Monetary economics with the Bank of France

In 2012, the Banque de France and TSE launched a series of awards in the fields of monetary economics and finance. 

Since 2007, the Banque de France and TSE have worked together to support and strengthen excellence in economic research in France, and make key contributions to international economic debate and expertise. As part of their partnership, the Banque de France and TSE work together on issues such as monetary economics and finance – themes of scientific excellence for TSE. 

Laureates 2016 Copyright Banque de France

Every two years, a junior and senior prize are awarded to university researchers who develop fundamental concepts to help us understand monetary economics, finance and bank supervision. The awards highlight research that improves the way in which central banks operate.
The partnership also supports TSE's doctoral program by allowing PhD students to carry out scientific traineeships at the Banque de France under the joint responsibility of the TSE PhD supervisor and a researcher from the Banque de France.

Every two years, a senior prize and two junior prizes are awarded to researchers who develop fundamental concepts to help us understand monetary economics, finance and bank supervision.

The award highlight research that improve the way in which central banks operate.

Senior Prize 

Year Name University
2016 Olivier Blanchard MIT et Peterson Institute for International Economics
2014 Nobuhiro Kiyotaki Princeton university
2012 Bengt R. Holmström MIT university

Junior Prize

Année Nom Université
2016 Ricardo Reis  London School of Economics
2016 Amir Sufi University of Chicago
2014 Ralph Koijen London Business School
2014 Iván Werning MIT
2013 Lasse Heje Pedersen Copenhagen Business School
2013 Emmanuel Farhi Harvard University
2012 Klaus Adam Mannheim university
2012 Viral V. Acharya Stern School of Business (NY)


Vitae Laureates

2016 - Olivier Blanchard

Citizen of France, Olivier Blanchard has spent his professional life in the United States. After obtaining his Ph.D in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. In 2015, he joined the Peterson Institute for International economics as the first C. Fred Bergsten Senior Fellow. He is a macroeconomist, who has worked on a wide range of issues, from the role of monetary and fiscal policies, the nature of speculative bubbles, the nature of the labor market and the determinants of unemployment, transition in former communist countries, and to forces behind the recent global financial crisis. He is the author of many books and articles, including two textbooks on macroeconomics, one at the graduate level with Stanley Fischer and the other at the undergraduate level. He is a past editor of the Quarterly Journal of Economics and the NBER Macroeconomics Annual and founding editor of American Economic Journal: Macroeconomics. He is a fellow and past council member of the Econometric Society, president-elect of the American Economic Association, and a member of the American Academy of Sciences. 

2014 - Nobuhiro Kiyotaki

Nobuhiro Kiyotaki is Professor of Economics (Princetone University) and received his Ph.D. at Harvard. He received the Stephen A. Ross Prize in Financial Economics in 2012 , the Yrjo Jahnsson Award in 1999 and the EA-Nakahara Prize in 1997.
In 1997, with Professor John Moore, Professor Kiyotaki constructed a model to show how small shocks to the economy might be amplified into large output fluctuations through the interaction between real estate prices and restrictions on the availability of credit. This model has been particularly helpful for understanding the recent financial crisis and has inspired many recent influential papers.

2012 - Bengt R.Holmström

Bengt R. Holmström is one of the most prominent economic theorists in the world. He started his career with truly pioneering contributions to the theory of incentives, successively laying down the foundations for a) the classic moral hazard model, unveiling the sufficient statistics principle for managerial compensation, as well as the determination of circumstances under which optimal contracts are linear, b) moral hazard in teams, c) career concerns, and d) multi-tasking. He has also made important contributions to the theory of labour contracts (e.g. his work on wage dynamics). In 2016, together with Oliver Hart, he received the Central Bank of Sweden Nobel Memorial Prize in Economic Sciences.

2016 - Ricardo Reis

Ricardo Reis is the A.W. Phillips Professor of Economics at the London School of Economics. His main area of research is applied macroeconomics, a field where he opened the way to the analysis of “Inattentiveness” in macro-models. This concept results from the allocation of limited resources to the processing of complex information by economic agents. Ricardo Reis showed how such individual inattention, which affects agents’ expectations hence their optimal decisions, leads to “sticky information” rigidity and contributes to the transmission of aggregate fluctuations. He also emphasized the role of monetary policy in mitigating informational inefficiencies, advocating rules that react strongly to the output gap and stabilize the price level around a deterministic path. 

2016 - Amir Sufi

Amir Sufi is the Bruce Lindsay Professor of Economics and Public Policy at the University of Chicago’s Booth School of Business. He joined the faculty in 2005 after earning a PhD in economics from the Massachusetts Institute of Technology. His main area of research covers finance and macroeconomics. In particular, he focused on the role of household debt and the economy during the Great Recession. His book: House of Debt, (co-authored with Atif Mian) became a best seller. Sufi challenges the supply-sided “banking view” of the Great Recession (i.e. that a breakdown in the financial system led to the economic turndown). He stresses instead the demand for houses and the role of household leverage. Not only does the excessive build-up of household debt propagate bubbles in the financial system, but it also amplifies the downturns when households drastically cut their consumption in order to finance their debts. His research highlights the important role of household’s marginal propensity to consume in the transmission of monetary policy, which can be most effective when it targets those households spending will depend the most to credit. He is an advocate of policies which promote better risk-sharing for households in their debt contracts with banks such as financial products that reduce the wealth losses of high marginal propensity to consume individuals during economic downturns.

