Stéphane Dees

Head of the Climate Economics Unit

Stéphane Dees

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)


  • 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


  • +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

  • 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.
  • 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.