. Timbeau, Revue de l'OFCE, n°81, April. 
• L'affaire des 7 Smic (2001), with E. Heyer, Lettre de l'OFCE, n°207, July. 
• Les cigales épargnent-elles ? Une comparaison des taux d'épargne français et américain (1999), with H. Baudchon, Revue de l'OFCE, n° 68, January.

Current Position

Economist and Head of the DATA Management Unit, Financial Stability Directorate

Previous Position

• Economist in the Structural Policies Analysis Division
• Economist in the Franc Zone and Development Financing Division
• Economist in the Banking Commission Analysis Division

Diploma

Ph D. in Economics, Université Paris Sorbonne

Research Interest

Economic Modelling, Growth, Productivity, Structural Policies, Climate Risks, Financial Stability

Contact

• valerie.chouard@banque-france.fr
• Banque de France, S1B-1537 DGSO-DSF-Pôle DATA, 75049 Paris Cedex 01, France 

Academic Publications

Articles

• How can technology significantly contribute to climate change mitigation? (2023), avec Claire Alestra, Gilbert Cette et Rémy Lecat (2023) Applied Economics, Juillet, DOI
• Catching the green-tech train: technology and climate change mitigation (2023) avec Claire Alestra, Gilbert Cette et  Rémy Lecat, Avril, SUERF Policy Brief, N° 567.
• Does climate aid matter for reducing CO2 emissions? The case of foreign aid for renewable energy (2022), avec S. Kablan, Applied Economics, March, p. 1-16.
• Growth impact of climate change and response policies: the Advanced Climate Long-term (ACCL) (2022), avec C. Alestra, R. Lecat et G. Cette, Journal of Policy Modeling, Volume 44, p. 96-112.
• Assessing the Losses in Euro Area Potential Productivity Due to the Financial Crisis (2014), avec D. Fuentes Castro, D. Irac et M. Lemoine, Applied Economics, Volume 46, Issue 23, mai.
• Minimum Wage and the Average Wage in France: a Circular Relationship? (2013), avec G. Cette et G. Verdugo, Economics Bulletin, vol. 33(3).
• Minimum Wage and the Average Wage in France: A Circular Relationship? (2013), avec G. Cette et G. Verdugo, IZA Discussion Papers 7502, Institute for the Study of Labor (IZA).
• Les effets des hausses du Smic sur le salaire moyen (2011), avec G. Cette et G. Verdugo, Économie et Statistique, vol. 448(1), pp. 3-28.
• Le financement des PME et la réforme de Bâle II, Bulletin de la Banque de France, N°105, Septembre 2007.
• Le risque de taux d’intérêt dans le système bancaire français co-écrit avec Jean-Luc Quémard, Revue de la Stabilité financière, N°6, Juin 2005.
• Consolidation of the Banking Industry, Customer Relationships and SME Financing in France (2004), avec M. Dietsch, Research in Banking and Finance, Monetary Integration, Markets and Regulations, Vol. 4.

Current Position

Deputy Director General Statistics, Economics and International

Previous Position

• Director of Research and Risk Analysis, ACPR (2018-2024)
• Director of Financial Stability, Banque de France (2011-2018)
• Director of Monetary and Financial Studies, Banque de France (2008-2011)
• Deputy Director of Financial Stability, Banque de France (2008)
• Head of the Banque de France Monetary Policy Research Division (2004-2008), Deputy Head (2000-2004)
• Consultant at the OECD (2003) and the European Central Bank (2002)
• Economist at the Bank of England (1999-2000)
• Economist at the Banque de France (1993-1999)
• Economsit at the Ministry of Finance (1990-1993)

Diplomas

• MSc. Econ., London School of Economics (1999)
• MPhil. Econ. EHESS- ENS-ENSAE (1989)
• Agrégation de Sciences Sociales (1989)
• École Normale Supérieure Paris-Saclay (1985-1989)

Research Interest

Monetary Policy - Financial Stability - Macroeconomics - Climate change

Contact

• laurent.clerc2@acpr.banque-france.fr
• +33 (0)1 42 44 69 28
• ACPR, BUD-2770 DEAR, 4 Place de Budapest, 75009 Paris

