Research
Publications in refereed journals:
"Stabilising virtues of central banks: (re)matching bank liquidity" with V. Legroux, I. Rahmouni-Rousseau, N. Valla, Journal of Banking & Finance, vol. 134(C), 2022. [VoxEu]
"Monetary Policy and Corporate Debt Structure" with Stéphane Lhuissier, Oxford Bulletin of Economics and Statistics, 2021. [Local copy] [BdF working paper] [Program and data files]
"Corporate Debt Structure and Economic Recoveries" with Thomas Grjebine and Fabien Tripier, European Economic Review, vol. 101, pages 77-100, January 2018.
"Disaster Risk and Preference Shifts in a New Keynesian Model" with Marlène Isoré, Journal of Economic Dynamics and Control, Volume 79, Pages 97-125, June 2017. [Replication codes]
"The ECB unconventional monetary policies: have they lowered market borrowing costs for banks and governments?", International Journal of Central Banking, vol. 11(4), pages 91-127, December 2015.
Work in progress:
"Corporate debt structure and heterogeneous monetary policy transmission" with Marie Alder and Nuno Coimbra, Banque de France WP, December 2023, WP 933 [CEPR WP version].
Using French firms’ balance sheet data, we show that corporate debt structure plays a significant role in ECB monetary policy transmission. In addition to interest rate policy, we analyse the impact of a novel ECB-induced bond liquidity shock. While both types of policy tightening diminish French firms’ investment, the transmission of conventional monetary policy shocks is stronger for firms with a higher share of bank debt. Conversely, contractionary bond liquidity shocks lower investment more for firms with higher bond shares of total debt. We further investigate the transmission channels and show that bond liquidity tightening reduces French sovereign bond market liquidity and leads to higher bond-bank loan interest rate spreads and lower bond issuance.
“US monetary policy shocks and capital flows” with Julia Schmidt and Maeva Silvestrini
“Banks’ liquidity mismatch and quantitative tightening” with Supriya Kapoor and Benoit Nguyen
Working papers:
"Disaster Risk in a New Keynesian Model" with Marlène Isoré, CEPII WP, 2013.
"Are Unconventional Monetary Policies Effective?", LUISS Guido Carli WP, 2011.