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I'm Adviser and head of the Bank of England's Monetary Analysis directorate Strategic Priorities Hub - a three-year initiative aimed at advancing the understanding and design of the Bank's monetary policy toolkit. Currently I am responsible for managing analytical projects around the interplay between the monetary and financial stability toolkits, and the transmission of conventional monetary policy.

 

Previously, I was responsible for leading analytical work and briefing the Bank's Monetary Policy Committee on the design and transmission of unconventional monetary policy tools during Covid, with a focus on negative rates, Quantitative Easing, and funding-for-lending schemes.

 

Before this, I was responsible for advising the Bank's Financial Policy Committee on the strategy for countercyclical capital requirements, and I worked on stress-testing strategy and its link with macro-prudential policy. During my studies, I worked at the Swiss National Bank, Dutch National Bank, and the Swiss Business Federation's Brussels office.

 

My research mainly deals with the links between banks and the real economy and the transmission of monetary policy. I got a PhD in Economics from the Graduate Institute of International Studies (Geneva), where I was supervised by Cédric Tille, Marc Flandreau and Charles Calomiris (Columbia University, external expert).  

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Contact: matthieu.chavaz at bankofengland.co.uk

 

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Published and working papers

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  • Monetary policy in the face of supply shocks: The role of inflation expectations

​With Nicolo Bandera, Lauren Barnes, Silvana Tenreyro (LSE and BoE Monetary Policy Committee), and Lukas Von dem Berge (BoE)​

Proceedings of the ECB Sintra Forum on Central Banking (2023). Video presentation.

 

Impact: UniCredit Macro Research, Victor Constancio.

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  • Do Banks Worry About Attentive Depositors? Evidence from Multiple-Brand Banks.

With Pablo Slutzky (Maryland University). 

Review of Finance (2023). 

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Presentations: Federal Reserve Day Ahead Conference (San Diego, 2020), Biennial Bocconi-Banca d'Italia conference (Rome, 2018); MoFiR workshop (Ancona, 2018); Halle University (2017; invited seminar), Maryland University (2017)*, Federal Reserve Board (2017)*; Michigan State University (2017)*; Columbia University (2016).*

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  • Lending Relationships and the Collateral Channel.

With Gareth Anderson (Oxford and IMF), Saleem Bahaj, Angus Foulis, and Gabor Pinter (BoE).

Review of Finance (2022).

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Presentations: Chicago Financial Intermediation Conference (2018*), Royal Economic Society (2018*), GRETA 2018 (Venice) Econometric Society winter meeting (Edinburgh, 2016*). ​

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  • QE at the Bank of England: a perspective on its functioning and effectiveness

With Filippo Busetto, Maren Froemel, Michael Joyce, Iryna Kaminska, and Jack Worlidge (BoE)​

BoE Quarterly Bulletin (2022).

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Impact: Committee on the Global Financial System; UK Parliament; Sveriges Riksbank; OECD Economic Outlook; Reserve Bank of New Zealand; Federal Reserve Bank of New York; "The economic situation and monetary policy" (speech by Huw Pill); "What did the monetarists ever do for us?" (speech by Huw Pill); Dave Ramsden's testimony to UK Parliament; Andrew Bailey testimony to UK House of Lords; Speech by Catherine Mann. 

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  • Separating Retail and Investment Banking: Evidence from the UK.

With David Elliott (Imperial College and BoE)​. 

BoE Staff Working Paper (2020). Bank Underground blog post. Submitted.

 

Presentations: American Economic Association (2022, poster)*, Financial Intermediation Research Society (2021)*, European Finance Association (2021)* Banque de France symposium on money, banking and finance (2021), Banco de Espana conference on financial stability (2021)*, BIS-CEPR-Bundesbank conference on financial regulation (2021), Royal Economic Society (2021)*, American Finance Association (2021, poster)*, ESCB research workshop (2021)*, Tilburg University (invited seminar, 2020), FIRS 2020 (cancelled), Imperial College (2019)*, Bank of England-Bank of Japan-ECB research workshop (2020).

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Impact: Financial Times, Silvana Tenreyro’s speech (2021), 2021 PRA Annual Report on Competition, Independent Review of Ring-Fencing​, Risk.net, UK Finance, Building Societies Association, Financial Innovation Lab.​​​

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  • Liquidity Holdings, Diversification, and Aggregate Shocks.

BoE Staff Working Paper 698 (2017); Revise and resubmit (2nd round): Journal of Money, Credit, and Banking.

 
Presentations: Toulouse School of Economics-Banque de France research seminar (Paris, 2015); Graduate Institute (Geneva, 2014).
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  • Political Borders and Bank Lending in Post-Crisis America.

With Andrew K. Rose (Berkeley).

Review of Finance (2019). CEPR Discussion Paper 11595 (2016); NBER Working Paper 22806 (2016).  

