Jean-Bernard Chatelain

PSE Professor

Other social network Website Researchgate RePEc page
  • Professor
  • Member
  • Université Paris 1 Panthéon-Sorbonne
  • Institut Universitaire de France,
Research groups
Research themes
  • Budget Stabilisation of Cycles
  • Cycle
  • Financial Economics
  • Growth
  • Macroeconometrics
  • Monetary Policy
Declaration of interest
See the declaration of interest

Tabs

Research Topics

  • Money Banking and Finance (Monnaie, banque et finance), Co-director of the European Research Group (GDRE) in Money Banking and Finance (since 2004), Director of the Research Master2 Financial Economics, in the mention “Monnaie Banque Finance Assurance”, University Paris 1 Panthéon Sorbonne (since 2015).
  • Macroeconomic Stabilization Policy, Financial Macroeconomics, Growth and Finance.
  • Panel data econometrics, Microeconometrics of corporate investment and of corporate finance.

  • SSRN  HAL  Researchgate  Academia  GoogleScholar  ORCID  ResearcherID   Ideas  Citec     Econpapers

SSRN  HAL  Researchgate  Academia  GoogleScholar  ORCID  ResearcherID   Ideas  Citec

  1. 2025. Should central banks respond to the persistence of shocks? Annals of Economics and Statistics. A paraître.
  2. 2024. Wealth in the quadratic loss function of the Ramsey Cass Koopmans Malinvaud model of optimal savings. Revue d’Economie Politique, 134(3).
  3. 2024. Book Review. Brunnermeier M.K. and Reis R.: A Crash Course on Crisis. Macroeconomic concepts for Run-ups, Collapses and Recoveries. Journal of Economics, 141(2).
  4. 2023. Super-inertial interest rate rules are not solutions of Ramsey optimal monetary policy Revue d’Economie Politique. 133(1), 119-146.
  5. 2022. Ramsey Optimal Policy in the New-Keynesian Model with Public Debt. Macroeconomic Dynamics, 26(6), 1588-1614.
  6. 2022. Anticipations rationnelles: équivalence observationnelle et déstabilisation. Revue Francaise d’Economie, 37(3), 79-94.
  7. 2021. Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy Macroeconomic Dynamics, 25(8), 2204-2236. (ssrn hal rg mpra estor acad)
  8. 2021. Inference on time-invariant variables on panel data: a pre-test estimator Economic Modelling, 97 (April), 157-166.  Older version with an Application to the Returns to Schooling
  9. 2021. Imperfect Credibility versus No Credibility of Optimal Monetary Policy Revue Economique, 72(1), 43-63.
  10. 2020. How Macroeconomists Lost Control of Stabilization Policy: Towards Dark Ages, The European Journal of the History of Economic Thought. 27(6), 938-982.
  11. 2020. Policy Maker’s Credibility with Predetermined Instruments for Forward-Looking Targets. Revue d’Economie Politique. 130(5), 823-846.
  12. 2020. The Welfare of Ramsey Optimal Policy facing Auto-regressive shocks. Economics Bulletin. 40(2), pp. 1797-1803.
  13. 2020. Ramsey Optimal Policy versus Multiple Equilibria with Fiscal and Monetary Interactions.  Economics Bulletin. 40(1), pp. 140-147.
  14. 2019. A Simple Algorithm for Solving Ramsey Optimal Policy with Exogenous Forcing Variables. Economics Bulletin. 39(4), pp. 2429-2440.
  15. 2018. Publish and Perish: Creative Destruction and Macroeconomic Theory, History of Economic Ideas, 26(2), pp.65-101.
  16. 2015. Crises financières et contagions internationales : mise en perspective macroéconomique et cliométrique. Une introduction. Revue Française d’Economie. 30(3), pp. 3-14.
  17. 2015. Quelle sera la nouvelle norme de politiques monétaire et macroprudentielle ? (avec A.W. Mullineux et A. Direr), Revue française d’économie, 30(4), pages 85-100.
  18. 2014. Spurious Regressions and Near-Multicollinearity, with an Application to Aid, Policies and Growth. Journal of Macroeconomics, vol. 39, Iss. A, pp. 85-96. CESwp SSRN See also Can Statistics Do Without Artefacts (Prisme 19: translation 2012) HAL SSRN
  19. 2014. Peut-on identifier les politiques économiques stabilisant une économie instable ? Revue Française d’Economie. 29(3), pp. 143-178. 
  20. 2014. Avons-nous rendu les banques « bonnes » ? (avec A.W. Mullineux) Revue française d’économie, 29(3), pages 225-250.
  21. 2013. Book review: “The Challenge of Financial Stability: A New Model and its Applications” by Goodhart C.A.E. and Tsomocos D.P Journal of Economics, vol. 109(2), pages 201-205.
  22. 2013. Développements récents en économie monétaire et bancaire. (avec R. Bellando et A. Pop). Revue Française d’Economie. 28(3), pp. 3-13.
  23. 2012. “The Failure of Financial Macroeconomics and What to Do about It”, The Manchester School, vol. 80(S1), pages 21-53 (Keynote speech U.K. Money Macro and Finance Research Group annual conference 2011). CESwp HAL SSRN Simon Wren-Lewis’ blog.
  24. 2012. Are no-Ponzi game and Transversality Conditions relevant for Public Debt? European Journal of Economic and Social Systems. vol 25/1-2. pages 45-58.
  25. 2012. Les liaisons fallacieuses : quasi-colinéarité et « suppresseur classique », aide au développement et croissance, Revue Economique, vol 63(3), pages 557-568. HAL.
  26. 2012. Les revues d’excellence en économie et en gestion: discordances entre la classification de l’AERES (2008) et les facteurs d’impact par les citations selon les domaines, Revue Economique, vol 63(1), pages 157-168.
  27. 2010. « Patents as Collateral » Journal of Economic Dynamics and Control, vol. 34(6), pages 1092-1104.
  28. 2010. « The Profit–Investment–Unemployment nexus and Capacity Utilization in a Stock-Flow Consistent Model » Metroeconomica, vol. 61(3), pages 454-472.
  29. 2008. Introduction: Special Issue: 24th Symposium on Money, Bank and Finance (avec P.G. Méon et R. Bellando). Brussels Economic Review/Cahiers Economiques de Bruxelles, vol. 51 (1), pp. 10-12.
  30. 2007. « Improving consistent moment selection procedures for generalized method of moments estimation » Economics Letters, Elsevier, vol. 95(3), pages 380-385.
  31. 2007. Gouvernance d’entreprise et fraude fiscale (avec K. Ralf), Bankers, Markets and Investors (Banques et Marchés), 88, pp. 36-45, Eska.
  32. 2006. « Euler investment equation, leverage and cash flow misspecification : An empirical analysis on a panel of French manufacturing firms » Journal of Macroeconomics, Elsevier, vol. 28(2), pages 361-374, June.
  33. 2006. “Nantissement des brevets et croissance des innovations”, Revue d’économie politique, 116(4), 523-540.
  34. 2006. Introduction au numéro : Gouvernance des Systèmes Financiers » (avec A. Lavigne), Revue d’économie politique, vol. 116 (4). pp 429-430, 
  35. 2004. « Credit rationing, profit accumulation and economic growth » Economics Letters, Elsevier, vol. 85(3), pages 301-307, December.
  36. 2003. « New Findings on Firm Investment and Monetary Transmission in the Euro Area » Oxford Review of Economic Policy, Oxford University Press, vol. 19(1), pages 73-83. 
  37. 2003. « Monetary Policy Transmission in the Euro Area : New Evidence From Micro Data on Firms and Banks » Journal of the European Economic Association, MIT Press, vol. 1(2-3), pages 731-742, 04/05.
  38. 2003. « Le recours au crédit-bail permet-il d’identifier des entreprises à l’origine du canal du crédit ? » Revue Economique, vol. 54(4), 811-833.
  39. 2002. « Optimal capacity in the banking sector and economic growth » Journal of Banking & Finance, Elsevier, vol. 26(2-3), pages 491-517, March.
  40. 2002. « Investment and the Cost of Capital in the Nineties in France : A Panel Data Investigation » IFO Studies. 
  41. 2001. « Can financial infrastructures foster economic development ? » Journal of Development Economics, Elsevier, vol. 64(2), pages 481-498, April.
  42. 2001. « Pitfalls in investment Euler equations » Economic Modelling, Elsevier, vol. 18(2), pages 159-179, April.
  43. 2001. « Mark-up and capital structure of the firm facing uncertainty » Economics Letters, Elsevier, vol. 74(1), pages 99-105, December.
  44. 2000. « Explicit Lagrange multiplier for firms facing a debt ceiling constraint » Economics Letters, Elsevier, vol. 67(2), pages 153-158.
  45. 1999. « Taux de marge et structure financière » Annales d’Economie et de Statistique, ADRES, issue 53, pages 06, Janvier-M.
  46. 1999. “Infrastructures financières et croissance économique”, Recherches économiques de Louvain, 65(4), 381-392.
  47. 1998. « Investment Facing Credit Rationing » The Manchester School, vol. 66(S), pages 102-115.
  48. 1998. « Accumulation des profits et désendettement des entreprises » Revue Economique.
  49. 1997. « How Do Public Investment and Financial Factors Affect Growth in a Debt-Overhang Economy ? » The Manchester School, vol. 65(3), pages 310-327.
  50. 1997. « Confiance dans le système bancaire et croissance économique » Revue Economique.
  51. 1996. “La concurrence imparfaite entre les intermédiaires financiers est-elle toujours néfaste à la croissance économique ?”, Revue Economique.
  52. 1996. “Nouvelle version de MIMOSA, modèle de l’économie mondiale”. Revue de l’OFCE, 58, 103-155.
  53. 1995. « Systèmes financiers et croissance : les effets du court-termisme » Revue Economique.
  54. 1995. « Croissance et capital public dans une économie d’endettement » Revue Economique. vol. 46(2), 157-167.
  55. 1995. Investissement irréversible, taux d’utilisation des capacités de production et coûts de faillite, Recherches Economiques de Louvain, 2.
  56. 1995. Efficacité des marchés financiers et développement économique, Economie Internationale, (repris en partie dans Problèmes Economiques, 1997, n°2.541-2.542).

