Groupe d’Analyse et de Théorie Economique - UMR5824

CNRS Research Professor GATE-LSE, CNRS-University of Lyon-ENS Lyon, Louis Bachelier Fellow, BETA Associate researcher, Member of CORTEX Laboratory of Excellence.

Contact : cornand@gate.cnrs.fr

Fields : dispersed and heterogeneous information, coordination, experimentation in macroeconomics and finance.

CV : in English.

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CV Publications Teaching and supervision Other responsibilities

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Curriculum Vitae

Current Position

• Research Professor (Directrice de recherche) at CNRS, affiliated with GATE L-SE - Université de Lyon, since 2017.

Education

• Habilitation (HDR), Strasbourg University, 2010.
• PhD in Economics, Lyon 2 University, 2005.

Professional Experience

• Researcher (chargée de recherche) at CNRS, affiliated with GATE L-SE - Université de Lyon, 2011-2017.
• Researcher (chargée de recherche) at CNRS, affiliated with BETA – Strasbourg University, 2006-2011.
• Consultant at Banque de France, 2008-2009.
• Post-doctoral follow, FMG, London School of Economics and Political Sciences, 2005-2006.
• Part-time lecturer (Attachée Temporaire d’Enseignement et de Recherche), Lyon 2 University, affiliated with GATE, 2004-2005.
• Visiting research student, FMG, London School of Economics and Political Sciences, 2003.
• Visiting Research student, Chair of macroeconomics, Munich Ludwig-Maximilians University, 2002, 2003, 2004.
• Research and teaching fellow, Lyon 2 University, 2001-2004.

Honors and Scholarships

• Médaille de Bronze du CNRS, 2011.
• Young economist prize of Fondation Banque de France, 2010.
• Young economist prize of the city of Lyon, 2007.
• Ph-D thesis prize of the French Economic Association, 2005.
• Robert Solow Post-doctoral scholarship, Centre Cournot pour la Recherche en Economie, 2005-2006.
• DAAD (Deutscher Akademischer Austausch Dienst) mobility scholarship, 2004.
• EURODOC scholarship awarded by Région Rhône-Alpes for international mobility, 2002-2003.
• "Allocation de recherche et monitorat", 3-years scholarship and teaching fellowship awarded by the French Ministry of Education, 2001-2004.

Teaching and students

Research papers

Other responsibilities

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Publications

Working papers

• Corgnet B., Cornand C. and Hanaki N. (2020), "Negative Tail events, emotions and risk taking", Working paper GATE 2020-16. [Media Coverage : Finance Derivative, Finance Monthly, The Conversation, La Vanguardia, SME Business News, Business Daily, Thinking Australia, Medium, GATE Magazine] [revision requested at Economic Journal]

• Cornand C., Dos Santos Ferreira R. (2021), "Central bank’s stabilization and communication policies when firms have motivated overconfidence in their own information accuracy or processing", Working paper GATE 2021-18. [Media Coverage : The Conversation, La Tribune]

• Corgnet B., Cornand C., Hanaki N. (2021), "Risk-Taking and Tail Events Across Trading Institutions", Working paper GATE 2021-17. [Media Coverage : The Conversation]

Publications in English

• Bruttel L., Bulutay M., Cornand C., Heinemann F., Zylbersztejn A. (2022), "Measuring strategic uncertainty attitudes", accepted at Experimental Economics. [WP version]

• Cornand C. and Hubert P. (2022), "Information frictions across various types of inflation expectations", European Economic Review, 146, 104175. [WP version] [Bloc-notes Eco]

• Cornand C., Guillaumin C. and Idier J. (2022), "Macroprudential Policy : New Challenges", Introduction to the Special Issue, to appear in International Economics. https://doi.org/10.1016/j.inteco.2022.08.006.