Academic Publications

Articles

• Managing climate change risks: The role of governance and scenario analysis, Journal of Risk Management in Financial Institutions Vol. 15, 1 38–50 · Mar 1, 2022.
• Quel avenir pour l’assurance-vie en France ? with A.-L. Bontemps-Chanel and M. Ouriemchi, Revue d'économie financière 2021/2 (N° 142), pages 253 à 270, 2021.
• Prise de conscience du risque climatique et de sa dimension systémique. Annales des Mines, Responsabilité & Environnement, N° 102 - Avril 2021
• Évaluer les risques et les vulnérabilités et sensibiliser les acteurs financiers au risque de changement climatique: le rôle des stress tests , Revue d’économie financière, N°138, 2020/2.
• Les néobanques vont-elles bouleverser leur secteur d’activité ?, with Arthur Moraglia & Sylvain Peyron Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 165-180, 2019.
• Finance et Croissance, with J. Couppey-Soubeyran, introduction to Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 9-18, 2017.
• Les monnaies digitales sont-elles « disruptives » pour les banques centrales ?, Annales des Mines - RÉALITÉS INDUSTRIELLES – NOVEMBRE, 2017.
• Capital Regulation in a Macroeconomic Model with Three Layers of Default, with  Derviz, A., Mendicino, C., Moyen, S., Nikolov, K., Stracca, L., Suarez, J. , Vardoulakis, International Journal of Central Banking, vol. 11(3), pages 9-63, June 2015.
• Basel III: Long-term Impact on Economic Performance and Fluctuations, with Paolo Angelini, Vasco Cúrdia, Leonardo Gambacorta, Andrea Gerali, Alberto Locarno, Roberto Motto, Werner Roeger, Skander Van den Heuvel, Jan Vlček, Manchester School,  University of Manchester, vol. 83(2), pages 217-251, 03, 2015
• Penser les politiques macroprudentielles au niveau global, Revue d'économie financière n° 119, p. 141-156, 2015.
• Reforming the structures of the EU banking sector. Risks and challenges, with Régis Breton, Banks, Markets and Investors, Volume 135, pp. 37-48, 2014.
•  (2014). Measuring aggregate risk: Can we robustly identify asset-price boom–bust cycles?, with V. Borgy and J.P. Renne, Journal of Banking & Finance., Elsevier, vol. 46(C), pages 132-150, 2014.
• Les banques centrales et la stabilité financière : nouveau rôle, nouveau mandat, nouveau défis ? with René Raymond, Revue d’Économie Financière, n°113, p.193-214, 2014.
• « Juste valeur » et « prix de modèle » : une comparaison internationale de la structure des portefeuilles de trading et du ratio « rentabilité», with D. Marteau, Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 305-322, 2014.
• Le shadow banking en Europe, Revue d’Économie Financière, n° 109, Mars 2013.
• The ECB's separation principle: does it "rule OK"? From policy rule to stop-and-go, avec Christian Bordes, Oxford Economic Papers, Volume 65 suppl., pp. 66-91, April 2013.
• La méthodologie des études d’impact de Bale III, dans Le financement de l’économie dans le nouveau contexte réglementaire , Rapport du Conseil d’Analyse Économique, La Documentation française, décembre 2012.
• La BCE: quel(s) scénario(s) de sortie de crise?, avec Christian Bordes, Revue d'Économie Financière, «les politiques de sortie de crise», n°103, Octobre 2011.
• A Two-Pillar DSGE Model for the Euro Area, avec Jean Barthélémy et Magali Marx,  Economic Modelling,  Elsevier, vol. 28(3), pp. 1303-1316, May 2011.  
• Financial Stability and Monetary Policy: Lessons from the euro area, avec Benoît Mojon, à paraître dans M. Beblavy, D. Cobham et L. Odor (eds), “The Euro Area and the Financial Crisis,” Chap.14, Cambridge University Press, 2011. 
• To be or not to be in a monetary union: a synthesis, avec Harris Dellas et Olivier Loisel,  Journal of International Economics, 83, pp. 154-167, 2011.
• House price boom-bust cycles, avec Vladimir Borgy et Jean-Paul Renne, dans Housing Markets in Europe. A macroeconomic perspective. De Bandt, Knetch, Penalosa et Zollino, éditeurs, Springer, pp. 359-404, 2010. 
• Le principe de séparation et l’art du central banking de la BCE, avec Christian Bordes, Revue d’Économie Politique, No 120 (2), Mars-Avril, pp. 269-302, 2010. 
• Les événements extrêmes : nouveaux défis entre sciences et choix collectifs (2008), avec Christian Gollier, Risques, n°76, décembre. 
• Price Stability and the ECB's Monetary Policy Strategy (2007), avec Christian Bordes, Journal of Economic Surveys, vol. 21, Issue 2, pp. 268-326, Avril. 
• Monetary Policy in a Changing Environment: a Case for the Signalling Function of Central Banks' Operating Framework (2007), avec Maud Thuaudet, dans Open Market Operations and Financial Markets, D.G. Mayes etd J. Toporowski (Ed.), Routledge, Londres et New York, pp. 86-116. 
• La BCE, 5 ans de politique monétaire unique (2004), avec Christian Bordes, Les Cahiers Français, n° 319, Mars-Avril, pp. 29-36. 
• The influence of structural changes on market functioning and it's implications for monetary policy: a focus on the euro area (2002), avec Françoise Drumetz et François Haas, BIS papers N°12, Market Functioning and Central Bank Policy, août.

Others

• Financial Stability Board (2022), Supervisory and Regulatory Approaches to Climate-related Risks: Final report, 13 October. Coordination: Laurent Clerc (ACPR) and James Hubb (OSFI)
• Une première évaluation de l’impact du Changement Climatique sur les institutions financières : caractéristiques et enseignements de l’exercice pilote de l’ACPR sur le risque physique, dans La prospective au service de l’adaptation au changement climatique, Rapport au Premier ministre et au Parlement de l’Observatoire National sur les Effets du Réchauffement Climatique, La documentation française, February 2022.
• Climate-related financial risks – measurement methodologies, Coordination: Laurent Clerc (ACPR) and Paul Hiebert (ECB), Basel Committee on Banking Supervision, April 2021
• Les acteurs numériques de la finance : un pas vers la rentabilité ?, with Dufour, T., Harguindeguy, P. and Ungaro, S., Autorité de contrôle prudentiel et de résolution · July 18, 2022.
• Interactions of bank capital and liquidity standards within the Basel 3 framework: A literature review, with, Catherine Lubochinsky, Cyril Pouvelle and Amine Tarazi,  Documents économiques et financiers - Autorité de Contrôle Prudentiel et de Résolution · Mar 31, 2022
• L’exercice pilote climatique de l’ACPR. Revue Banque, N° 850, Novembre 2021
• Comment réguler demain la banque-finance ? Problèmes économiques, September 2019.
• Towards a Global Real Estate Market? Trends and Evidence in Rob Nijskens, Melanie Lohuis, Paul Hilbers,Willem Heeringa (ed.), Hot Property – The Housing Market in Major Cities, , Chap. 6, Springer, June 2019
• Euro Area Financial Market Conditions, in Policy Research Meeting on Financial Markets and Institutions, proceedings, Banca d’Italia, May, 2019.
• Politique macroprudentielle: Prévenir le risque systémique et assurer la stabilité financière, préface de Jean Tirole, with Bennani, T., V. Coudert, M. Dujardin and Julien Idier Ed. Pearson ,2017.
• Macro-Prudential Policy and the Conduct of Monetary Policy. in Macroeconomic and Financial Stability: challenges for Monetary Policy, with   D. Beau, C. Cahn, L. Clerc and B. Mojon, Central Banking, Analysis, and Economic Policies Book Series, in: Sofía Bauducco & Lawrence Christiano & Claudio Raddatz (ed.), edition 1, volume 19, chapter 9, pages 273-314 Central Bank of Chile, 2014
• The 3D Model: a Framework to Assess Capital Regulation, with ., Nikolov, K., Derviz, A., Stracca, L., Mendicino, C., Suarez, J., Moyen, S. and Vardoulakis, A Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department, 2014.
• Assessing contagion risk from the CDS market, ESRB Occasional Paper No. 4– avec Brunnermeier, M., El Omari, Y., Gabrieli, S., Kern, S., Memmel, C., Peltonen, T., Podlich, N., Scheicher, M. et Vuillemey, G., September 2013.
• Macro-prudential Research Network reviews findings after two years’ work, ECB, avec Philipp Hartmann, Paolo Angelini, Carsten Detken, Cornelia Holthausen, Angela Maddaloni, Kalin Nikolov et Kateřina Šmídková, 30 October 2012.

Jerome Coffinet is Head of the Studies, Documentation and Statistics Division at the ACPR. Previously, he occupied various positions in statistics, monetary policy, financial stability and banking supervision. He is currently a member of the Household Finance and Consumption Network and the Working Group on Supervisory Statistics. He holds Masters degrees in physics, public administration and econometrics.

