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
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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)
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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)
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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)
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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).
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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).
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