jean–guillaume sahuc
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jean–guillaume sahuc
JEAN–GUILLAUME SAHUC CURRICULUM VITAE PERMANENT AFFILIATION Banque de France Financial Economics Research Division 31 rue Croix des Petits Champs F-75049, Paris – France CONTACT DETAILS Office: (+33) 1-42-92-49-52 Fax: (+33) 1-42-92-62-92 Email: [email protected] Homepage: http://perso.orange.fr/jean-guillaume.sahuc/ APPOINTMENTS AND EXPERIENCE 10/2015 – present: 12/2011 – 09/2015: 01/2011 – 11/2011: 12/2007 – 12/2010: 07/2007 – 12/2010: 09/2005 – 01/2006: 12/2004 – 11/2007: 01/2001 – 06/2004: Banque de France, Monetary and Financial Analysis Directorate Head of Division Banque de France, Monetary and Financial Analysis Directorate Deputy Head of Division EDHEC Business School, Department of Economics Professor of Economics Banque de France, Microeconomic and Structural Analysis Directorate Senior Economist Audencia School of Management, Research Department Research Fellow European Central Bank, Monetary Policy Research Division Visiting Scholar Banque de France, Research Directorate Economist Banque de France, Research Directorate Junior Economist EDUCATION 2004: PhD in Economics, University of Evry–Val d’Essonne 2000: D.E.A. (postgraduate degree) in Econometrics (with honors), University of Evry–Val d’Essonne 1999: Master’s in Econometrics (with honors), University of Evry–Val d’Essonne January 2017 Page 1 JEAN-GUILLAUME SAHUC CURRICULUM VITAE RESEARCH INTERESTS Macroeconomics; Monetary and Financial Economics; Applied Time Series Econometrics AWARDS 2005: Banque de France Prize of Best Thesis on Monetary Economics BOOK Politique Monétaire, 2nd Edition, De Boeck. 2015. (with F. Drumetz and C. Pfister) PUBLISHED PAPERS Assessing the Macroeconomic Effects of LTROs During the Great Recession Journal of Money, Credit and Banking (with C. Cahn and J. Matheron), forthcoming In Search of the Transmission Mechanism of Fiscal Policy in the Euro Area Journal of Applied Econometrics (with P. Fève), forthcoming The ECB’s Asset Purchase Programme: A Model-Based Evaluation Economics Letters, 2016, 145, pp. 136-140. On the Sources of Macroeconomic Stability in the Euro Area European Economic Review, 2016, 83, pp. 40-63 (with S. Avouyi-Dovi) On the Size of the Government Spending Multiplier in the Euro Area Oxford Economic Papers, 2015, 67, pp. 531-552 (with P. Fève) A Pitfall with Estimated DSGE-Based Government-Spending Multipliers American Economic Journal: Macroeconomics, 2013, 05, pp. 141-178 (with P. Fève and J. Matheron) Welfare Implications of Heterogeneous Labour Markets in a Currency Union Macroeconomic Dynamics, 2013, 17, pp. 294-325 (with C. Poilly) Externality in Labor Supply and Government Spending Economics Letters, 2011, 112, pp. 273-276 (with P. Fève and J. Matheron) On the Welfare Costs of Misspecified Monetary Policy Objectives Journal of Macroeconomics, 2011, 33, pp. 151-161 (with S. Avouyi-Dovi) Inflation Target Shocks and Monetary Policy Inertia in the Euro Area The Economic Journal, 2010, 120, pp. 1100-1124 (with P. Fève and J. Matheron) Disinflation Shocks in the Eurozone: A DSGE Perspective Journal of Money, Credit and Banking, 2010, 42, pp. 289-323 (with P. Fève and J. Matheron) January 2017 Page 2 JEAN-GUILLAUME SAHUC CURRICULUM VITAE Minimum Distance Estimation and Testing of DSGE Models from Structural VARs Oxford Bulletin of Economics and Statistics, 2009, 71, pp. 883-894 (with P. Fève and J. Matheron) On the Dynamic Implications of News Shocks Economics Letters, 2009, 102, pp. 96-98 (with P. Fève and J. Matheron) Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity International Journal of Central Banking, 2008, 4, pp. 23-72 (with E. Jondeau) Testing Heterogeneity within the Euro Area Economics Letters, 2008, 99, pp. 192-196 (with E. Jondeau) Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a