Economics serving society

Macroeconomic Risk Chair, SCOR - PSE

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In September 2017, the SCOR Corporate Foundation for Science and the Paris School of Economics created a research Chair in macroeconomic risk.
Funded by SCOR, whose mission includes “encouraging research into and disseminating the resulting knowledge about risk”, the Chair is held by PSE.
- Academic director: Gilles Saint-Paul (PSE, ENS)
- Executive director: Axelle Ferriere (PSE, CNRS)

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In many economies, a multitude of factors are contributing to current uncertainty about the macroeconomic environment, including:

  • the pursuit of unconventional monetary policies, with zero, even negative, interest rates;
  • very high levels of private and public indebtedness;
  • disquiet about growth, productivity, future innovation, and the possibility of secular stagnation;
  • high political uncertainty (including the ramifications of Brexit, the return to conventional monetary policy sooner or later, the timing of rising interest rates).

In addition, the question of “macroeconomic risk” is also related to the possibility of infrequent but major shocks.

The Macroeconomic Risk Chair, SCOR - PSE aims to promote the development and dissemination of research into a number of areas linked to the issue of macroeconomic risk, and which are of common interest to SCOR and PSE, including:
1. consideration of the possibility of fat tail events in macroeconomic and financial modelling;
2. the macroeconomic effects of uncertainty;
3. the financial and macroeconomic contagion effects of crises;
4. the long-term risks: secular stagnation, whether the liquidity trap will persist, and unconventional monetary policy regimes.


  • development and promotion of scientific articles to be submitted for publication in the top international journals, via the SCOR-PSE newsletter and a dedicated Working paper serie;
  • invitations to renowned international scholars to participate in teaching and research programmes;
  • establishment of workshops and specific meetings between SCOR and PSE members;
  • organisation of seminars, an annual lecture, and an annual conference to present and discuss work at the cutting-edge of international research into macroeconomic risk;
  • an annual prize to reward a young researcher for excellence in his or her work.

Associate researchers

- Philippe Aghion (Collège de France, PSE)
- Agnès Bénassy-Quéré (PSE, Université Paris 1)
- Florin Bilbiie (UNIL, CEPR)
- Tobias Broer (PSE, Université Paris 1)
- Daniel Cohen (PSE, ENS)
- Nuno Coimbra (PSE)
- Axelle Ferriere (PSE, CNRS)
- Jean-Olivier Hairault (PSE, Université Paris 1)
- Jean Imbs (PSE, CNRS)
- Francesco Pappadà (PSE, Banque de France)
- Ariell Reshef (PSE, CNRS)
- Gilles Saint-Paul (PSE, ENS)
- Jean-Marc Tallon (PSE, CNRS)

The SCOR Foundation
The SCOR Corporate Foundation for Science is committed to a long-term engagement to encourage research into risk and to disseminate the results. This involvement is an integral part of SCOR’s identity, as is evident in its signature “The Art & Science of Risk”. Risk is, in effect, the “raw material” of reinsurance, and SCOR intends to be at the forefront of risk expertise and research thanks to its vast network of academic institutions and the support it gives to numerous disciplines, including mathematics, actuarial science, physics, chemistry, geophysics, climatology, economics, finance, and more.

First partnership

From 2013 to 2016, the SCOR group and PSE conducted a variety of activities together in the context of a research partnership. Most notably, these included:

  • conference 2-3 June 2016: “Sovereign Debt and Risks”
  • conference 12-13 June 2015: “Risk, Uncertainty & Macroeconomics”
  • workshop 23 April 2015: “Modelling of Economic Scenarios and Their Impact on Capital Management” - presented by Michel M. Dacorogna
  • workshop July 2014: « La courbe des taux : entre économie et finance » (The yield curve: between economics and finance).