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September 8, 2017



Seminars and Conferences  

Why should you read Econ News?

Econ News is a monthly publication that seeks to inform first and foremost Sciences Po faculty members, researchers and students. But it also reaches out to a wider community - Sciences Po's Department of Economics' partners, esteemed visiting faculty and friends.

Alongside the Department's website it is a complementary means of keeping abreast of the Department's rich and diversified scientific activities - visiting faculty, exceptional conferences, publications, awards, appointments, calls for papers and research, ...


Banque de France  / SciencesPo RESEARCH SEMINAR

Wednesday, September 13


Banque de France/Sciences Po Research Seminar - September 13th

For its second session of the academic year 2017-18, the Banque de France/Sciences Po Research Seminar "Banks and the Financial System: what regulation?" is very pleased to announce that it will host Hyun Song SHIN (Economic Adviser and Head of Research, Bank for International Settlements) on the theme:

The dollar, bank leverage and the deviation from covered interest parity

Banque de France / Sciences Po Research Seminars discuss issues on banking, financial systems and financial regulation. The objective is to confront the approaches and ideas of academics and practitioners.

When? WEDNESDAY, September 13th - 5 to 7 PM

Where? 28, rue des Saints Pères, Paris 75007 - Amphi CAQUOT

If you would like to attend, please contact Sandrine LE GOFF by email.

Seminars are organized by Vivien Levy-Garboua (BNP Paribas), Denis Beau (Sous-Gouverneur, Banque de France), Guillaume Plantin (Professor of Sciences Po).

NB The next Banque de France / SciencesPo Seminars will take place:
- October 12th, John COCHRANE (Senior Fellow at the Hoover Institution at Stanford)

All about the Department's seminars...

>> Link to seminar schedule

The Department Seminar

The Departmental Seminars are Research seminars with a focus on the field of the (international) guest speakers. Meetings with the seminar speakers are an important component of the Department Seminar. PhD students, in particular in their third or fourth year, must use this opportunity to talk about their work. Monday, 14:45 - 16:15.

Contacts: the Department Seminar cycle is organised by Etienne WASMER and Florian OSWALD.

The Paris Trade Seminar

Paris Trade Seminars present recent works by French and foreign scholars about International trade and its frontiers with other fields. The seminar has become a major meeting point for trade economists in Paris. It is the fruit of an institutional collaboration - PSE, Université de Paris I, SciencesPo, and INRA. Time has been built in for informal discussions between participants and the speaker at the end of the seminar. Tuesday, 14:30 - 16:00, bi-monthly.

NB The Paris Trade Seminar takes place at SciencesPo during the Fall and at the PSE during the Spring.

Contact: the Paris Trade Seminar is organized by Thierry MAYER (SciencesPo), Lionel FONTAGNÉ, Anne-Célia DISDIER and Thierry VERDIER (PSE).

>> Link to Paris Trade Seminar page

SciencesPo/ Banque de France Research Seminar "Banks and the Financial System : what regulation ?"

Financial regulation seminars (Banque de France/SciencesPo) discuss issues on banking, financial systems and financial regulation. The objective is to confront academics and practitioners approaches and idaes. Tuesday, 17:00 - 19:00, once a month.

Contact: the SciencesPo / Banque de France Research Seminar is organised by Guillaume PLANTIN and Vivien LEVY-GARBOUA for SciencesPo and Denis BEAU, Sous-directeur Banque de France.

The PEPES Seminar

Paris Empirical Political Economy Seminar is a forum for cutting edge research in applied political economy, providing top international scholars in the field with the opportunity to present their work. The seminar also aims to provide a common platform in which researchers working in this field in the Paris area may come together. The PEPES Seminar is co-organised by SciencesPo and the PSE. Thursday, 12:30 - 14:00.

NB The PEPES Seminars take place at SciencesPo during the Fall and at the PSE in the Spring.

Contact: the PEPES Seminar is organised by Quoc-Anh DO and Ruben DURANTE for SciencesPo, and by Katia ZHURAVSKAYA and Oliver VANDEN EYDE for the PSE.

>> Link to PEPES page

The Friday Seminar

Friday Seminars are dedicated to presentations by doctoral students from SciencesPo and also for research in progress by academics at SciencesPo. Second and third year PhD students are strongly advised to present here their first or second thesis chapter. Friday, 12:30 - 14:30

Contact: the Friday Seminars are organised by Julia CAGÉ and Stéphane GUIBAUD.

