My thesis analyses the phenomenon of global imbalances by using two complementary approaches: equilibrium exchange rates models and stock-flow consistent models. These two approaches can be considered as complementary insofar as they analyze the same problem from a different point of view. Equilibrium exchange rate models and particularly the FEER approach introduced by Williamson (1994) try to calculate exchange rate variations needed to reach a sustainable current account balance. Stock-flow consistent models à la Godley-Lavoie (2007) seek to analyze adjustments in terms of level of output and exchange rate dynamics in a context of imbalances.

• Applied Macroeconomics
• Exchange Rates
• Current Account Adjustments
• International Economics
• Capital Account Openness

1. Global Imbalances: Should We Use Fundamental Equilibrium Exchange Rates?, CEPN Working Papers, No. 2012-07. [Abstract]
   
2. Désajustements de change, fédéralisme budgétaire et redistribution : comment s’ajuster en union monétaire, CEPN Working Papers, (with Vincent Duwicquet & Jacques Mazier), No. 2012-04, paper available in French. [Abstract]

3. Global Imbalances and Capital Account Openness: an Empirical Analysis, CEPN Working Papers, No. 2011-18. [Abstract]
4. Exchange Rate Dynamics and Fundamental Equilibrium Exchange Rates, CEPN Working Papers, No. 2011-06. [Abstract]

5. Temporal Dimension and Equilibrium Exchange Rate: a FEER / BEER Comparison, CEPN Working Papers, (with Antonia López-Villavicencio & Jacques Mazier), No. 2010-14. [Abstract]
6. Exchange Rate Misalignments and World Imbalances: a FEER Approach for Emerging Countries, CEPN Working Papers, (with Nabil Aflouk & Se-Eun Jeong & Jacques Mazier), No. 2010-12. [Abstract]
7. Exchange Rate Misalignments at World and European Levels: a FEER Approach, CEPN Working Papers, (with Se-Eun Jeong & Jacques Mazier), No. 2010-03. [Abstract]

1. Désajustements de change, fédéralisme budgétaire et redistribution : comment s’ajuster en union monétaire, Revue de l’OFCE / Debates and policies, (with Vincent Duwicquet & Jacques Mazier), 2013, Vol. 127, pp. 57-96.

2. Dimension temporelle et taux de change d’équilibre : une application au cas des États-Unis, Revue Économique, (with Antonia López-Villavicencio & Jacques Mazier), 2012, Vol. 63, No. 3, pp. 535-544.
3. Temporal Dimension and Equilibrium Exchange Rate: a FEER / BEER Comparison, Emerging Markets Review, (with Antonia López-Villavicencio & Jacques Mazier), 2012, Vol. 13, Issue 1, pp. 58-77.

4. Exchange Rate Dynamics and Fundamental Equilibrium Exchange Rates, Economics Bulletin, 2011, Vol. 31, No.3, pp. 1993-2005.

5. Exchange Rate Misalignments and International Imbalances: a FEER Approach for Emerging Countries, Économie Internationale / International Economics, (with Nabil Aflouk & Se-Eun Jeong & Jacques Mazier), 2010, No. 124, Issue 4, pp. 31-74.
6. Exchange Rate Misalignments at World and European Levels: a FEER Approach, Économie Internationale / International Economics, (with Se-Eun Jeong & Jacques Mazier), 2010, No. 121, Issue 1, pp. 25-58.

1. 62nd Congress of the French Economic Association (AFSE), Aix-en-Provence, June 2013. Global Imbalances and Capital Account Openness: an Empirical Analysis.
   

2. Intra-European Imbalances, Global Imbalances, International Banking, and International Financial Stability, DIW Berlin, Berlin, September 2012. Global Imbalances and Capital Account Openness: an Empirical Analysis.
   
3. Political economy and the outlook for capitalism, AFEP/AHE/IIPPE Conference, Paris, July 2012. Financialization and Global Imbalances: a Two-Country SFC Model (with Jacques Mazier). [Work in progress]
   
4. 29th GdRE Annual International Symposium on Money, Banking and Finance, Nantes, June 2012. Exchange Rate Dynamics and Fundamental Equilibrium Exchange Rates.
5. 9th Euroframe Conference on Economic Policy Issues in the European Union, Kiel,  June 2012. Exchange Rate Misalignments, Fiscal Federalism and Redistribution: How to Adjust in a Monetary Union (with Vincent Duwicquet & Jacques Mazier). [Preliminary Draft]

6. 15th Conference of the Research Network Macroeconomics and Macroeconomic Policies (FMM), Berlin, October 2011. On the Determinants of Exchange Rate Misalignments (with Nabil Aflouk & Jacques Mazier). [Preliminary Draft]
   
7. 60th Congress of the French Economic Association (AFSE), Nanterre, September 2011. Temporal Dimension and Equilibrium Exchange Rate: a FEER / BEER Comparison (with Antonia López-Villavicencio & Jacques Mazier).
8. 8th International Conference Developments in Economic Theory and Policy, Bilbao, July 2011. Temporal Dimension and Equilibrium Exchange Rate: a FEER / BEER Comparison (with Antonia López-Villavicencio & Jacques Mazier).
   

9. 7th International Conference Developments in Economic Theory and Policy, Bilbao, July 2010. Exchange Rate Misalignments and International Imbalances: a FEER Approach for Emerging Countries (with Nabil Aflouk & Se-Eun Jeong & Jacques Mazier).
10. 12th Annual Conference of the Association for Heterodox Economics, Bordeaux, June 2010. Exchange Rate Misalignments and International Imbalances: a FEER Approach for Emerging Countries (with Nabil Aflouk & Se-Eun Jeong & Jacques Mazier).
    

11. 6th International Conference Developments in Economic Theory and Policy, Bilbao, July 2009. Exchange Rate Misalignments at World and European Levels: a FEER Approach (with Se-Eun Jeong & Jacques Mazier).
    

1. Lunch seminar of the CEPN, Villetaneuse, October 2011. Exchange Rate Dynamics and Fundamental Equilibrium Exchange Rates.
   

2. Doctoral seminar of the CEPN, Villetaneuse, November 2010. Global Imbalances and Capital Account Openness: an Empirical Analysis.
   
3. Lunch seminar of the CEPN, Villetaneuse, October 2010. Temporal Dimension and Equilibrium Exchange Rate: a FEER / BEER Comparison (with Antonia López-Villavicencio & Jacques Mazier).
   

4. Doctoral seminar of the CEPN, Villetaneuse, November 2009. Exchange Rate Misalignments at World and European Levels: a FEER Approach (with Se-Eun Jeong & Jacques Mazier).
5. Doctoral seminar co-organized by the CEPN and EconomiX (University of Paris West), Nanterre, February 2009. Exchange Rate Misalignments at World and European Levels: a FEER Approach (with Se-Eun Jeong & Jacques Mazier).
   

6. Doctoral seminar of the CEPN, Villetaneuse, November 2008. Exchange Rate Misalignments at World and European Levels: a FEER Approach (with Se-Eun Jeong & Jacques Mazier).

- University of Paris North - 1 May 2013