Research

Working Papers and Ongoing Research

• The New Keynesian Climate Model, with F. Smets and G. Vermandel

• Stylized Facts on Intergenerational Household Finance: A Transatlantic View, with B. Annicchiarico  and R. Clipal 

• Revisiting 15 Years of Unusual Transatlantic Monetary Policies, with J. Garcia-Revelo  and G. Levieuge  [R&R]

• Environmental Subsidies to Mitigate Net-Zero Transition Costs, with  E. Jondeau, G. Levieuge and G. Vermandel. [R&R]

•  Lost in Negative Territory? Search for Yield!, with  M. Girotti and G. Horny.

• Changes in the Risk-Free Interest Rate: Evaluating Asset Pricing Risk Models, with M. Andries  [dormant]

• Edge of Tomorrow, with  B. Annicchiarico and G. Vermandel  [in progress]

Selected Publications

• A General Equilibrium Approach to Carbon Permit Banking, with L. Dubois and G. Vermandel. 

Journal of Environmental Economics and Management, vol. 129, 2025.

• Bank Rollover Risk and Liquidity Supply Regimes, with E. Jondeau and B. Mojon.

International Journal of Central Banking, vol. 20, 2024.

• Debt-Stabilizing Properties of GDP-Linked Securities: A Macro-Finance Perspective (Replication Codes), with S. Mouabbi and J.-P. Renne.

Journal of Banking and Finance, vol. 162, 2024.

• Assessing the Impact of Basel III: Review of Transmission Channels and Insights from Policy Models, with O. de Bandt, B. Durdu, H. Ichiue, Y. Mimir, J. Mohimont, K. Nikolov, S. Roehrs, V. Scalone and M. Straughan.

International Journal of Central Banking, vol. 20, 2024.

• Do Yield Curve Inversions Predict Recessions in the Euro Area?, with  D. Sabes.

Finance Research Letters, vol. 52, 2023.

• Bank Capital Shortfall in the Euro Area, with E. Jondeau,

Journal of Financial Stability, vol. 62, 2022.

• A Tiering Rule to Balance the Impact of Negative Policy Rates on Banks, with M. Girotti and B. Nguyen,

Finance Research Letters, vol. 47, Part A, 2022.

• High-Frequency Monitoring of Growth-at-Risk, with L. Ferrara and M. Mogliani,

International Journal of Forecasting, vol. 38, pp. 582-595, 2022.

• Downward Interest Rate Rigidity, with G. Levieuge,

European Economic Review, vol. 137, 2021.

• Evaluating the Macroeconomic Effects of the ECB's Unconventional Monetary Policies, with S. Mouabbi. (Online Appendix)

Journal of Money, Credit and Banking, vol. 51, pp. 831-858, 2019.

• The Horizontally S-Shaped Laffer Curve, with P. Fève and J. Matheron,

Journal of the European Economic Association, vol. 16, pp. 857-893, 2018. 

• State-Dependent Risk Taking and The Transmission of Monetary Policy Shocks, with  P. Fève and P. Garcia, 

Economics Letters, vol. 164, pp. 10-14, 2018.

• Assessing the Macroeconomic Effects of LTROs during the Great Recession, with C. Cahn and J. Matheron,

Journal of Money, Credit and Banking, vol. 49, pp. 1443-1482, 2017. 

• In Search of the Transmission Mechanism of Fiscal Policy in the Euro Area, with P. Fève,

Journal of Applied Econometrics, vol. 32, pp. 704-718, 2017.

• The ECB's Asset Purchase Programme: A Model-Based Evaluation,

Economics Letters, vol. 145, pp. 136-140, 2016.

• On the Sources of Macroeconomic Stability in the Euro Area, with S. Avouyi-Dovi,

European Economic Review, vol. 83, pp. 40-63, 2016.

• On the Size of the Government Spending Multiplier in the Euro Area, with P. Fève,

Oxford Economic Papers, vol. 67, pp. 531-552, 2015.

• A Pitfall with Estimated DSGE–Based Government–Spending Multipliers, with P. Fève and J. Matheron,

American Economic Journal: Macroeconomics, vol. 05, pp. 141-178, 2013.

• Welfare Implications of Heterogeneous Labour Markets in a Currency Union, with C. Poilly,

Macroeconomic Dynamics, vol. 17, pp. 294-325, 2013.

• On the Welfare Costs of Misspecified Monetary Policy Objectives, with S. Avouyi-Dovi,

Journal of Macroeconomics, vol. 33, pp. 151-161, 2011.

• Inflation Target Shocks and Monetary Policy Inertia in the Euro Area, with P. Fève and J. Matheron,

The Economic Journal, vol. 120, pp. 1100-1124, 2010.

• Disinflation Shocks in the Eurozone: A DSGE Perspective, with P. Fève and J. Matheron,

Journal of Money, Credit and Banking, vol. 42, pp. 289-323, 2010.

• Testing Economic Models from Structural VARs, with P. Fève and J. Matheron,

Oxford Bulletin of Economics and Statistics, vol. 71, pp. 883-894, 2009.

• Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model, with F. Smets,

Journal of Money, Credit and Banking, vol. 40, pp. 505-521, 2008.

• Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity, with E. Jondeau,

International Journal of Central Banking, vol. 4, pp. 23-72, 2008.

• Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model, with S. Moyen,

Economic Modelling, vol. 22, pp. 159-186, 2005.