IN BOOKS

  1. 2012. Try Again, Macroeconomists. in What’s Right with Macroeconomics? Solow and Touffut editors, Edward Elgar.
  2. 2010. Can statistics do without artefacts? Prisme N°19, Cournot Center for Economic Studies.
  3. 2003. Firm Investment and Monetary Policy Transmission in the Euro Area, in Monetary Policy Transmission in the Euro Area , Angeloni, Kashyap et Mojon, Cambridge University Press.
  4. 2003. Monetary Policy and Corporate Investment in France, (avec A. Tiomo), in Monetary Policy Transmission in the Euro Area édité par Angeloni, Kashyap et Mojon, Cambridge University Press.
  5. 2003. Structural Modelling of Financial Constraints on Investment : Where Do We Stand ? in Firms Investment and Finance Decision, édited by Smets, Butzen et Fuss (National Bank of Belgium), Edward Elgar.
  6. 1999. Credit rationing versus consolidation of financial structure, in Investment, Growth and Employment: Perspectives for Policy. edité par Driver et Temple, Routledge.
  7. 1996. Endogenous Growth with Financial Constraints, (avec B. Amable), in Financial Development and Economic Growth: Theory and experiences from developing countries. édité par Hermes et Lensink, Routledge
IN FRENCH
  1. 2015. Crises financières et contagions internationales : mise en perspective macroéconomique et cliométrique. Une introduction. Revue Française d’Economie. 30(3), pp. 3-14.
  2. 2015. Quelle sera la nouvelle norme de politiques monétaire et macroprudentielle ? (avec A.W. Mullineux et A. Direr), Revue française d’économie, 30(4), pages 85-100.
  3. 2014. Peut-on identifier les politiques économiques stabilisant une économie instable ? Revue Française d’Economie. 29(3), pp. 143-178. 
  4. 2014. Avons-nous rendu les banques « bonnes » ? (avec A.W. Mullineux) Revue française d’économie, 29(3), pages 225-250.2013. Développements récents en économie monétaire et bancaire. (avec R. Bellando et A. Pop). Revue Française d’Economie. 28(3), pp. 3-13.
  5. 2013. Développements récents en économie monétaire et bancaire. (avec R. Bellando et A. Pop). Revue Française d’Economie. 28(3), pp. 3-13.
  6. 2012. Les liaisons fallacieuses : quasi-colinéarité et « suppresseur classique », aide au développement et croissance, Revue Economique, vol 63(3), pages 557-568. HAL.
  7. 2012. Les revues d’excellence en économie et en gestion: discordances entre la classification de l’AERES (2008) et les facteurs d’impact par les citations selon les domaines, Revue Economique, vol 63(1), pages 157-168.
  8. 2008. Introduction: Special Issue: 24th Symposium on Money, Bank and Finance (avec P.G. Méon et R. Bellando). Brussels Economic Review/Cahiers Economiques de Bruxelles, vol. 51 (1), pp. 10-12.
  9. 2007. Gouvernance d’entreprise et fraude fiscale (avec K. Ralf), Bankers, Markets and Investors (Banques et Marchés), 88, pp. 36-45, Eska.
  10. 2006. “Nantissement des brevets et croissance des innovations”, Revue d’économie politique, 116(4), 523-540.
  11. 2006. Introduction au numéro : Gouvernance des Systèmes Financiers » (avec A. Lavigne), Revue d’économie politique, vol. 116 (4). pp 429-430,
  12. 2003. « Le recours au crédit-bail permet-il d’identifier des entreprises à l’origine du canal du crédit ? » Revue Economique, vol. 54(4), 811-833.
  13. 1999. « Taux de marge et structure financière » Annales d’Economie et de Statistique, ADRES, issue 53, pages 06, Janvier-M.
  14. 1999. “Infrastructures financières et croissance économique”, Recherches économiques de Louvain, 65(4), 381-392.
  15. 1998. « Accumulation des profits et désendettement des entreprises » Revue Economique.
  16. 1997. « Confiance dans le système bancaire et croissance économique » Revue Economique.
  17. 1996. “La concurrence imparfaite entre les intermédiaires financiers est-elle toujours néfaste à la croissance économique ?”, Revue Economique.
  18. 1996. “Nouvelle version de MIMOSA, modèle de l’économie mondiale”. Revue de l’OFCE, 58, 103-155.
  19. 1995. « Systèmes financiers et croissance : les effets du court-termisme » Revue Economique.
  20. 1995. « Croissance et capital public dans une économie d’endettement » Revue Economique. vol. 46(2), 157-167.
  21. 1995. Investissement irréversible, taux d’utilisation des capacités de production et coûts de faillite, Recherches Economiques de Louvain, 2.
  22. 1995. Efficacité des marchés financiers et développement économique, Economie Internationale, (repris en partie dans Problèmes Economiques, 1997, n°2.541-2.542).

PhD students placements: 4 at IMF/World Bank, 5 in Central Banks, 4 in Universities, 2 in Business Schools.

  1. Kolotcholoma Kone (started 2023), co-direction with Jezabel Couppey-Soubeyran
  2. Johanna Gilbert (started 2023), Cifre Banque de France with Matthieu Bussière
  3. Rose Portier (started 2023), Cifre Banque de France with Matthieu Bussière
  4. Hugo Bailly (started 2021), co-direction with Gaël Giraud
  5. Pedram Pourrabasvafa (started 2021), co-direction with Olena Havrylchyk
  6. 2023 Thibault Lemaire, IMF, Washington D.C.

  7. 2022 Maximilien Coussin, Assistant Professor, EDHEC Business School, Lille

  8. 2022 Roberta Fortes,  European Central Bank, Francfort. Monetary Policy Department.

  9. 2021 Elisa Baku, World Bank, Washington D.C.

  10. 2021 Aurelien Violon, European Banking Authority, Paris

  11. 2020 Stephane Zouri, Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), Dakar.

  12. 2020 Maxime Fajeau, Maître de conférences, Université de Lille.

  13. 2018 Djeneba Doumbia, World Bank, Washington D.C.

  14. 2018 Frederic Vinas, Banque de France, Paris

  15. 2017 Ly Dai Hung, Vietnam Institute of Economics, Hanoi.

  16. 2015 Emily Gallagher, Assistant Professor, University of Colorado Boulder (Leeds School of Business) and Fed Saint Louis.

  17. 2015 Aziza Garsaa, Professeur, ICN Business School, Nancy

  18. 2014 Jose Luis Diaz-Sanchez, World Bank, Washington D.C.

  19. 2013 Varvara Isyuk, Banque Nationale de Belgique

  20. 2012 Mazen Kebewar

  21. 2010 Jeanne Lievaut

  22. 2009 Muhammad Azam, IQRA University, Karachi

The  “parcours M2 Financial Economics”  was created in 1976 (DEA then research master Monnaie Banque Finance). It switched to an international program fully in English language in 2016. The “M2 Financial Economics” trains future researchers and high profile executives in the fields of Central Banking, Banking and Finance. It is a unique training by cutting edge applied econometrics research which leads to expertise in a well-balanced mix of three skills: Monetary Economics, Finance and Data Science. This mix constrasts with alternative diplomas only concentrating on each of these specific skills.