Current Position

Head of Studies, Documentation and Statistics, ACPR

Previous Position

• Head of the Statistical Engineering Division, Directorate General Statistics
• Deputy Head of the Macrofinance Division
• Head of the Risk Modelling and Stress Testing Unit, Banking Studies Division
• Economist, Monetary Policy Research Division

Diplomas

• Master Econometrics, Paris School of Economics, 2007
• Master Public Affairs (« Diploma »), Institut d'Etudes Politiques de Paris, 2003
• MSc Physics and Chemistry (Ingénieur de l'ESPCI-Paristech), 2002

Research Interest

Banking and monetary economics, macroeconomics, finance, statistics

Contact

• jerome.coffinet@acpr.banque-france.fr
• +33 (0)1 42 44 37 76
• ACPR, BUD-2772, 4 Place de Budapest, 75009 Paris

Academic Publications

Articles

• “Relationship Banking: an Asset for Financing Small and Medium-Sized French Companies in Periods of Crisis» (2023), with Théo Nicolas, Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 75-88.
• “Relationship lending and SMEs’ funding costs over the cycle: why diversification of borrowing matters” (2022), with Mikael Beatriz and Théo Nicolas, Journal of Banking & Finance, Elsevier, vol. 138(C).
• “Household preferences and demand for stocks in the Crisis: France 2004-2014” (2019), with Luc Arrondel, Revue d'économie politique, Dalloz, vol. 129(3), pages 391-417.
• “Detection of rare events: A machine learning toolkit with an application to banking crises” (2019), with Jean-Noël Kien, The Journal of Finance and Data Science, Volume 5, Issue 4, December 2019, Pages 183-207.
• “French household wealth and debt in 2015: Findings from the European HFCS survey and international comparisons” (2019), with Luc Arrondel, Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 49-75.
• “Is the Office Market Overvalued? A Simple Framework Applied to France” (2019), with Etienne Kintzler, International Real Estate Review, Global Social Science Institute, vol. 22(2), pages 275-306.
• “The Dynamics of Households’ Wealth According to the Age and the Generation in France and Eurozone” (2018), with Luc Arrondel, Revue française d'économie, Presses de Sciences-Po, vol. 0(2), pages 147-177.
• "Household financial exclusion in the Eurozone: the contribution of the Household Finance and Consumption survey" (2017), with Christophe Jadeau, IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data needs and Statistics compilation for macroprudential analysis, volume 46, Bank for International Settlements.
• "Housing financing in France and the financial crisis" (2014), with Jérémi Montornès, Revue d’économie financière, n°115 (3-2014).
• "Stress tesing banks’ profitability : the case of French banks" (2013), with Surong Lin, Journal of Financial Perspectives, EY Global FS Institute, EY Global FS Institute, vol. 1(2), pp. 67-80.
• "Monitoring Financial Distress in a High-Stress Financial World: The Role of Option Prices as Bank Risk Metrics" (2013), with Adrian Pop and Muriel Tiesset, Journal of Financial Services Research, Volume 44, Issue 3, pp. 229-257.
• "Two-way interplays between capital buffers and credit growth: Evidence from French banks" (2012), with Virginie Coudert, Adrian Pop and Cyril Pouvelle, Journal of International Financial Markets, Institutions and Money, Volume 22, Issue 5, pp. 1110-1125, December.
• "Market-based Measures of Inflation Expectations in the Euro Area" (2011), with Sébastien Frappa, in Inflation, Deflation and Disinflation, Nova Publishers, Chapter 4, pp. 109-125.
• "Determinants of the Inflation Compensation Curve in the Euro Area" (2010), with Sébastien Frappa, The European Journal of Finance, Volume 16, Issue 8, pp. 769-783, December (in French). 
•  "Mitigating the procyclicality of capital requirements: an empirical assessment of CEBS’s proposals" (2010), with Nicolas Dumontaux and Anissa Naouar, Banks and Bank Systems, Volume 5, Issue 3, pp. 29-32, September. 
•  "Euro area yield curve reaction to monetary news" (2010), with Sylvain Gouteron, German Economic Review, Volume 11, Issue 2, pp. 208-224, May. 
•  "A structural evaluation of the sacrifice ratio in the euro area" (2009), with Céline Poilly, Revue d’Economie Politique, March-April (in French). 

nuno.coimbra@banque-france.fr

Personal webpage

Current Position

Senior Research Economist at the International Macro division

CEPR Research and Policy Network on International Macro and Finance

Previous Position

Assistant Professor, Paris School of Economics, 2014-2020

Diploma

PhD in Economics, London Business School, University of London, 2014

Research Interests

International Macro, Macro-Finance, Macroeconomics, Asset Pricing

Contact

Banque de France, DGSEI, 75001 BdF HQ

Publications

Financial Cycles with Heterogeneous Intermediaries with Hélène Rey  
[Review of Economic Studies, April 2023] 

Central Bank Policy and the concentration of risk: Empirical estimates with Daisoon Kim and Hélène Rey 
[Journal of Monetary Economics, January 2022,vol 125]

Sovereigns at Risk: A dynamic model of sovereign debt and banking leverage 
[Journal of International Economics, May 2020, vol. 124]

Financial Cycles and Credit Growth Across Countries (2018) with Hélène Rey 
[AEA Papers and Proceedings, May 2018, vol. 108, pp 509-12] 

Cyril Couaillier is a research economist in the Macroprudential Policy Division, working on financial stability. He works in particular on the financial cycle, bank capital and derivative products.

Current Position

Economist, Macroprudential Policy Division

Diplomas

• PhD in Economics, Sciences Po
• Masters degree in Management, HEC Paris (2015)
• Masters degree in Statistics and Economics, ENSAE (2015)
• Masters degree in Economic Research (APE), Paris School of Economics (2015)

Research Interest

Financial macroeconomics, financial regulation, banking and derivative products

Contact

• cyril.couaillier@banque-france.fr
• +33 (0)1 42 92 42 33
• Banque de France, 75049 Paris Cedex 01

Academic Publications

Articles

• Amplifying slumps, taming booms: the bitter consequences of high indebtedness, with V. Scalone
• Systemic liquidity concept, measurement and macroprudential instruments (2018), Occasional Paper Series No 2014 / October 2018, K. Budnik, C. Couaillier, P. Duijm, P. Faykiss, K. Gajewski, C. Holtorf, L. IzquierdoRios, A. Koban, C. Kok, D. Laliotis, M. Lamas, G. Lialiouti, S. Loehe, A. Marques, J. Matos, B. Meller, A. SofiaMelo, I. Moldovan, A. Morão, A. Pereira, P. Pessarossi, C. Roling, V. Rutkauskas, S. Schmitz, L. Silbermann, J. Szakacs, P. Tissari, E. Ubl, D. DiVirgilio, N. Vlachogiannakis

• Hugues Dastarac

Hugues Dastarac specialises in the study of financial markets: derivative products, trading strategies and the pricing implications of quantitative policies. He obtained a PhD from the Toulouse School of Economics (2020) and is a graduate of Ecole Polytechnique (2009). Before his PhD, he spent three years working as an insurance superviser at the ACPR. He has taught financial economics at Ecole Polytechnique.

