I am an Associate Professor of Economics (maître de conférences) at the University of Evry Paris-Saclay. My Curriculum Vitae is here in english and in  french.

I am an applied macroeconomist specializing in financial cycles — fluctuations in credit, asset prices, and housing markets. These cycles unfold at the global, national, and local levels, and affect households, firms, and governments in distinct ways.

My research investigates the drivers and consequences of these cycles, with a particular focus on how credit dynamics interact with inequality, fiscal policy, and political institutions. I use applied econometrics and micro-macro data to study credit allocation and public support mechanisms, emphasizing their economic and political foundations.

In my research agenda, I investigate the drivers of financial cycles. I show that the middle class plays a central role: the weakening of its income fuels household leverage (European Economic Review, 2021), while monetary surprises affect mortgage credit most strongly for middle-class households (Working Paper with S. Ouerk, 2024). I also analyze how political alignment and tight elections stimulate public borrowing and investment (HAL Working Paper). At the firm level, I examine how environmental concerns reshape stock market dynamics, especially for firms with intermediate environmental performance—neither clear leaders nor laggards in the green transition (HAL Working Paper with H. Bennani, 2025). At the global level, I study how volatility and the presence of international investors and banks condition the transmission of financial shocks across countries (Journal of International Money and Finance, 2018).

I further study the consequences of financial cycles. My research shows that only credit-fueled banking crises aggravate income inequality (Revue d’Economie Financière, 2018 & Journal of International Money and Finance, 2025). I also highlight that financial innovations change the fiscal behavior of local governments and the State (Revue d’Economie Politique, 2022, & Working Paper with A. Mayol and M. Fajeau). Climate shocks exacerbate firms’ financial fragility, tightening liquidity and increasing bankruptcy risks, including in the agricultural sector (Working Paper, 2025 with C. Nédoncelle and R. Généroso). At the national level, global financial integration constrains monetary autonomy, illustrating the enduring tensions of the Mundellian Trilemma (Journal of International Money and Finance, 2018). Together, these findings place financial cycles — spanning households, firms, governments, and the global economy — at the center of my work.

I am the head of the Master 1 in Finance at the University of Evry Paris-Saclay. I am also an elected board member of the French Economic Association (AFSE) and a scientific advisor to the chaire RENEL. I was the head of the Master International Project Management at the University of Strasbourg.

I co-organized the GDRE Conference in June 2022 and served as the organizer of the sixth Doctoral Workshop on Quantitative Dynamic Economics, held in Strasbourg from October 5-6, 2023. This workshop was jointly organized by the Aix-Marseille School of Economics, the University of Konstanz, the University Carlos III of Madrid, ICAE Universidad Complutense de Madrid, and the University of Strasbourg.

Here is my latest working paper, addressing the determinants of public and political economics for European funds. The political contestability and alignment across various levels of power largely explain the allocation of these funds, particularly their green usage. Available here HAL Working Paper

Publications

1. Not All Banking Crises Are Alike: Assessing their Distributional Impacts relative to Pre-Crisis Credit-Gaps, Journal of International Money and Finance, 2025, 150, 103220 (with Clément Mathonnat and Jean-Marc Bédhat Atsebi)
2. Le fonds de sortie des emprunts toxiques: une alternative au contentieux? Revue d’Economie Politique, 2022, 132(2), 313-340 (with Maxime Fajeau and Alexandre Mayol)
3. Structure of Income Inequality and Household Leverage: Cross-Country Causal Evidence, European Economic Review, 2021, 132, 103629 (with Rémi Bazillier and Jérôme Héricourt). See also Lettre du CEPII N°379. In the media: Le Monde, The Conversation
4. Trilemma, Dilemma and Global Players, Journal of International Money and Finance, 2018, 85(6), 20-39. Supplementary Material
5. La relation circulaire entre inégalités de revenu et finance: tour d’horizon de la littérature et résultats récents, Revue d’Economie Financière, 2018, 128(1), 127-152 (with Rémi Bazillier and Jérôme Héricourt).