Welcome to my personnal website

Last Update : 26/09/2018

- Matthieu Picault -


About Me

I have a PhD in Finance from Aix-Marseille University and I am currently an Assistant Professor (Maître de Conférence) at the University of Orléans (France) and researcher at the Laboratoire d'Economie d'Orléans (LEO) associated with the CNRS (FRE2014). I study central banks and monetary policy with a specific attention on the European Central Bank (ECB).

My research focuses on two relevant topics for monetary policy:
  • Central banks communication : I study the content of central banks communications and its impact on asset prices and their predictability. An important step for empirical analysis in Economics and Finance is to measure objective quantitative indicators for the content of central banks communications (press conferences, statements, speeches, ...). Using recent methods and techniques from textual analysis, I analyze more specifically communications related to the non-standard (unconventional) monetary policies implemented since 2007.
  • The bank lending channel: inside the credit channel, the bank lending channel explains how a change of monetary policy will influence lending from banks, especially with low level of capital, as their access to external funding is either restricted or possible for a higher premium. My research uses data from the syndicated loan market to evaluate banks' individual behavior and reaction to monetary policy decisions.


Published Articles


On going projects


Classes taugh this year




Ph.D. in Finance, Aix-Marseille University (France) under the supervision of Alain Durré and Christelle Lecourt

Thesis title : Three essays on the Transmission of Monetary Policy in the Euro Area


Master in Finance, IESEG School of Management (Equis, AACSB, AMBA - France)

Qualification (French academia)

05 Sciences économiques, N° 18205318731 (obtenue le 08/02/2018)

06 Sciences de Gestion, N°18206318731 (obtenue le 08/02/2018)

Professional Experiences

2010 - 2011

Economist, French Building Federation Région Grand Paris - FFB (Paris, France)


Junior Economist, Internship at Coe-Rexecode (Paris, France)

Teaching Experiences

All teachings are in english unless specified. Non-exhaustive list.

2018 - now : At University of Orléans

Bachelor 2 : The demand for Money (lectures, in French)

Master 1 and 2 : Equity Market (CFA Level I), Financial Reporting and Analysis (CFA Level I)

2016 - 2018

Course Coordinator, IESEG : Business Cycle and Corporate Management (Master)

Lecturer, IESEG : Monetary Policy and Central Banking (Master)

2015 - 2017

TA, Paris 1 Panthéon Sorbonne (UFR 02) : Economie Monétaire et Financière (Bachelor, in French)

2011 - Now

TA, IESEG : Macroeconomics (Bachelor)

Download My Complete Resume

List of Publications

  • Peer-Reviewed Publications
  • Working Papers
  • Conferences
Exhaustive list of publications in peer-reviewed academic journals:
  • Picault M., Raffestin L., ''The other side of forward guidance: Are central banks constrained by financial markets?'', Finance Research Letters, Available Online October 2019 Available here.
  • Picault M., Renault T., ''Words are not all created equal: A new measure of ECB communication'', Journal of International Money and Finance, December 2017 (79), 136-156. Available here.
  • Girard, A., Picault M., ''L’évolution de la communication des banques centrales depuis les crises des subprimes et de l’euro'', JReflets et perspectives de la vie économique, 2017 Tome LVI(4), 101-112. Available here.
  • Picault M., ''Pricing the ECB's forward guidance with the EONIA swap curve'', International Journal of Finance & Economics, April 2017 (22), 129-138. Available here.

Working Papers:
  • “The bank lending channel from the European syndicated loan market perspective”, with Aurore Burietz (IESEG School of Management).
  • “Cost of Equity and international lending behavior on the syndicated loan market” with Aurore Burietz (IESEG School of Management) and Steven Ongena (University of Zurich).
  • “Central bank’s communication, medias and market participants’ sentiment: an ambiguous triangle” With Julien Pinter (Université Paris 1 Panthéon-Sorbonne and Amsterdam University).
  • “Does social media understand the ECB communication: experience using Twitter” with Thomas Renault (Université Paris 1 Panthéon-Sorbonne).

International (peer-reviewed) conferences:
  • June : 68th Annual Meeting of the French Economic Association, AFSE – Orléans, France.
  • June : Regard interdisciplinaire sur la gouvernance des Banques Centrales d’après crise - GOBACEAC - Rennes, France.
  • 2018
  • July : International Finance and Banking Society 2018 (IFABS) – Porto, Portugal.
  • June : 35nd International Symposium in Money, Banking and Finance, GDRE – Aix-En-Provence, France.
  • May : 35rd International Conference of the French Finance Association (AFFI)- Paris, France.
  • 2017
  • Oct. : 2017 Annual Meeting, Financial Management Association (FMA) - Boston, USA.
  • July : 34nd International Symposium in Money, Banking and Finance, GDRE/GREDEG – Nanterre, France.
  • June : 2017 Annual Meetings, European Financial Management Association (EFMA) – Athens, Greece.
  • May : 34rd International Conference of the French Finance Association (AFFI)- Valence, France.
  • 2016
  • July : 33nd International Symposium in Money, Banking and Finance, GDRE/GREDEG – Clermont-Ferrand, France.
  • May : International Conference on Macroeconomic Analysis and International Finance (ICMAIF) - Rethymno, Greece.
  • 2015
  • June : 32nd International Symposium in Money, Banking and Finance, GDRE/GREDEG – Nice, France.
  • 2014
  • Dec. : 8th International Workshop of Methods in International Finance Network (MIFN) - Paris, France.

Transparency is not only the price monetary authorities had to pay to earn an enhanced constitutional role as safeguards of macroeconomic stability. It soon became clear that communication is an instrument to make monetary policy itself more powerful.

- J-C Trichet (2008, Former President of the ECB) -

The public's expectations about future monetary policy actions matter today because those expectations have important effects on current financial conditions, which in turn affect output, employment, and inflation over time.

- B. Bernanke (2013, Former Chairman of the FOMC) -

Looking ahead, our monetary policy stance will remain accommodative for as long as necessary. The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time.

- M. Draghi (2013, President of the ECB) -

Get In Touch


IESEG - School of Management

Socle de la Grande Arche

1 Parvis de La Défense

F-92044 Paris La Défense cedex



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