The training in applied data science includes at least five applied projects done by groups of two students (credit scoring, asset pricing, macro and firm level panel data, multivariate financial time series, evaluation of monetary and fiscal stabilization policy) using any of these four softwares: Stata, SAS, Python or R. From 1st of September until 15th of May, each student is supervised for his Research Master Thesis using applied econometrics.

Starting in the academic year 2022-2023, a joint agreement with ESCP Business School and University Paris 1 Panthéon Sorbonne under the umbrella of Sorbonne Alliance leads to a new course “Topics in Finance” taught by several professors of ESCP Business School. This adds the possibility to students to candidate to PhD  grants at ESCP Business School. PhD (doctorat) students at ESCP Business School are also registered in the Doctoral School of Management of University Paris 1 Panthéon Sorbonne.

The M2 Financial Economics successfully prepares students willing to do a PhD to competitive exams for obtaining PhD grants (contrats doctoraux) in French or Foreign Universities starting in June. Over the last 9 years, 36 students (on average 4 per year) started a  PhD funded by a PhD grant: 17 in Paris 1 University (Doctoral School of Economics) including one Cifre grant at BPCE and two at Banque de France, 4 at ESCP Business School including one Cifre grant at BNPP, 15 others in the following universities: Washington University, King’s college London, Aarhus, Maastricht, Louvain-la-Neuve, Namur, Dauphine, Aix-Marseille, Lille, Clermont-Auvergne, Nanterre with Cifre grant, two in Orléans and two in Evry-Saclay

The three pillars of this training by research (Monetary economics, Finance, Econometrics) allows former students to have access to a super-large spectrum of jobs in Central Banks, International Financial Institutions, Banks and Insurance Companies in France or abroad. Please read a very precise list of jobs in the section “Insertion Professionnelle” at the very bottom of this presentation. These jobs are taken from the alumnis’ linkedin group:

https://www.linkedin.com/groups/8746514/

Last 3 recent surveys by ORIVE available on Paris 1 Pantheon Sorbonne website mention a median salary (“primes incluses”) of 2950 Euros two years after graduation of the M2 Financial Economics. Straight after the master, a bottom floor monthly salary is around 2400 Euros.

An optional training period (with “convention de stage”) lasts at most six months, according French regulation, between 15th of May and 30th of December.  Some students with previous work experience or gap year training periods found a job earlier, without this training period.

The historical record of the GDRE conferences is:

 

  Organizing Committee, (L) local, (P) program N (S) Invited speakers Dinner

Angers 2027

        

Rennes 2026

        

Nice, 2-4 July 2025.

 Maxime Menuet (P,L), Mauro Napoletano (L), Olivier Bruno (L), Jean-Bernard Chatelain (P).     Eric Monnet (PSE, EHESS Paris) Restaurant Castel Plage

Orléans, 1-2 July 2024

Sciencesconf website

 Raphaëlle Bellando (L), Alexis Direr (L), Maxime Menuet (P), Jean-Bernard Chatelain (P)    Emanuele Campiglio (Bologna University), Jean-Paul Pollin (LEO, University of Orléans), Olivier de Bandt (Banque de France). Château de Chamerolles

