Benoit Mojon
Head of Economic Analysis
Monetary and Economic Department, Economic Analysis
Benoit Mojon was appointed Head of Economic Analysis on 1 September 2018. Before joining the BIS, he worked at the Bank of France. He was Head of the Monetary Policy Division from 2008 until 2011. He then became Director of Monetary and Financial Studies and a member of the Eurosystem Monetary Policy Committee. Previously, he held research positions at the Federal Reserve Bank of Chicago (2007-08) and the European Central Bank (1998-2006). He holds a PhD in economics from the University of Paris Nanterre. He taught at the University of Aix-Marseille (2004-06) and Sciences-Po (2008-10) and was an adjunct professor at Ecole Polytechnique (2011-18) and INSEAD (2018).
Fields of interest
- Monetary policy
- Macroeconomics
- Financial stability and macro-prudential issues
- " Why have interest rates fallen far below the return on capital?" (with M Marx and F Velde), Journal of Monetary Economics, vol 124, Supplement, November 2021.
- " Forward guidance and heterogeneous beliefs" (with P Andrade, G Gaballo and E Mengus), American Economic Journal: Macroeconomics, American Economic Association, July 2019. Also published as BIS Working Papers, no 750.
- " Central banking" (with M Aglietta), The Oxford Handbook of Banking, in A Berger, P Molyneux and J Wilson (eds), Oxford University Press, January 2012.
- " Global inflation" (with M Ciccarelli), The Review of Economics and Statistics, MIT Press, August 2010.
- " Monetary Policy Transmission in the Euro Area" (with I Angeloni and A Kashyap), Cambridge University Press, September 2009.
- " Credit risk in the Euro Area" (with S Gilchrist), Economic Journal, Royal Economic Society, February 2018.
- " US elections, interest rates and Europe’s monetary independence", Banque de France Eco Notepad, July 2018.
- " The pre-great recession slowdown in productivity" (with G Cette and J Fernald), European Economic Review, Elsevier, September 2016.
- " Changes in financial fragmentation in the euro area since 2008" (with G Horny and S Manganelli), Rue de la Banque, Bank of France, July 2016.
- " Risk shifting with fuzzy capital constraints" (with S Dubecq and X Ragot), International Journal of Central Banking, January 2015.
- " Macro-prudential policy and the conduct of monetary policy" (with D Beau, C Cahn and L Clerc), Central Banking, Analysis, and Economic Policies Book Series, 2014. Also published as S Bauducco, L Christiano and C Raddatz (eds), “ Macroeconomic and Financial Stability: challenges for Monetary Policy“, Central Bank of Chile, Edition 1, 2014.
- " Decoupling euro area and US yield curves" (with F Pegoraro), Rue de la Banque, Bank of France, December 2014.
- " Equilibrium risk shifting and interest rate in an opaque financial system" (with E Challe and X Ragot), European Economic Review, Elsevier, October 2013.
- " The sovereign debt crisis and monetary policy" (with J Matheron and J G Sahuc), Financial Stability Review, Bank of France, April 2012.
- " The 2007–2009 financial crisis and the European Central Bank", Open Economies Review, Springer, February 2010.
- " How has the euro changed the monetary transmission mechanism?" (with J Boivin and M Giannoni), NBER Chapters, NBER Macroeconomics Annual 2008, National Bureau of Economic Research, 2009.
- " Can aggregation explain the persistence of inflation?" (with F Altissimo and P Zaffaroni), Journal of Monetary Economics, Elsevier, March 2009.
- " When did unsystematic monetary policy have an effect on inflation?", European Economic Review, Elsevier, April 2008.
- " Are inflation targets good inflation forecasts?" (with M Diron), Economic Perspectives, Federal Reserve Bank of Chicago, February 2008.
- " New macroeconomic evidence on monetary policy transmission in the euro area" (with P van Els, A Locarno and J Morgan), Journal of the European Economic Association, MIT Press, May 2003.
- " Structures financières et canal des taux d’intérêt de la politique monétaire dans la zone euro", Économie et Prévision, Programme National Persée, 2001.
- " Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996", BNL Quarterly Review, Banca Nazionale del Lavoro, 1999.
- " Asymétries financières et transmission de la politique monétaire en Europe" (with V Coudert), Économie et Prévision, Programme National Persée, 1997.
- " Interest rates, banking spreads and credit supply: the real effects" (with F Barran and V Coudert), The European Journal of Finance, 1997.