Chair or Research Initiative
Research initiative on monetary economics and finance
Partner since 2008
Partners since 2008, the Banque de France and TSE share the ambition of supporting and strengthening excellence in economic research and positioning themselves at the center of international economic debate and expertise. Renewed in 2020, this partnership fosters synergies between Banque de France teams and TSE researchers around scientific topics of excellence that address some of the most pressing economic challenges and future transformations.
Missions
- Generate new scientific knowledge to improve understanding of issues in monetary economics and finance, particularly in the areas of market microstructure, financial intermediation, risk management, and macroeconomic analysis.
- Disseminate research findings to industry stakeholders and policymakers through publications and scientific events.
Activities
- Production of research by TSE scholars on topics of interest to the Banque de France,
- Scientific supervision of research conducted by Banque de France teams, with the objective of publication in peer-reviewed academic journals,
- Regular organization of scientific seminars and workshops bringing together leading experts.
- Organization of scientific conferences open to stakeholders and decision-makers in the sector.
Priority research areas
- Monetary economics : Macroeconomic analysis of fluctuations and growth, monetary, fiscal and budgetary policies. Financial intermediation and crisis prevention.
- Financing the economy : corporate debt financing, profitability of financial institutions (low interest rate, digital transition, etc.).
- Financial stability : risk premia, credit risks, international policy coordination. Impact of public debt/public guarantee as a consequence of economic crises.
- Market finance and microstructure : organisation and functioning of market and post-market infrastructures, market transparency, price formation processes, volatility.
- Sustainable finance : responsible finance and long-term investment, financial technologies and digital markets, the economics of energy industries, the economics of natural resources and the environment.
High-level economic research is a decisive contribution to central banks' actions in ensuring monetary stability, financial stability, and the resilience of payment systems.
7
Conferences & workshops
organized since 2020
150
Seminars
organized since 2020
24
Prizes awarded
Research prizes
Since 2012, the Banque de France and TSE have recognized researchers from academia for their major contributions to advancing the understanding of monetary economics and finance. These awards foster scientific exchanges on topics of relevance to central banks.
Doctoral research grants
The Banque de France supports the next generation of researchers through a doctoral research grants program. These grants are awarded for varying durations to promising students working at TSE on topics related to the missions of a central bank.
Latest news
Two economists honored with the Banque de France – TSE Prizes
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Corporate Relations
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Partnership research
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Prize and Award
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Finance
About Banque de France
An independent institution, the Banque de France has three core missions: monetary strategy, financial stability, and services to the economy and society. It contributes to defining and implementing euro area monetary policy in France; supervises banks and insurance companies while ensuring sound risk management; and provides a wide range of services to businesses and individuals.
TSE conducts extensive research across a wide range of topics that have a significant impact on society and are of interest to the Banque de France.
Explore the latest publications from the Sustainable Finance Center, including articles published in peer-reviewed journals and working papers.
All publications
From Buzz to Bust: How Fake News Shapes the Business Cycle
Multiple Lenders, Strategic Default and the Role of Debt Covenants
The financial transmission of shocks in a simple hybrid macroeconomic agent based model
Quantifying Confidence
Ambiguity and the Historical Equity Premium
The Horizontally s-shaped laffer curve
Information Nudges and Self Control
Financial Intermediation, Capital Accumulation and Crisis Recovery
Does fiscal policy matter? Tax, transfer, and spend in a macro ABM with capital and credit
Funding Constraints and Market Illiquidity in the European Treasury Bond Market
In search of the transmission mechanism of fiscal policy in the Euro area
Dark pools and high-frequency trading: a useful evolution?
