Vita - Jean-Stéphane Mésonnier - Pagesperso

Jean-Stéphane MÉSONNIER
Deputy Director of Microeconomic and Structural Studies, Banque de France
Personal details
Address:
Banque de France
Directorate Monetary and Financial Studies
41-1391 RECFIN
F-75049 Paris Cedex 01
Email: [email protected]
Professional webpage: http://www.banquefrance.fr/gb/publications/chercheurs/Mesonnier.htm
Personal webpage: http://pagesperso-orange.fr/jsmeson/
Phone (office): (33) 1 4292 9163
Fax: (33) 1 4292 629
Professional experience
Since September 2015: Deputy Director, Banque de France, Directorate Microeconomic and
Structural Studies.
2009 – 2015: Head of Division, Banque de France, Directorate Monetary and Financial Studies,
Financial Economics Research Division.
2005 – 2009: Deputy Head of Division, Banque de France, Directorate Monetary and Financial
Studies, Monetary Policy Division.
2001 – 2005: Senior Economist, Banque de France, Directorate Economics and Research,
Monetary Policy Division.
1998 – 2001: Economist, Banque de France, Directorate Balance of Payments, Banking Sector
and Reserve Assets Division.
1996 – 1997: Attaché for Scientific and Academic Co-operation, French Embassy in Zagreb
(Croatia).
Education
2007: PhD in Economics, University of Paris 13. Dissertation Title: “Four Essays on the Natural
Rate of Interest and Monetary Policy”
2001: Master Degree in History of Economic Thought, University of Paris 10.
1996: Diploma of Sciences Po Paris (MA in Public Administration).
1995: Economist-Engineer (MSc), École Centrale de Paris.
Research interests
Macro-financial linkages, credit and the business cycle, empirical banking, monetary policy.
Languages
English: professional, German: fluent, French: native.
Publications
A. Refereed journals
1. Mésonnier, J.-S., Stevanovic, D. The macroeconomic effects of shocks to large bank capital,
Oxford Bulletin of Economics and Statistics, forthcoming.
Revised : 5 January 2017.
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2. Mésonnier, J.-S., Monks, A., 2015. Did the EBA Capital Exercise cause a credit crunch in the
euro area ? International Journal of Central Banking, 11(3), June, 75-118.
3. Idier, J., Lamé, G., Mésonnier, J.-S., 2014. How useful is the Marginal Expected Shortfall for
the measurement of systemic exposure: a practical assessment. Journal of Banking and
Finance, vol. 47, issue C, pages 134-146.
4. Jimborean, R., Mésonnier, J.-S., 2010. Banks’ financial conditions and the transmission of
monetary policy: a FAVAR approach. International Journal of Central Banking, 6 (4),
December, 71-117.
5. Frappa, S., Mésonnier, J.-S., 2010. The housing price boom of the late ‘90s: did inflation
targeting matter? Journal of Financial Stability, 6(4), 243-254.
6. Mésonnier, J.-S., 2011. The forecasting power of real interest rate gaps: an assessment for the
euro area. Applied Economics, 43 (2), 153-172. First published on: 12 May 2009 (iFirst).
7. Mésonnier, J.-S., Renne, J.-P., 2007. A time-varying "natural" rate of interest for the euro area.
European Economic Review, 51 (7), October, 1768-1784.
8. Mésonnier, J.-S., 2007. Interest rate gaps and monetary policy in the work of Henry Thornton:
beyond a retrospective Wicksellian reading. European Journal of the History of Economic
Thought, 14(4), December.
B. Selected Banque de France publications
[In French unless otherwise stated.]
Mésonnier, J.-S., Mazet-Sonilhac, C., 2016. Le coût des capitaux propres des grandes entreprises
non-financières en zone euro : une évaluation. Bulletin de la Banque de France No. 207,
Septembre-Octobre 2016.
Andrade, A., Cahn, C., Fraisse, H., Mésonnier, J.-S., 2015. Did the Eurosystem’s LTROs of 2011
and 2012 help to avert a credit crunch in the euro area? Rue de la Banque No. 10,
September.
