Homepage of Jean-Stéphane Mésonnier
Personal
details / Publications / Research / CV in pdf / Teaching / Birds
(Last update: 2 January 2011)
Personal
details
Current
position
Since August 2009: Head of division, Financial
Economics Research Division, Banque de France.
Previous position
2005 - 2009: Deputy Head of Division, Monetary Policy
Research Division, Banque de France.
Contact
details
Banque de France
Monetary and Financial Studies Directorate
Financial Economics Research Division
41-1391 RECFIN
75049 PARIS Cedex 01
Email : jean-stephane.mesonnier@banque-france.fr
Link to my professional webpage at the Bank of France.
Research
interests
Macrofinance, credit and the business cycle,
transmission of monetary policy, history of monetary thought.
Education
PhD in Economics, University of Paris 13 Nord, 2007
MSc History of Economic Thought, University of Paris 10, 2001
Diploma (MA in Public Administration), Sciences Po Paris, 1996
Engineer-Economist (MSc), Ecole Centrale de Paris, 1995
Publications [back to top]
Refereed
publications
"Banks' financial conditions
and the transmission of monetary policy: a FAVAR approach", 2010, with Ramona Jimborean, May. International
Journal of Central Banking, 6 (4), December, 71-117.
"The
housing price boom of the late '90s: did inflation targeting matter?" (2010), with Sébastien Frappa. Journal of
Financial Stability, 6(4), 243-254.
"The
Forecasting Power of Real Interest Rate Gaps: an Assessment for the Euro
Area" (2008). Applied
economics, 43 (2), 153-172. Online 12 May 2009. Revised working paper version: August 2007.
"A
Time-Varying Natural Rate of Interest for the Euro Area" (2007), with Jean-Paul Renne . European Economic
Review, 51 (7), October, 1768-1784. Not for publication technical appendix.
"Interest Rate Gaps and
Monetary Policy in the Work of Henry Thornton: beyond a Retrospective
Wicksellian Reading" (2006). The
European Journal of the History of Economic Thought, 14(4), December 2007.
Selected institutional publications [back to top]
"Les mesures non-conventionnelles de politique monétaire face à la crise", with O. Loisel, 2009, Banque de France Questions actuelles, No. 1, Avril. (English version here)
"L'orientation de la politique monétaire à l'aune du taux d'intérêt naturel: une application à la zone euro", 2005, Bulletin Mensuel de la Banque de France, N° 136, pp. 41-57, April.
"Dynamique des prix des logements : quel rôle des facteurs financiers" with R. Lecat, 2005, Bulletin Mensuel de la Banque de France, N° 133, pp. 29-48, January. (English version here)
"Crédit hypothécaire et soutien à la consommation : quelles leçons tirer du modèle anglo-saxon ?", 2004, Bulletin Mensuel de la Banque de France, N° 132, pp. 43-58, December.
"Le paradoxe de la crédibilité en question", 2004, Bulletin Mensuel de la Banque de France, N° 122, pp. 65-88, February.
"Estimation d’une fonction de demande de monnaie pour la zone euro : une synthèse des résultats" with co-autors, 2003, Bulletin Mensuel de la Banque de France, n° 111, pp. 47-71, March.
"Monnaie électronique et politique monétaire", 2001, Bulletin Mensuel de la Banque de France, n° 91, pp. 51-64, July.
"Les centres financiers extra-territoriaux : caractérisation et enjeux du suivi statistique", 2000, Bulletin Mensuel de la Banque de France, n° 82, pp. 63-77, October.
"Le financement du déficit courant américain : une mise en perspective 1982-1999", 2000, Conseil National du Crédit et du Titre (CNCT), Annual Report 1999, pp. 53-60, Paris.
Research
Recent working papers and work in progress [back to top]
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.
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
Assessing the macroeconomic consequences of shocks to large banks' leverage in
a data-rich environment, with D. Stevanovic.
The 2007-2008 liquidity crisis and credit supply, with H. Fraisse and P. Sevestre
Do market based inflation expectations matter for
interest rate decisions? with J. Coffinet.
Unpublished
Working papers (older stuff) [back to top]
"Bank loan portfolio, bank heterogeneity
and the bank lending channel: new macro evidence for France", 2008, October.
"Does uncertainty make a
time-varying natural rate irrelevant for the conduct of monetary policy", with Jean-Paul Renne, 2007, Banque de France Working
Paper No. 175, October.
"Capitalisation bancaire et transmission de la politique monétaire : une revue", mimeo, July 2005.
"Règle
de Taylor et politique monétaire dans la zone euro", with Jean-Paul
Renne, Banque de France Working Paper N° 117, 2004.
Teaching [back to top]
Macroprudential analysis of
financial institutions, ENSAE, 12 hours course, Master degree in Economics,
Spring term 2011. In association with Jean-Paul Renne.
Course on Monetary Analysis and Policy. 2009-2010.
Fall term. University of Paris IX Dauphine. Master degree, first year. Link
to dedicated page
Invited professor. University of Bordeaux IV
Montesquieu. Master degree, first year. Slides (2008) : "Central bank watching: questions de
politique monétaire appliquée".
Lecturer: "Monetary policy and financial
intermediation". 2008-2009. Spring term. University of Paris 1. Master
degree, first year. Link
to dedicated page
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