Current Position

Economist, Financial Economics Research Division

Previous Position

Insurance supervisor, ACPR

Diplomas

• PhD in Economics, Toulouse School of Economics, (2014-2020)
• MSc in Economics and Statistics, ENSAE (2009-2010)
• MA in Economics, Paris School of Economics (2008-2009)
• MSc in Mathematics and Economics, Ecole Polytechnique (2005-2008)

Research Interest

Financial markets, theory and empirics: trading strategies, efficiency, derivative products. Quantitative policies.

Contact

• hugues.dastarac@banque-france.fr
• +33 (0)1 42 92 49 89
• Banque de France, 41-1391 DEMFI RECFIN, 31 rue Croix des Petits Champs, 75049 Paris Cedex 01, France

Current Position

Director of Research (since January 2022).

Previous Position

• Director of International Economics and Cooperation, Banque de France (September 2018-December 2021)
• Director of Research and Risk Analysis, ACPR (August 2011-2018)
• Associate Professor, Paris-Nanterre University (2008-2017)
• Director of Business Conditions and Macroeconomic Forecasting, Banque de France (Sept 2008-July 2011)
• Deputy Director of Macroeconomic Studies and Forecasting, Banque de France (Oct. 2005-Sept 2008)
• Head of the Macroeconomic Forecasting Division, Banque de France (Feb.1999-Sept. 2005); Senior Economist, European Monetary Institute and European Central Bank (1996-1999).

Diplomas

• Institut d'Etudes Politiques, Paris, 1982
• PhD in Economics, University of Chicago, IL, USA (1994)
• Research Habilitation, Paris X University (2005)

Research Interest

International economics, economics of climate change, cconomics of banking and insurance, stress tests, macroeconomics, forecasting methods

Contact

• olivier.debandt@banque-france.fr
• +33 (0)1 49 92 38 29
• Banque de France, S2A-2600 - DGSEI, 39 rue Croix des Petits Champs, 75049 Paris Cedex 01, France

Academic Publications

Articles

• Why do insurers fail? A comparison of life and non-life insolvencies using a new international database, (2022), with George Overton, Journal of Risk and Insurance, forthcoming.
• Determinants of banks’ liquidity: A French perspective on interactions between market and regulatory requirements (2021), with Sandrine Lecarpentier and Cyril Pouvelle,  Journal of Banking & Finance, Elsevier, vol. 124(C)
• Systemic risk in banking after the Great Financial crisis (2019) with Ph. Hartmann, in The Oxford Handbook of Banking, 3rd edition, edited by A. Berger, Ph. Molyneux and J.O.S Wilson, Oxford University Press
• A new framework for stress-testing banks’ corporate credit portfolio” (2019), with V. Martin, Eric Vansteenberghe, in Stress testing (2nd edition): Approaches, Methods and Applications, A. Siddique and I. Hasan, D. Lynch editors, Risk books.
• Optimal capital, regulatory requirements and bank performance in times of crisis: Evidence from France (2018), with B. Camara, A. Maitre, P. Pessarossi, Journal of Financial Stability, Volume 39, December, 175-186
• Are better capitalised banks more profitable ? Evidence from large French banking groups before and after the financial crisis (2017), with Camara, B., Pessarossi, P. & Rose, M., Economie et Statistique / Economics and Statistics, 494-495-496, p. 131-148.
• La mesure du risque systémique après la crise (2015), with J.-C. Héam, C. Labonne, S. Tavolaro, Revue Economique, vol. 66, May 2015.
• Stabilité Financière (2013), avec F. Drumetz ,C. Pfister (2013) editions De Boeck, 340 p
• Macroeconomic Fluctuations and Corporate Financial Fragility (2012), with C. Bruneau and W. El Amri, Journal of Financial Stability, Vol. 8,  Issue 4, 219-235.
• Housing markets in Europe, (2010), with Thomas Knetsch, Juan Penalosa and Francesco Zollino, Springer Verlag.
• Convergence in household credit demand across euro area countries: evidence from panel data (2009), with C. Bruneau and W. El Amri,  Applied Economics, 41,
  3447–3462.
• Stress Testing and Corporate Finance (2008), with C. Bruneau and W. El Amri, Journal of Financial Stability, 4, 258- 274.
• Measuring Long-Run Exchange Rate Pass-Through (2008), with A. Banerjee and T. Kozluk,  Economics., The open access, open assessment e-journal (http://www.economicsejournal.org/economics/journalarticles/2008-6), 2008-6
• Forecasting inflation with Economic Indicators (2007), with C. Bruneau, A. Flageollet and Emmanuel Michaux, Journal of Forecasting, January, 26(1), 1-22.
• Fiscal and Monetary Policy in the Transition to EMU: what do SVAR Models Tell us? (2003), Catherine Bruneau, Economic Modelling, 20 (5), 959-985 
• Systemic risks in Banking, (2002), with Ph. Hartmann, in Financial crisis, contagion and the Lender of Last resort, edited by Charles Goodhart and Gerhard Illing, Oxford University Press; Working Paper of the European Central Bank n° 35.
• Optimal capacity in the banking sector and economic growth (2002) with Amable B., Chatelain J.-B., Journal of Banking and Finance, Elsevier, 2002,
• Competition, Contestability and Market Structure in European Banking Sectors on the Eve of EMU, (2000), with Eric Philip Davis, Journal of Banking and Finance, 24(6), 1045-66. 