Lille, 23-24 June 2023

Sciencesconf website

 Maxime Fajeau (L), Jean-Baptiste Desquilbet (L), Maxime Menuet (P), Jean-Bernard Châtelain 90 (120) Leonardo Gambacorta (BIS, Basel), Barbara Casu (Bayes Business School, London). Hospice Comtesse.
Strasbourg, 23-24 June 2022
Sciencesconf website		 Amélie Barbier-Gauchard (L), Jean-Bernard Chatelain (P), Alexis Direr (P), Maxime Menuet 90 (140) Paul de Grauwe (LSE), Marco Buti (European Commission), Martin Larch (European Commission). Jardins de l’Orangerie
Banque de France, Paris, 17-18 June 2021
Sciencesconf website		 Vincent Bignon (L), Régis Breton (L), Olivier de Bandt (L), Grégory Levieuge (L), Mariana Rojas-Breu (L), Frédérique Savignac (L), Jean-Bernard Chatelain (P), Alexis Direr (P) 160 (220) Robert Townsend (MIT), Stefania Albanesi (University of Pittsburgh) Online
Besançon 12-14 juin 2019
Sciencesconf website		 Catherine Refait-Alexandre (L), Jean-Bernard Chatelain (P), Alexis Direr (P) 92 (142) Benoît Mojon (BIS), Martin Brown (University of St Gallen), Richard Baron (University Jean Monnet), Valérie Fasquelle (Supervision of Payment Systems and Market Infrastructures, Banque de France), Jérôme Creel (OFCE) and Olena Havrylchyk (Université de Paris 1) Cocktail et dîner à la Citadelle Vauban de Besançon.
Sciencepo-Aix 7-8 juin 2018
Sciencesconf website		 André Cartapanis (L) et Céline Gimet (L), Jean-Bernard Chatelain (P), Alexis Direr (P) 100 (160) Olivier Jeanne (John Hopkins University), Colin Garland, Director, Competition and Markets Authority, UK Alistair Milne, Professor, School of Business and Economics, Loughborough University, UK ; Christian Walter, Actuary, FMSH, Chair of the Ethics and Finance Chair ; Isabelle Laudier, Head of the CDC Institute for Research (Caisse des Dépôts Group) ; Jean Boissinot, Director, Financial Stability at DG Trésor ; Héléna Charrier, Responsible Investment Poject Director (Caisse des Dépôts Group) ; Pierre Ducret, Special Advisor for Climate Change and COP21 at Caisse des Dépôts Group ; Agnès Bénassy-Quéré, Professor, Paris School of Economics ; Olivier Garnier, Director General, Economics and International, Banque de France and Charles Goodhart, Professor, London School of Economics, UK Restaurant Le Pigonnet
Nanterre 6-7 juillet 2017
Sciencesconf website		 Christophe Boucher (L) et Michel Boutillier (L), Jean-Bernard Chatelain (P), Alexis Direr (P) 100 (177) Philippe Bacchetta (University of Lausanne), Thorsten Beck (CEPR and Cass Business School), Patrick Artus (NATIXIS), Paul Mizen (University of Nottingham), Michel D. Bordo (Rutgers University) Bateaux mouches de Paris
Clermont-Ferrand 7-8 juillet 2016
Sciencesconf website		 Alexandru Minea (L), Jean-Louis Combes (L), Theophile Azomahou (L), Jean-Bernard Chatelain (P) et Alexis Direr (P) 106 (172) Panicos Demetriades (Leicester University), David K. Miles (Imperial College Business School), Nauro Campos (Brunel University London), Jagjit Chadha (National Institute of Economic and Social Research), Fabrizio Coricelli (Paris School of Economics) Chateau de Saint Saturnin
Nice 11-12 juin 2015
Sciencesconf website		 Dominique Torre (L), Olivier Bruno (L), Jean-Bernard Chatelain (P) et Alexis Direr (P) 90 (180) Elena Carletti, Bocconi University, Milan (Italy), Hans-Michael Trautwein, University of Oldenburg (Germany), Domenico Delli Gatti, Università Cattolica del Sacro Cuore, Milan (Italy); U.K. Money Macro and Finance (MMF) Roundtable : Chair Andy Mullineux, University of Bournemouth) James Talbot (Bank of England), Jagjit Chadha (Head of MMF, University of Kent), Benoît Mojon (Banque de France), Jérôme Henry (European Central Bank) Restaurant Castel Plage
Lyon 19-20 juin 2014
Sciencesconf website		 Antoine Parent (L), Raphaëlle Bellando (P), Jean-Bernard Chatelain (P) et Alexis Direr (P) 99 (180) Stephanie Schmitt Grohé (Columbia University, NBER), Price Fishback (Arizona University, NBER), MMF session on Banking Regulation : Andy Mullineux (Université de Bornemouth) Peter Sinclair (Bank of England), Philip Davis (Bank of England), Karen Braun-Munzinger (Bank of England), Laurent Clerc (Banque de France) Restaurant Do Mo, Confluences
Poitiers 27-28 juin 2013
