Dr François LE GRAND

Full Professor

Department: Finance and Accounting


Expertise liée aux objectifs de développement durable des Nations unies:

UN Sustainable logo 1 UN Sustainable logo 3 UN Sustainable logo 4 UN Sustainable logo 8 UN Sustainable logo 9 UN Sustainable logo 10 UN Sustainable logo 11 UN Sustainable logo 12 UN Sustainable logo 13


  • Economics
  • Finance


  • PhD at Paris School of Economics/EHESS (2007)
  • MSc in Economics at Paris School of Economics (2004)
  • MSc in Economics and Statistics at ENSAE (2004)
  • BSc at École Polytechnique (2004)

Research interests

  • Economics of risk and time
  • Inequality and macroeconomics (theory and computations)
  • Household finance

Work Experience


  • Full professor, Finance & Accounting Academic Area, Rennes School of Business (2022 – Present)
  • Associate researcher at the Chair of Integrative Risk Management and Economics (IRME) at ETH Zürich (Switzerland)
  • Associate professor of Finance, emlyon business school, from 2014 to 2022
  • Assistant professor of Finance, emlyon business school, from 2008 to 2014
  • Visiting Scholar at Columbia University, New York City, USA. Sponsor: Prof. Bernard Salanié in 2008.

Non Academic

  • Part-time at Barclays Capital (Paris) from 2004 to 2007.


Service to Profession

Refereeing activity
American Economic Journal: Microeconomics, Annales d’Économie et de Statistique, Cergy University research projects, Economics Letters, Économie internationale, Econometrica, European Economic Review, French ANR (Agence Nationale de la Recherche), German Economic Review, Journal of Economic Behavior and Organization, Journal of Economic Theory, Journal of Theoretical Biology, KU Leuven research projects, Mathematical Finance, National Science Foundation, North-American Journal of Economics and Finance, Springer (textbooks), Telematics and Informatics, Theory and Decision.

Conference organisation

  • Co-chair of the program committee and local organiser of the 17th Conference on Theories and Methods in Macroeconomics (March 27-28, 2013, Lyon, France).
  • Local organiser of the 30th Spring International Conference of the French Finance Association (May 28-31, 2013, Lyon, France).

Intellectual contributions

Refereed articles :

  • Managing Inequality over Business Cycles: Optimal Policies with Heterogeneous Agents and Aggregate Shocks (with Xavier Ragot). International Economic Review, Vol. 63(1), February 2022, pp. 511-540.
  • The Impact of Risk Aversion and Ambiguity Aversion on Annuity and Saving Choices (with Eric André and Antoine Bommier). Accepted in Journal of Risk and Uncertainty. July 2021. [abs] [bib]
  • Sovereign Default and Liquidity: The Case for a World Safe Asset (with Xavier Ragot). Journal of International Economics, Vol. 131, July 2021, pp. 103462.
  • Defaulting Firms and Systemic Risks in Financial Networks: A Normative Approach (with Nicolas Houy and Frédéric Jouneau-Sion). Economic Theory, Vol. 70, July 2020, pp. 503-526.
  • Optimizing Treatment Combination for Lymphoma Using an Optimization Heuristic (with Nicolas Houy). Mathematical Biosciences, Vol. 315, September 2019, pp. 108227.
  • Ambiguity and Endogenous Discounting? (with Antoine Bommier and Asen Kochov). Journal of Mathematical Economics, Vol. 83, August 2019, pp. 48-62.
  • Personalized Oncology with Artificial Intelligence: The Case of Temozolomide (with Nicolas Houy). Artificial Intelligence in Medicine, Vol. 99, August 2019, pp. 101693.
  • Perron-Frobenius Theory Recovers More Than What You Might Think: The Example of Limited Participation. Economics Letters, Vol. 174, January 2019, pp. 186-188.
  • Risk Aversion and Precautionary Savings in Dynamic Settings (with Antoine Bommier). Fortran codes. Management Science, Vol. 65(3), March 2019, pp. 1386-1397.
  • Optimizing Immune Cell Therapies with Artificial Intelligence (with Nicolas Houy). Journal of Theoretical Biology, Vol. 461, January 2019, pp. 34-40.
  • Optimal Dynamic Regimens with Artificial Intelligence: The Case of Temozolomide (with Nicolas Houy). PLoS ONE, Vol. 13(6), June 2018, pp. e0199076.
  • Administration of Temozolomide: Comparison of Conventional and Metronomic Chemotherapy Regimens (with Nicolas Houy). Journal of Theoretical Biology, Vol. 446, June 2018, pp. 71-78.
  • A Class of Tractable Incomplete-Market Models for Studying Asset Returns and Risk Exposure (with Xavier Ragot). European Economic Review, Vol. 103, April 2018, pp. 39-59.
  • On Monotone Recursive Preferences (with Antoine Bommier and Asen Kochov). Econometrica, Vol. 85(5), September 2017, pp. 1433-1466.
  • Existence of Equilibria in Exhaustible Resource Markets with Economies of Scale and Inventories (with Antoine Bommier and Lucas Bretschger). Economic Theory, Vol. 63(3), March 2017, pp. 687-721.
  • Incomplete Markets and Derivative Assets (with Xavier Ragot). Economic Theory, Vol. 62(3), August 2016, pp. 517-545.
  • Too Risk Averse to Purchase Insurance? A Theoretical Glance at the Annuity Puzzle (with Antoine Bommier). Journal of Risk and Uncertainty, Vol. 48(2), April 2014, pp. 135-166.
  • Incomplete Markets, Liquidation Risk and the Term Structure of Interest Rates (with Edouard Challe and Xavier Ragot). Technical Appendix. Journal of Economic Theory, Vol. 148(6), November 2013, pp. 2483-2519.
  • Comparative Risk Aversion: A Formal Approach with Applications to Saving Behaviors (with Antoine Bommier and Arnold Chassagnon). Journal of Economic Theory, Vol. 147(4), July 2012, pp. 1614-1641.

