Banque de France-TSE Partnership


Since 2007, the Banque de France and TSE have run a long-term scientific partnership based on exchanges, research and joint publications. The aim of the partnership is to support and complement the scientific expertise of the Banque de France, and develop joint research projects in the fields of microstructure, financial intermediation, risk, and macroeconomic analysis. The research projects are organised as a cycle of workshops, seminars and conferences that are open to the public and attract the finest specialists in the field. Researchers from TSE also provide scientific supervision for research projects at the Banque de France, in particular during visits to the Institution. The partnership draws on the skills of highly qualified research teams and enjoys an international reputation.

Research topics : 

Monetary economics:

  • Macroeconomic analysis of fluctuations and growth, and monetary, budgetary and fiscal policies
  • Financial intermediation and the prevention of crises. The research project deals with various topics related to monetary economics and aggregate liquidity, payment systems, and prudential regulation.


  • Market finance and microstructures. Researchers in this field look at market transparency and price formation processes, market and post-market industrial economics.
  • Risk and asset prices. The aim is to provide a consistent conceptual framework as well as detailed empirical studies on the formation of financial bubbles, risk aversion, and the assessment and sharing of extreme risk.