Conference website		 Christian Aubin, Noëlle Duport, Daniel Goyeau (L), Raphaëlle Bellando et Jean-Bernard Chatelain (P) 90 (190) Douglas Diamond (University of Chicago Booth School of Business, Nobel prize 2022), Robert Ophèle (Deputy Governor of the Banque de France), Leonardo Gambacorta (BIS), Paul Mizen (University of Nottingham), Clas Wihlborg (Chapman University), Richard Werner (University of Southampton), Andrew Mullineux (Bournemouth University), Jacques Ninet (UFG) Salle des pas perdus du Palais de justice de Poitiers
Nantes 28-29 juin 2012
Conference website		 Adrian Pop et Nicolas Rautureau (L) Raphaëlle Bellando et Jean-Bernard Chatelain (P) 125 (215) Robert R. Bliss (Wake Forest University), Charles W. Calomiris (Columbia Business School), Charles A. E. Goodhart (London School of Economics), Andrew W. Mullineux (University of Birmingham), Olivier de Bandt (Autorité de Contrôle Prudentiel), Jean-Paul Pollin (University of Orléans), Natacha Valla (Goldman Sachs), Larry D. Wall (Federal Reserve Bank of Atlanta) Château de la Poterie
Reading (UK) 23-24 June 2011
Conference website		 Nigar Hashimzade et Alexander Mihailov(L), Raphaëlle Bellando et Jean-Bernard Chatelain (P) 120 (185) Marvin Goodfriend (David A. Tepper School of Business, Carnegie Mellon University), Paul De Grauwe (Faculty of Business and Economics, Katholieke Universiteit Leuven), Clive Briault (ex Bank of England and FSA), Dominique Lacoue-Labarthe (Université Montesquieu Bordeaux IV, LARE-efi), Alistair Milne (Cass Business School, City University London), Andy Mullineux (Birmingham Business School, University of Birmingham) Croisière sur la Tamise et diner à Greenlands House
Bordeaux 17-18 juin 2010 Delphine Lahet et Samuel Maveyraud-Tricoire (L), Raphaëlle Bellando et Jean-Bernard Chatelain (P) 122 (200) Patrick Artus (Natixis), Agnès Bénassy-Quéré ( CEPII & Université Paris X Nanterre) André Cartapanis (IEP-Aix en Provence and GREDEG Nice), Marc Flandreau (Institut des hautes études internationales et du développement, Genève) Xavier Mahieux (Revue d’Economie Financière), Jean-Charles Rochet (IDEI, TSE), Marcus Miller (University of Warwick) Château de Rochemorin
Orléans 25-26 juin 2009
Conference website		 Sébastien Galanti et Grégory Levieuge (L), Raphaëlle Bellando et J.-B. Chatelain (P) 110 (210) Charles Goodhart (FMG, London School of Economics, Florencio Lopez de Silanes Molina (Edhec), Patrick Artus (Natixis), Bruno Cabrillac (Banque de France), André Cartapanis (IEP-Aix en Provence and GREDEG Nice), Christian Chavagneux (Alternatives Economiques), Jean-Paul Pollin (Université d’Orléans-LEO) Château de la Ferté Saint Aubin
Luxembourg 18-19-20 juin 2008 Régis Blazy (L), Raphaëlle Bellando et J.-B. Chatelain (P) 130 (285) Reinhard Selten (Nobel Memorial Prize in Economics 1994). Alfred Steinherr (EIB’s Chief Economist), Beatriz Armendariz (Harvard, Solvay Business School, Belgium) Marc Labie, (Mons, Solvay Business School Belgium) Mario Hirsch (Director of the Pierre Werner Institute), Jacques Santer, (Former Prime Minister of Luxembourg, former President of the European Commission) Christian de Boissieu, (University of Sorbonne, Paris), Paul Mizen (University of Nottingham). Bourglinster Castle, Restaurant Cercle Munster
Rennes Franck Martin (L), J.-B. Chatelain (P) 90 (155) Colin Mayer (Saïd Business School, Oxford), Christian Bordes (Université Paris 1) Visite de Saint Malo, pouces-pieds et dîner au Palais du Grand Large, Saint Malo
Lille 22-23 juin 2006
Conference website		 Dhafer Saïdane (L), J.-B. Chatelain (P) 108 (200) Franklin Allen (Wharton School, University of Pennsylvania), Mark Taylor (University of Warwick), Jan-Peter Krahnen (Université Goethe, Francfort) Visite du vieux Lille, Hôtel Couvent des Minimes.
Strasbourg 16-17 juin 2005
Conference website		 Regis Blazy (L), J.-B. Chatelain (P) 106 (195) Julian Franks (London Business School), Phil Davis (Brunel University, West London) Reinhard Schmidt (Goethe University, U. Francfort), Rodolphe Dos Santos (Béta, Université de Strasbourg) Promenade en bateau, Maison Kammerzell
Nice 10-11 juin 2004
Conference website		 Dominique Torre (L), J.-B. Chatelain (P) 94 (145) Paul de Grauwe (Université Catholique, Leuven), Charles Goodhart (London School of Economics), Marcus Miller (Warwick University), Lei Zhang (Warwick University), Patrick Artus (Natixis, Paris), Jean Dermine (Insead, Fontainebleau), Marcello Messori (Université Tor Vergata, Rome) Terrase Plaza Hôtel Boscolo.
Orléans 6-7 mai 2004 : Journées Crises financières Irina Bunda (L) et J-B. Chatelain (L), Andre Cartapanis (P) 45 (55) Olivier Jeanne (FMI (IMF), Washington), Joseph Bisignano (BRI, Bâle) Bords du Loiret, restaurant Madagascar