• Bulutay M., Cornand C. and Zylbersztejn A. (2022), "Learning to deal with repeated shocks under strategic complementarity : An experiment", Journal of Economic Behavior and Organization, 200 : 1318-1343. https://doi.org/10.1016/j.jebo.2020.05.023 [WP version]

• Cornand C. and Heinemann F. (2022), "Monetary Policy obeying the Taylor Principle Turns Prices into Strategic Substitutes", Journal of Economic Behavior and Organization, 200 : 1357-1371. https://doi.org/10.1016/j.jebo.2019.10.022 [WP version]

• Baeriswyl R., Boun My K. and Cornand C. (2021), "Double overreaction in beauty-contests with information acquisition : theory and experiment", Journal of Monetary Economics, 118(C) : 432-445. https://doi.org/10.1016/j.jmoneco.2020.12.004 [WP version] [Media coverage : The Conversation]

• Boun My K., Cornand C. and Dos Santos Ferreira R. (2021), "Public information and the concern for coordination", Journal of Behavioral and Experimental Economics, 93 : 101710. https://doi.org/10.1016/j.socec.2021.101710 [WP version].

• Baeriswyl R., Cornand C. and Ziliotto B. (2020), "Observing and shaping the market : the dilemma of central banks", Journal of Money, Credit and Banking, 52(8) : 1973-2005. https://doi.org/10.1111/jmcb.12682 [WP version]

• Cornand C. and Hubert P. (2020), "On the external validity of experimental inflation forecasts : A comparison with five categories of field expectations", Journal of Economic Dynamics and Control, 110 : 103746. https://doi.org/10.1016/j.jedc.2019.103746 [WP version]

• Cornand C. and Dos Santos Ferreira R. (2020), "The social value of information and the competition motive : price vs. quantity games", Economic Theory, 70(4) : 1101-1137. [WP version]

• Cornand C. and Dos Santos Ferreira R. (2020), "Cooperation in a differentiated duopoly when information is dispersed : A beauty contest game with endogenous concern for coordination", Mathematical Social Sciences, 106 : 101-111. [WP version]

• Cornand C. and Heinemann F. (2019), "Experiments on macroeconomics : methods and applications", in A. Schram and A. Ule (eds) : Handbook of Research Methods and Applications in Experimental Economics, Edward Elgar Publishing, pp. 269-294. [WP version]

• Cornand C. and M’baye C. K. (2018), "Does inflation targeting matter ? An experimental investigation", Macroeconomic Dynamics, 22(2) : 362-401. [WP version]

• Cornand C. and Baeriswyl R. (2018), "The distortionary effect of monetary policy : credit expansion vs. lump-sum transfers in the lab", B.E. Journal of Macroeconomics, 18(2) : 1-30. [WP version]

• Cornand C. and M’baye C. K. (2018), "Band or Point Inflation Targeting ? An Experimental Approach", Journal of Economic Interaction and Coordination, 13(2) : 283-309. [WP version] Link to NEP-DGE blog.

• Cornand C. (2017), "Appraising sticky prices, sticky information and limited higher order beliefs in light of experimental data", in F. Heinemann, U. Klueh, S. Watzka : Monetary Policy, Financial Crises, and the Macroeconomy : Festschrift for Gerhard Illing, Springer-Verlag, Heidelberg, 351 pages, ISBN 978-3-319-56261-2.

• Baeriswyl R. and Cornand C. (2016), "The predominant role of signals precision in experimental beauty contest", B.E. Journal of Theoretical Economics, 16(1) : 267–301. [WP version]

• Cornand C., Gandré P. and Gimet C. (2016), "Increase in Home Bias in the Eurozone Sovereign Debt Crisis : the Role of Domestic Shocks", Economic Modelling, 53 : 445-469. [WP version]

• Cornand C. and Heinemann F. (2015), "Limited higher order beliefs and the welfare effects of public information", Journal of Economic Studies, Special issue : Macroeconomic Experiments (ed. : C. Noussair and F. Heinemann), 42(6) : 1-26. [WP version]

• Baeriswyl R. and Cornand C. (2014), "Reducing overreaction to central banks disclosure : theory and experiment", Journal of the European Economic Association, 12(4) : 1087-1126. [WP version] [Media coverage : Le Temps (12/07/2012), 20 Minuten online (13/07/2012)].

