Stéphane Dees


Stéphane Dees Stéphane Dees
Current Position

Advisor – Directorate Macroeconomic Analysis and Forecasting

Previous Position

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


Magistère Economie et Finance Internationales – Univ. Bordeaux (1994) ; PhD in Economics – Univ. Bordeaux (1999) ; Habilitation à Diriger des Recherches – Univ. 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

Publications Working Paper Series no. 880:

The Financing Structure of Non-Financial Corporations and Macro-Financial Implications in France

By Dees Stéphane, Gebauer Stefan, Goncalves Thomas, Thubin Camille
  • Published on 07/13/2022
  • 37 pages
  • EN
  • PDF (1.09 MB)
Publications Banque de France Bulletin no. 237:

Developing climate transition scenarios to manage financial risks

By Allen Thomas, Boissinot Jean, Clerc Laurent, Dees Stéphane
Thematic: Financial stability and financial system
  • Published on 12/22/2021
  • 10 pages
  • EN
  • PDF (337.86 KB)
Publications Working Paper Series no. 787:

House Prices, Mortgage Debt Dynamics and Economic Fluctuations in France: A Semi-Structural Approach

By Bove Guillaume, Dees Stéphane, Thubin Camille
  • Published on 12/11/2020
  • 45 pages
  • EN
  • PDF (2.33 MB)
Publications Working Paper Series no. 774:

Climate-Related Scenarios for Financial Stability Assessment: An Application to France

By Allen Thomas, Dees Stéphane, Boissinot Jean, Caicedo Graciano Carlos Mateo, Chouard Valérie, Clerc Laurent, De Gaye Annabelle, Devulder Antoine, Diot Sébastien, Lisack Noëmie, Pegoraro Fulvio, Rabaté Marie, Svartzman Romain, Vernet Lucas
  • Published on 07/16/2020
  • 68 pages
  • EN
  • PDF (5.2 MB)
Publications Working Paper Series no. 768:

Assessing the Role of Institutions in Limiting the Environmental Externalities of Economic Growth

  • Published on 06/19/2020
  • 27 pages
  • EN
  • PDF (1.94 MB)
Publications Working Paper Series no. 744:

The Global Financial Cycle and US Monetary Policy in an Interconnected World

By Dees Stéphane, Galesi Alessandro
  • Published on 12/16/2019
  • 42 pages
  • EN
  • PDF (5.57 MB)
Show more 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.

Updated on: 07/28/2020 11:26