Latest news  



Congratulations to Ghazala AZMAT who has joined SciencesPo's Department of Economics


After visiting a year with us, Ghazala AZMAT has joined the Department

Ghazala AZMAT, Professor of Economics, comes to the Department from Queen Mary University of London where she has taught since 2011.

She is currently a Research Fellow at IZA, Research Affiliate at CEPR, Research Associate at the Centre for Economic Performance (LSE), and Research Fellow at CESifo (Munich).

Since 2015, Professor Azmat is also Specialist Advisor to the British House of Commons, « Women and Equalities Committee », for their inquiry on the Gender Pay Gap.


- Labour Economics
- Industrial Organizations
- Public Economics

Professor Azmat acquired her PhD from the London School of Economics in 2006. Prior to Queen Mary University, she taught at the Universitat Pompeu Fabra (2006-2013). She has also held a number of visiting professorships - at Stanford University, at the Institute of Fiscal Studies (London) and at the LSE (Centre for Economic Performance, Managerial Economics and Strategy Group).

Professor Azmat is visiting the Department for the entire semester.

Learn more about Ghazala AZMAT and her research (link)

Office Location: Department of Economics, 28 rue des Saints Pères - Office J 401 bis
Email: ghazala.azmat@sciencespo.fr

Visiting with us this year ...



Roland BENABOU is the Theodore A. Wells '29 Professor of Economics and Public Affairs at Princeton University. He is a member of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Research Associate of NBER, CEPR Research Fellow, Senior Fellow of the Canadian Institute for Advanced Research, Research Fellow of the Institute for the Study of Labor, Senior Fellow of the Bureau for Research and Economic Analysis of Development, and a member of the Behavioral Economics Roundtable. He has been a member of the Institute for Advanced Study and a Guggenheim Fellow.

He is currently a coeditor of the American Economic Review and serves or has served on the editorial board of numerous other journals such as the Review of Economic Studies, the Quarterly Journal of Economics, the Journal of Public Economics, the Journal of Economic Growth and the Journal of the European Economic Association.

Roland BENABOU's research spans both macroeconomic and microeconomic areas, such as the interplay of inflation and imperfect competition, or speculation and manipulation in financial markets. His recent work lies in three main areas. The first links inequality, growth, social mobility and the political economy of redistribution. The second centers on education, social interactions and the socioeconomic structure of cities. The third is that of economics and psychology ("behavioral economics"). It focuses in particular on extrinsic incentives versus intrinsic motivation, on the determinants of prosocial behavior and on motivated beliefs, both individual (overconfidence, wishful thinking, identity) and collective (groupthink, market manias, ideology, religion).

More about Roland BENABOU and his research

Professor BENABOU will be staying with us for the year and will be presenting a paper during one of our Departmental Seminars in June 2018.

OFFICE LOCATION: Department of Economics, 28 rue des Saints Pères 75007 Paris - C 402
TELEPHONE: + 33 (0)1 45 49 72 11
EMAIL: rbenabou@princeton.edu



Alfred GALICHON is Professor of Economics and of Mathematics at New York University where he has held since 2015 a joint appointment between the Faculty of Arts and Sciences and the Courant Institute of Mathematical Sciences. In 2017-2018, while on sabbatical leave from NYU, he is a visiting fellow at Toulouse School of Economics. In the past, he was a professor of economics at Sciences Po, Paris (2012-2016) and at Ecole Polytechnique (2007-2012).

His research interests span widely across theoretical, computational and empirical questions and include econometrics, microeconomics, and data science. He is one of the pioneers of the use of optimal transport theory in econometrics, and the author of a monograph on the topic, Optimal Transport Methods in Economics (Princeton, 2016), as well as of an open-source statistical software implementing these techniques, TraME.

More about Alfred GALICHON and his research

Professor GALICHON will be staying with us for the year. He will present a paper at the first Friday Seminar of the academic year on September 8th.

OFFICE LOCATION: Department of Economics, 28 rue des Saints Pères 75007 Paris - F 404
TELEPHONE: + 33 (0)1 45 49 55 88
EMAIL: ag133@nyu.edu or galichon@cims.nyu.edu



Rachel KRANTON is the James B. Duke Professor of Economics at Duke University. She is a Fellow of the Econometric Society and was awarded a Chaire Blaise Pascal.  She is currently serving on the Executive Committee of the American Economic Association.

She studies how institutions and the social setting affect economic outcomes.  She develops theories of networks and has introduced identity into economic thinking.  Her research contributes to many fields including microeconomics, economic development, and industrial organization.

More about Rachel KRANTON and her research

Professor KRANTON will be staying with us for the year. Rachel KRANTON will present a paper at one of our PEPES Seminars in November 2017.