Events
Past
Business Talk with Xavier Debrun, Chief Economist and Director General at the Banque de France
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Conference
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Date 7 October 2026
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Place Amphi MI-V Isaac (Manufacture des Tabacs)
Détails
Past
Research Conference on Climate- and Nature-Related Risks in the Economic and Financial System
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Conference
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Date From 12 to 13 March 2026
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Place BDF, Paris
Détails
Past
4th BdF - TSE Workshop
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Workshop
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Date From 20 to 21 November 2025
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Place Auditorium 3 Jean-Jacques Laffont
Détails
Past
Workshop « Cicatrices de l'inflation de 2022-2023 »
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Workshop
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Date 9 September 2024
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Place BDF, Paris
Détails
Past
Banque de France-TSE Academic Workshop on Monetary Economics and Finance
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Workshop
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Date 18 June 2024
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Place Paris
Détails
Past
Digital Currency and the Financial System Conference
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Conference
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Date 4 June 2024
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Place Banque de France, Paris
Détails
Past
Impact of climate risk and biodiversity loss on financial stability and monetary policy Conference
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Conference
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Date From 22 to 23 May 2024
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Place Banque de France, Paris
Détails
Past
3rd BdF - TSE Workshop
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Workshop
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Date 6 December 2023
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Place Auditorium 3 Jean-Jacques Laffont
Détails
Past
2nd BdF - TSE Workshop
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Workshop
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Date From 20 to 21 April 2023
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Place Auditorium 3 Jean-Jacques Laffont
Détails
Past
1st BdF - TSE Workshop
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Workshop
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Date 29 September 2022
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Place Auditorium 3 Jean-Jacques Laffont
Détails
Past
2nd Sustainable Finance Center Conference
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Conference
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Date From 2 to 3 December 2021
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Place Online
Détails
Events
Financial stability workshop - "Strategic Interaction Among AI Agents: Evidence from Payment Systems"
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Seminar
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Banque de France - TSE Financial Stability Workshops
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Date 6 November 2026
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Place salle 4 espace conférences
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Speaker or organiser Janet Jiang (Banque du Canada)
Détails
Inflation Expectations and Wage Setting: The Role of Downward Nominal Wage Rigidity
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 3 November 2026
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Place Online and room E336
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Speaker or organiser Sarah Lein (University of Basel)
Détails
Past
Pre-Trends Ahead of Monetary Policy Surprises: Recovering the Response of Corporate Investment
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 13 October 2026
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Place Online and Room 4 conference space
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Speaker or organiser Antoine Hubert de Fraisse (London School of Economics)
Détails
Past
Business Talk with Xavier Debrun, Chief Economist and Director General at the Banque de France
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Seminar
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TSE Campus talk
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Date 7 October 2026
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Place Amphi MI-V Isaac (Manufacture des Tabacs)
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Speaker or organiser Xavier Debrun (Chief Economist and Director General from the Banque de France)
Détails
Past
The Role of Macroeconomic Uncertainty for Endogenous Attention to Central Bank Communication
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 6 October 2026
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Place Online and in Room F148
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Speaker or organiser Lena Dräger (Leibniz Universität Hannover)
Détails
Past
Innovate to Borrow: How Intangibles Shape Finance and Growth
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 29 September 2026
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Place Online and in Room 4 of the congress space
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Speaker or organiser Victoria Vanasco (CREI)
Détails
Past
The Financial (In)Stability Real Interest Rate, R**
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 22 September 2026
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Place Online and in Room 1 Driant
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Speaker or organiser Gianluca Benigno (University of Lausanne)
Détails
Past
Financial Stability Workshop - “Digital Ownership: The Tokenization of Real-World Assets”
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Seminar
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Banque de France - TSE Financial Stability Workshops
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Date 17 September 2026
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Place salle F148
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Speaker or organiser Gilles Chemla (Imperial College, London)
Détails
Past
Sovereign Bond Market Fragmentation and Monetary Policy in the Euro Area
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 10 September 2026
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Place Room 4 and online
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Speaker or organiser Emanuel Moench (Frankfurt School of Finance and Management)
Détails
Past
The Overdelivery Premium: When Monetary Policy Decisions Exceed Market Expectations
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 8 September 2026
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Place Room 4 and online
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Speaker or organiser Michael Ehrmann (Frankfurt School of Finance and Management)
Détails
Past
Spend What You Learn: Heterogeneous Agents, Sentiments, and Aggregate Demand
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 29 June 2026
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Place Online and in room 4
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Speaker or organiser Ludwig Straub
Détails
Past
Capital Flows in Risky Times: Risk-on Risk-off and Emerging Market Tail Risk
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Seminar
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Banque de France - TSE Macroeconomics Seminars
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Date 22 June 2026
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Place Online and in Room 4
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Speaker or organiser Karlye Stedman
Détails
Experts
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Prizes in Monetary Economics and Finance
Between 2012 and 2025, the Banque de France and TSE awarded the Prizes in Monetary Economics and Finance to recognize junior and senior researchers in academia who have developed fundamental concepts contributing to a better understanding of monetary economics, finance, and banking regulation.