Mésonnier, J.-S., Monk, A., 2015. Heightened bank capital requirements and bank credit in a crisis:
the case of the 2011 EBA Capital Exercise in the euro area. Rue de la Banque No. 8, July.
Loisel, O., Mésonnier, J.-S., 2009. Unconventional monetary policy measures in response to the
crisis. Banque de France Current issues, No. 1, April.
Mésonnier, J.-S., 2005. L’orientation de la politique monétaire à l’aune du taux d’intérêt naturel :
une application à la zone euro. [Measuring the stance of monetary policy with estimates of
the natural rate of interest: an assessment for the euro area]. Bulletin Mensuel de la Banque
de France, Avril, 136, 41-58.
Lecat, R., Mésonnier, J.-S., 2005. Dynamique des prix des logements : quel rôle des facteurs
financiers. Bulletin Mensuel de la Banque de France, 133, Janvier, 29-48. (English version:
What role do financial factors play in house price dynamics, Banque de France Bulletin
Digest, No. 134, March.)
Mésonnier, J.-S., 2004. Crédit hypothécaire et soutien à la consommation : quelles leçons tirer du
modèle anglo-saxon ? [Mortgage equity withdrawal and consumption: lessons from the
Anglo-Saxon model]. Bulletin Mensuel de la Banque de France, 132, Décembre, 43-58.
Mésonnier, J.-S., 2004. Le paradoxe de la crédibilité en question. [Questions about the « credibility
paradox »]. Bulletin Mensuel de la Banque de France, 122, Février, 65-88. Reprint in:
Problèmes économiques, No. 2.856 (July 2004), la Documentation française, Paris.
Mésonnier, J.-S., 2001. Monnaie électronique et politique monétaire. [Electronic money and
monetary policy]. Bulletin Mensuel de la Banque de France, 91, Juillet, 51-64. In French.
Mésonnier, J.-S., 2000. Les centres financiers extra-territoriaux : caractérisation et enjeux du suivi
statistique. [Financial offshore centers: some stylized facts and challenges for statistical
monitoring]. Bulletin Mensuel de la Banque de France, 82, Octobre, 63-77.
Revised : 5 January 2017.
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Mésonnier, J.-S., 2000. Le financement du déficit courant américain : une mise en perspective
1982-1999. [Financing the US current account deficit : 1982-1999]. Conseil National du
Crédit et du Titre, Rapport annuel 1999, 53-60, Paris.
Mésonnier, J.-S., 1999. Le marché des émissions obligataires internationales en 1999 : place et
caractéristiques du compartiment de l’euro. [The primary market for international bonds in
1999 : an analysis of the euro denominated segment]. Bulletin Mensuel de la Banque de
France, 78, Juin, 87-101.
Research
A. Working papers
National natural rates of interest and the single monetary policy in the euro area (with S. Fries, S.
Mouabbi and J.-P. Renne). Banque de France Working Paper No. 611, December 2016.
Can the provision of long-term liquidity help to avoid a credit crunch? Evidence from the
Eurosystem’s 3-year LTROs, Banque de France Working Paper No. 540, March 2015 (with
Philippe Andrade, Christophe Cahn and Henri Fraisse), April 2016. Revise & Resubmit,
JEEA.
Fiscal sustainability, default risk and euro area sovereign bond spreads. Banque de France
Working Paper No. 350, November 2011 (with V. Borgy, T. Laubach and J.-P. Renne).
Does uncertainty make a time-varying natural rate of interest irrelevant for the conduct of monetary
policy? Banque de France Working Paper No. 175, October 2007 (with J.-P. Renne).
Règle de Taylor et politique monétaire dans la zone euro. Banque de France Working Paper No.
117, September 2004 (with J.-P. Renne).
B. Work in progress
Dollar funding and exports during the euro area crisis (with A. Berthou and G. Horny).
The granular effects of giant banking groups in the euro area (with D. Stevanovic).
The interest of being eligible: the 2012 extension of the Eurosystem’s collateral framework and
loan rates to firms (with C. O’Donnell and O. Toutain).
Professional service
Session Organizer, ASSA Annual Meetings:
-
Session on “Assessing Unconventional Monetary Policies in the United States, Europe and
Japan”, ES NAWM, Boston, 3-5 January 2015.