Presentations of Refereed Papers – International : 

  • Recursive Preferences and the Value of Life: Theory and Application to Epidemics (with Antoine Bommier and Daniel Harenberg). 22nd SAET conference, Paris, France, 17-20 July 2023
  • Redistribution and the wage-price dynamics: Optimal fiscal and monetary policy (with Xavier Ragot, and Thomas Bourany). NBER Summer Institute Micro Data and Macro Models, Boston, USA, July 17-21, 2023
  • Should we Increase or Decrease Public Debt? Optimal Fiscal Policy with Heterogeneous Agents (with Xavier Ragot). Society for Economic Dynamics Annual Meeting, Carthagena, Columbia, June 29-July 1st 2023
  • Redistribution and the wage-price dynamics: Optimal fiscal and monetary policy (with Xavier Ragot, and Thomas Bourany). French Economic Association Annual Congress, Paris, France, June 14-16, 2023.
  • Redistribution and the wage-price dynamics: Optimal fiscal and monetary policy (with Xavier Ragot, and Thomas Bourany). Barcelona Summer Forum Workshop on Monetary Policy and Central Banking, Barcelona, Spain, June 12-13, 2023


La Gestion du Risque de Taux d’Intérêt (2nd edition, Economica edition). In French. François Quittard-Pinon, Thierry Rolando and François Le Grand.

Press articles

  • The Covid-19 economic shock (“Le choc économique du Covid-19”), France Forum n° 78, October 2020.
  • The Crit’air sticker (“La vignette Crit’air”), FigaroVox, July 2019.
  • Artificial intelligence (AI) and medicine (“Intelligence artificielle et médecine”), with Nicolas Houy, La Revue Prescrire, May 2019.
  • Artificial intelligence (AI) in medicine: current position and perspectives (“IA en médecine”), with Nicolas Houy, emlyon Knowledge, October 2018.
  • Bitcoin III (“Bitcoin, un protocole ouvert”), with Nicolas Houy, France Forum n° 70, October 2018.
  • Bitcoin II (“Bitcoin, bien plus qu’une monnaie”), with Nicolas Houy, CNRS Le Journal, 22 February 2018, reprinted in Libération, 22 February 2018.
  • Bitcoin I (“Pourquoi les économistes ont tort de rejeter le bitcoin”), with Nicolas Houy, Le Monde, 6 December 2017.
  • The French capital taxation (“Thomas Piketty et Philippe Aghion s’expriment-ils sur l’ISF à titre d’experts ou de militants ?”), with Nicolas Houy, LeMonde.fr, 25 October 2017.
  • The French labor reforms (“Pourquoi les économistes s’écharpent sur la loi El Khomri”), with Nicolas Houy, Le Monde, 22 Mars 2016.
  • The CDS market (“Le vrai problème des CDS”), Les ‘Echos, 6 April 2010.
  • The Greek swap (“Les Grecs ont-ils manipulé la finance ?”), Telos-eu.com, 18 March 2010.
  • The UK taxation of bonuses (“Taxation des bonus : un écran de fumée ?”), Telos-eu.com, 17 December 2009, reprinted in Le Temps, 23 December 2009.
  • The French Grand Emprunt (“Emprunt : finalement ce sera 20 !”), Telos-eu.com, 25 November 2009.
  • The French carbon tax (“Pour une taxe carbone plus efficace”), Les Échos, 31 August 2009.


  • ANR IRMAC project in 2021 (PI: Stéphane Auray and Édouard Challe).
  • Fondation Banque de France Young Economist Prize in 2012
  • Robert Solow postdoctoral fellowship (Cournot Center) in 2007