Rigas Oikonomou, Vincent Bodart, Luca Pensieroso, Fabio Mariani, David de la Croix

Research Projects

Sponsor Project Title IRES
Beginning End

Precautionary savings and government debt management

Rigas Oikonomou   2018 2019

Project Description

This project address the so called short bond puzzle in macroeconomic models of debt management. We propose a theory of optimal government portfolios in an economy with heterogeneous agents, incomplete nancial markets and idiosyncratic labor income risk. We show that in the presence of a strong demand for precautionary savings by the private sector, an optimizing government nds optimal to issue short term debt.

The concept of sustainability is central in growth and development theories. Our team is involved in a project that relates to the measurement of prosperity along the growth path. Multidisciplinary research can undoubtedly feed and enrich the economists’ approach by incorporating those of philosophers, sociologists, lawyers, medical specialists, agronomists, and engineers. This line of research notably puts a speci c focus on indicators beyond GDP.

Sponsor Project Title IRES promoters IRES Researcher Beginning End
Banque Nationale 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.



Journal Articles

1. Bodart, Vincent; Ounnas, Alexandre. Prévision économique "en temps réel". In: Regards économiques, , no.164, p. 1-11 (2021). doi:10.14428/regardseco/2021.04.29.01.

2. Bodart, Vincent; Harrak, Pauline. Le dollar peut-il être détrôné ?. In: Regards économiques, , no.157, p. 1-8 (2020). doi:10.14428/regardseco/2020.10.29.01.

3. De Vroey, Michel. Should the history of macroeconomics steer clear of the fray or be partisan ? A critical essay on Banks and Finance in Modern Macroeconomics by B. Ingrao and C. Sardoni. In: Cahiers d'économie politique, , no.78, p. 1-11 (2020).

4. Attanasi, Gautier; Bodart, Vincent; Courtoy, François; Fontenay, Sébastien; Lachapelle, Nathan; Ounnas, Alexandre; Sauvenier, Mathieu. Perspectives économiques 2020. In: Regards économiques, , no.155, p. 1-11 (2020). doi:10.14428/regardseco/2020.01.17.01 (Soumis).

5. Attanasi, Gautier; Bodart, Vincent; Courtoy, François; Fontenay, Sébastien; Lachapelle, Nathan; Ounnas, Alexandre; Sauvenier, Mathieu. Perspectives économiques 2020-2021. In: Regards économiques, , no.156, p. 1-10 (2020). doi:10.14428/regardseco/2020.07.09.01.

6. Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; Scott, Andrew. Government Debt Management: The Long and the Short of It. In: The Review of Economic Studies, Vol. 86, no.6, p. 2554-2604 (2019). doi:10.1093/restud/rdy061.

7. Attanasi, Gautier; Bodart, Vincent; Courtoy, François; Fontenay, Sébastien; Ounnas, Alexandre; Sauvenier, Mathieu. Perspectives économiques 2019. In: Regards économiques, , no.143, p. 1-9 (2019). doi:10.14428/regardseco/2019.01.11.01.

8. Pensieroso, Luca; Sommacal, Alessandro. Agriculture to industry: The end of intergenerational coresidence. In: Review of Economic Dynamics, Vol. 34, p. 87-102 (2019). doi:10.1016/

9. Bouakez, Hafedh; Oikonomou, Rigas; Priftis, Romanos. Optimal Debt Management in a Liquidity Trap. In: Journal of Economic Dynamics and Control, Vol. 93, p. 5-21 (August 2018). doi:10.1016/j.jedc.2018.01.033.

10. Oikonomou, Rigas. Unemployment Insurance with Limited Commitment Wage Contracts and Savings. In: The B.E. Journal of Macroeconomics, Vol. 18, no.1. doi:10.1515/bejm-2014-0162.

11. De Vroey, Michel. La théorie de l’équilibre général. In: Cahiers d'économie politique, , no.74, p. 197-205 (2018). doi:10.3917/cep.074.0197.

12. Mankart, Jochen; Oikonomou, Rigas. Household Search and the Aggregate Labour Market. In: The Review of Economic Studies, Vol. 84, no.4, p. 1735-1788 (2017). doi:10.1093/restud/rdw055.

13. Thornton, John; Vasilakis, Chrysovalantis. The impact of fiscal rules on sovereign risk premia: International evidence. In: Finance Research Letters, Vol. 20, p. 63-67 (2017). doi:10.1016/

14. Sneessens, Henri. Malinvaud on Macroeconomic Policy. In: Annals of Economics and Statistics, , no.125/126, p. 153-164 (June 2017).