Birmingham 5-6 juin 2003
Conference website		 Andy Mullineux (L), Anne Lavigne (P) 85 (100) Jean-Charles Rochet (Université de Toulouse), Charles Goodhart (London School of Economics) David Llewellyn (Loughborough University), Michael Foot (Financial Services Authority, London), Patricia Jackson (Bank of England) Visite et dîner au Botanical Garden.
Lyon 2002 J.-F. Goux (L), Anne Lavigne (P)     Dîner à l’Abbaye de Collonges
Pau 21-22 juin 2001
Conference website		 Jacques Le Cacheux (L), Anne Lavigne (P) 48 Michel Camdessus (FMI)  
Lisbonne 8-9 september 2000 Anne Lavigne (P) 100 Peter Sinclair (Bank of England), Patrick Artus (CDC), Victor Bento (Institut du Credit Public, Lisbonne) Joao Salgueiros (Association portugaise des banques) Cocktail Mairie de Lisbonne, dîner au Centre culturel de Belem
Poitiers 10-11 juin 1999 Jacques Léonard (L), Anne Lavigne (P) 67 Patrick Artus (CDC), Olivier Davanne (Cabinet du premier ministre), Michel Aglietta (U. Paris X), Christian de Boissieu (U. Paris 1), Henri Bourguinat (U. Bordeaux IV) Marcello de Cecco (Université La Sapienza), André Icard (BRI), Eric Peree (BEI), André Chaineau (U. Poitiers) Visite de Poitiers, Réception à l’Hôtel de région.
Toulouse 1 Alexandre Minda (L), Anne Lavigne (P) 141 (150) Patrick Artus (CDC), Michel Aglietta (U. Paris X), François Morin (U. Toulouse 1), Renaud Saleur (Fidelity France) Réception au Capitole, Visite et Dîner à la Fondation Bemberg (Hôtel d’Assézat)
Orléans 5-6 juin 1997 Anne Lavigne (P) 80 E. Philip Davis (European Monetary Institute), Patrick Artus (CDC), Olivier Davanne (Goldman Sachs), Pierre Jaillet (Banque de France) Visite et dîner, Château de Chambord
Aix (Aix Marseille II) 6-7 juin 1996 André Cartapanis (L), Anne Lavigne (P) 112 Patrick Artus (CDC), Jean-Paul Pollin (U. Orléans), Didier Blanchet (Insee, Ined), Antoine d’Autume (U. Paris 1), Gérard Maarek (Crédit Agricole)  
Nancy 15-16 juin 1995 Anne Lavigne (P) 73 Christian de Boissieu (U. Paris 1), Niels Thygesen (U. Copenhagen), Ruediger Schultz-Strasser (Bundesbank), Jean-Paul Pollin (U. Orléans), Henri Sterdyniak (OFCE), Bernard Enfrun (Banque de France), Philippe Vidal (Banque SNVB) Musée des Beaux Arts. Vin d’honneur Hôtel de Ville. Grand Hôtel de la Reine.
Nice 9-10 juin 1994 Jean-Paul Pollin (P) 78 Table ronde : Crise et financement des entreprises  
Bordeaux 10-11 juin 1993 Dominique Lacoue Labarthe (L) et Jean-Paul Pollin (P) 51 Patrick Artus (CDC), Olivier Robert de Massy (Association française des banques), Jean-Yves Thoraval (Commission bancaire), Joseph Bisignano (BRI), Philippe Ducos (Crédit local de France), Yves Ullmo (Conseil National du crédit)  
Nantes 11-12 juin 1992 Jean-Paul Pollin (P) 61 Stephen Turnovski (U. Washington), Paul de Grauwe (KU. Leuven), Masahino Kawai (U Tokyo)  
Dinard (Rennes 1) Jean-Jacques Durand (L) 30 Patrick Artus (CDC), Bernard Enfrun (Banque de France), Jean-Marie Chevallier (BFCE), Olivier Davanne (Direction du trésor). Bateau Palais des congrès, Dinard. Palais du Grand Large, Saint Malo
Caen 11-12 juin 1990 Jean-Paul Pollin (P) 33 William Marois, Jean-Paul Pollin (U. Orléans), Marc-Olivier Strauss Kahn (Banque de France), R. Rousselle Mairie de Caen, Grand Hôtel de Cabourg
Lyon ENS 18-19 mai 1989 William Marois (P) 50 Raymond Barre (ancien premier ministre), Patrick Artus, (Caisse des Dépôts et Consignations) Christian de Boissieu (Paris 1 Panthéon Sorbonne), Jean-Paul Pollin (U. Orléans) Grand salon de la préfecture, Concert Quintette de Mozart
Clermont Ferrand 9-10 juin 1988 William Marois (P) 39 Jerome L. Stein (Brown University), Yves Barroux (Banque de France), Sylviane Guillaumont-Jeanneney (U. Clermont), Patrick Artus (Banque de France)  
Aix-Marseille II 1987 William Marois (P) 48 Robert W. Clower (U California Los Angeles), Jerome L. Stein (Brown University), Christian de Boissieu (Paris 1 Panthéon Sorbonne)  
Strasbourg 1986 William Marois (P) 48 Franck Hahn (Cambridge University), Jerome L. Stein (Brown University), Paul Davidson (U. Tennessee, Knoxville), Christian De Boissieu (Paris 1 Panthéon Sorbonne), Pierre-Yves Hénin (Paris 1 Panthéon Sorbonne)  
Nice 1985 William Marois (P), Jean-Paul Pollin (P), Georges Gallais-Hammono (P)   Joseph E. Stiglitz (Princeton University, Nobel prize 2001).  
Orléans 1984 William Marois (P), Jean-Paul Pollin (P), Georges Gallais-Hammono (P)     Château de Blois

