Jean-Stéphane MÉSONNIER

Head of Financial Economics Research Division, Banque de France

Personal details Address: Email : [email protected] Banque de France Professional webpage: http://www.banque- Directorate Monetary and Financial Studies france.fr/gb/publications/chercheurs/Mesonnier.htm 41-1391 RECFIN Personal webpage: http://pagesperso-orange.fr/jsmeson/ F-75049 Paris Cedex 01 Phone (office): (33) 1 4292 9163 Fax: (33) 1 4292 629

Professional experience Since August 2009: 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: MSc, History of Economic Thought, University of Paris 10. 1996: Diploma of Sciences Po Paris (MA in Public Administration). 1995: Economist-Engineer (MSc), Ecole Centrale de Paris.

Fields of research interest Macro-financial linkages, credit and the business cycle, transmission of monetary policy.

Languages English: professional, German: fluent, French: native.

Publications

A. Refereed journals 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. 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. 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). 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.

Revised : April 2014. 1/6 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.] 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 statistical challenges for monitoring ]. Bulletin Mensuel de la Banque de France, 82, Octobre, 63-77. 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 Did the EBA capital exercise cause a credit crunch in the euro area? Banque de France mimeo, February 2014, with Allen Monks. 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. Submitted. 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. Submitted. How useful is the Marginal Expected Shortfall for the measurement of systemic exposure: a practical assessment. Banque de France Working Paper No. 348, October 2011, with J. Idier and G. Lamé. Revised and resubmitted to Journal of Banking and Finance, 3rd round . 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 N° 117, September 2004, with J.-P. Renne.

Revised : April 2014. 2/6

B. Work in progress

The Eurosystem’s LTROs and credit supply: evidence from French bank-firm data (with Philippe Andrade, Christophe Cahn and Henri Fraisse).

Credit shocks in the euro area during the crisis: bank-specific vs aggregate (with Dalibor Stevanovic)

Redenomination risk in the euro area (with Nicola Borri, Gildas Lamé and Stefan Straetmans).

Conferences and seminars (presentations) [Presentations by co-authors not included.] 2013 Banca d’Italia 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 5th Annual 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) - 18 th Panel Data Conference (Paris) - French Economic Association Annual Conference (Paris) - IFABS 4th Annual 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 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).

Revised : April 2014. 3/6 Recent discussions 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”. 5 th International Risk Forum ILB/EIF, Paris, March 2012.

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 & Jacobsen (2009): “Are bank lending shocks important for economic fluctuations?” and Avery, Brevoort & 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, three-days 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: 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)

Teaching activities “Macroprudential policy”, University of Paris 13, 20 hours course, Master degree in Economics, Fall term 2013.

“Macroprudential analysis of financial institutions”, ENSAE, 12 hours course, Master degree in Economics, Spring term 2011, 2012, 2013. In association with Jean-Paul Renne. “Monetary analysis and policy”, University of Paris 9 Dauphine, 18 hours course, First year Master degree in Economics, Fall term 2009, Fall term 2010. “Monetary Theory and Policy”, Application classes, University of Paris 1, First year Master degree in Economics, Spring term 2008-2009.

Revised : April 2014. 4/6 “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 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.

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. French journals: Economie Internationale, Revue Economique, Revue d’Economie Politique.

Organization of conferences Program Co-Chair of the ACPR/BDF/SoFiE Conference on Systemic Risk and Financial Regulation (Banque de France, Paris 3-4 July 2014). Program Committee Member of the IFABS 2014 Annual Conference (Lisbon, 18-20 June 2014). Organization Committee Member of the Banque de France International Workshop on “Algorithmic and High Frequency Trading” (Banque de France, Paris 8 November, 2013). Program Committee Member and Awards Committee Member of the IFABS 2013 Annual Conference (Nottingham, 26-28 June 2013). Organization Committee Member of the joint Banque de France / Sciences Po / CEPR Conference on “The Economics of Sovereign Debt and Default” (Banque de France, Paris 17-18 December 2012). Committee Member of the IFABS 2012 Awards (4th IFABS Conference, Valencia, 18-20 June 2012). Program Committee Member of the 18 th International Panel Data Conference (Paris, July 5-6 2012). Committee Member of the 2010 Prize awarded jointly by the French Economic Association and the Banque de France Research Foundation to the best PhD Dissertation on Money, Banking and Finance.

Other professional service Banque de France representative in the Task Force of the Eurosystem’s Monetary Policy Committee on “Monetary analysis using individual bank data” (2013-2014). Member of the CGFS Task Force on Interactions between Sovereign Debt Management, Monetary Policy and Financial Stability (Report presented to the CGFS, a permanent committee to the BIS, in March 2011).

Professional societies Member of the American Economic Association (AEA), European Economic Association (EEA), Canadian Economic Association (CEA) and the French Economic Association (AFSE).

Revised : April 2014. 5/6