Macro-economical and societal challenges


The ecological transition raises multiple questions studied in axis 1: which technology or industrial organization to foster, which sectoral policies to design and implement… It also challenges the integration and coherence of all these sectoral policies, and questions the interaction between purely economic considerations and more ethical or political considerations.

This axis aims to investigate these cross-sectoral topics, to study the energy transition not in an analytical way, by taking care of the components one by one, but in a systemic way, by considering the system of relationships between these components.

The objectives of this axis are:

  • to study the possibility and feasibility of the energy transition from a macroeconomic point of view, considering the specificities of the policy instruments or tools available at this level,
  • explore the range of energy transition policies, beyond the sectoral economic policies (taxes, quotas, subsidies), for example monetary, financial and macro-prudential policies, in relation to axis 3,
  • to reflect on the justice of the energy transition, which implies developing theoretical criteria of justice, integrating the demands for social justice expressed in public discourses, and designing indicators to measure them,
  • to identify dimensions affected by or affecting the energy transition through the economic system (demographic dynamics, financial instability) in order to highlight neglected difficulties or opportunities,
  • more generally, to produce empirical or theoretical analyses that shed light on the systemic aspects of the energy transition, that participate in debates on the justification and legitimacy of the modalities of the energy transition, and that contribute to informing decision-makers and citizens.

Research Topics

The research program is for the moment more oriented toward macro-economic modelling but it will progressively broaden during the second stage of the Chair.

The axis currently evolves around three core topics

  1. Theoretical challenges of Stock-Flow Consistent (SFC) modelling of the energy transition
  2. Developping methods for the SFC modelling and applying them
  3. Ecological transition and climate change

Research team

Coordination: Antonin Pottier (EHESS)

Researchers : Adrien Nguyen-Huu (Université Montpellier), Gaël Giraud (CNRS), Jacques Mazier (Université Paris 13), Florent Mc Isaac (AFD), Michel Lepetit (associate expert)

Doctoral students : Daniel Bastidas (Université Panthéon-Sorbonne), Emmanuel Bovari (Université Panthéon-Sorbonne), Edouard Dossetto (Université Panthéon-Sorbonne), Hadrien Lantremange (Université Panthéon-Sorbonne).


Paper published in Economic Theory (Vol. 62, June 2016). This paper examines quantity-targeting monetary policy in a twoperiod economy with fiat money, durable goods and default.