Current Position

Head of the Climate Economics Unit

Previous Position

• Adviser in the Financial Stability Directorate, Banque de France (2017-2019)
• Adviser, Macroprudential Policy and Financial Stability, European Central Bank (2015-2017)
• Economist, Principal Economist and Adviser – Economic Developments
• European Central Bank (2001-2015); Economist – CEPII (1998-2001); Research Officer – NIESR (1996-1998)

Diplomas

• Magistère Economie et Finance Internationales, University of Bordeaux (1994)
• PhD in Economics, University of Bordeaux (1999)
• Habilitation à Diriger des Recherches, University of Bordeaux (2019)

Research Interest

Applied macroeconomics, macroeconomic modeling and forecasting, international economics, financial stability and macroprudential policy

Contact

• stephane.dees@banque-france.fr
• +33 1 42 92 90 26
• Banque de France - DGEI - DCPM 046-1405 - 31 rue Croix des Petits Champs – 75049 Paris cedex, France

Academic Publications

Articles

• Dees, S., 2020. “Assessing the Role of Institutions in Limiting the Environmental Externalities of Economic Growth”, Environmental and Resource Economics, Vol. 76, p429-445.  
• Dees, S. and S. Zimic, 2019. "Animal spirits, fundamental factors and business cycle fluctuations," Journal of Macroeconomics, Vol. 61.
• Dees, S. and S. Özyurt, 2018. "Regional dynamics of economic performance in the EU: To what extent spatial spillovers matter?," REGION, vol. 5(3), p. 75-96.
• Dées, S. and J. Güntner, 2017. "Forecasting Inflation Across Euro Area Countries and Sectors: A Panel VAR Approach," Journal of Forecasting vol. 36(4), p. 431-453.
• Dees, S., 2017. "The role of confidence shocks in business cycles and their global dimension," International Economics, vol. 151(C), p. 48-65.
• Dees, S., 2016. "Credit, asset prices and business cycles at the global level," Economic Modelling, vol. 54(C), p. 139-152.
• Dees, S., M.H. Pesaran, L.V. Smith and R.P. Smith, 2014. "Constructing Multi-Country Rational Expectations Models," Oxford Bulletin of Economics and Statistics, vol. 76(6), p. 812-840.
• Dees, S., M. Burgert and N. Parent, 2013. "Import price dynamics in major advanced economies and heterogeneity in exchange rate pass-through," Empirical Economics, vol. 45(2), p. 789-816. 
• Dees, S. and P. Soares Brinca, 2013. "Consumer confidence as a predictor of consumption spending: Evidence for the United States and the Euro area," International Economics, vol. 134, p. 1-14.
• Jakaitiene, A. and S. Dees, 2012. "Forecasting the World Economy in the Short Term," The World Economy, Wiley Blackwell, vol. 35(3), p. 331-350. 
• Dees, S. and N. Zorell, 2012. "Business Cycle Synchronisation: Disentangling Trade and Financial Linkages," Open Economies Review, vol. 23(4), p. 623-643. 
• Dees, S. and A. Saint-Guilhem, 2011. "The role of the United States in the global economy and its evolution over time," Empirical Economics, vol. 41(3), p. 573-591. 
• Castrén, O., S. Dees and F. Zaher, 2010. "Stress-testing euro area corporate default probabilities using a global macroeconomic model," Journal of Financial Stability, vol. 6(2), p. 64-78. 
• Kaufmann, R.K., S. Dees and M. Mann, 2009. "Horizontal and vertical transmissions in the US oil supply chain," Energy Policy, vol. 37(2), p. 644-650. 
• Dees, S., M.H. Pesaran, L.V. Smith and R.P. Smith, 2009. "Identification of New Keynesian Phillips Curves from a Global Perspective," Journal of Money, Credit and Banking, vol. 41(7), p. 1481-1502. 
• Burgert, M. and S. Dees, 2009. "Forecasting World Trade: Direct Versus “Bottom-Up” Approaches," Open Economies Review, vol. 20(3), p. 385-402. 
• Kaufmann, R. K., S. Dees, A. Gasteuil and M. Mann, 2008. "Oil prices: The role of refinery utilization, futures markets and non-linearities," Energy Economics, vol. 30(5), p. 2609-2622. 
• Dees, S., S. Holly, M.H. Pesaran and L.V. Smith, 2007. "Long Run Macroeconomic Relations in the Global Economy," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 1, p. 1-20.
• Dees, S., F. di Mauro, M.H. Pesaran and L.V. Smith, 2007. "Exploring the international linkages of the euro area: a global VAR analysis," Journal of Applied Econometrics, vol. 22(1), p. 1-38. 
• Dees, S., P. Karadeloglou, R.K. Kaufmann and M. Sanchez, 2007. "Modelling the world oil market: Assessment of a quarterly econometric model," Energy Policy, vol. 35(1), p. 178-191. 
• Kaufmann, R.K., S. Dees, P. Karadeloglou and M. Sanchez, 2004. "Does OPEC Matter? An Econometric Analysis of Oil Prices," The Energy Journal, vol. 25 (4), p. 67-90. 
• Cadiou, L., S. Dees and J.-P. Laffargue, 2003. "A computational general equilibrium model with vintage capital," Journal of Economic Dynamics and Control, vol. 27(11-12), p. 1961-1991. 
• Dees, S., 2001. "The opening policy in China: Simulations of a macroeconometric model," Journal of Policy Modeling, vol. 23(4), p. 397-410. 
• Dees, S., A. Kadareja, J.-P. Laffargue and B. Rzepkowski, 2001. "MARMOTTE : un modèle multinational de 17 pays industrialisés," Économie Internationale, vol. 86, p. 143-167.
• Allais, O., L. Cadiou and S. Dées, 2001. "Habitudes de consommation et prime de risque sur le marché actions dans les pays du G7," Économie et Prévision, vol. 147(1), p. 1-18. 
• Dees, S., 1998. "Foreign Direct Investment in China: Determinants and Effects," Economic Change and Restructuring, vol. 31(2-3), p. 175-194.

Others

• Dees, S. 2019, “Macroéconomie Financière”, Dunod.
• Dees, S., J. Henry and R. Martin, 2017, “Stress-Test Analytics for Macroprudential Purposes in the euro area - STAMP€”, European Central Bank e-book.
• Dees, S. and S. Zimic, 2016. “Animal spirits, fundamental factors and business cycle fluctuations,” Working Paper Series 1953, European Central Bank. [Journal of Macroeconomics – Revise and Resubmit]
• Al Hashimi, A. and S. Dees, 2013, "Macroprudential Applications of the GVAR", in F. di Mauro and H.M. Pesaran (eds), The GVAR Handbook, Oxford University Press.
• Dees, S., 2013, "Competitiveness, External Imbalances, and Economic Linkages in the Euro Area", in F. di Mauro and H.M. Pesaran (eds), The GVAR Handbook, Oxford University Press.
• Dees, S., F. di Mauro and M. Lombardi, 2010, Catching the Flu from the United States: Synchronisation and Transmission Mechanisms to the Euro Area, Palgrave-Macmillan.
• Dees, S., F. di Mauro and W.J. McKibbin (ed.), 2011. "Globalisation, Regionalism and Economic Interdependence," Cambridge Books, Cambridge University Press.

Current Position

Deputy Head of the Structural Policies Research Division

Diploma

Engineering diploma (Ecole Centrale Paris, Châtenay-Malabry, France)

Research Interest

Macroeconomics, forecasting, DSGE modelling

Contact

• antoine.devulder@banque-france.fr
• +33 (0)1 42 92 27 93
• Banque de France, 46-1376 DCPM-SEMAP, 75049 Paris Cedex 01, FRANCE

Academic Publications

Articles

• Variantes en Univers Incertain (2008), avec S.Adjemian, C.Cahn, et N.Maggiar, à paraître dans Économie & Prévision.