15. De Vroey, Michel. Walker Donald A. and van Daal Jan , eds. and trans., Léon Walras, Elements of Theoretical Economics: or The Theory of Social Wealth (Cambridge: Cambridge University Press, 2014), pp. 588, $155. ISBN 978-1-107-06413-3.. In: Journal of the History of Economic Thought, Vol. 39, no.1, p. 144 - 147 (March 2017). doi:10.1017/S1053837216000560.

16. Danthine, Samuel; De Vroey, Michel. The Integration of Search in Macroeconomics: Two Alternative Paths. In: Journal of the History of Economic Thought, Vol. 39, no.4, p. 523-548 (2017). doi:10.1017/S1053837216000651.

17. De Vroey, Michel. Macroeconomics and the Phillips Curve Myth by James Forder. In: History of Political Economy, Vol. 49, no.4, p. 722-727 (2017). doi:10.1215/00182702-4296425.

18. Thornton, John; Vasilakis, Chrysovalantis. Inflation targeting and the cyclicality of monetary policy. In: Finance Research Letters, Vol. 20, p. 296-302 (2017). doi:10.1016/

19. Onali, Enrico; Ginesti, Gianluca; Vasilakis, Chrysovalantis. How should we estimate value-relevance models? Insights from European data. In: The British Accounting Review, Vol. 49, no.5, p. 460-473 (2017). doi:10.1016/

20. Thornton, John; Vasilakis, Chrysovalantis. Does inflation targeting reduce sovereign risk? Further evidence. In: Finance Research Letters, Vol. 18, p. 237-241 (2016). doi:10.1016/

21. Bodart, Vincent; Carpentier, Jean-François. Real exchange rates and skills. In: Journal of International Money and Finance : theoretical and empirical research in international economics and finance, Vol. 67, p. 305-319 (October 2016). doi:10.1016/j.jimonfin.2016.06.008.

22. De Vroey, Michel. Response to the Comments. In: Œconomia, Vol. 6, no.1, p. 149-152 (2016).

23. Mankart, Jochen; Oikonomou, Rigas. The rise of the added worker effect. In: Economics Letters, Vol. 143, p. 48-51 (June 2016). doi:10.1016/j.econlet.2016.03.019.

Book Chapters

1. Clerc, Pierrick; De Vroey, Michel. Brunner versus Friedman : Diverging Aspirations for the Monetarist Project. In: Karl Brunner and Monetarism , MIT Press: Cambridge, 2020, p. 1-16. xxx xxx.

2. Clerc, Pierrick; De Vroey, Michel. Robert Lucas. In: The Palgrave Companion to Chicago Economics and Economists , Palgrave-MacMillan, 2020. xxx xxx.

3. De Vroey, Michel; Malgrange, Pierre. Macroeconomics : The History of Macroeconomics from Keynes’s General Theory to the Present. In: Handbook on the History of Economic Analysis Volume III : Developments in Major Fields of Economics , Edward Elgar: Cheltenham, 2016, p. 372-390. 978-1-84980-112-6. xxx xxx. doi:10.4337/9781785365065.

Working Papers

1. Bodart, Vincent; Courtoy, François; Erica Perego. World interest rates and macroeconomic adjustments in developing commodity producing countries. 2021. 31 p. LIDAM Discussion Paper IRES/2021/02.

2. Courtoy, François; De Vroey, Michel; Turati, Riccardo. What do we teach in Macroeconomics? Evidence of a theoretical divide. 2021. 33 p. LIDAM Discussion Paper IRES/2021/23.

3. de Beauffort, Charles. Fiscal And Monetary Policy Interactions In A Liquidity Trap When Government Debt Matters. 2020. 42 p. IRES Discussion papers 2020033.

4. Bodart, Vincent; Jean-François Carpantier. Currency Collapses and Output Dynamics in Commodity Dependent Countries. 2019. 35 p. IRES Discussion papers 2019011.

5. Deseau, Arnaud; Levai, Adam; Lauwers, Michèle. Access to Justice and Economic Development: Evidence from an International Panel Dataset. 2019. 45 p. IRES Discussion papers 2019009.


1. De Vroey, Michel. A History of Macroeconomics from Keynes to Lucas and Beyond. Cambridge University Press: New york, 2016. 978-1-107-58494-5. 445 pages.