Publications of the Chair

From Price Stability to Climate Stabilization? The Political Economy of Green Central Banking

2023
Authors :
Jérôme Deyris

This PhD thesis focuses on a recent and rapidly spreading, but highly diverse phenomenon: the integration of climate and environemntal issues by central bankers. To do so, the author draws from different approaches in order to understand what drives (some) central banks to embrace this issue, why they do so and...

Unconventional monetary policy in an econometric SFC model of the French economy: Some lessons for financing the low-carbon transition

2023
Authors :
Jacques Mazier, Luis Reyes

Un modèle économétrique SFC de l'économie française est présenté pour étudier les effets des politiques monétaires non-conventionnelles et l'impact d'une version simple de la monnaie électronique banque centrale. Différentes formes de politiques monétaires non conventionnelles sont évaluées.

Dette publique et policy mix climatique : l’éclairage des modèles macroéconomiques stocks-flux cohérents

2023
Authors :
Jacques Mazier, Luis Reyes

This paper examines the contribution of SFC modelling to the definition of a green policy mix that would facilitate the implementation of a climate transition policy.

Technology Neutral vs. Technology Specific Procurement

2023
Authors :
Juan-Pablo Montero and Natalia Fabra

An imperfectly-informed regulator needs to procure multiple units of some good that can be produced with heterogeneous technologies at various costs. How should it optimally procure these units? We find that one size does not fit all: the preferred instrument depends on the costs of the available technologies, their degree of substitutability, the extent of information asymmetry,...

Conventional and unconventional economic policies in an econometric SFC model of the French economy

2024
Authors :
Jacques Mazier, Luis Reyes

The 2008 and Covid crises have led to increasing public debts and to the launching of unconventional economic policies. Thanks to a complete description of the balance sheets of the domestic and foreign agents, stock-flow consistent (SFC) modelling was well equipped to evaluate their economic consequences. 

Electric Moto Taxis Innovation in Low-Income Countries: A Rider’s Perspective in Kampala – 1er prix du Global case writing competition 2023 du William Davidson Institute

2023
Authors :
Akil Amiraly, Mansoureh Hasannia Kolaee, Peter Kasaija, Nathalie Prime

Akil Amiraly (i3-CRG) et Mansoureh Hasannia Kolaee (Laval University), et leur co-auteurs Peter Kasaija (Makerere University) et Nathalie Prime (ESCP) ont reçu le premier prix du Global case writing competition 2023 du William Davidson Institute (Michigan University) pour l’étude de cas « Electric Moto Taxis Innovation in Low-Income Countries: A Rider's Perspective in Kampala...

Green industrial policy, information asymmetry, and repayable advance

2023
Authors :
Guy Meunier, Jean‐Pierre Ponssard

Recent recovery plans, associated with the COVID‐19 pandemic and the energy transition, increased the funding available to finance innovative low‐carbon projects and called for an economic evaluation of their allocation. This paper analyzes the potential benefit of using repayable advance: a lump‐sum payment to finance the project that is paid back in case of...

What are the Drivers of Corporates’ climate transparency? Evidence from the S&P 1200 Index

2023
Authors :
Jeanne Amar, Samira Demaria et Sandra Rigot

Climate transparency through firms' disclosures is often considered a prerequisite for the redirection of investments toward low-carbon economy. In order to provide effective incentives to improve this transparency, it is therefore crucial to identify its drivers.

Mitigating greenhouse gas emissions from the cattle sector: land-use regulation as an alternative to emissions pricing

2023
Authors :
Maxence Gérard, Stéphane De Cara, Guy Meunier

The cattle sector, both emissions- and land-intensive, represents a great opportunity for mitigation through reforestation. In this paper, we study the efficiency of land-use regulation. Our analytical results indicate that the subsidy is the best alternative policy to emissions tax, provided that the elasticities of land use and emissions to cattle feeding are close. Interestingly,...

Do French firms follow a transparent or climate-friendly path?

2021
Authors :
Jeanne Amar, Samira Demaria, Sandra Rigot

Our analysis of the Climate Risks and Opportunities Index (CRORI) and the CDP climate score reveal a parallel improvement of these indices with different sectoral disparities over the 2015–2019 period. While our results are encouraging, they need to be put into perspective because these firms are still far from being carbon neutral.