Macroeconomic and Monetary Economics

IRES Researchers in Macroeconomic and Monetary Economics

Faculty Members

	Vincent Bodart Email: vincent.bodart@uclouvain.be Website:
	Fabio Mariani E-mail: fabio.mariani@uclouvain.be Website:
	Rigas Oikonomou E-Mail: rigas.oikonomou@uclouvain.be website:
	Luca Pensieroso E- mail luca.pensieroso@uclouvain.be

IRES Research Projects in Macroeconomics and Monetary Economics

Sponsor	Project Title	IRES Promoters	IRES Researcher	Beginning	End
National Bank of Belgium	Lack of coordination and debt management in a liquidity trap	Rigas Oikonomou		2019	2021

Project Description:

Standard macroeconomic models of optimal debt management (DM) assume that interest rates do not hit the zero-lower bound. Yet since 2009 and until 2015, the US has been in a liquidity trap (LT) with interest rates stuck at zero. We argue that the standard insights of the DM literature, that governments should issue long term and nominal debt, do not apply in LTs. We construct macroeconomic models of DM under a variety of institutional setups (experimenting with both coordinated and uncoordinated monetary and fiscal policies) to investigate the optimal structure of debt in a LT. When coordination is lacking between fiscal and monetary authorities, pursuing their respective objectives may lead to conflicting DM strategies with implications for macroeconomic volatility and welfare. Hence, we look at Markov perfect equilibria where the two authorities choose optimal policies and also intervene in the secondary market to buy debt from private agents. In this sense, our framework is suitable to talk about the Federal Reserve鈥檚 QE program and also about the debt issuance policies of the Treasury in the Great recession.

Sponsor	Project Title	IRES promoters	IRES Researcher	Beginning	End
National Bank of Belgium	Essays in quantitative macroeconomics	Rigas Oikonomou

Project Description:

This project is on quantitative macroeconomics, in particular on models of heterogeneous agents and on optimal fiscal policy models. A first paper analyzes the importance of the secondary market for durables, for the risk sharing opportunities in an incomplete financial market. A second paper is a DSGE model with optimal tax and debt policies applied to the US data.

IRES Publications in Macroeconomic and Monetary Economics

You will find below our recent publications in macroeconomic and monetary economics.

Journal Articles

1. Bertrand, Aur茅lie; Bodart, Vincent; Clarr, Margaux; De Bundel, Florian; Guillet, Alain; Lachapelle, Nathan; Notte, Vincent; Van Keirsbilck, Le茂la. Perspectives 茅conomiques 2024. In: Regards 茅conomiques, , no.182, p. 1-11 (2024). doi:10.14428/regardseco/2024.01.11.01.

2. Bertrand, Aur茅lie; Bodart, Vincent; Clarr, Margaux; De Bundel, Florian; de Pierpont de Burnot, Charles; Guillet, Alain; Lachapelle, Nathan; Notte, Vincent; Van Keirsbilck, Leila. Perspectives 茅conomiques 2024-2025. In: Regards 茅conomiques, , no.185, p. 1-8 (2024). doi:10.14428/regardseco/2024.07.04.01.

3. Bertrand, Aur茅lie; Bodart, Vincent; De Bundel, Florian; Guillet, Alain; Lachapelle, Nathan; Pourtois, Mathilde; Sauvenier, Mathieu; Van Keirsbilck, Le茂la. Perspectives 茅conomiques 2023-2024. In: Regards 茅conomiques, , no.180, p. 1-12 (2023). doi:10.14428/regardseco/2023.07.06.01.

4. Bodart, Vincent; Carpantier, Jean-Fran莽ois. Currency crises in emerging countries: The commodity factor. In: Journal of Commodity Markets, Vol. 30, p. 100287 (2023). doi:10.1016/j.jcomm.2022.100287.

5. Pensieroso, Luca; Restout, Romain. The Gold Standard and the international dimension of the Great Depression. In: Macroeconomic Dynamics, , p. 1-25 (2023). doi:10.1017/S1365100523000494 (Accept茅/Sous presse).

6. Equiza-Go帽i, Juan; Faraglia, Elisa; Oikonomou, Rigas. Union debt management. In: Journal of International Money and Finance : theoretical and empirical research in international economics and finance, Vol. 130, p. 102747 (2023). doi:10.1016/j.jimonfin.2022.102747.

7. Baurin, Arno; Bodart, Vincent; Courtoy, Fran莽ois; Lachapelle, Nathan; Pourtois, Mathilde; Sauvenier, Mathieu; Van Keirsbilck, Leila. Perspectives 茅conomiques 2023. In: Regards 茅conomiques, , no.176, p. 1-11 (2023). doi:10.14428/regardseco/2023.01.12.01.

8. Blanas, Sotiris; Oikonomou, Rigas. COVID-induced economic uncertainty, tasks and occupational demand. In: Labour Economics, Vol. 81, p. 102335 (2023). doi:10.1016/j.labeco.2023.102335.

9. Baurin, Arno; Bodart, Vincent; Courtoy, Fran莽ois; Dallemagne, Guillaume; Lachapelle, Nathan; Ounnas, Alexandre; Pourtois, Mathilde; Sauvenier, Mathieu. Perspectives 茅conomiques 2022. In: Regards 茅conomiques, , no.167, p. 1-12 (2022). doi:10.14428/regardseco/2022.01.14.01.

10. Giordani, Paolo E.; Mariani, Fabio. Unintended consequences: Can the rise of the educated class explain the revival of protectionism?. In: Journal of Economic Theory, Vol. 200, p. 105385 (2022). doi:10.1016/j.jet.2021.105385.

11. Attanasi, Gautier; Baurin, Arno; Bodart, Vincent; Courtoy, Fran莽ois; Dallemagne, Guillaume; Lachapelle, Nathan; Ounnas, Alexandre; Pourtois, Mathilde; Sauvenier, Mathieu. Perspectives 茅conomiques 2021. In: Regards 茅conomiques, , no.159, p. 1-12 (2021). doi:10.14428/regardseco/2021.01.15.01.

12. Bodart, Vincent; Ounnas, Alexandre. Pr茅vision 茅conomique "en temps r茅el". In: Regards 茅conomiques, , no.164, p. 1-11 (2021). doi:10.14428/regardseco/2021.04.29.01.

Book Chapters

1. Clerc, Pierrick; De Vroey, Michel. Robert Lucas. In: The Palgrave Companion to Chicago Economics and Economists , Palgrave-MacMillan, 2023, 841-869. 978-3-031-01777-3. xxx xxx. doi:10.1007/978-3-031-01775-9_33.

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