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Presentations: Chicago Booth Political Economy Conference (2017), Financial Intermediation Research Society (Hong Kong, 2017), BoE / EBRD 6th MoFiR Workshop on Banking (London, 2017), Chicago Financial Intermediation Conference (2017), CEPR Swiss Winter Financial Intermediation conference (Lenzerheide, 2017; poster), Berkeley University (2017)*, GSE Summer Forum (Barcelona, 2016), NUS Business School (Singapore, 2016)*, 2nd IWH FIN FIRE Workshop on Challenges to Financial Stability (Halle, 2016).

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Impact: Cato Policy Report (lead feature), Cato Research Brief in Economic Policy 67 (2017), National Affairs, Washington Examiner.

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  • ”High and Dry”: The Liquidity and Credit of Foreign Government Debt in the First Age of Globalization (1880-1910)​

With Marc Flandreau (University of Pennsylvania).

Journal of Economic History (2017; lead article); associated VoxEU column; CEPR Discussion Paper 11679 (2016); BoE Staff Working Paper 555 (2015)

 

Presentations: Banque de France-Sciences Po Economic History & Policy conference (Paris, 2015), 8th Erasmus Liquidity conference (Rotterdam,2015)

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  • Dis-integrating Credit Markets: Diversification, Securitization, and Lending in a Recovery.

BoE Staff Working Paper 617 (2016); previously circulated as "Riders of the Storm: Economic Shock and Bank Lending in a Natural Experiment" (mimeo).

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Presentations: European Bank for Reconstruction and Development (London, 2016), Atlanta Fed Real Estate conference (New Orleans, 2015), Financial Intermediation Research Society (Reykjavik, 2015), 8th CEPR Swiss Winter Conference of Financial Intermediation (Lenzerheide, 2015), Bocconi Carefin conference (Milan, 2014), 3rd World Bank-Banco de Espana conference (Madrid, 2014), Erasmus Credit conference (Rotterdam, 2014), UniCredit Young Economist conference (Belgrade, 2014), Bank of England (London, 2014), De Nederlandsche Bank (Amsterdam, 2013).

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Impact: Bank of Japan, Central Banking.com, Basel Committee on Banking Supervision, European Central Bank, Federal Reserve Bank of Philadelphia, Federal Reserve Board, Federal Reserve Bank of New York.

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Research in progress
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  • Central Banks as Funding Backstops: Evidence from Bank of England funding-for-lending schemes

With David Elliott (BoE) and Win Monroe (Imperial College). Draft available upon request.​

  • The Bank Lending Channel of Quantitative Tightening

With Alba Patozi and Mo Wazzi (BoE)​

  • Quantitative Tightening, Bank Lending, and Monetary Policy

With Mauricio Salgado-Moreno (BoE)​

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Invited discussions 
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  • Domestic Climate Policy and Cross-Border Lending (Benincasa, Kabas, and Ongena)

Cass Business School banking conference (London)​

  • Stock market listing for sovereign bonds (Esteves and Flandreau)

Paris School of Economics conference on financial history​

  • Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets (Dietrich and Gehrig)

Banque de France symposium (Paris)

  • Bank Competition and Targeted Monetary Policy (Benetton and Fantino)

EuroFit conference (UCL)​

  • Pushing Boundaries: Political Redistricting and Consumer Credit (Akey, Dobridge, Heimer, and Lewellen)

SFS Cavalcade (Yale)

  • Liquidity Requirements and Bank Deposits: Evidence from Ethiopia (Limodio and Strobbe)

Workshop in Empirical Banking  (National Bank of Belgium)

  • Nascent Markets: Understanding the Success and Failure of New Stock Markets (Beck et al.)

Banque de France conference on capital market integration (Paris)

  • Decision-making Delegation in Banks (Dlugosz, Gam, Gopalan, and Skrastins)

GSE Summer Forum (Barcelona)

  • Credit, Labor, and Political Unrest: Evidence from 1930s China (Braggion, Manconi and Zhu)

CEPR Swiss Winter Financial Intermediation conference (Lenzerheide)

  • Tracing Out Capital Flows (Romero-Cortes and Strahan)

American Real Estate and Urban Economics Association Meetings (San Francisco)

  • What Drives Banks' Geographic Expansion? (Gropp, Noth and Schuewer)

American Finance Association Meetings (San Francisco)

 

 

Refereeing (selected)

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Review of Financial Studies, Review of Economics and Statistics, Review of Finance, Real Estate Economics, Journal of Banking and Finance, Journal of Financial Services Research.

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Contributions to external-facing policy work (selected)
 

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  • "The UK bank capital framework". Financial Stability Report chapter. Sets out the Bank of England's Financial Policy Committee's decision to increase CCyB requirements to 2% when financial stability risks are standard.

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  • "How to: Macro-Pru". Speech at London School of Economics by Alex Brazier (Financial Policy Committee, Bank of England).

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  • The "question" or the "answer"? Market reaction to UK stress test. With Jeremy Chiu (Bank of England) and Evarist Stoja (Bristol University). Bank Underground blog post 

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