Yann Perdereau

Welcome to my webpage!

I'm a fourth year PhD student in Economics at the Paris School of Economics under the supervision of Gilles Saint Paul.

My research focuses on macroeconomics, households heterogeneity, and fiscal and monetary policies. I am currently doing a PhD Traineeship at the Directorate General Research of the European Central Bank.

Do not hesitate to contact me at [email protected]. I am also active on Twitter and Linkedin.

My full curriculum vitae can be found here: CV

Working papers

Change in consumption with Quantitative Easing partially reversed by Tightening.

Balance sheet policies and Central Bank losses in a HANK model (joint with Charles Labrousse)

Abstract : What are the effects of central bank balance sheet expansion, and should we worry about central bank losses? Using a Heterogeneous Agent New Keynesian model incorporating money in utility and an endogenous zero lower bound (ZLB), we study the fiscal-monetary interaction of central bank balance sheet policies. We find that the overall efficiency of QE and QT policies depends on the combination of the expected future size of the balance sheet and the fiscal transmission of central bank losses. First, permanent balance sheet expansions stimulate the economy in the long-run and, by anticipation, increase inflation and output during the ZLB episode, as they interact with distortionary taxes and imperfect capital markets. Second, at the end of the ZLB, the central bank incurs losses: issuing securities to offset these losses is more welfare-enhancing than raising taxes.

Change in welfare following increase in carbon tax, depending on living area and disposable income.

Geography versus income: the heterogeneous effects of carbon taxation (joint with Charles Labrousse)

Abstract : Distributive effects of carbon taxation are key for its political acceptability. We introduce geographical heterogeneity into a calibrated dynamic general equilibrium heterogeneous-agent model, where energy is both a consumption good and an intermediate input. We evaluate the aggregate and distributive effects of carbon taxation and obtain three key results. First, the distributive effects of carbon taxation are driven by geography more than income, with rural households suffering larger welfare losses. Second, taxing households' direct emissions is regressive, while taxing firms' direct emissions is progressive. Third, we simulate various revenue-recycling policies using targeted transfers. We find that it is possible to reduce emissions and mitigate welfare losses associated with the green transition.