Gael Giraud

Gael Giraud, économiste et directeur de recherche au CNRS

Gael Giraud (Gaël Giraud) est un économiste français, directeur de recherche au CNRS. Spécialiste de la macroéconomie du climat et du financement de la transition écologique, il a été chef économiste de l’Agence française de développement de 2015 à 2019. Cette page présente, en anglais, ses travaux de recherche, ses publications scientifiques et ses conférences. Pour tout le reste, rendez-vous sur le site officiel de Gael Giraud.

About Gael Giraud

Gael Giraud (Gaël Giraud) is a French economist and research director at the French National Centre for Scientific Research (CNRS), at the Laboratoire interdisciplinaire des énergies de demain (LIED, Université Paris Cité). Trained as a mathematician at the École normale supérieure, he works on the macroeconomics of climate change, the financing of the ecological transition and the governance of the commons.

From 2015 to 2019, Gael Giraud was chief economist of the Agence française de développement (AFD), the French development bank, where he led a research department of 115 people. He founded the Energy and Prosperity Chair (ENS, École polytechnique, ENSAE), served on the High-Level Commission on Carbon Prices chaired by Nicholas Stern and Joseph Stiglitz, and founded an environmental justice programme at Georgetown University (2020-2023), where he also taught at the McCourt School of Public Policy. Read the full biography of Gael Giraud.

Research

Macroeconomics of climate change

Gael Giraud builds stock-flow consistent macroeconomic models that integrate private debt, money, energy and climate damages. At AFD, he developed the Gemmes model, used to assess how climate change and the energy transition affect growth, debt and financial stability. Why economic models must integrate energy and climate (in French).

Finance, money and public debt

His work shows how high climate damages can fuel private indebtedness, defaults and banking losses, and why physical climate risk is a solvency issue for firms and states alike. Public debt and climate (in French).

The commons

Gael Giraud also studies the commons as a third way between market and state, a notion he brought into the debate on development aid as “global commons”. The commons, a third way (in French).

Selected publications

Gael Giraud is the author of 35 peer-reviewed articles. A selection:

Perrault A.-M., Giraud G., “Trickle-down climate risk regulation”, Science, 377(6610), 2022.
Bailly H., Giraud G., Mortier F., “Empirical analysis of a debt-augmented Goodwin model for the United States”, Structural Change and Economic Dynamics, 70, 2024.
Herbert É., Giraud G., Louis-Napoléon A., Goupil C., “Macrodynamics in a finite world based on thermodynamic potential”, Scientific Reports, 13, 2023.
Giraud G., Grasselli M., “Household debt: the missing link between inequality and secular stagnation”, Journal of Economic Behavior & Organization, 183, 2021.
Bovari E., Giraud G., Mc Isaac F., “Coping with collapse: a stock-flow consistent monetary macrodynamics of global warming”, Ecological Economics, 147, 2018.

All publications of Gael Giraud: 35 articles and books.

Lectures and videos

Gael Giraud regularly speaks on climate economics, public debt and the energy transition. Watch the lectures and videos of Gael Giraud (in French).

Find Gael Giraud online

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