Publications of the Chair

Macroeconomic policy evaluation in an SFC econometric model: the case of the investment program for climate action in France

2024
Authors :
Chin Yuan Chong, Jacques Mazier, Luis Reyes

We study the macroeconomic impact of climate action policy that would allow France to reach its net zero objective by 2050. Contrary to the findings of a report commissioned by the French Prime Minister, our simulations show that these investments are likely to generate economic growth and reduce public debt.

Leaving the hearth you know: Internal migration and energy poverty

2024
Authors :
Johanna Choumert-Nkolo, Leonard le Roux

We document the relationship between rural–urban migration and energy poverty in South Africa. Our findings show that migrants to urban areas experience significant reductions in energy poverty, particularly in the use of traditional cooking fuels. Our study also explores energy poverty outcomes for both sending and receiving households, gender differences among migrants, and other amenities.

Challenges in measuring the distribution of carbon footprints: The role of product and price heterogeneity

2024
Authors :
Mathias André, Alexandre Bourgeois, Emmanuel Combet, Matthieu Lequien, Antonin Pottier

The distribution of the footprint within a country is regularly computed using consumption data, and with the assumption that the footprint from a product category is proportional to the spending on that product. Here, we explore the limitations of this proportionality assumption.

Emerging consensus on net energy paves the way for improved integrated assessment modeling

2023
Authors :
Louis Delannoy, Matthieu Auzanneau, Baptiste Andrieu, Olivier Vidal, Pierre-Yves Longaretti, Emmanuel Prados, David J. Murphy, Roger W. Bentley, Michael Carbajales-Dale, Marco Raugei, Mikael Höök, Victor Court, Carey W. King, Florian Fizaine, Pierre Jacques, Matthew Kuperus Heun, Andrew Jackson, Charles Guay-Boutet, Emmanuel Aramendia, Jianliang Wang, Hugo Le Boulzec, Charles A.S. Hall

Extracting, processing, and delivering energy requires energy itself, which reduces the net energy available to society and yields considerable socioeconomic implications. Yet, most mitigation pathways and transition models overlook net energy feedbacks.

Inflation and how to deal with it in France. A policy perspective from an empirical stock-flow model

2023
Authors :
Jacques Mazier, Luis Reyes, Chin Yuan Chong

Using an empirical stock-flow consistent (SFC) model for the French economy, we simulate an imported inflationary shock to emulate the current inflation situation and analyze the resulting macroeconomic impacts on the French economy. Two possible responses are considered: increased wage per capita so as to preserve workers’ purchasing power, increased margins by firms in order to restore their...

Enjeux climatiques et gouvernance d’entreprise : Analyse des indices FTSE100, HDAX et SBF120

2023
Authors :
Cécile Cézanne, Yves Kassi, Sandra Rigot

This article analyses the integration of climate issues into corporate governance. Based on data from the 2019 CDP survey, it shows that FTSE100, HDAX, and SBF120 companies use similar control and incentive mechanisms to ensure the transparency of climate information, despite some specificities related to their legal and institutional environments. The paper identifies some shortcomings and makes recommendations to...

Decarbonization with Induced Technical Change: Exploring the Niche Potential of Hydrogen in Heavy Transportation

2024
Authors :
Albin Kasser, Elodie Le Cadre Loret, Guy Meunier, Jean-Pierre Ponssard, Mures Zarea

Electric batteries and fuel cells (hydrogen) are competing technologies for the energy transition in heavy transportation. This paper shows that the existence of a market niche for fuel-cell electric buses (FCEBs) can be obtained depending on the values of a limited set of key parameters.

Car-fuel poverty: Determinants and policy implications for France

2023
Authors :
Ariane Bousquet, María Eugenia Sanin

Several European governments implemented a generalized gasoline subsidy in the face of inflation following the Ukrainian crisis. In contrast, reducing fossil fuel consumption is crucial to mitigate the current energy and climate crises. Fuel consumption for transport increases with income, making rich households the main beneficiaries of generalized subsidies. In this context, a thorough...

Unconventional monetary policy in an econometric SFC model of the French economy: Some lessons for financing the low-carbon transition

2023
Authors :
Jacques Mazier, Luis Reyes

Un modèle économétrique SFC de l'économie française est présenté pour étudier les effets des politiques monétaires non-conventionnelles et l'impact d'une version simple de la monnaie électronique banque centrale. Différentes formes de politiques monétaires non conventionnelles sont évaluées.

Dette publique et policy mix climatique : l’éclairage des modèles macroéconomiques stocks-flux cohérents

2023
Authors :
Jacques Mazier, Luis Reyes

This paper examines the contribution of SFC modelling to the definition of a green policy mix that would facilitate the implementation of a climate transition policy.

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    • Conférence-débat « Quelle finance pour l’autonomie stratégique ? »

      1 July 2025
      09:00 - 13:00

      Dans un contexte international radicalement nouveau, l’Europe cherche à garder sa place dans l’économie mondiale et affirme sa volonté d’aller vers l’autonomie stratégique. Deux table-rondes discuteront du rôle du secteur bancaire et financier dans cette ambition, faisant dialoguer des représentants du monde financier, des experts et académiques, ainsi que des politiques et représentants du monde...

    • Séminaire sur la modélisation macroéconomique SFC environnementale

      30 September 2025
      14:00 PM - 17:00 pm

      Séminaire en présence d'Adam George (SOAS, University of London). Adam George présente un modèle macroéconomique SFC environnemental britannique intégrant émissions de CO2 et investissements verts de tous les agents économiques. Le modèle trimestriel analyse l'impact des politiques énergétiques selon le rapport capital vert/capital conventionnel. Quatre scénarios fiscaux verts sont testés (2022-2035) : taxe carbone, investissement...