• Cornand C. and Heinemann F. (2014), "Measuring agents’ overreaction to public information in games with strategic complementarities", Experimental Economics, 17(1) : 61-77. [WP version]

• Cornand C. and Heinemann F. (2014), "Experiments on monetary policy and central banking", in “Experiments in Macroeconomics”, John Duffy (eds.), Vol. 17, Research in Experimental Economics, Emerald Group Publishing, 2014. [WP version]

• Cornand C. and Gimet C. (2012), "The 2007-2008 financial crisis : Is there evidence of disaster myopia ?", Emerging Markets Review, 13(3) : 301-315. [WP version]

• Baeriswyl R. and Cornand C. (2011), "Transparency and Monetary Policy Effectiveness", Annals of Economics and Statistics (Annales d’Economie et de Statistique), 103-104 : 165-184. [WP version]

• Baeriswyl R. and Cornand C. (2010), "The Signaling Role of Policy Actions", Journal of Monetary Economics, 57(6) : 682-695. [WP version] [Media coverage : CNRS web page, Journal du CNRS (10/2010, p.12)].

• Baeriswyl R. and Cornand C. (2010), "Optimal Monetary Policy in Response to Supply Inflation : the Impact of Central Bank Communication", International Journal of Central Banking, 6(2) : 31-52.

• Cornand C. and Heinemann F. (2009), "Speculative Attacks with Multiple Sources of Public Information", Scandinavian Journal of Economics, 111(1) : 73-101. [WP version]

• Cornand C. and Heinemann F. (2008), "Optimal Degree of Public Information Dissemination", The Economic Journal, 118 : 718–742. [WP version] [Media coverage : Media briefing of the Royal Economic Society (4/2008), Vox (27/5/2008)].

• Cornand C. (2008), "Liquidity crises of private corporations in emerging economies and international bankruptcy rules", in O. Steiger : Property Economics : Property Rights, Creditor’s Money and the Foundations of the Economy, Marburg : Metropolis Verlag, 475 pages.

• Baeriswyl R. and Cornand C. (2007),"Monetary Policy and its Informative Value", Proceedings of the Federal Reserve of San Francisco, March.

• Cornand C. (2006), "Speculative Attacks and Informational Structure : an Experimental Study", Review of International Economics, 14(5) : 797-817. [WP version]

• Allegret J.-P. and Cornand C. (2006), "The Pros and Cons of Higher Transparency : The case of Speculative Attacks", Louvain Economic Review, 72(3) : 215-246. [WP version]

Publications in French

• Cornand C. and Heinemann F. (2015), "Macro-expérimentation autour des fonctions des banques centrales", Revue Française d’Economie, XXX(2) : 59-103. [WP version]

• Allegret J.-P. and Cornand C. (2014), "Une analyse informationnelle de la crise financière récente", Revue Française d’Economie, XXVIII(3) : 213-264. [WP version]

• Baeriswyl R. and Cornand C. (2008), "La politique Monétaire en Information Hétérogène", Revue Française d’Economie, XXIII(1) : 117-163.

• Baeriswyl R. and Cornand C. (2007) "Politique monétaire inflationniste : quelle alternative à Barro-Gordon ?", Revue Economique, 58(3) : 661-670.

• Allegret J.-P. and Cornand C. (2006), "La politique de diffusion de l’information : la transparence des banques centrales est-elle toujours préférable ?", Revue Française d’Economie, XXI(1) : 87-126. [WP version]

• Cornand C. and Heinemann F. (2006), "Publicité limitée de l’information et sur-réaction aux annonces lors des épisodes spéculatifs", Revue Economique, 57(3) : 399-405.

• Cornand C. (2004) "La coordination des acteurs lors d’une attaque spéculative : l’apport des jeux globaux", Revue d’Economie Politique, 114(6) : 793-820.

