Research may be tiring. Sport too!

But both are fun. That is why I do my best in either activity. (Don't ask in which I do best.)


La recherche peut être fatiguante. Comme le sport.

Mais les deux activités sont excitantes. Donc je fais de mon mieux. (Ne me demandez pas dans laquelle je réussis le mieux).


Hubert Kempf



My book "Monetary unions. Institutions and Policies" has just been released (May 2022) by Springer. Go and order it!

It has been published in November 2019 by Editions Economica. It received the "Best Book" award of the French Economic Association in 2020.

It focuses on a subject which is currently quite relevant, much discussed both by practioners (governements, central banks and other similar institutions) and academics, the notion of monetary union. There are many policy-oriented discussions, open or not, on the matter, in particular in relation to the advent of the European Monetary Union. Scientific journals also publish numerous articles on the subject. Yet it is not covered by a synthesis which could highlight the specificities of a monetary union and illuminates the dilemmas it raises.

More information at the EUM page of this site. Table of content, presentation in French and in English, etc.


My paper, co-written with Stéphane Rossignol,

'Living with Covid-19. Optimal pandemic-related lockdown policies"

is available.

Here is the abstract:

We study optimal lockdown decisions taken by a policymaker facing a pandemic modelled according to the standard SIR deterministic model. The policymaker trades off between the economic costs and the mortality record of the pandemic which depend on the strictness and duration of the lockdown. We contrast the short-sightedness versus the far-sightedness of the policymaker. Peaks and
rebounds are characterized and explain why a zero-Covid policy is self-defeating. The shortest duration consistent with a given health goal is not the less costly. We address the impact of hospital capacity constraints and vaccination on the optimal choice of a lockdown.


I have published a short paper on The conversation, "Zone euro : le Covid-19 change la donne".