2014 - Ralph Koijen

Ralph Koijen is Professor of Finance at London Business School. Prior to that, he was Associate Professor of Finance at the University of Chicago, Booth School of Business. He received his Ph.D. at Tilburg University in 2008.

His research covers a very broad spectrum in finance: macro-finance and asset pricing, insurance and household finance, financial econometrics.
Recently, Professor Koijen has studied the impact of regulation on strategic decisions by insurance companies: he is able to show how companies engage in regulation avoidance (“shadow insurance”) and how accounting rules led during the crisis to the issuance of policies that were motivated by regulatory aribitrage.

2014 - Iván Werning

Iván Werning is Professor of Economics at MIT and holds a Ph.D. from the University of Chicago. Professor Werning is one of the main contributors of the New Public Finance literature.
Recently, Professor Werning has extensively studied the working of currency unions and the desirability of fiscal unions, the size of fiscal multipliers in liquidity traps and the role of labor mobility in currency unions. He has focussed on the role of macro-prudential policies. Ex ante macro-prudential policies can lower the build up in debt during credit booms. Lower debt mitigates, or potentially avoids altogether, the problem generated by the liquidity trap. Such a macro-prudential policy allows for individual borrowers to internalize the harm that their debt have in the ensuing crisis.

2013 - Lasse H.Pedersen 

Lasse Heje Pedersen is Professor of Finance at the Copenhagen Business School since September 2011, on leave from the NYU Stern School of Business. He is a research associate at CEPR and NBER, a principal at AQR Capital Management, and a Director of the American Finance Association. Lasse has also served on advisory boards of the Federal Reserve Bank of New York, NASDAQ and FTSE, and on the editorial boards of the Journal of Finance, Journal of Economic Theory, and Quarterly Journal of Economics.His research focuses on asset pricing and liquidity risk. It shows how the interaction of market and funding liquidity can create liquidity spirals and systemic financial crisis. Indeed, when everyone runs for the exit, prices drop-and-rebound, margins increase, and risk management tighten. His contribution is a breakthrough in our understanding of systemic risks on financial markets.

2013 -  Emmanuel Farhi

Emmanuel Farhi is a Professor of Economics at Harvard University and a 2006 MIT PhD. He is a research associate at the National Bureau of Economic Research, the Center for Economic Policy Research, as well as a fellow of the Toulouse School of Economics. He is also an associate editor of the American Economic Review. From 2010 to 2012, he was a member of the French Economic Analysis Council to the French Prime Minister. In 2010, he received a Sloan Research Fellowship. He was awarded the 2009 Bernacèr Prize for the best European economist under the age of 40 by the Observatory of the European Central Bank. His research focuses on macroeconomics, finance, international economics, and public finance. He showed how trends in FDI, exchange rates and interest rates can be generated by differentials in financial markets capabilities; he has also analyzed currency crashes and the role of capital controls. In a series of papers, he has established himself as a pioneer of dynamic aspects of taxation, including income taxation over the lifecycle and estate taxation. A recent line of research studies alternatives to currency devaluations in currency unions under wage or price rigidities; he shows that private insurance is inefficiently low even in a union with perfect financial markets and identifies circumstances in which a fiscal union is particularly beneficial. Other recent lines of investigation analyze unconventional policies at the zero lower bound and formalize the collective moral hazard  problem that can be created by authorities intervention in the case of financial crisis.

2012 -  Klaus Adam

Klaus Adam is one of the most prolific and accomplished young macroeconomic theorists based in Europe. His work spans an eclectic but wide set of topics within macroeconomic theory, such as non-Bayesian expectations, learning, monetary and fiscal policy. He has contributed to the crucial topic of modelling expectations, and has studied the role of expectational mechanisms in macroeconomic and financial dynamics. This research is important in recognizing the effects of expectation feedbacks as sources of price volatility and market instability. Klaus Adam has also extensively examined the effects of the zero lower bound on interest rates for monetary policy. This work has proven extremely useful for enhancing our understanding and organizing the discussion of monetary policy in recent years.

2012 -  Viral V.Acharya


Viral V. Acharya extensive contribution to the analysis of systemic risk in the financial sector distinguishes him as one of the most influent financial economists based outside Europe.

Viral Acharya has significantly contributed to both the theoretical and empirical analyses of the financial sector. He has studied the distorsions giving rise to systemic risk, and his work helps improve the design of regulations. His inquiry cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences.

Conferences organized since 2012

  • Conference Remise des Prix Senior et Junior en Economie Monétaire et Finance, Paris, FRANCE, November 14, 2017 -> PROGRAMME
  • Conference Remise des Prix Senior et Junior en Economie Monétaire et Finance, Paris, France, January 19, 2015 -> PROGRAMME
  • Conference Remise des Prix Senior et Junior en Economie Monétaire et Finance, Paris, France, March 16, 2012 -> PROGRAMME

Press release and photos


  • New Higlights of research on Finance and Macroeconomics topics. (Click on the image below to download the PDF.)

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