Current Position

Head of the International Monetary Relations Division

Previous Position

Deputy Head of the European Relations Division, banque de France; Deputy Head of the Euro area Outlook Division, Banque de France; Head of the Economic and Monetary Union Unit, European Relations Division, Banque de France; International Economist, International Economics Division, banque de France; Research and Teaching Assistant (Aix-Marseille University)

Diploma

Ph.D. Economics (University Aix-Marseille)

Research Interest

Transition and convergence of Eastern European countries, EMU enlargement, Institutional Design and Governance of the European Union

Contact

• pavel.diev@banque-france.fr
• +33 (0)1 42 92 91 48
• Banque de France, 49-1430 DGEI, Banque de France 75049 Paris Cedex 01

Academic Publications

Articles

• Voluntary Cooperation in Terms of International Financial Supervision, 2012, International Review of Finance, 12:3, pp. 283-304.
• What Prospects for a European Debt Agency?, avec Laurent Daniel, 2011, Revue Économique, 62:6, pp. 1147-1162.
• Vers une agence européenne de la dette?, avec Laurent Daniel, 2011, Revue de l’OFCE, n° 116, p. 253-276.
• Dynamic voluntary contributions to a discrete public good: Experimental evidence, avec Walid Hichri, 2008, Economics Bulletin, Vol.3, No. 23, pp. 1- 11.

Others

• Financial Stability Challenges in EU Candidate Countries - Financial Systems in the Aftermath of the Global Crisis, with an IRC Expert Group, 2010, ECB Occasional Paper No. 115.

Current Position

Director, Microeconomic and Structural Research

Previous Position

• Director, External Cooperation; Senior advisor, Directorate General Economics and International Relations
• Deputy Director, Research Directorate
• Deputy Director, Balance of Payments Directorate
• Head of the Monetary Policy Research Division, Monetary Analysis and Statistics Directorate
• Senior Economist, Foreign Countries Division
• Senior Economist, Business Conditions Division
• Financial analyst, Paris Branch, with Banque de France, & Secondment to the Institut National de la Statistique et des Études Économiques (INSEE- National Institute for Statistics and Economic Studies)

Contact

• francoise.drumetz@banque-france.fr
• +33  (0)1 42 92 20 27

Academic Publications

Books and chapters in books

« Politique monétaire » (2015, 2nd edition), foreword by Benoît Coeuré, with Christian Pfister and Jean-Guillaume Sahuc, éditions de Boeck, collection Ouvertures économiques.

« Stabilité financière » (2013), foreword by Jean Tirole, with Olivier de Bandt and Christian Pfister, éditions de Boeck, collection Ouvertures économiques.

« Politique monétaire » (2010), foreword by Jean-Claude Trichet, with Christian Pfister, éditions de Boeck, collection Ouvertures économiques.

“The integration of the analysis of extended monetary and credit aggregates in the experience of the Banque de France” (2001), with Ivan Odonnat, in Monetary Analysis: tools and applications, H. J. Klöckers and Caroline Willeke editors, European Central Bank.

Refereed publications (a selection)

« Les mesures non conventionnelles de la BCE et de la Fed » (2011), with Christian Pfister, Revue Banque, n°740.

“The money demand function for the euro area: some empirical evidence” (2011), with Sanvi Ayouvi-Dovi and Jean-Guillaume Sahuc, Bulletin of Economic Research.

“France’s experience of exchange controls and liberalisation” (2003), Bank for International Settlements, BIS Papers, n°15.

“The influence of structural changes on market functioning and its implications for monetary policy” (2002), with Laurent Clerc and François Haas, Bank for International Settlements, BIS Papers, n°12.

“To what extent are prudential and accounting arrangements pro or countercyclical with respect to overall financial conditions?” (2001), with Laurent Clerc and Olivier Jaudoin, Bank for International Settlements, BIS Papers, n°1.

« Convergence régionale et UEM » (1993), with Hélène Erkel-Rousse and Pierre Jaillard, Économie et Statistique, INSEE, juin

• Stéphane Dupraz

Current Position

Research Economist, Monetary Policy Research Division

Diplomas

• PhD in Economics, Columbia University, 2017
• MSc in Economics, Paris School of Economics, 2011
• Diplôme de Statisticien-Economiste, ENSAE, 2011

Research Interest

Monetary economics, information frictions, expectations formation

Contact

• stephane.dupraz@banque-france.fr
• +33 (0)1 42 92 64 24
• Banque de France, 41-1422 DGEI-DEMFI-POMONE, 75049 Paris Cedex 01, France

• Anne Duquerroy

Anne Duquerroy is Deputy Head of the Microeconomic Analysis Division. Her research interests are empirical corporate finance, specifically investment, capital structure and SME finance, as well as banking and political economy. She obtained her PhD in finance at the University of Maryland in 2016. Prior to joining the PhD programme, Anne worked as an economist in the Banque de France Financial Stability Directorate. 

Current Position

Deputy Head of the Microeconomic Analysis Division 

Previous Position

Head of the Financial Market Dynamics Unit in the Financial Stability and Markets Division

Diplomas

• PhD in Finance, University of Maryland (2016)
• MSc in Economics, Sciences Po Paris (2006)
• MSc in Business, Audencia Nantes (2004)

Research Interest

Corporate finance, banking and financial intermediation, political economy

Contact

• anne.duquerroy@banque-france.fr
• +33 (0)1 42 92 31 45
• Banque de France, 49-1374 DGEI-DEMS-SAMIC, 75049 Paris Cedex 01

Bünyamin Erkan is a quantitative analyst in the Pricing Division of the Directorate General Financial Stability and Operations. Before joining the Banque de France in 2017, Bünyamin Erkan was a financial engineer in the Directorate of Financial Planning and Strategy of BPCE, and a quantitative analyst in the Directorate of Finance of Caisse des Dépôts and in Quantitative Equity Research at Natixis.