• Cherief I. and Cornand C. (2003), "Le traitement juridique de l’insolvabilité à l’échelle internationale : vers des procédures internationales de faillite des entreprises dans les pays émergents", Revue d’Economie Financière, 72 : 337-358.

• Cornand C. (2002), "Quel cadre d’implication du secteur privé proposer pour gérer les crises de liquidité des économies de marché émergentes ?", International Economics (Economie Internationale), 91 : 5-33.

Press

• Cornand C. and Hubert P. (2022), "What lessons can we learn from the heterogeneity in inflation expectations among economic agents ?", SUERF Policy Brief, No 377.

• Cornand C. and Dos Santos Ferreira R. (2021), "Quelle politique pour une banque centrale face à des agents économiques qui prennent leurs désirs pour des réalités ?", The Conversation, December 21.

• Corgnet B. and Cornand C. (2021), "Comment les émotions influencent les marchés financiers en cas d’événement extrême", The Conversation, October 5. [Coverage : La Tribune]

• Cornand, C., Boun My K. and Baeriswyl, R. (2021), "La communication des banques centrales peine encore à influencer les acteurs économiques", The Conversation, January 17. [Coverage : La Tribune]

• Corgnet B. and Cornand C. (2020), "Les émotions, une aide précieuse à la décision sur les marchés financiers", The Conversation, June 23. [Coverage : slate.fr, La Tribune]

• Cornand C., Villeval M.C. and Zylbersztejn A. (2020), "Déconfinement : échappera-t-on à la « tragédie des communs » ?", The Conversation, May 27. [Coverage : La Tribune].

• Gandré P. and Cornand C. (2020), "Covid-19 : Cette « myopie au désastre » qui dégrade nos capacités de réponse aux crises", The Conversation, April 8. [Coverage : France Culture, La Tribune].

Habilitation (HDR) thesis

Essai en économie monétaire, coordination et information hétérogène - Une analyse de la communication des banques centrales, BETA and Strasbourg University, 2010.

Ph-D thesis

La coordination des spéculateurs lors d’une crise de change : impact de la structure d’information - Un essai d’analyse sur les conséquences en termes de politique économique, GATE and Lyon 2 University, 2005.

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Teaching and Supervision

Teaching

• Dynamic problems and coordination, Master level, M2 Economics and Finance, Lyon 2 University, EM Lyon, Ens de Lyon and St Etienne University, 2016-2022.

• Economic policy, Bachelor level, Ens de Lyon, 2018-2019.

Ph-D thesis supervision

• Alexandre Angelloz-Nicoud, "Quantitative easing et inflation faible : une remise en cause de la théorie quantitative de la monnaie ?" (co-supervision with S. Lotz), Lyon 2 University, since September 2021 ; allocataire normalien.

• Maria Alejandra Erazo, "Essays on strategic uncertainty aversion" (co-supervision with A. Zylbersztejn, University of Lyon), University of Lyon and CNRS ; since November 2019 ; funded by the ASUR project.

• Gaëtan Le Quang, "An analysis of banking regulation by the market after the crisis" (co-supervision with L. Scialom, Paris Ouest University), Paris Ouest University, 2016-2019 ; Assistant Professor IUT Lyon 2.

• Pauline Gandré, "Three Essays on the Role of Expectations during the Recent Economic Turmoil", ENS de Lyon, 2012-2016 ; Assistant Professor Paris Ouest Nanterre.

• Cheick Mbaye, "Theoretical and Empirical Essays on Inflation Targeting and Central Bank Transparency" (co-supervision with J.-P. Allegret, Paris Ouest University) ; Lyon 2 University, 2009-2013 ; Economist at African Management Institute, Mali.

• Ummad Mazhar, "Essays in the Political Economy of Inflation" (co-supervision with P.-G. Méon, ULB) ; Strasbourg University, 2009-2012 ; Associate Professor at Beaconhouse National University, Pakistan.