OFFICE LOCATION: Department of Economics, 28 rue des Saints Pères 75007 Paris - F 403 A
TELEPHONE: + 33 (0)1 45 49 52 20
EMAIL: rachel.kranton@duke.edu

Awards and Grants


Julia CAGÉ awarded ANR funding through the Young Researcher's Programme

The Young Researcher Programme intended to promote young scientists and help them develop their own research themes, set up or consolidate research teams and give them the opportunity to rapidly express innovative initiatives by giving them strong support

>> read more


Etienne WASMER awarded ANR funding for a Collaborative Research Project ("PRC")

The ANR provides funding for project-based research in all fields of science - for both basic and applied research.ANR provides the scientific community with instruments and programmes promoting creativity and openness, and stimulate new ideas and par

>> read more



Philippe MARTIN publishes a lead article in The American Economic Review

Philippe MARTIN and co-author Thomas PHILIPPON have published a lead article in the prestigious journal American Economic Review entitled:

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone (link to PDF)

Philippe MARTIN, is Professor of Economics at the Department since 2009 - Department he chaired from 2009 to 2013.  He is also a CEPR Research Fellow. He was a member of the Council of Economic Advisers (CAE), advisory body to the French Prime Minister from 2012 to 2015. He bcame the Economic Advisor of Emmanuel MACRON while the latter was Minister of the Economy, Industry and Digital Affairs.

His fields of research are international macroeconomics and finance , economic geography, military conflicts.

Philippe MARTIN is currently concentrating his research on 1) the analysis of the impact of macroeconomic and tariff shocks on exports using firm level data, 2) the impact of quality on the price elasticity of export demand, 3) on the macroeconomic analysis of the euro crisis.

His recent article is in keeping with this direction:

"We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscal policy, labor costs and spreads, and we propose a model and an identification strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask how eurozone countries would have fared with different policies. We find that countries could have stabilized their employment if they had followed more conservative fiscal policies during the boom. Macro-prudential policies and an early intervention by the ECB to prevent market segmentation and reduce fiscal austerity would also have significantly reduced the recession."

Link to CEPR VOX column: "What caused the great recession in the Eurozone? What could have avoided it? "

More about Philippe MARTIN and his research


Thierry MAYER publishes three articles in three major economic journals

Thierry MAYER and his co-authors have published three articles in the prestigious journals: Journal of International Economics, Journal of Urban Economics and Journal of Economic Geography.

Thierry MAYER is a Professor of Economics at Sciences Po. He is also a scientific advisor at the Centre d’Études Prospéctives et d’Informations Internationales (CEPII), and a Research Fellow in the International Trade / Regional Economics programme at CEPR.

His research is primarily focused on international trade, multinational firms, economic geography, location theory and industrial organisation.
His recent publications include research on the impact of globalization on armed conflicts, as well as papers looking at the diffusion of cultural patterns across space. He also published theoretical and empirical analysis of locations choices by multinational firms, studying in particular the extent and determinants of agglomeration patterns. His most frequently cited research includes empirical studies on the level and causes of market fragmentation in the European Union. His research was rewarded by a number of distinctions in France, including the bronze medal of the CNRS.

The three articles published pursue this line of research:

1/ In the Journal of International Economics, with Maria BAS and Mathias THOENIG : "From Micro to Macro:  Demand, Supply, and Heterogeneity in  the Trade Elasticity" (link to PDF)

"Models of heterogeneous firms with selection into export market participation generically exhibit aggregate trade elasticities that vary across country-pairs. Only when heterogeneity is assumed Pareto distributed do all elasticities collapse into a unique elasticity, estimable with a gravity equation. This paper provides a theory consistent methodology for quantifying country-pair specific aggregate elasticities when moving away from Pareto, i.e. when gravity does not hold. Combining two firm-level customs datasets for which we observe French and Chinese individual sales on the same destination market over the 2000–2006 period, we are able to estimate all the components of the bilateral aggregate elasticity: i) the demand-side parameter that governs the intensive margin and ii) the supply side parameters that drive the extensive margin. These components are then used to calculate theoretical predictions of bilateral aggregate elasticities over the whole set of destinations, and how those elasticities decompose into different margins. Our predictions fit well with econometric estimates, supporting our view that micro-data is a key element in the quantification of aggregate trade elasticities."

