Jean-Stéphane MÉSONNIER. Head of Financial Economics Research Division, Banque de France

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1 Jean-Stéphane MÉSONNIER Head of Financial Economics Research Division, Banque de France Personal details Address: Banque de France Directorate Monetary and Financial Studies RECFIN F Paris Cedex 01 jean-stephane.mesonnier@banque-france.fr Professional webpage: Personal webpage: Phone (office): (33) Fax: (33) Professional experience Since September 2015: Deputy Director, Banque de France, Directorate Microeconomic and Structural Studies : Head of Division, Banque de France, Directorate Monetary and Financial Studies, Financial Economics Research Division : Deputy Head of Division, Banque de France, Directorate Monetary and Financial Studies, Monetary Policy Division : Senior Economist, Banque de France, Directorate Economics and Research, Monetary Policy Division : Economist, Banque de France, Directorate Balance of Payments, Banking Sector and Reserve Assets Division : 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 : 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 Mésonnier, J.-S., Monks, A., Did the EBA Capital Exercise cause a credit crunch in the euro area? International Journal of Central Banking, June. Revised : 17 April /6

2 Idier, J., Lamé, G., Mésonnier, J.-S., 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 Jimborean, R., Mésonnier, J.-S., Banks financial conditions and the transmission of monetary policy: a FAVAR approach. International Journal of Central Banking, 6 (4), December, Frappa, S., Mésonnier, J.-S., The housing price boom of the late 90s: did inflation targeting matter? Journal of Financial Stability, 6(4), Mésonnier, J.-S., The forecasting power of real interest rate gaps: an assessment for the euro area. Applied Economics, 43 (2), First published on: 12 May 2009 (ifirst). Mésonnier, J.-S., Renne, J.-P., A time-varying "natural" rate of interest for the euro area. European Economic Review, 51 (7), October, Mésonnier, J.-S., 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.] Loisel, O., Mésonnier, J.-S., Unconventional monetary policy measures in response to the crisis. Banque de France Current issues, No. 1, April. Mésonnier, J.-S., 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, Lecat, R., Mésonnier, J.-S., Dynamique des prix des logements : quel rôle des facteurs financiers. Bulletin Mensuel de la Banque de France, 133, Janvier, (English version: What role do financial factors play in house price dynamics, Banque de France Bulletin Digest, No. 134, March.) Mésonnier, J.-S., 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, Mésonnier, J.-S., Le paradoxe de la crédibilité en question. [Questions about the «credibility paradox»]. Bulletin Mensuel de la Banque de France, 122, Février, Reprint in: Problèmes économiques, No (July 2004), la Documentation française, Paris. Mésonnier, J.-S., Monnaie électronique et politique monétaire. [Electronic money and monetary policy]. Bulletin Mensuel de la Banque de France, 91, Juillet, In French. Mésonnier, J.-S., Les centres financiers extra-territoriaux : caractérisation et enjeux du suivi statistique. [Financial offshore centers : some stylized facts and statistical challenges for monitoring]. Bulletin Mensuel de la Banque de France, 82, Octobre, Mésonnier, J.-S., Le financement du déficit courant américain : une mise en perspective [Financing the US current account deficit : ]. Conseil National du Crédit et du Titre, Rapport annuel 1999, 53-60, Paris. Mésonnier, J.-S., 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, Revised : 17 April /6

3 Research A. Working papers 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). Bank leverage shocks and the macroeconomy: a new look in a data rich-environment. Banque de France Working Paper No. 394, August 2012 (with Dalibor Stevanovic). Revised, September 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 The granularity of credit shocks in the euro area (with P. Andrade and D. Stevanovic). The dollar funding gap of French banks and the performance of French exporters during the euro area crisis (with A. Berthou and G. Horny). 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 Program Committees: - ACPR Conference on Financial institutions after the crisis: facing new challenges and new regulatory frameworks, Paris, 2 December Banque de France/Federal Reserve Bank of Cleveland Conference on Endogenous Financial Networks and Equilibrium Dynamics, Paris, 9-10 July ACPR/Banque de France/SoFiE Conference on Systemic Risk and Financial Regulation, Paris, 3-4 July Conference Co-organizer: - Eurosystem Research Workshop on Monetary analysis using bank balance sheet data, Paris, 15 May Banque de France International Workshop on Algorithmic and High Frequency Trading, Paris, 8 November Banque de France/Sciences Po/CEPR Conference on The Economics of Sovereign Debt and Default, Paris, December Scientific Committees: - IFABS Annual Conference, 2014 (Lisbon), 2013 (Nottingham) th International Panel Data Conference, Paris, 5-6 July Awards Committees: - Best Paper Awards of the IFABS Annual Conference, 2012, 2013 Revised : 17 April /6