MediumScale DSGE Model Journal of Money, Credit, and Banking, 2008, 40, pp. 505-521 (with F. Smets) Partial Indexation, Trend Inflation, and the Hybrid Phillips Curve Economics Letters, 2006, 90, pp. 42-50 Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model Economic Modelling, 2005, 22, pp. 159-186 (with S. Moyen) Partial Indexation and Inflation Dynamics: What Do the Data Say? Applied Economics Letters, 2004, 11, pp. 827-832 A ‘Hybrid’ Monetary Policy Model: Evidence from the Euro Area Applied Economics Letters, 2002, 9, pp. 949-955 – in French – Règles Budgétaires Strictes et Stabilité Macroéconomique : Le Cas de la TVA Sociale Revue Economique, 2014, 65, pp. 543-556 (with P. Fève and J. Matheron) Désinflation et Chômage dans la Zone Euro : Une Analyse à l’Aide d’un Modèle VAR Structurel Annals of Economics and Statistics, 2011, 99/100, pp. 365-394 (with P. Fève and J. Matheron) La TVA Sociale : Bonne ou Mauvaise Idée ? Economie et Prévision, 2010, 193, pp. 1-19 (with P. Fève and J. Matheron) Comportement du Banquier Central en Environnement Incertain Revue d’Economie Politique, 2009, 119, pp. 118-142 (with S. Avouyi-Dovi) Une Estimation de la Cible Implicite d’Inflation dans la Zone Euro Revue Française d’Économie, 2009, 24, pp. 39-56 (with P. Fève and J. Matheron) Chocs d’Offre et Optimalité de la Politique Monétaire dans la Zone Euro Revue Economique, 2008, 59, pp. 527-536 (with P. Fève and J. Matheron) Le Modèle d’Equilibre Général de la « Nouvelle Synthèse » : Quelles Hypothèses Retenir ? Economie et Prévision, 2008, 183-184, pp. 15-34 (with S. Moyen) Règles de Politique Monétaire en Présence d’Incertitude : Une Synthèse Revue d’Economie Politique, 2002, 112, pp. 349-386 (with H. Le Bihan) January 2017 Page 3 JEAN-GUILLAUME SAHUC CURRICULUM VITAE – Institutional – Monetary Policy Measures, and Their Effects, since 2014 Rue de Banque, 2016, 32 (with B. Nguyen and M. Marx) Les mesures de politique monétaire en zone euro, et leurs effets, depuis 2014 Bulletin de la Banque de France, 2016, 205, pp. 5-20 (with Y. Kalantzis, M. Marx, J. Matheron and H. Le Bihan) The Sovereign Debt Crisis and Monetary Policy Financial Stability Review, 2012, 16, pp. 155-167 (with J. Matheron and B. Mojon) La Fonction de Demande de Monnaie : Un Réexamen Bulletin de la Banque de France, 2005, 141, pp. 47-72 (with S. Avouyi-Dovi, M. Brun, A. Dreyfus, F. Drumetz, and V. Oung) Estimation d’une Fonction de Demande de Monnaie pour la Zone Euro : Une Synthèse des Résultats Bulletin de la Banque de France, 2003, 111, pp. 47-72 (CMDM network) – Chapter in Books – Monetary Regime Switches in the Euro Area Econometrics: New Research, Nova Science Publishers, 2012, pp. 217-227 (with S. Avouyi-Dovi) WORKING PAPERS / WORK IN PROGRESS papers are available at http://perso.orange.fr/jean-guillaume.sahuc/ Evaluating the Macroeconomic Effects of the ECB’s Unconventional Monetary Policies Mimeo, December 2016 (with S. Mouabbi) A General Equilibrium Appraisal of Capital Shortfall In progress, (with E. Jondeau) Maturity Mismatch and the Monetary Transmission Mechanism In progress, (with X. He and S. Moyen) An Inequality View of International Capital Flows In progress, (with J. Matheron and E. Mengus) The Horizontally S-Shaped Laffer Curve Revised and Resubmitted (Journal of the European Economic Association), 2016 (with P. Fève and J. Matheron) January 2017 Page 4 JEAN-GUILLAUME SAHUC CURRICULUM VITAE UNPUBLISHED MANUSCRIPTS Monetary Regimes and Markov-Switching Models: An International Comparison (2009), with S. Avouyi-Dovi and F. Drumetz. Information-Based Inflation Inertia (2008), with F. Collard. Optimal Monetary Policy and Technology Shocks in the Post-War US Business Cycle (2007), with P. Fève and J. Matheron. TEACHING EXPERIENCE Undergraduate level: Microeconomics [ESPEME-EDHEC Business School, 2011], Macroeconomics [University Paris I - Panthéon Sorbonne, 2002–2004] Graduate level: Macroeconomics [EDHEC Business School, 2010-2012], Applied Monetary Economics [University of Evry, 2008–2009], Matlab Programming [University of Dauphine, 2008–2010], Gauss Programming [University of Evry, 2001–2005], Econometrics [University of Evry, 2001–2005] CONFERENCE AND SEMINAR PRESENTATIONS OR DISCUSSIONS T2M (Berlin, 2015), INSEE Seminar (Paris, 2014), Oxford University Seminar (Oxford, 2014), European Economic Association (EEA) Annual Congress (Goteborg, 2013), International Conference on Macroeconomic Modeling in Times of Crisis” (Paris, 2012), European Economic Association (EEA) Annual Congress (Oslo, 2011), Seminar (Audencia School of Management, 2010), Seminar (Edhec Business School, 2010), Seminar (Audencia School of Management, 2009), Workshop, “Money Demand” (European Central Bank, 2008), DSGE Paris Trilateral Workshop (French Ministry of the Economy, Finance and Industry, 008), French Economic Association (AFSE) Annual Congress (Paris, 2008), T2M Conference (University of ergy- Pontoise, 2008), French Economic Association (AFSE) Annual Congress (Paris, 2007), 3rd Dynare Conference (Paris School of Economics, 2007), T2M Conference (Ecole Normale Supérieure Lyon, 2005), Workshop “Monetary Policy Implications of Heterogeneity in a Currency Area” (European Central Bank, 2004), Fourgeaud Seminar: “Etudier la macroéconomie aujourd’hui : deux voies” (French Ministry of the Economy, Finance and Industry, 2004), Seminar (CEPREMAP, 2004), Internal Seminar (European Central Bank, 2004), French Economic Association (AFSE) Annual Congress (Paris, 2003), European Economic Association (EEA) Annual Congress (Stockholm, 2003), Fourgeaud Seminar (French Ministry of the Economy, Finance and Industry, 2003), Workshop: “Modelling and forecasting wage and price dynamics in France, the US and the euro area” (Banque de France, 2002), Fourgeaud Seminar (French Ministry of the Economy, Finance and Industry, 2002), French Economic Association (AFSE) Annual Congress (Paris, 2001). January 2017 Page 5 JEAN-GUILLAUME SAHUC CURRICULUM VITAE PROFESSIONAL SERVICE Co-organizer, International Symposium (Banque de France and Bundesbank, 2015), Joint MacroWorkshop (Banque de France and Bundesbank, 2014, 2015, 2016), International Conference on “Macroeconomic Modeling in Times of Crisis” (Banque de France, Fed of Atlanta, Cepremap and CAS, 2012), Workshop on “Structural Analysis in Times of Crisis” (Banque de France, 2010), International Conference on “DSGE Modelling and Monetary Policy” (Banque de France and CEPREMAP, 2008), Workshop on “Monetary Models and Aggregate Dynamics” (Banque de France, 2005). Program Committee, T2M (Banque de France, Théma, Labex MME-2II, SciencePo, 2016), International Conference on “Wage Bargaining, Employment and Monetary and Economic Policies” (Banque de France, 2007), Workshop on “Small Monetary Macromodels” (Banque de France, 2004). Referee: American Economic Review, European Economic Review, Quantitative Economics, Journal of Economic Dynamics and Control, Macroeconomic Dynamics (multiple times), Journal of Macroeconomics (multiple times), Labour Economics, International Journal of Central Banking (multiple times), Journal of Forecasting, The B.E. Journal of Macroeconomics, Economic Modelling (multiple times), Applied Economics, Annals of Economics and Statistics, Economie et Prévision, Revue d’Economie Politique (multiple times), Revue Economique (multiple times), and Revue du CEPII. Member of PhD Committee: Aurélien Poissonnier (Ecole Polytechnique, December 2015) Désiré Kanga (University of Orléans, January 2017) French Representative (i) at the SAPI task force of the European Central Bank (2015), (ii) at the Working Group on Econometric Modelling of the European Central Bank (2007-2010). January 2017 Page 6