2/ In the Journal of Urban Economics, with Corentin TREVIEN: "The Impacts of Urban Public Transportation: Evidence from the Paris Region" (link to PDF)

"Evaluating the impact of transport infrastructure meets a major challenge since rail lines are not randomly located. We use the natural experiment offered by the opening and progressive extension of the Regional Express Rail (RER) between 1970 and 2000 in the Paris metropolitan region, and in particular the deviation from original plans due to budgetary constraints and technical reasons, in order to identify the causal impact of urban rail transport on firm location, employment and population growth. We use a difference-in-differences approach on a specific subsample, selected to avoid endogeneity bias which occurs when evaluating transportation effects. We find that the increase in employment is 12.8% higher in municipalities connected to the new network compared to the existing suburban rail network between 1975 and 1990. Places located within 20 km from Paris are the only affected. While we find no effect on overall population growth, our results suggest that the commissioning of the RER may have increased the competition for land high-skilled households are more likely to locate in the vicinity of a RER station."

3/ In the Journal of Economic Geography, with Florian MAYNERIS and Loriane PY : "The Impact of Urban Enterprise Zones on Establishments' Location Decisions: Evidence from French ZFUs" (link to PDF)

"In this paper, we study the impact of a French enterprise zones program – the “Zones Franches Urbaines” (ZFUs) policy – on establishments' location decisions. Our empirical analysis is based on a micro-geographic dataset which provides exhaustive information on the location of establishments in France over the period 2000-2007 at the census block level. We use a difference in difference approach combining spatial and time differencing. We also do triple difference estimations, using the fact that targeted urban areas have been selected in different waves over time. Finally, we exploit a discontinuity in the eligibility criteria of the policy as an exogenous source of variation to estimate the impact of the treatment. Our results show that the French ZFU policy has a positive and sizeable impact on location choices. However, we also find that the policy mostly generates displacement effects, in particular through relocation of firms from the untreated to the treated part within municipalities. Finally, the impact is shown to be highly heterogeneous across zones, firms and industries. The overall cost of moving establishments within municipalities is relatively high."

More about Thierry MAYER and his research


Florian OSWALD publishes a paper in the Journal of Urban Economics

Florian OSWALD and co-author Wenli LI have published an article in the specialized Journal of Urban Economics entitled:

Recourse and residential mortgages: The case of Nevada (link to PDF)

Florian OSWALD, is Assistant Professor of Economics (tenure track) at the Department since 2015.  He joined the Department after he was awarded his PhD at University College London.


- Applied Micro;
- Housing; Macro;
- Structural Labor

He is also interested in structural estimation of microeconometric models and associated computational techniques.

"The state of Nevada passed legislation in 2009 that abolished deficiency judgments for purchase mortgage loans made after October 1, 2009, and collateralized by primary single-family homes. In this paper, we study how this change in the law affected equilibrium mortgage lending. Using unique mortgage loan-level application data and a difference-in-differences approach that exploits the qualification criterion, we find that the law change led to a decline in equilibrium loan sizes of about 1 to 2 percent. There exists some evidence that mortgage approval rates also decreased for the affected loan applications. These results suggest that making the deficiency judgment law more default friendly in Nevada generated material cost on borrowers at the time of mortgage origination."

More about Florian OSWALD and his research


The latest edition of Etienne WASMER's Microeconomics textbook is out !

Pearson announced the publication of the 3rd edition of "Principes de microéconomie"

>> read more


Julia CAGÉ publishes a CEPR Discussion Paper

Julia CAGÉ, Assistant Professor of Economics, is interested in industrial organization, and in particular that of the media. She has written a number of papers, articles published in peer reviews and chapters on the subject.

Her latest working paper, co-authored by Nicolas HERVÉ and Marie-Luce VIAUD, keeps in line with her previous research:

The Production of Information in an Online World: Is Copy Right? (link to paper)

"This paper documents the extent of copying and estimates the returns to originality in online news production. We build a unique dataset combining all the online content produced by the universe of news media (newspaper, television, radio, pure online media, and a news agency) in France during the year 2013 with new micro audience data. We develop a topic detection algorithm that identifies each news event, trace the timeline of each story and study news propagation. We show that one quarter of the news stories are reproduced online in less than 4 minutes. High reactivity comes with verbatim copying. We find that only 32.6% of the online content is original. The negative impact of copying on newsgathering incentives might however be counterbalanced by reputation effects. By using media-level daily audience and article-level Facebook shares, we show that original content represents 57.8% of online news consumption. Reputation mechanisms actually appear to solve about 40% of the copyright violation problem. "

Link to CEPR VOX column: "The commercial value of news in the internet era "

More about Julia CAGÉ and her research

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