Awarded every two years, these prizes have helped highlight and encourage research that promotes more effective action by central banks.
Starting in 2026, the prizes will be awarded annually to two early-career economists. They are also accompanied by a program of visits to the Banque de France and TSE, designed to strengthen interactions between academic research and central banks.
2026 laureates
- Veronica Gerrieri, The University of Chicago Booth School of Business
- Amit Seru, Stanford Graduate School of Business
Previous laureates
Year |
Seniors prizes |
Juniors prizes |
Communication |
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|---|---|---|---|---|
| 2024 |
London Business School |
University of California, Berkeley |
Stanford Graduate School of Business |
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| 2022 |
Massachusetts Institute of Technology |
University of California, Berkeley |
London School of Economics |
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| 2020 |
University of Edinburgh |
University of California University of California |
London School of Economics |
Video Prof.J.Moore Video S.Tenreyro |
| 2018 |
Columbia University |
Barcelona Graduate School of Economics |
Berkeley University |
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| 2016 |
MIT |
London School of Economics |
University of Chicago |
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| 2014 |
Princeton University |
London Business School |
MIT University |
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| 2013 |
Copenhagen Business School |
Harvard University |
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| 2012 |
MIT University |
Mannheim University4 |
Stern School of Business (NY) |
Program |
Doctoral scholarship program
The Banque de France supports the next generation of researchers through a doctoral scholarship program. Scholarships are awarded for varying periods to promising PhD students at TSE working on topics related to the central bank's missions. The program also provides opportunities for research visits within the Banque de France.
2022-2023 Scholarships (6 months)
- Philipp Wangner (supervised by Patrick Fève), dissertation: "Essays in Macroeconomics".
- Li Yu (supervised by Patrick Fève), thesis: "Essays on Macro-Finance and Uncertainty".
In this video, Philipp Wangner and Li Yu explain how the Banque de France scholarships supported their academic journey.
2023-2024 Scholarships (2 to 8 months)
- Basile Dubois (supervised by Alexander Guembel), thesis: "Essays in Macro Development".
- Jonas Gathen (supervised by Fabrice Collard and Stéphane Straub), thesis: "Essays in Macro Development".
- Oscar Fentanes (supervised by Fabrice Collard), dissertation focusing on development economics, macroeconomics, and urban economics.
2025-2026 Scholarships (1 year)
- Tanja Linta (supervised by Christian Hellwig), thesis: "Essays in Behavioral Economics"
Explore the reports summarizing the partnership’s activities. Reports are available in French only.
Contact
Fany Declerck
Scientific director
Eve Séjalon
Head of Research Partnerships and Centers
Pascale Maréchal
Research Partnerships Project Manager
Event
Financial stability workshop - "Strategic Interaction Among AI Agents: Evidence from Payment Systems"
-
Seminar
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Banque de France - TSE Financial Stability Workshops
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Date 6 November 2026
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Place salle 4 espace conférences
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Speaker or organiser Janet Jiang (Banque du Canada)
Détails