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Welcome to my website. I currently work for the Bank for International Settlement, where I am responsible for leading analytical work for central bank governors' bimonthly meetings. I also conduct research about banking and monetary policy for academic and broader audiences.

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Before joining the BIS, I was 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. In that role, I was responsible for managing analytical projects around the interplay between the monetary and financial stability toolkits, and the transmission of 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 and Dutch National Bank, and (briefly) led the Swiss Business Federation's Brussels office.

 

I got a PhD in Economics (with highest honors) from the Graduate Institute of International Studies, where my thesis jury was Cédric Tille, Marc Flandreau and Charles Calomiris (Columbia University).  

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Contact: matthieu.chavaz at bis.org

 

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Published research and working papers

 
  • Moving targets? Inflation targeting frameworks, 1990-2025
With Claudio Borio (BIS). ​
BIS Quarterly Review (2025). YouTube video.
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​Coverage: Bloomberg; Dow Jones; Agustin Cartens (speech).
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  • Quantitative Tightening and Credit Supply

With Alba Patozi (Bank of England) and Mo Wazzi (Oxford).

Draft (2025) available upon request.

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Presentations: CEPR Swiss winter financial intermediation conference (scheduled); WEIA 2025 (scheduled); Banque de France / Paris Dauphine conference on financial intermediation; Bank of England BEAR conference on the future central bank balance sheet.

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  • ​A Public-Private Partnership? Central Bank Funding and Credit Supply.
With David Elliott (Bank of England) and Win Monroe (Imperial College).​

Working paper (2024).

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

With Pablo Slutzky (Maryland University). 

Review of Finance (2023). Finalist: 2024 Pagano-Zechner prize for best non-investments paper published in the Review of Finance. SUERF Policy Brief (2024).

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

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

​With N Bandera, L Barnes, L Von dem Berge (BoE), and ​S Tenreyro (LSE/BoE Monetary Policy Committee),

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

 

Coverage: P. Hernandes de Cos (speech), E. Thedeen (speech); A. Maechler (speech); Central Bank of Philippines; Central Bank of Sri Lanka; UniCredit Macro Research; Victor Constancio.​

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  • Lending Relationships and the Collateral Channel.

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

Review of Finance (2022).

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

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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; Huw Pill (speech; speech); Dave Ramsden (testimony to UK Parliament); Andrew Bailey (testimony to UK House of Lords); Catherine Mann (speech); Darrell Duffie (Jackson Hole paper).

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

With David Elliott (Imperial College and BoE)​.

Resubmitted (first round): Review of Finance. BoE Staff Working Paper (2020). Bank Underground blog post.

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

 

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

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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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  • 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); Graduate Institute (Geneva).
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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), 8th Erasmus Liquidity conference (Rotterdam)

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

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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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  • Contingent Bank Liquidity

  • Quantitative Tightening, Bank Lending, and Monetary Policy

With Mauricio Salgado-Moreno (BoE)​

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Invited discussions 
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  • The Dynamics of Deposit Flightiness and its Impact on Financial Stability (Blickle et al)

Bank of England BEAR conference on the future centrl bank balance sheet (London)​

  • Firm-Level Shock Exposures, Stock Returns and Real Outcomes: a Text-Analytic Approach (Davis, Hansen, and Seminario-Amez)

2nd Bank of England-Lancaster-Queen Mary workshop on Non-Linearities in Macro (London)

  • "Dormant securities”: Imperial guarantees for colonial loans, 1842-1934” (Esteves and Tunçer)

2024 Pierre Dubois conference (Geneva)​

  • 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, Explorations in Economic History, 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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