Current Position

Quantitative Analyst, Pricing Division

Previous Positions

• Financial Engineer, BPCE (2015-2017)
• Quantitative Analyst, Caisse des Dépôts (2012-2015)
• Quantitative Analyst, Natixis (2011-2012)

Diplomas

• PhD in Economics, Paris-Seine University
• MSc in Applied Mathematics, Paris-Dauphine University
• MSc in Finance, Paris-Dauphine University

Research Interest

Quantitative finance

Contact

• bunyamin.erkan@banque-france.fr
• +33 (0)1 42 92 22 67
• Banque de France, 1192 SVAL - DGSO 75049 Paris Cedex 01

Previous Position

• Economist, European Central Bank (2012-2014)
• Head of Unit, Banque de France Market Infrastructures Directorate (2010-2012)
• Economist, Banque de France Economic Research Directorate (2005-2009)

Diplomas

• MSc in Finance, London Business School (2010)
• MPhil in Banking and Finance, Paris 1 Sorbonne University (2004)
• Agrégation Économie et Gestion (2003)
• ENS Cachan (2000-2003)

Research Interest

Banking and monetary economics, macroeconomics, finance

Contact

• sebastien.frappa@banque-france.fr
• +33 (0)1 49 95 49 33
• ACPR, 66-2777 SGACPR-DE-SARB, 61 rue Taitbout, 75009 Paris, France

Academic Publications

Articles

• Les mesures d’anticipations d’inflation sur les marchés dans la zone euro (2011), (en anglais), avec Jérôme Coffinet, dans « Inflation, Deflation and Disinflation », Nova Publishers, Chapter 4, pp. 109-125.
• Les déterminants de la courbe des compensations d’inflation dans la zone euro (2010), (en anglais), avec Jérôme Coffinet, The European Journal of Finance, Vol. 16, Iss. 8, pp. 769-783, décembre.
• Le boom du prix des logements à la fin des années 90 : quel rôle des stratégies de ciblage d'inflation ? (2010), (en anglais), avec Jean-Stéphane Mésonnier, Journal of Financial Stability, 6 (4), pp. 243-

• Henri Fraisse

Current Position

Inspector, Head of Mission at the ACPR

Previous Position

• ACPR: Head of the Research Unit (2016-2018), Head of the Macroprudential Risks Division (2011-2016)
• Banque de France : Deputy Head of the Micreconomic Anaysis Division, Economic Forecaster (2001-2004)
• Portfolio Manager (1999-2001).
• Gan-Groupama : Actuary (1998-1999)

Diplomas

• PhD in Economics, Cornell University (2009)
• Masters degree in Macroeconomics, Paris I Sorbonne University (2004)
• Masters degree in Statistics and Economics, ENSAE (1997)

Research Interest

Banking, consumer finance, labour economics and macroeconomics

Contact

• Henri.fraisse@acpr.banque-france.fr
• +33 (0)1 49 95 56 19
• Banque de France, ACPR-DCP-CCRM, 53 rue de Châteaudun, 75009 Paris

Academic Publications

Articles

• The Real Effect of Capital Requirement, with M. Lé and D. Thesmar, Management Science, January 2020, Vol. 66(1), Pages 5-23.
• Can the Provision of Long-Term Liquidity Help To Avoid a Credit Crunch  ? Evidence from the Eurosystem's LTROS with  P. Andrade, C. Cahn and J-S. Mesonnier, Journal of the European Economic Association,  August 2019, Vol.17 (4), Pages 1070-1106.
• Short Term Effects of Household Debt Restructuring : Evidence of the French Experience, Annals of Economics and Statistics, August 2019, Vol 133, Pages 1-24. 
• The Competitive Effects of a Bank Megamerger  on Credit Supply, with J. Hombert and M. Lé,  Journal of Banking and Finance, August 2018,  Vol. 93, Pages 151-161.
• Household Debt Restructuring : The Re-default Effects of a Debt Suspension, Journal of Law, Economics and Organization,  November 2017,  Vol. 33, Issue 4, Pages 686-717.
• Labor Disputes and Job Flows. with F. Kramarz and C. Prost, Industrial Labor Relations Review ,October 2015, Vol. 68, Pages 1043-1077.
• Sentiment de sécurité en emploi : l’effet des indemnités chômage et de la justice prud’homale avec C. Prost et L. Rioux, Economie et Prévision, 2013 n°202-203
• La distribution des salaires en France depuis 1990 : la grande compression avec G. Verdugo et G. Horny,  Revue Economique 63 (2) 2012
• Les commissions de surendettement : de l'objectif de négociation à la prévention de la rechute" avec A. Muller. Economie et Statistique, dec 2011
• Is the Inflation-Output Nexus Asymmetric in the Euro Area? Some evidence for France, Germany and Italy.” with  M. Baghli and C.Cahn. Economics letters, January 2007 , Vol. 94, Issue 1, Pages 1-6.

Silvia Gabrieli is Deputy Head of the Resilience and Market Infrastructure Studies Division in the Innovation and Financial Market Infrastructure Directorate. Her research focuses on the European interbank market, network analysis of financial markets, systemic risk and financial contagion. Silvia’s work contributed to the development of the Banque de France’s analytical framework for systemic risk monitoring and for macroprudential policy.

Current Position

Deputy Head of the Resilience and Market Infrastructure Studies Division Innovation and Financial Market Infrastructure Directorate

Previous Position

• Economist, Banque de France Macro-Finance Division (2011-2015)
• Research Assistant, Einaudi Institute for Economics and Finance (2011)
• Consultant, DG Payments & Market Infrastructures, European Central Bank (2010)
• PhD Intern, Research Department, Sveriges Riksbank (2009)
• PhD Intern, DG Research, European Central Bank (2008)
• Intern, DG Economic and Financial Affairs, European Commission (2007)
• Analyst, Banca San Paolo Imi SpA, Research Department (2006)

Diplomas

• PhD in Money and Finance, University of Rome Tor Vergata (2011)
• Masters degree in Economics, University of Rome Tor Vergata (2006)

Research Interest

Interbank market, financial networks, systemic risk and contagion, macroprudential policy, financial and panel data econometrics

Contact

• silvia.gabrieli@banque-france.fr
• +33 (0)1 42 97 74 49
• Banque de France, 35-2341 DGSO-DSF-SMP, 75049 Paris Cedex 01, France

Academic Publications

Articles 

• Bad Sovereign or Bad Balance Sheets? Euro Interbank Market Fragmentation and Monetary Policy, 2011-2015 (2018), with Claire Labonne, Federal Reserve Bank of Boston Working Paper No.3.
• Cross-border interbank contagion in the European banking sector (2018), with Dilyara Salakhova, International Economics.
• A network view on interbank market freezes (2014), with C. Georg, Deutsche Bundesbank Discussion Paper No. 44.
• Assessing contagion risks from the CDS market (2013), avec M. Brunnermeier, L. Clerc, Y. El Omari, S. Kern, C. Memmel, T. Peltonen, N. Podlich, M. Scheicher, et G. Vuillemey, ESRB Occasional Paper No. 4.
• The microstructure of the money market before and after the financial crisis: a network perspective (2011), CEIS Research Paper No.181.
• Financial networks and financial stability (June 2010), avec K. Söramaki, Financial Stability Review, ECB.
• The functioning of the euro area interbank market during the 2007-08 financial crisis (2009), CEIS Research Paper No.158.

