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Appel d’offres n° 21

Lors de sa réunion du 10 mars 2017, le conseil d’administration de la Fondation a décidé d’octroyer une bourse de 30 000 euros à chacun des projets suivants :

"Financial intermediation and asset pricing with imperfect collateral"
Johan Hombert (HEC Paris), Bruno Biais (TSE), Pierre-Olivier Weill (UCLA)

"Bank as safety providers"
Rajkamal Iyer (Imperial College London), Edouard Chretien (ACPR/Ecole Polytechnique), Victor Lyonnet (HEC Paris)

"The economics of sovereign debt, bailouts and the eurozone crisis"
Philippe Martin (SciencesPo Paris), Pierre-Olivier Gourinchas (UC Berkeley)

"The repo pricing puzzle"
Angelo Ranaldo (Swiss Finance Institute), Jan Wrampelmeyer (VU Amsterdam), Alexander Bechtel (University of St. Gallen)

Appel d'offres 

Formulaire de soumission 

Publications dans les revues des projets financés par la Fondation


Optimal Reputation Building in the New Keynesian Model
Robert G. King, Yang K. Lu, Ernesto Pasten
Journal of Monetary Economics (à paraître)

Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades
Manuel Adelino, Miguel A. Ferreira
Review of Financial Studies, juillet 2016, volume 29, issue 7, pages 1709-1746

Bank capital, liquid reserves, and insolvency risk
Julien Hugonnier, Erwan Morellec
Journal of Financial Economics (à paraître)

The real effects of monetary shocks in sticky price models : a sufficient statistic approach
Fernando Alvarez, Hervé Le Bihan, Francesco Lippi
American Economic Review (à paraître)


« Entry and Exit in OTC Derivatives Markets »
Andrew G. Atkeson, Andrea L. Eisfeldt, Pierre-Olivier Weill,
Econometrica, volume 83, issue 6, pages 2231-2292

« Aggregate Demand, Idle Time and Unemployment »
Pascal Michaillat, Emmanuel Saez
Quarterly Journal of Economics, volume 130, issue 2, pages 507-569


« Hot and cold seasons in the housing markets »
Rachel Ngai, Silvana Tenreyro
American Economic Review, volume 104, issue 12, pages 3991-4026

« Mutual excitation in Eurozone sovereign CDS »
Yacine Aït-Sahalia, Roger J.A Laeven, Loriana Pelizzon: Journal of Econometrics, December 2014, volume 183, issue 2, pages 151-167

« Estimating a structural model of herd behavior in financial markets »
Marco Cipriani, Antonio Guarino
American Economic Review, January 2014, volume 104, issue1, pages 224-251

« Systemic Risk in Europe »
Robert Engle, Eric Jondeau, Michael Rockinger
Stern School of Business (NYU), HEC Lausanne
Review of Finance, March 2014, pages 1-46

« Domestic Credit Growth and International Capital Flows »
Philip R. Lane, Peter McQuade
Trinity College Dublin, European Central Bank
The Scandinavian Journal of Economics, 2014, volume 116, issue 1, pages 218-252


« Imperfect Competition in the Interbank Market for liquidity as a rationale for central banking »
Viral Acharya, Denis Gromb, Tanju Yorulmazer
American Economic Journal : Macroeconomics, volume 4, issue 2, pages 184-217

« Monetary Policy and Labor Market Frictions: A Tax Interpretation: »
Federico Ravenna, Carl Walsh
Journal of Monetary Economics, Mars 2012, 59(2): 180-195

« Durable consumption and asset management with transaction and observation cost »,
Fernando Alvarez, Luigi Guiso, Francesco Lippi,
American Economic Review, Août (pp. 2272-2300)


« Precautionary demand and liquidity in payment system  »
Gara Afonso, Hyun Song Shin,
Journal of Credit, Money and Banking, vol.43, issue supplement, S2, (pp 589-619), octobre 2011

« Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework »
Federico Ravenna, Carl E. Walsh
American Economic Journal, Macroeconomics, Vol.3, n° 2.