Participation to Ph-D theses’ defence

Shan Roux Hu, Université de Franche-Comté, 2020 (referee) ; Florian Pradines-Jobet, Orleans University, 2019 ; Marine Charlotte André, Strasbourg University, 2018 (referee) ; Han Zhou, Lyon 2 University, 2018 (president) ; Nicolas Scholtes, Namur University, 2018 (referee) ; Olga Kuznetsova, Paris Saclay, 2017 (referee) ; Julien Trouillet, Paris Dauphine, 2017 (referee) ; Fatemeh Mokhtarzadeh, Department of Economics, Simon Fraser University, Canada, 2016 (external examiner) ; Tomasz Orpiszewski, Paris Dauphine University, 2015 (referee) ; Louis Raffestin, Bordeaux University, 2015 (referee) ; Hamza Bennani, Lille University, 2014 (referee) ; Wafa Aidi, Toulon University, 2014 (referee) ; Paul Hubert, Sc. Po. Paris – OFCE, 2010 (referee).

Participation as referee to habilitation theses’ defence

Sébastien Duchêne, Montpellier University, 2021 ; Brice Corgnet, Lyon 2 University, 2018 ; Cristina Badarau, Rennes University, 2015 ; Céline Poilly, Lyon 2 University, 2014 ; Cornel Oros, Poitiers University, 2014.

Previous teaching experience

• Macroeconomics and coordination, Master level, M2 MFG, Lyon 2 University, 2007-2016.

• Behavioral Macroeconomics, Ph-D courses, Ecole Doctorale SEG, 2014-2015.

• Lectures in Economics : ‘Overreaction to announcements and communication policy’, Master level, M1 EQUANT, Lyon 2 University, 2011-2016.

• Exchange rate macroeconomics, Master level, M2 MFG, ENS-LSH Lyon and Lyon 2 University, 2011-2013 and EM Lyon Business School, 2012-2013.

• Financial crisis and information, Bachelor level, EM Lyon Business School, 2011-2012.

• Financial crises (préparation à l’agrégation), ENS-LSH, 2008-2011.

• Economic policy (préparation à l’agrégation), ENS-LSH, 2009-2011.

• Macroeconomy and economic policy, Master level, M1 économie et société, Lyon 2 University, 2009-2010 and M1 finance, Lyon 2 University, 2008-2009.

• Introduction to economics, Undergraduate level (Licence Professionnelle Banque), Lyon 2 University, 2004-2005.

• Economics and international finance, Bachelor level, Lyon 2 University, 2003-2005.

• Microeconomics, Undegraduate level, Licence Econométrie and DEUG MASS, Lyon 1 and Lyon 2 Universities, 2002-2003.

• Monetary economics, Undergraduate level, IUP Banque et Finance, and DEUG Sciences Economiques et de Gestion, Lyon 2 University, 2001-2003.

• Political economy, Undergraduate level, DEUG Sciences Economiques et de Gestion, Lyon 2 University, 2001-2002.

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Other responsibilities

Research programm coordinator

• Coordinator (French part) of the joint French-German ANR (Agence Nationale pour la Recherche) - DFG (Deutsche Forschungs Gemeinschaft) ASUR project (Aversion to Strategic Uncertainty : Measurement and policy Implications), 2019-2023 (176 000 euros for the French team ; German coordinator : F. Heinemann).

• Coordinator (French part) of the joint French-German ANR (Agence Nationale pour la Recherche) - DFG (Deutsche Forschungs Gemeinschaft) StabEx project (Stabilizing Macroeconomic Shocks : Experiments on the Interaction between Central Bank and Private Sector), 2013-2017 (49 000 euros for the French team ; German coordinator : F. Heinemann).

• Coordinator (French part) of the joint French-German ANR-DFG MPICK project (Monetary Policy under Imperfect Common Knowledge), 2008-2012 (43 000 euros for the French team ; German coordinator : F. Heinemann).

Organization of conferences and workshops

• Organizer (with J. Albertini) of the Workshop "Heterogeneity", Lyon, December 19-20, 2019.

