December 2015

Philippe Andrade

Banque de France Monetary Policy Division 31 rue Croix des Petits Champs 75001 Paris, France

+ 33 1 42 92 49 95 [email protected] [email protected] www.sites.google.com/site/philippeandradeeconomics

Current positions 2015/11– 2014– 2013– 2008–

Deputy Head, Monetary Policy Division, Banque de France Adjunct Faculty, HEC Lausanne Member of the “Monetary Analysis Using Individual Bank Balance Sheet Information” Task Force, Eurosystem Research Fellow, CREM

Experience 2015 2012–14 6/9–2012 2008–12 2006–08 6/9–2002 2001–06 1999–01 1997-98 1995–01

Senior Economist, Financial Research Division, ECB Senior Economist, Monetary Policy Division, Banque de France Visiting researcher, Research dpt, Macro group, New York Fed Senior Economist, Monetary Policy Division, Banque de France Associate Professor, Université de Caen Visiting scholar, EUI Assistant Professor, Université de Cergy–Pontoise Ph-D Student, CREST–INSEE Economist, French Ministry of Defense (National service) Teaching Assistant, Universités de Cergy–Pontoise / Paris X–Nanterre

Education 2006 2000 1995

Agrégation de l’enseignement supérieur en Sciences Economiques Ph-D in Economics, Université de Paris X–Nanterre Master degree in Economics, Université de Paris X–Nanterre

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Publications in academic journals “Global Versus Local Shocks in Micro Price Dynamics”, with M. Zachariadis, BdF Working Paper n° 365, accepted for publication to the Journal of International Economics, October 2015. “The Financial Content of Inflation Risks in the Euro Area”, with V. Fourel, E. Ghysels & J. Idier, International Journal of Forecasting, vol. 30, pp. 648–659, July/September 2014. “Inattentive Professional Forecasters”, with H. Le Bihan, Journal of Monetary Economics, vol. 60(8), pp. 967–982, November 2013. “Hausse de TVA et Variations de Taux de Marge: une Analyse Empirique sur Données d’Entreprises”, with M. Carré & A. Bénassy-Quéré, Economie & Prévisions, vol 200201(2/3), pp. 1-17, 2012. “Testing for the Cointegration Rank When Some Cointegrating Directions Are Changing”, with C. Bruneau & S. Gregoir, Journal of Econometrics, vol. 124(2), pp. 269–310, February 2005. “Excess Returns, Portfolio Choices and Exchange Rate Dynamics. The Yen/Dollar Case”, with C. Bruneau, Oxford Bulletin of Economics and Statistics, vol.64(3), pp. 237–260, July 2002. Chapter in books “Sources of Non-stationary Real Exchange Rates Fluctuations: Elements of Theory and Some Empirical Evidence”, in “Exchange Rate Dynamics: A New Open-Economy Macroeconomics Perspective”, J.O. Hairault & T. Sopraseuth eds, Routledge, Ch5, pp. 122–149, January 2004. Other publications “The Heterogeneous Interpretations of Forward Guidance”, ECB Research Bulletin, forth. October 2015. “Did the Eurosystem’s LTROs of 2011 help to avoid a credit crunch in the euro-area?” with Christophe Cahn, Jean-Stéphane Mésonnier and Henri Fraisse, Rue de la Banque, 10, September 2015. “Learning from Disagreement”, with avec R. Crump, S. Eusepi & E. Moench, invited to VoxEU.org, December 2014. “Monetary policy transmission mechanisms in Tunisia”, Contribution to Policy Report within the European Commission/Banque de France/National Bank of Poland advisory program on “Inflation Targeting” for the Banque Centrale Tunisienne, June 2012.

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Working papers “Heterogeneous Beliefs and Forward Guidance”, with G. Gaballo, E. Mengus & B. Mojon, BdF Working Paper n° 573, August 2015. “Tails of Inflation Forecasts and Tales of Monetary Policy”, with E. Ghysels & J. Idier, BdF Working Paper n° 407, November 2012. Revised version: August 2015. “Can Unlimited Liquidity Provisions Mitigate a Credit Crunch? Evidence from the Eurosystem’s 3Year LTROs”, with C. Cahn, H. Fraisse & J.S. Mésonnier, BdF Working Paper n° 540, May 2015. “Fundamental Disagreement”, with R. Crump, S. Eusepi & E. Moench, NY Fed Staff report n° 655, BdF Working Paper n° 524, November 2014. “Inflation Risk Measures and Their Informational Content”, with E. Ghysels & J. Idier, May 2014. “Trends in International Prices”, with M. Zachariadis, University of Cyprus Working Paper n° 20102, July 2010. Work in progress “Long-Run Macroeconomic Risks”, with R. Crump, S. Eusepi & E. Moench. “Assessing the Impact of Quantitative Easing in the Euro-Area”, with J. Breckenfelder, F. Fiore, P. Karadi and O. Tristani. “Credit Supply Shocks Within the Euro Area”, J.S. Mésonnier and D. Stevanovic. Seminars & conferences 2015

