Hubert Kempf

Monetary Policy and Regional Debt Spillovers in a Federation

Hubert Kempf has studied the effects of monetary policy in the presence of debt spillovers within a monetary union. When capital markets are integrated, the fiscal policy of any member country will generally influence equilibrium wages and interest rates across the whole union. He asks whether a monetary policy exists that can offset these spillovers. Within a general class of monetary policy rules, there is no policy that completely insulates agents in one region from fiscal policy in the other. These debt spillovers will affect welfare through two channels: intertemporal efficiency and redistribution.

Mr Kempf's research extends widely from macroeconomics to public economics and political economy. He has published more than 80 papers and communications in scientific journals and collective volumes as well as having authored four books. He is currently completing a book on the economics of monetary unions.

Hubert Kempf is Professor of Economics in the Department of Social Sciences of the Ecole Normale Supérieure Paris-Saclay. He holds a PhD in Economics from the University of Paris 1 Panthéon-Sorbonne. He is also a graduate of the Institut d'études politiques de Paris. His previous position was at the University of Paris 1 Panthéon-Sorbonne (from 1990 to 2006). He also worked as Senior Researcher at Banque de France from 2006 to 2011.