 Others

• Contribution to the ESRB “Final Report on the use of structural macroprudential instruments in the EU”, December 2017.
• Contribution to the Report of the Committee of the Global Financial System (CGFS) on “Objective-setting and communication of macroprudential policies” (CGFS Papers No 57, 2016).
• Proceedings of the Workshop on “Recent advances in modelling systemic risk using network analysis”, Frankfurt, 5 October 2009: http://www.ecb.europa.eu/press/pr/date/2010/html/pr100107.en.html.

• Thomas Garcia

Current Position

Research Economist in the Macroprudential Policy Division, Financial Stability Directorate

Research Interest

Non-bank financial intermediation, commercial real estate, crypto-assets.

Diplomas

• PhD in Economics, GATE (Lyon) – QUT (Brisbane) , 2019
• MA in Economics, Paris School of Economics, 2015
• MS in Economics and Statistics, ENSAE, 2015

Contact

• thomas.garcia@banque-france.fr

Academic Publications

Articles

• Garcia T., Massoni S. and Villeval M.C. (2020), Ambiguity and Excuse-Driven Behavior in Charitable Giving, with. European Economic Review: 103412. [article]
• Charness G., Garcia T., Offerman T. and Villeval M.C. (2020), Do risk-preference measures in the laboratory predict behavior under risk in and outside of the laboratory? Journal of Risk and Uncertainty: 60(2), 99-123. [article]
• Belaïd F. and Garcia,T. (2016). Understanding the spectrum of residential energy-saving behaviours: French evidence using disaggregated data. Energy Economics, 57:204 – 214. [article]

Olivier Garnier is Director General Statistics, Economics and International. Before joining the Banque de France in 2017, he held various positions at the Ministry of the Economy and Finance, working notably as Economic Adviser to the Director of the Treasury (1992-94), and then to several ministers (1994-97). He also served as an economist at the US Federal Reserve (1990-92). From 1998 to 2017, he worked for Société Générale Group, serving notably as Deputy CEO of SG Asset Management, then as Group Chief Economist and as a member of the Group’s General Management Committee.

He was Chair of the French Economic Association (AFSE) from 2021 to 2022, and a member of the Economic Advisory Council from 2002 to 2012.  

He is a graduate of Ecole Polytechnique, Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE), and Paris Dauphine University. 

Contact 

olivier.garnier@banque-france.fr 

• Tommaso Gasparini
• Linkedin
• Twitter: @Econ_Gasparini

Current Position

Research economist, Financial Economics Research Division (RECFIN)

Previous Positions

• Teaching Assistant, University of Mannheim, 2019-2023
• Guest Researcher, Research Centre Deutsche Bundesbank, 2021-2023
• Intern, Research Centre Deutsche Bundesbank, spring 2021
• Intern, ZEW, summer 2019

Diploma

• PhD in Economics, University of Mannheim, 2023
• MSc in Economics, University of Mannheim, 2020
• Bachelor’s Degree in Economics and Business, Ca’ Foscari University of Venice, 2018

Research Interest

Macroeconomics, financial intermediation and business cycle

Contact

• tommaso.gasparini@banque-france.fr
• +33 (0) 1 42 44 90 03
• Banque de France, 41-1391 DGEI-DEMFI-RECFIN, 75049 Paris Cedex 01, France

Guillaume Gaulier is an adviser to the Director of Macroeconomic Analysis and Forecasting. He also co-manages the competitiveness network in the Directorate General Statistics, Economics and International (DGSEI), is a member of the DGSEI’s Working Paper Editorial Committee, and correspondent for the Climate Economics Unit. He was previously Head of the International Trade and Competitiveness Division, and an associate professor at Paris 1 Panthéon-Sorbonne University. Before joining the Banque de France in 2007, he was a research associate with the CEPII. He has written on various topics in applied trade analysis, growth and convergence, international comparisons (including measure of wellbeing).

Current position

Adviser to the Director of Macroeconomic Analaysis and Forecasting

Previous Position

• Head of the Competitiveness and International Trade Analysis Division; Economist, Balance of Payment Direction (2007-2009)
• Economist with CEPII (1999-2006)

Diploma

PhD in Economics, Paris 1 University

Research Interest

International economics

Contact

• guillaume.gaulier@banque-france.fr
• +33 (0)1 42 97 71 71
• Banque de France, 46-2402 DGEI-DEMS-SEC2E, 75049 Paris Cedex 01

Academic Publications

Articles

• « Firms and the global crisis: French exports in the turmoil » avec J.-C. Bricongne, L. Fontagné, D. Taglioni et V. Vicard ; Journal of International Economics, vol. 87, iss. 1, pp. 134–146 ; 2012.
• « The rise of emerging economies in the EU15 trade » avec F. Lemoine et D. Ünal-Kesenci ; European Journal of Comparative Economics, vol. 9(1), pp. 133-175, 2012.
• « Les firmes françaises dans le commerce de services » avec E. Milet et D. Mirza ; Economie et statistique, vol. 435-436, pp. 1-23, 2011.
• « International Comparisons of Living Standards by Equivalent Incomes » avec M. Fleurbaey ; Scandinavian Journal of Economics, vol. 111(3), pp. 597-624, 2009.
• « Exchange-rate pass-through at the product level » avec A. Lahrèche-Révil, I. Méjean ; Canadian Journal of Economics, vol. 41(2), pp. 425-449, 2008.
• « Specialisation across Varieties within Products and North-South Competition » avec L. Fontagné, S. Zignago Economic Policy 23 ; 2008.
• « China's Emergence and the Reorganisation of Trade Flows in Asia» avec F. Lemoine, D. Ünal-Kesenci ; China Economic Review, vol. n° 18, pp. 209-243, 2007.
• « A Systematic Decomposition of World Trade into Horizontal and Vertical IIT » avec L. Fontagné et M. Freudenberg ; Review of World Economics, vol. n°142 iss. 3, pp. 459-475, 2006.

Others

• « BACI: International Trade Database at the Product-level. The 1994-2007 Version » avec S. Zignago ; Document de Travail CEPII 2010-23 ; 2010.
• « International Trade Price Indices » avec J. Martin, I. Mejean et S. Zignago ; Document de travail CEPII 2008-10 ; 2008.
• « Import Prices, Variety and the Extensive Margin of Trade » avec I. Méjean ; Document de travail CEPII 2006-17 ; 2006.
• « World Trade Competitiveness: A Disaggregated View by Shift-Share Analysis » avec A. Cheptea et S. Zignago ; Document de travail CEPII 2005-23 ; 2005.