« Optimal price setting with observation and menu costs »
Fernando Alvarez, Francesco Lippi, Luigi Paciello
Quarterly Journal of Economics, Vol. 126, Issue 4.

« Internal rationality, Imperfect Market Knowledge and Asset Prices»
Klaus Adam, Albert Marcet, Juan Pablo Nicolini
Journal of Economic Theory, Mai (pp. 1224-1252)


Carlo Favero, Marco Pagano, Ernst-Ludwig von Thadden : « How Does Liquidity Affects Government Bond Yields ? », Journal of Financial and Quantitative Analysis, vol. 45, iss.1, pp. 107-134.


Philippe Aghion, Philippe Bacchetta, Romain Rancière, Ken Rogoff : « Exchange Rate Volatility and Productivity Growth : the Role of Financial Development » , Journal of Monetary Economics, vol.56, iss.4 pp.494-513.

Elena Loutskina, Philip Strahan : « Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates » , Journal of Finance, vol.64, iss.2, pp.861-889.


Gikas Hardouvelis, Dimitrios Malliaropulos, Richard Priestley : « The Impact of EMU on the Equity Cost of Capital », Journal of International Money and Finance, vol.26, iss.2, pp. 305-327,

Patrick Bolton, Xavier Freixas, Joel Shapiro : « Conflicts of Interest, Information Provision and Competition in the Financial Services Industry », Journal of Financial Economics, vol.85, iss.2, pp. 297-330,

Viral V. Acharya, Timothy Johnson : « Insider Trading in Credit Derivatives », Journal of Financial Economics, vol.84, iss.1, pp.110-141.


Ales Cerny, David Miles : « Risk, Return and Portfolio Allocation under Alternative Pension Systems with Incomplete and Imperfect Financial Markets », The Economic Journal, vol. 116, iss. 511, pp. 529–557.


Marco Cipriani, Antonio Guarino : « Herd Behavior in a Laboratory Financial Market », American Economic Review, vol.95, iss.5 pp. 1427-1444.

Raymond Brummelhuis, Dominique Guégan, : « Multi-period Conditional Distribution Functions for Heteroscedastic Models with Applications to VaR », Journal of Applied Probability, vol. 42, iss.2, pp. 426-445.

Magda Bianco, Tullio Jappelli, Marco Pagano : « Courts and Banks: Effects of Judicial Enforcement on Credit Markets » , Journal of Money, Credit and Banking, vol. 37, iss.2, pp. 223-245.

Norvald Instefjord : « Risk and Hedging : Do Credit Derivatives Increase Bank Risk? », Journal of Banking & Finance, vol. 29, iss. 2, pp. 333-345.


Harald Hau, Hélène Rey : « Can portfolio rebalancing explain the dynamics of equity returns, equity flows and exchange rates ? » , American Economic Review, vol.94, iss.2, pp.126-133.


Mario Forni , Marc Hallin, Marco Lippi, Lucrezia Reichlin : « Do Financial Variables Help Forecasting Inflation and Real Activity in the Euro Area ? », Journal of Monetary Economics, vol. 50, 2003, Issue 6, pp. 1243-1255,

Christophe Chamley : « Dynamic speculative attacks », American Economic Review, vol. 93, iss. 3, pp 603-621,


Marco Pagano, Ailsa A. Röell, Josef Zechner : « The Geography of Equity Listing : Why do Companies List Abroad? », Journal of Finance, vol. 57, iss. 6, pp. 2651-2694,

Laura Bottazzi, Marco Da Rin : « Venture Capital in Europe and the Financing of Innovative Companies », Economic Policy,


Philippe Martin, Hélène Rey : « Financial Integration and Asset Returns », European Economic Review, vol. 44, iss.7, pp. 1327-1350,

Xavier Freixas, Bruno Parigi, Jean-Charles Rochet : « Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank », Journal of Money, Credit and Banking, vol. 32, iss. 2, pp. 611-638.