Francesco Pappadà

Senior Research Economist

Banque de France

International Macroeconomics Division (SEMSI)

Contact : fran.pappada@gmail.com

CV : pdf

Main fields of research

International Macroeconomics

Credit frictions and firm dynamics

Fiscal policy




Publications in refereed journals

Austerity and tax compliance (with Yanos Zylberberg)

European Economic Review (2017), vol. 100, 506-524.


Credit frictions and the cleansing effect of recessions (with Sophie Osotimehin)

Economic Journal (2017), vol. 127, issue 602, 1153-1187.


Euro area external imbalances and the burden of adjustment (with F. di Mauro)

Journal of International Money and Finance (2014), vol. 48(PB), 336-356.

Real adjustment of current account imbalances with firm heterogeneity

IMF Economic Review (2011), vol. 59, No. 3, 431-454.


Working papers

Hanging off a cliff: fiscal consolidations and default risk (with Yanos Zylberberg)

Meeting Papers 844, Society for Economic Dynamics (2018).


Optimal exchange rate regime and firm dynamics (with Masashige Hamano)

Preliminary draft: December 2018 - available upon request


Cleansing effect along the firm life cycle (with G. Berlingieri and S. Osotimehin)

In progress


Central bank insolvency and ex-post fiscal support. The French experiences of 1914 and 1931 (with Eric Monnet) - In progress


Policy and non-academic publications

Tax compliance, default risk and GDP linked bonds, Eco Notepad Banque de France

The cleansing effect of recessions: Inefficient firms fail, average productivity goes up, LSE Business Review

Fiscal consolidation episodes in OECD countries : the role of tax compliance and fiscal space (with Germain Gauthier and Laurent Ferrara), Quarterly Selection of Articles Banque de France Bulletin

Media interventions on austerity and tax evasion in Greece, The Economist - The New York Times

Exchange rates and trade adjustment : Fat tails matter, VOX-EU column - Rue de la Banque

Tax Evasion and Austerity-Plan failure, VOX-EU column