N : nombre d’articles présentés en sessions parallèles, S : nombre d’articles soumis

  • Banque de France (Olivier de Bandt, Olivier Garnier, Grégory Levieuge, Vincent Bignon, Regis Breton, Frédérique Savignac), colloque 2021.
  • LEO, Université d’Orléans, Université de Tours, Université Clermont-Auvergne (Alexis Direr, Raphaëlle Bellando, Alexandru Minea), colloques 2024, 2009, 1997, 1984.
  • CES, Université Paris 1 Panthéon Sorbonne (Jean-Bernard Châtelain, coordinateur)
  • GREDEG, Université Côte d’Azur (Maxime Menuet, Olivier Bruno, Dominique Torre), colloque 2025, 2015, 2004, 1994, 1985.
  • CREM, Université de Rennes, Université de Caen (Jean-Christophe Poutineau, Franck Martin), colloque 2026, 2007, 1991.
  • GRANEM, Université d’Angers (Adrian Pop, Diana Pop, Bruno Séjourné), colloque 2027.

  • LEM, Université de Lille (Florence Huart, Etienne Farvaque, Jean-Baptiste Desquilbet, Maxime Fajeau, Michael Brei), colloque 2023, 2006.

  • BETA, Université de Strasbourg, Université de Lorraine et AgroParisTech (Amélie Barbier-Gauchard, Yamina Tadjeddine, Olivier Damette), colloque 2022, 1986.
  • CRESE, Université de Franche-Comté, Besançon (Catherine Refait-Alexandre), colloque 2019.
  • AMSE, Aix-Marseille Université et Sciences-Po Aix (Céline Gimet, Eric Girardin), colloque 2018, 1996, 1987.
  • ECONOMIX, Université Paris Nanterre (Christophe Boucher, Thomas Chuffart, Cécile Couharde, Laurence Scialom, Pauline Gandré, Antonia Lopez Villavicencio), colloque 2017.
  • LéP, Université de Poitiers (Anne-Gaëlle Vaubourg, Marc Pourroy, Cornel Oros), colloque 2013, 1999.
  • LEMNA, Université de Nantes (Hamza Bennani, Nicolas Rautureau), colloque 2012, 1992.
  • U.K Money Macro and Finance Research Group (Paul Mizen, King’s College London, Alexander Mihailov, Reading University (colloque 2011), (Birmingham (2003)).
  • BSE, Université de Bordeaux (Delphine Lahet, Christina Badarau, Sophie Brana, Jean-Marc Figuet, Samuel Maveyraud, Marc-Alexandre Senegas), colloque 2010, 1993.
  • LARGE, Sciences Po et Université de Strasbourg (Laurent Weill, Régis Blazy), colloque 2005.
  • CEPS, Université Paris Saclay (Samuel Ligonnière (colloque 2022 Strasbourg)).
  • LED, Université Paris 8 Vincennes-Saint Denis (Antoine Parent (colloque 2014, IEP Lyon)).
  • LAPE, Université de Limoges (Laetitia Lepetit)
  • ESCP Business School (Christophe Moussu)
  • OMNES Education research center, Ecole Supérieure du Commerce Extérieur (Kirsten Ralf)
  • OFCE Paris (Christophe Blot)
  • LEFMI, Université de Picardie Jules Verne (Nikolay Nenovski)

Publications HAL

  • Super-Inertial Interest Rate Rules Are Not Solutions of Ramsey Optimal Monetary Policy Journal article

    Giannoni and Woodford (2003) found that the equilibrium determined by commitment to a super-inertial rule (where the sum of the parameters of lags of interest rate exceed ones and does not depend on the auto-correlation of shocks) corresponds to the unique bounded solution of Ramsey optimal policy for the new-Keynesian model. By contrast, this note demonstrates that commitment to an inertial rule (where the sum of the parameters of lags of interest rate is below one and only depends on the auto-correlation of shocks) corresponds to the unique bounded solution.
    Journal: SSRN Electronic Journal

    Published in

  • Rational Expectations: Observational Equivalence and Instability Journal article