4 - Best PhD Thesis Award of the French Economic Association / BDFFoundation for Research, Institutional Working Groups: - Banque de France representative, Task Force of the Eurosystem s Monetary Policy Committee (MPC) on Banking Analysis for Monetary analysis ( ). - Banque de France representative, Task Force of the Eurosystem s Monetary Policy Committee (MPC) on Monetary analysis using individual bank data ( ). - Banque de France representative, BIS-CGFS Task Force on Interactions between Sovereign Debt Management, Monetary Policy and Financial Stability (2011). Referee service International journals: Econometrica, Economics Bulletin, Empirical Economics, Journal of Banking and Finance, Journal of the European Economic Association, Journal of Financial Stability, Journal of Macroeconomics, Louvain Economic Review, Macroeconomic Dynamics, Oxford Economic Papers. French journals: Économie Internationale, Revue Économique, Revue d Économie Politique. Teaching Macroprudential analysis of financial institutions, ENSAE, 12 hours course, Master degree in Economics, Spring term, Macro- and microprudential regulation, University of Paris 13, 20 hours course, Master degree in Economics, Fall term, Monetary analysis and policy, University of Paris 9 Dauphine, 18 hours course, First year Master degree in Economics, Fall term, 2009, Monetary Theory and Policy, Application classes, University of Paris 1, First year Master degree in Economics, Spring term, 2008, Central Bank watching: Applied Monetary Policy Issues, invited one-day course, University of Bordeaux 4, First year Master degree in Economics, 2003, PhD Supervision 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 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 Emmanuel Carré. La science et l art du ciblage d inflation. University of Bordeaux IV Montesquieu, 6 November Conferences and seminars (presentations) [Presentations by co-authors not included.] 2015 (and forthcoming) Invited Seminar, ESSEC Business School - EEA (Manheim) - 2 nd 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 Revised : 17 April /6

5 Macroeconomics (Berlin) - Econometric Society NAWM 2015 (Boston) IBEFA Winter Meeting 2015 (Boston) 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) 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 5 th Annual Conference (Nottingham) Canadian Economics Association Annual Conference (Montreal) Second Conference of the Macroprudential Research Network, ECB (Francfort) - Bank of England/CCBS Policy forum on Macroprudential policies (London) - 18 th Panel Data Conference (Paris) - French Economic Association Annual Conference (Paris) -IFABS 4 th Annual Conference (Valencia) - ECB, Workshop of the MaRs Network (Francfort) - Bundesbank research seminar (Francfort) - Royal Economic Society Annual Conference (Cambridge)- 5 th International Risk Forum ILB/Paris Europlace (Paris) 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) 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) 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) 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) 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) 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). Revised : 17 April /6

6 Recent discussions Piffer, M. (2014): Monetary policy and defaults in the US. T2M Conference, Berlin, March Lamé (2012): The sovereign bond term premium of the Euro area. INSEE-CREST, Research seminar, October 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 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 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 Gete and Tiernan (2011): Capital requirements and lax lending standards. French Finance Association Annual Conference, Paris, 20 December 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, October Halvorsen& 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 Dietsch and Petey (2010): Sector risk concentration in SME credit portfolios, a multifactor approach. Granularity conference, Paris, 15 March 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: 7 th 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: 4 th 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 ) : Advanced Certificate in Econometrics and Time Series Analysis, ENSAE, Paris (200 hours courses from the curriculum of ENSAE s Master in econometrics) Revised : 17 April /6

7 Professional societies Member of the Econometric Society, the European Economic Association, the European Finance Association and IBEFA. Revised : 17 April /6