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Laurent Clerc
 Banque de France, 41-1403 DEMFI, 75049 PARIS Cedex 01 - FRANCE
 laurent.clerc2@banque-france.fr
 +33 (0)1 42 92 31 00
 +33 (0)1 42 92 48 18
Diploma: MSc. Econ., London School of Economics (1999) - MPhil. Econ., Delta (1989) - Agrégation de Sciences Sociales (1989) - ENS Cachan (1985-1989)
Current Position: Director Monetary and Financial Studies
Previous Positions: Deputy Director Financial Stability (2008) - Head (2004 - 2008) of the Monetary Policy Research Division - Deputy Head (2000-2004) - Consultant at the OECD (2003) and the European Central Bank (2002) - Economist at the Bank of England (1999-2000), the Banque de France (1993-1999) and the Ministry of Finance (1990-1993) -
Deputy Director Financial Stability (2008) |
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Research Interests: Monetary Policy - Financial Stability - Macroeconomics
Working Papers" Asset-price boom-bust cycles and credit: what is the scope of macro-prudential regulation? " (2009), with Vladimir Borgy, and Jean-Paul Renne, Banque de France, Working paper n° 263
" A Two-Pillar DSGE Model for the Euro Area " (2008), with J. Barthelemy and M. Marx. (2008) Banque de France, Working paper n° 219
"Understanding Asset Prices: Determinants and Policy Implications " (2007), Banque de France, Working paper n° 168
" Is There a Break in Equilibrium Velocity in the Euro Area? " (2007), with Christian Bordes and Velayoudom Marimoutou, Banque de France, Working paper n° 165
Recent articles
Le principe de séparation et l'art du central banking de la BCE " (2009), with Christian Bordes, à paraître dans la Revue d'Économie Politique.
" Unconventional monetary policy measures " (2009), Focus, n° 4, Banque de France, 23 Avril 
" Les événements extrêmes : nouveaux défis entre sciences et choix collectifs " (2008), with Christian Gollier, Risques, n°76, décembre
" Valuation and fundamentals " (2008), Financial Stability Review, n° 12, pp. 23-37, Octobre
" Liquidity in a time of financial turbulences " (2008), Financial Stability Review, n° 11, pp. I-VI, février
A propos des turbulences financières " (2008), Débats économiques, n°4, Banque de France, février
" Price Stability and the ECB's Monetary Policy Strategy » (2007), with Christian Bordes, Journal of Economic Surveys, vol. 21, Issue 2, pp. 268-326, Avril
"Monetary Policy in a Changing Environment: a Case for the Signalling Function of Central Banks' Operating Framework" (2007), avec Maud Thuaudet, dans Open Market Operations and Financial Markets, D.G. Mayes etd J. Toporowski (Ed.), Routledge, Londres et New York, pp. 86-116
« Credit risk management and financial stability » (2004), Financial Stability Review, n° 5, pp. 115-120, Novembre
« La BCE, 5 ans de politique monétaire unique » (2004), avec Christian Bordes, Les Cahiers Français, n° 319, Mars-Avril, pp. 29-36
"The influence of structural changes on market functioning and it's implications for monetary policy: a focus on the euro area" (2002), avec Françoise Drumetz et François Haas, BIS papers N°12, Market Functioning and Central Bank Policy, août
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