Conference Co-organizer:
-
Banque de France/Sciences Po Paris International Research Workshop on “The
Granularity of Macroeconomic Fluctuations: where do we stand?”, Paris, 24 June 2016.
-
Eurosystem Research Workshop on Monetary analysis using bank balance sheet data,
Paris, 15 May 2014.
-
Banque de France International Workshop on Algorithmic and High Frequency Trading,
Paris, 8 November 2013.
-
Banque de France/Sciences Po/CEPR Conference on The Economics of Sovereign Debt
and Default, Paris, 17-18 December 2012.
Program Committees:
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ACPR Conference on Financial institutions after the crisis: facing new challenges and new
regulatory frameworks, Paris, 2 December 2015.
-
Banque de France/Federal Reserve Bank of Cleveland Conference on Endogenous
Financial Networks and Equilibrium Dynamics, Paris, 9-10 July 2015.
-
ACPR/Banque de France/SoFiE Conference on Systemic Risk and Financial Regulation,
Paris, 3-4 July 2014.
Conference Scientific Committees:
-
IFABS Annual Conference, 2014 (Lisbon), 2013 (Nottingham).
-
18th International Panel Data Conference, Paris, 5-6 July 2012.
Awards Committees:
-
Best Paper Awards of the IFABS Annual Conference, 2012, 2013
-
Best PhD Thesis Award of the French Economic Association / BDF Foundation for
Research, 2016, 2010.
Institutional Working Groups:
-
Banque de France representative, Task Force of the Eurosystem’s Monetary Policy
Committee (MPC) on “Banking Analysis for Monetary analysis” (2015-2016).
-
Banque de France representative, Task Force of the Eurosystem’s Monetary Policy
Committee (MPC) on “Monetary analysis using individual bank data” (2013-2014).
-
Banque de France representative, BIS-CGFS Task Force on “Interactions between
Sovereign Debt Management, Monetary Policy and Financial Stability” (2011).
ASSA Job Market interviews:
-
Head of Banque de France’s interviewing committee on the 2014 Job Market (ASSA
meetings, Philadelphia).
-
Member of the Banque de France’s Job Market interview committees in 2013 (San Diego)
and 2015 (Boston).
Referee service
International journals: Econometrica, Economics Bulletin, Empirical Economics, European
Economic Review, Journal of Banking and Finance, Journal of the European Economic
Association, Journal of Financial Stability, Journal of International Money and Finance,
Journal of Macroeconomics, Louvain Economic Review, Macroeconomic Dynamics,
Oxford Economic Papers.
French journals: Économie Internationale, Revue Économique, Revue d’Économie Politique.
Teaching
“Empirical banking: methods and applications”, ENSAE-Paris Saclay, 12 hours course, Master
degree in Economics, Spring term, 2016, 2017.
“Macroprudential analysis of financial institutions”, ENSAE, 12 hours course, Master degree in
Economics, Spring term, 2011-2015.
“Macro- and microprudential regulation”, University of Paris 13, 20 hours course, Master degree in
Economics, Fall term, 2013.
“Monetary analysis and policy”, University of Paris 9 Dauphine, 18 hours course, First year Master
degree in Economics, Fall term, 2009, 2010.
“Monetary Theory and Policy”, Application classes, University of Paris 1, First year Master degree
in Economics, Spring term, 2008, 2009.
Revised : 5 January 2017.
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“Central Bank watching: Applied Monetary Policy Issues”, invited one-day course, University of
Bordeaux 4, First year Master degree in Economics, 2003, 2005-2008.
PhD Supervision
Charles O’Donnell, AMSE. Joint Supervision within a CIFRE contract with Banque de France.
Started in Fall 2015.
Dilyara Salakhova. Essays on Liquidity, Interconnections and the Interbank Market. University of
Paris West Nanterre. Joint Supervision within a CIFRE contract with Banque de France.
Completed in February 2015.
PhD Dissertation Committees
Guillaume L’œillet. Le rôle de la Banque Centrale Européenne dans la transmission asymétrique
des cours pétroliers sur l’activité. University of Rennes 1, 9 April 2010.