    This paper highlights two drawbacks with respect to the current use of rational expectations in new-Keynesian dynamic stochastic general equilibrium models. The first drawback is that a rational expectation model unobservable autoregressive shocks has the same predictions for given observations than an adaptive expectations model with white noise shocks. The second drawback is related to interest rate rules responding to inflation where both inflation and interest rate are non-predetermined variables. In this case, a unique rational expectations solution implies that the parameter in the interest rate rules destabilises inflation with a positive-feedback effects. However, these inflation or deflation spirals do not show off because the autocorrelation of inflation is the one of unobservable cost-push shocks. However this destabilizing stabilization paradox disappears if one assumes that the interest rate is a predetermined variable when inflation is a non- predetermined variable. Then, the rational expectations unique solution implies a policy rule parameter which stabilizes inflation.
    Journal: Revue Française d'Economie

    Published in

  • Ramsey Optimal Policy in theNew-Keynesian Model with Public Debt Journal article

    In the discrete-time new-Keynesian model with public debt, Ramsey optimal policy eliminates the indeterminacy of simple-rules multiple equilibria between the fiscal theory of the price level versus new-Keynesian versus an unpleasant equilibrium. If public debt volatility is taken into account into the loss function, the interest rate responds to public debt besides inflation and output gap. Else, the Taylor rule is identical to Ramsey optimal policy when there is zero public debt. The optimal fiscal-rule parameter implies the local stability of public-debt dynamics (“passive” fiscal policy).
    Journal: Macroeconomic Dynamics

    Published in

  • Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy Journal article

    This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based on a negative feedback mechanism) to a Taylor rule (based on a positive feedback mechanism) corresponds to a Hopf bifurcation with opposite policy advice and a change of the dynamic properties. This bifurcation occurs because of the ad hoc assumption that interest rate is a forward-looking variable when policy targets (inflation and output gap) are forward-looking variables in the new-Keynesian theory.
    Journal: Macroeconomic Dynamics

    Published in

  • Inference on time-invariant variables using panel data: A pretest estimator Journal article

    For static panel data models that include endogenous time-invariant variables correlated with individual effects, exogenous averages over time of time-varying variables can be internal instruments. To pretest their exogeneity, we first estimate a random effects model that includes all averages over time of time-varying variables (Mundlak, 1978; Krishnakumar, 2006). Internal instruments are then selected if their parameter is statistically different from zero (Mundlak, 1978; Hausman and Taylor, 1981). Finally, we estimate a Hausman-Taylor (1981) model using these internal instruments. We then evaluate the biases of currently used alternative estimators in a Monte-Carlo simulation: repeated between, ordinary least squares, two-stage restricted between, Oaxaca-Geisler estimator, fixed effect vector decomposition, and random effects (restricted generalized least squares).
    Journal: Economic Modelling

    Published in

  • Imperfect Credibility versus No Credibility of Optimal Monetary Policy Journal article

    A minimal central bank credibility, with a non-zero probability of not renegning his commitment (“quasi-commitment”), is a necessary condition for anchoring inflation expectations and stabilizing inflation dynamics. By contrast, a complete lack of credibility, with the certainty that the policy maker will renege his commitment (“optimal discretion”), leads to the local instability of inflation dynamics. In the textbook example of the new-Keynesian Phillips curve, the response of the policy instrument to inflation gaps for optimal policy under quasi-commitment has an opposite sign than in optimal discretion, which explains this bifurcation.
    Journal: Revue Economique

    Published in

  • Inference on time-invariant variables using panel data: a pretest estimator Pre-print, Working paper

    For static panel data models that include endogenous time-invariant variables corre- lated with individual e¤ects, exogenous averages over time of time-varying variables can be internal instruments. To pretest their exogeneity, we .rst estimate a random e¤ects model that includes all averages over time of time-varying variables (Mundlak, 1978; Kr- ishnakumar, 2006). Internal instruments are then selected if their parameter is statistically di¤erent from zero (Mundlak, 1978; Hausman and Taylor, 1981). Finally, we estimate a Hausman-Taylor (1981) model using these internal instruments. We then evaluate the bi- ases of currently used alternative estimators in a Monte-Carlo simulation: repeated between, ordinary least squares, two-stage restricted between, Oaxaca-Geisler estimator, .xed e¤ect vector decomposition, and random e¤ects (restricted generalized least squares).

    Published in

  • How macroeconomists lost control of stabilization policy: towards dark ages Journal article

    This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilisation policy from 1948 to 1975 and the subsequent break of the use of control for stabilisation policy which occurred from 1975 to 1993. New-classical macroeconomists selected a subset of the tools of control that favoured their support of rules against discretionary stabilisation policy. The Lucas critique and Kydland and Prescott’s time-inconsistency were over-statements that led to the “dark ages” of the prevalence of the stabilisation-policy-ineffectiveness idea. These over-statements were later revised following the success of the Taylor rule.
    Journal: European Journal of the History of Economic Thought

    Published in

  • How Macroeconomists Lost Control of Stabilization Policy: Towards Dark Ages Pre-print, Working paper

    This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilization policy from 1948 to 1975 and the subsequent break of the use of control for stabilization policy which occurred from 1975 to 1993. New-classical macroeconomists selected a subset of the tools of control that favored their support of rules against discretionary stabilization policy. The Lucas critique and Kydland and Prescott’s time-inconsistency were overstatements that led to the “dark ages” of the prevalence of the stabilization-policy-ineffectiveness idea. These overstatements were later revised following the success of the Taylor (1993) rule.

    Published in

  • Persistence-Dependent Optimal Policy Rules Pre-print, Working paper

    A policy target (for example inflation) may depend on the persistent component of exogenous shocks, such as the cost-push shock of oil, energy or imported prices. The larger the persistence of these exogenous shocks, the larger the welfare losses and the larger the response of policy instrument to this exogenous shock in a feedback rule, in order to decrease the sensitivity of the policy target to this shock.

    Published in

All publications