2014

2013 2012

2011

SF Fed Annual Conference, BdF-FRBNY workshop on “Forward Guidance and Expectations at the ZLB”, 2nd IAAE conference (Thessaloniki), 2nd SEM conference (Paris), ECB, Bundesbank, Summer Forum (Barcelona), University of Heidelberg, Goethe University NBER Summer Institute, SED (Toronto), ASSA meetings (Philadelphia), 13th Macroeconomic Policy CEPR Conference (Budapest), DNB Annual Conference (Amsterdam), Eurosystem 2nd IBSI Research Workshop (BdF), T2M (Lausanne), BdFBuba Workshop (Frankfurt), Federal Reserve Board, Federal Reserve of Boston, Federal Reserve of Cleveland, Bilkent University, HEC Lausanne TIGER conference (TSE), Eurosystem 1st IBSI Research Workshop (Banca d’Italia), University of Hamburg Central Bank of Cyprus, New-York Fed, Vanderbilt University, BundesbankPhiladelphia Fed Spring Conference, Summer Workshop in International Economics and Finance (Brandeis), Conference “Measuring and testing expectations” (National Bank of Poland) Bank of Canada, Insee-Crest, Université de Montréal, ESEM (Oslo), T2M (HEC 3

2010

2009

Montréal) New-York Fed, Philadelphia Fed, San Francisco Fed, IMF, UCLA, UC San Diego, Université Paris1-Sorbonne, Université de Caen, NBER Summer Institute (Cambridge), SED (Montreal), Conference “Macroeconomics and Survey Data” (CESifo-Munich), Econometric Society World Congress (Shanghai), AFSE (Paris) ECB-CFS, University of Cyprus, ESEM (Barcelona), EEA (Barcelona)

Invited discussions 2015 2015 2014 2013 2011 2010 2009 2008 2005 2004 2004 2002

V. Venkasterawan, Conference “Uncertainty and Macroeconomics” (PSE-SCOR) M. Mankart, Buba-ECB-Goethe Annual Workshop (Frankfurt) G. Chevillon, 2nd JEAM (Université Paris Nord) R. Pancrazi, 1st Marseille Macro Meeting (Université Aix-Marseille) O. Coibion, Conference “Beliefs & Business Cycles” (Sveriges Riskbank) L. Arrondel, Workshop “Structural Analysis in Times of Crisis” (BdF) B. Mackowiak, Conférence “Price Dynamics” (BdF) C. Favero, Conférence “Financial Markets and Real Activity” (BdF) F. Canova, Workshop “Monetary Models and Aggregate Dynamics” (BdF) T. Philippon, 6th “Toulouse Seminar on Macroeconomics” (TSE) G. Valente, “Anglo-French Macro and Finance Workshop” (Oxford) H. Lütkepohl, 4th CEPR Workshop on “New Approaches to the Study of Economic Fluctuations” (Hydra)

Organization of conferences & seminars 2015 2014 2013– 2012– 2010– 2006

Oranizer, BdF-FRBNY conference on “Forward Guidance and Expectations at the ZLB”(New York) Organization committee, Eurosystem 2nd Research Workshop on “Monetary Analysis Using Bank Balance Sheet Data” Scientific committee, Empirical Monetary Economics Workshop, OFCE-ScPo Organizer, Banque de France–Toulouse School of Economics seminar series Scientific committee, Research in International Economics & Finance Network Local organization committee, T2M (Cergy)

Teaching experiences 2006–15

Various experiences as adjunct faculty at Ecole Polytechnique, EDHEC business school, ESSEC Business School

Other professional services 2008–12

Scientific committee, Evaluation of researchers – teams – recruitment for the CNRS (Economics section)

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Visiting 3/2014 2/2013 6/2009 5/2005 6-9/2002

UNC Chapel-Hill IMF (Research department) University of Cyprus Getulio Vargas Fundaçao (Rio) European University Institute

Grants 2002 1995-98

Training Mobility Research fellowship (European Commission), “New Approaches to the Study of Economic Fluctuations” program. Doctoral student fellowship, French Ministry of Education and Research

Referee Annals of Economics & Statistics, Canadian Journal of Economics, Econometric Theory, International Journal of Forecasting, Journal of Applied Econometrics, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of the European Economic Association, Journal of Monetary Economics, Journal of Money Credit and Banking, Review of Economic Studies...

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