Emmanuel Carré. La science et l’art du ciblage d’inflation. University of Bordeaux IV –
Montesquieu, 6 November 2009.
Conferences and seminars (presentations)
[Presentations by co-authors not included.]
2017 and forthcoming
OFCE, research seminar.
2016
Banca d’Italia, research seminar - ECB, Seminar of the Monetary Policy Committee (Francfort) 3rd IAAE Annual Conference (Milano) – Belgian Financial Research Forum (Brussels).
2015
Invited Seminar, ESSEC Business School - EEA (Manheim) - 2nd IAAE Annual Conference
(Thessaloniki) – Barcelona GSE Summer Forum, Workshop on Financial Intermediation and Risk
(Barcelona) – Invited Seminar, University of Vienna - T2M Theories and Methods in
Macroeconomics (Berlin) - Econometric Society NAWM 2015 (Boston) – IBEFA Winter Meeting
2015 (Boston).
2014
Annual IJCB Research Conference on Policies for Macroeconomic and Financial Stability
(Philadelphia) - ECB Workshop on non-standard monetary policies (Francfort) - EEA-ESEM
Annual Meeting (Toulouse) – Eurosystem Research Workshop on Monetary analysis using bank
balance sheet data (Paris).
2013
Banca d’Italia Research Workshop on Monetary analysis using bank balance sheet data (Rome) –
ACPR Conference on Risk-taking in financial institutions, regulation and the real economy (Paris) EEA-ESEM Annual Meeting (Göteborg) – Money Macro and Finance Research Group Annual
Conference (London) - IFABS 5thAnnual Conference (Nottingham) – Canadian Economics
Association Annual Conference (Montreal).
2012
Second Conference of the Macroprudential Research Network, ECB (Francfort) - Bank of
England/CCBS Policy forum on Macroprudential policies (London) - 18th Panel Data Conference
(Paris) - French Economic Association Annual Conference (Paris) -IFABS 4thAnnual Conference
(Valencia) - ECB, Workshop of the MaRs Network (Francfort) - Bundesbank research seminar
(Francfort) - Royal Economic Society Annual Conference (Cambridge)- 5th International Risk
Forum ILB/Paris Europlace (Paris).
2011
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French Finance Association Annual Conference (Paris) – Banque de France/TSE Conference on
the Euro Area Sovereign Debt Crisis (Paris) - ECB Workshop on Sovereign Yield Spreads in the
Euro Area (Francfort) - EABCN/EUI Conference on Econometric Modelling of Macro-financial
linkages (Florence) - EEA-ESEM Annual Meeting (Oslo) - French Economic Association Annual
Conference (Paris) – Bundesbank/Banque de France Workshop on Current macroeconomic
challenges (Hamburg).
2010
IJCB Second Financial Stability Conference (Madrid) - Canadian Economics Association Annual
Conference (Quebec)- French Economic Association Annual Conference (Paris) - Basel
Committee Research Task Force (Paris) - ECB Seminar on Macro-financial risks (Francfort).
2009
EEA-ESEM Annual Meeting (Barcelona) - SUERF-Bank of Finland Conference “Housing markets:
shelter from the crisis or cause of the crisis?” (Helsinki) - Louvain Conference “New challenges for
central banking” (Namur) – French Economic Association Annual Conference (Paris) –Banque de
France Conference on “Housing markets and the macroeconomy” - GDRE EMF Annual
Conference (Orléans).
2008
French Economic Association Annual Conference (Paris) - GDRE EMF Annual Conference
(Luxemburg) - OFCE (Paris) - University of Saint-Etienne - University of Paris 13 (CEPN)
Workshop on “Central banks in the financial turmoil” - University of Nantes (LEN).
2007
Money Macro and Finance Research Group Annual Conference (Birmingham) - French Economic
Association Annual Conference (Paris) - Bank of England/CCBS, Research Forum “Modelling the
Financial Sector” (London) - University of Paris 1 (PHARE).