• Organizer (with N. Marchand) of the Macrofi doctoral days, Lyon, April 4-5, 2019.

• Member of the scientific committee of the Congress of the French Economic Association (Association Française de Science Economique), 2018.

• Member of the Program Committee of the conference "Cliometry and complexity", IXXI, ENS Lyon, 2018.

• Member of the scientific committee of the Congress of the French Economic Association (Association Française de Science Economique), Nice, 2017.

• Member of the scientific committee of the conference INFER, Bordeaux, June 2017.

• Member of the scientific committee of the Congress of the French Economic Association (Association Française de Science Economique), Nancy, 2016.

• Member of the Program Committee of the conference "Cliometry and complexity", IXXI, ENS Lyon, 2016.

• Member of the Program Committee of the Congress of the French Economic Association (Association Française de Science Economique), Rennes, 2015.

• Member of the Scientific Committee and Program Committee of the Congress of the French Economic Association (Association Française de Science Economique), Lyon, 2014.

• Organizer (with F. Heinemann) of the workshop ‘Experiments in monetary policy’, GATE, Lyon, November 5-6, 2014.

• Member of the scientific committee of the INFER workshop in international economics, Bordeaux, 2014.

• Member of the organization committee and scientific committee of the congress of the French Experimental Economics Association (Association Française d’Economie Expérimentale), Lyon, 2013.

• Organizer (with A. Eyquem and F. Le Grand) of the Conference Theory and Methods in Macroeconomics, Lyon, 2013.

• Organizer (with A. Eyquem) of the Macrofi doctoral days, Lyon, 2013.

• Member of the Program Committee of the Congress of the French Economic Association (Association Française de Science Economique), Paris, 2012.

• Local coordinator of the Macrofi doctoral days, since 2012.

• Organizer of the workshop ‘Cycles and Crises’, Pôle Européen de Gestion et d’Economie, BETA, Université Louis Pasteur, Strasbourg, 2008.

• Member of the Program Committee of the Congress of the French Economic Association (Association Française de Science Economique), Paris, 2006.

Other collective responsibilities

• Member of the National Committee of Scientific Research (CoNRS Section 37), since 2021.

• Sustainable Development Officer at GATE, since 2021.

• Member of the Research Ethic Committee of the University of Lyon, since 2020.

• Member of the Ethics Review Board, GateLab, 2019-2020.

• In charge of the Macro team at GATE (axe ‘Macroéconomie, Finance et Histoire’), January 2012 - December 2020.

• Member of the GATE laboratory council, since 2012.

• Member of the scientific council of the Fondation Banque de France pour la Recherche, since 2012.

• Member of the selection committee, University of Nice, 2017, 2018.

• Member of the selection committee, University of Lyon, 2016, 2017, 2018, 2020.

• Member of the selection committee, St Etienne University, 2015.

Expertise

• Member of the evaluation committee of the French National Agency (ANR) programs, 2013.

• Project selection for the ANR and the NSF (National Science Foundation).

Refereeing

American Economic Journal : Macroeconomics, American Economic Review, B.E. Journal of Macroeconomics, Econometrica, Economic Inquiry, Economic Journal, Economic Theory, B.E. Journal of Theoretical Economics, Economica, Economics Letters, Economie et Prévision, European Economic Review, European Journal of Finance, Experimental Economics, Games and Economic Behavior, Handbook of Computational Economics, International Economic Journal, International Finance, International Journal of Central Banking, Journal of Development Economics, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control, Journal of Economic Interaction and Coordination, Journal of Economic Surveys, Journal of Economic Theory, Journal of Mathematical Economics, Journal of Money, Credit and Banking, Journal of the European Economic Association, Macroeconomic Dynamics, Manchester School, Mathematical Social Sciences, Oxford Economic Papers, Review of Economic Studies, Revue d’Economie Politique, Revue Economique, Revue Française d’Economie, Scandinavian Journal of Economics, Southern Economic Journal.