François Koulischer

François Koulischer
Banque de France and Université Libre de Bruxelles
31 rue Croix des Petits Champs, 75001 Paris
+33 786 311 784 - [email protected]
http://homepages.ulb.ac.be/⇠fkoulisc/
Belgian citizen
Education
2009-16
Ph.D. in Economics, Université Libre de Bruxelles, Belgium
2013
Visiting scholar at Stanford University Economics Department - Sponsor: Jakub Kastl
2009-12
M.Sc. in Economics and Statistics, Université Libre de Bruxelles, Belgium
2011
Visiting scholar at the University of Oxford Nuffield College - Sponsor: Paul Klemperer
2004-09
B.Sc. and M.Sc. in Business Economics, Université Libre de Bruxelles, Belgium
2008
Erasmus exchange student, Libera Università Internazionale degli Studi Sociali, Rome
Research Interests
Banking, Central Banking, Monetary Policy, Auction Design
Experience
2014-...
Economist, Banque de France, Financial Economics Research Division
2013
Visiting researcher, National Bank of Belgium - Sponsor: Mathias Dewatripont
2011
Visiting researcher, European Central Bank - Sponsor: Nuno Cassola
2009-10
Intern, European Central Bank Directorate General Market Operations
2009
Research Assistant, Université Libre de Bruxelles - Sponsor: Estelle Cantillon
2009
Consultant, NYSE-Euronext, “Reforming the Bel-20 stock index” - Sponsor: Stefan
Dab and Bruno Colmant
Other positions: Student recruiter (Ebbinge), Student representative (Solvay
Brussels School), Trainee (Belgian Aid Agency BTC)
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Research
Working papers
The Collateral Channel of Monetary Policy: Evidence from the
European Central Bank
with Nuno Cassola (ECB)
Currency unions limit the ability of the central bank to use interest rate policy to accommodate
asymmetric shocks. We show that collateral policy can serve to dampen asymmetric shocks in a
currency area when these shocks also affect the collateral held by banks and when the collateral
portfolios of banks differ systematically across countries. The key mechanism in our model is that
the lack of collateral of distressed banks constrains their access to market funding because of moral
hazard. The central bank faces a trade-off: relaxing collateral policy reduces the interest rate in
the distressed economy but increases the credit risk it bears. We use country-level data on assets
pledged to the European Central Bank from 2009-2011 to document the divergence in collateral
values across countries and we show how the lack of collateral affected distressed countries. We
also quantify the trade-off faced by the central bank. Our results suggest that a 1% reduction in
the haircut on non-investment grade government debt increases their share of the collateral pool
by 3.5 % and reduces the spread in funding cost between high- and low-yield banks by 0.2%.
Central Bank Liquidity Provision and Collateral Quality
with Daan Struyven (MIT)
Should central banks lend against low quality collateral? We characterize efficient central bank
collateral policy in a model where a bank borrows from the interbank market or the central bank.
Collateral has favorable incentive effects but is costly to transfer to lenders who value the
collateral less because of imperfect collateral quality. We show that a fall in the quantity or the
quality of the bank’s collateral can increase interest rates in the economy even with a constant
policy rate. A looser central bank collateral policy can reduce the spread, alleviate the credit
crunch and increase output.
Work in Progress
Competing Auctions of Differentiated Goods
Credit Supply and Collateral Policy: Evidence from Belgium (with Patrick Van Roy, NBB)
Teaching Experience
2009-...
Managerial Economics (TA) - MBA Program - Solvay Brussels School of Economics
and Management - Université Libre de Bruxelles
2014-...
Financial Markets I (TA), Sciences Po
Paris
2012
Graduate Microeconomics II (TA) - Université Libre de Bruxelles
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Awards and Grants
2010-14
Belgian National Science Foundation (FRS-FNRS) Fellowship
2012
Université Libre de Bruxelles Science Alumni Best Dissertation Prize
2010
Seed financing doctoral grant, ECARES
2008
Marie Christine Adam Prize to reward successful exchange students (SBS-EM)
Other
Winner Solvay business game (2009); Best large delegation Harvard World Model
United Nations (2011)
Summer Schools ans Short Courses
2010
“Auction theory and its applications to economics” by Paul Klemperer in Oxford
2010
CEMFI Summer School “The econometrics of auctions” by Robert Porter in Madrid
Conferences and Invited Presentations
2014
Lindau Nobel Laureate Meeting, Macro-Finance Workshop and Discussion Panel
with Edmund Phelps (Lindau); ECB-Bundesbank Workshop on Collateral and
Monetary Policy (Hamburg)
2013
ECB workshop on “Non standard monetary policy measures”; Mannheim Economic
Policy Seminar; Econometric Society European Winter Meeting (Helsinki)
2012
Christmas meeting of Belgian economists, KU Leuven
2011
European Central Bank workshop on “The post-crisis design of the operational
framework for the implementation of monetary policy”
Memberships
American Economic Association, American Finance Association, European
Economic Association
Opinion Pieces
“Defeating deflation” (“Défaire la déflation”), La Libre Belgique (Sep 13, 2014)
“How to save the euro?” (“(Comment) sauver l’euro?” with Daan
Struyven), La Libre Belgique (Dec 11, 2010) and Le Monde (online Dec
6, 2010)
“How to ensure the euro’s viability?” (“Comment assurer la viabilité de l’euro?”
with Daan Struyven), Le Soir (April 23, 2010), Le Monde (online, Dec 6 2010), De
Tijd (April 27, 2010) and La Libre Belgique (April 30, 2010)
Languages and Skills
Languages
French: native / English: fluent / Italian: intermediate / Dutch: intermediate
GRE
“Quantitative”: 800
Computer
Matlab, Stata, R, MS Office, Perl, LaTex, GnuPlot
Last update: October 2014
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