I am a senior financial economist in the Supervisory Research & Analysis group of the Boston Fed.
I joined the Boston Fed in 2017 after receiving my Ph.D. in Economics from the Paris School of Economics and working for five years as an economist at the Banque de France. I hold an M. Sc. in statistics, economics, and finance from ENSAE ParisTech (2012).
Research interests: Financial Economics, Real Estate, Applied Microeconometrics, Credit
Contact: claire.labonne<at>bos.frb.org
Publications
Bad Sovereigns or Bad Balance Sheets? Euro Area Interbank Fragmentation and Monetary Policy, 2011-15, with Silvia Gabrieli, Accepted, Journal of Money, Credit and Banking - Vox article - working paper (2018)
Comment: Inferring trade costs from trade booms and trade busts, International Economics, vol 152, Dec 2017, pages 1-8, with G. Corlay, S. Dupraz, A. Muller, C. Antonin, and G. Daudin
More Bankers, More Growth? Evidence from OECD Countries, Economic Notes, 45: 37–51, February 2016, with G. Capelle-Blancard
Working papers
Managing Risk in Cards Portfolios: Risk Appetite and Limits, with Tiffany Eder, Caitlin O'Loughlin, and Krish Sharma, 2024
Delivering Debt Relief through the Banking Sector: Lessons from the Irish Mortgage Market, with Fergal McCann, and Terry O’Malley, 2021 - Irish Times coverage
Less Foreclosures, More Homeowners? Collateral Regimes, Non-Performing Loans and Credit Conditions, with F. McCann, 2020
Cheap Credit, Affordable Housing? Evidence from the French Interest-Free Loan Policy , with C. Welter-Nicol
Policy papers
BCBS (2016), Literature review on integration of regulatory capital and liquidity instrument, Basel Committee on Banking Supervision, Working Paper 30, March 2016, Task Force co- chaired by M. Dewatripont (NBB) and D. Hancock (Fed Board)
BIS (2015), Assessing the economic costs and benefits of TLAC implementation, Bank for International Settlements, Report submitted to the Financial Stability Board by an Experts Group chaired by K. Tsatsaronis (BIS)
Avouyi-Dovi S., Labonne C., and Lecat R. (2014), Logement, crédit et surveillance macroprudentielle, Revue d’économie financière 115 (3-2014)
Avouyi-Dovi S., Labonne C., and Lecat R. (2014), The housing market: impact of macroprudential measures in France, Macroprudential Policies, Financial Stability Review, Banque de France
de Bandt, O., Héam, J.-C., Labonne C., and Tavolaro, S. (2015), La mesure du risque systémique après la crise financière, Revue économique, vol. 66(3), pages 481-500.
Aglietta M., Labonne C., and Lemoine F. (2011), Exchange Rate Policy and Regional Integration in Asia,, La Lettre du CEPII 307, January 2011, CEPII
Forever working papers
Credit Growth and Bank Capital Requirements: Identification using Supervisory Ratings, with G. Lamé (2014)
Insight from a Time-Varying VAR Model with Stochastic Volatility of the French Housing and Credit Markets, with S. Avouyi-Dovi , R. Lecat, and S. Ray (2017)