2006
Money Macro and Finance Research Group Annual Conference (York) - Conference
« Developments in Economic Theory and Policy » (Bilbao) - GDRE EMF Annual Conference (Lille)
- European Central Bank, Monetary Analysis Workshop(Frankfurt) - European Central Bank,
Expert Meeting on Housing Finance and Monetary Policy (Francfort).
Recent discussions
Andrea Nobili, Ugo Albertazzi, Federico M. Signoretti (2016): “The bank lending channel of
conventional and unconventional monetary policy: evidence from a panel of euro-area
banks”. Eurosystem Workshop on Banking Analysis for Monetary Policy, Österreichische
Nationalbank, Vienna, 26 January 2017.
Lamers, Mergaerts, Meuleman, Vander Vennet (2016): “The trade-off between monetary policy
and bank stability”. International Conference on "The transmission mechanism of new and
traditional instruments of monetary and macroprudential policy ", National Bank of
Belgium, Brussels, 13-14 October 2016.
Piffer, M. (2014): “Monetary policy and defaults in the US”. T2M Conference, Berlin, 26-27 March
2015.
Lamé G. (2012): “The sovereign bond term premium of the Euro area”. INSEE-CREST, Research
seminar, October 2012.
Kallestrup, Lando and Murgocci (2012): “Financial sector linkages and the dynamics of bank and
sovereign credit spreads”. Sovereign Debt and Default Conference, Sveriges Riksbank,
Stockholm, September 2012.
Bruder, Hereil and Roncalli (2011): “Managing Sovereign Credit Risk in Bond Portfolios”, and
Castelacci and Choi (2011): “Sovereign Credit Risk Contagion: a Dynamical System
Approach”. 5th International Risk Forum ILB/EIF, Paris, March 2012.
Revised : 5 January 2017.
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Gambacorta and Mistrulli (2012): “Bank heterogeneity and interest rate setting: what lessons have
we learned after Lehman?” Banque de France/OSEO Conference on Firms’ financing and
default risk during and after the crisis, Paris, 9-10 February 2012.
Gete and Tiernan (2011): “Capital requirements and lax lending standards”. French Finance
Association Annual Conference, Paris, 20 December 2011.
Assous (2011): “Origin and development of Fisher Debt deflation analysis”. International
Conference of the Centennial Anniversary of the “Purchasing Power of Money” by Irving
Fisher, University Lumière Lyon 2, 14 - 15 October 2011.
Halvorsen and Jacobsen (2009): “Are bank lending shocks important for economic fluctuations?”
and Avery, Brevoort and Samolyk (2011): “Housing cycles, household credit performance
and economic activity”. Basel Committee Research Task Force / Bank of Norway
Workshop on Credit shocks and the Macroeconomy, Oslo, 19 January 2011.
Dietsch and Petey (2010): “Sector risk concentration in SME credit portfolios, a multifactor
approach”. Granularity conference, Paris, 15 March 2010.
Professional training
May 2013: “Search-theoretic approaches to liquidity”, EABCN Training School in Lisbon, threedays course by Ricardo Lagos.
February 2010: “Large portfolio, concentration and granularity theory”, CREST Courses for
Researchers, Paris, 12 hours course by C. Gouriéroux and P. Gagliardini.
July 2008: Dynare Summer School, Paris. One-week courses by M. Juillard and W. Den Haan.
March 2008: 7th Euro Area Business Cycle Network Training School on “Quantitative Business
Cycle Analysis” in Madrid, one-week course by L. Christiano.
June 2005: 7th Barcelona Macroeconomics Summer School (CREI, Universitat Pompeu Fabra):
one-week courses by R. Marimon (“Credibility and Learning with Applications to Economic
Policy”) and F. Canova (“Bayesian methods for VAR and DSGE Models”).
June 2002: 4th Barcelona Macroeconomics Summer School (CREI, Universitat Pompeu Fabra):
one-week courses by J. Gali (“Monetary Policy Design in the Presence of Nominal
Rigidities”) and F. Canova (“Advanced methods for applied macroeconomics”).
1998-1999: Advanced Certificate in Econometrics and Time Series Analysis, ENSAE, Paris (200
hours courses from the curriculum of ENSAE’s Master in econometrics)
Professional societies
Member of the American Economic Association, the Econometric Society, the European Economic
Association.
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