Essec\Faculty\Model\Profile {#2220
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"fullName" => "François LE GRAND"
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"firstName" => "François"
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0 => Essec\Faculty\Model\CareerItem {#2225
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0 => Essec\Faculty\Model\Diplome {#2223
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"fr" => "<p>François Le Grand est professeur d’économie à l’ESSEC Business School. Il a auparavant occupé des postes de professeur au Rennes School of Business et à emlyon business school, et a été chercheur associé à l’ETH Zurich. Ses travaux de recherche établissent un lien entre la politique macroéconomique et la finance des ménages, avec un intérêt soutenu pour les interactions budgétaires et monétaires ainsi que pour la gestion de la dette publique. Ses recherches récentes ont été publiées dans la <i>Review of Economic Studies</i> et le <i>Journal of Political Economy</i>. Il est titulaire d’un doctorat en économie de l’EHESS/Paris School of Economics, ainsi que de diplômes de l’École Polytechnique et de l’ENSAE. Il possède également une expérience en banque d’investissement. Il a donné des cours de macroéconomie, de finance et de microéconomie aux niveaux licence et master. Il est basé sur le campus de l’ESSEC à Cergy, en France.</p>\n"
"en" => "<p>François Le Grand is Professor of Economics at ESSEC Business School. He previously held faculty positions at Rennes School of Business and emlyon business school and served as an associate researcher at ETH Zurich. His research bridges macroeconomic policy and household finance, with a sustained focus on fiscal–monetary interactions and public debt management. Recent work appears in the Review of Economic Studies and the Journal of Political Economy. He holds a PhD in economics from EHESS/Paris School of Economics and earlier degrees from École Polytechnique and ENSAE. He also has experience in investment banking. An experienced teacher, he has taught macroeconomics, finance, and microeconomics at the bachelor’s and master’s levels. He is based at ESSEC’s Cergy campus in France. </p>\n"
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"indexedAt" => "2026-03-27T15:21:22.000Z"
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0 => Essec\Faculty\Model\Contribution {#2226
#_index: "academ_contributions"
#_id: "16275"
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"id" => "16275"
"slug" => "16275-optimal-fiscal-policy-with-heterogeneous-agents-and-capital-should-we-increase-or-decrease-public-debt-and-capital-taxes"
"yearMonth" => "2025-01"
"year" => "2025"
"title" => "Optimal Fiscal Policy with Heterogeneous Agents and Capital: Should We Increase or Decrease Public Debt and Capital Taxes?"
"description" => "LE GRAND, F. et RAGOT, X. (2025). Optimal Fiscal Policy with Heterogeneous Agents and Capital: Should We Increase or Decrease Public Debt and Capital Taxes? <i>Journal of Political Economy</i>, 133(7), pp. 2320-2369."
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"name" => "LE GRAND François"
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"name" => "Ragot Xavier"
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"updatedAt" => "2026-03-25 01:00:46"
"publicationUrl" => "https://doi.org/10.1086/734877"
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"abstract" => array:2 [
"fr" => "We analyze optimal fiscal policy in a heterogeneous-agent model with capital accumulation and aggregate shocks, where the government uses public debt, a capital tax, and a progressive labor tax to finance public spending. We first study a tractable model and show that the steady-state optimal capital tax can be positive if credit constraints are occasionally binding. However, the existence of such an equilibrium depends on the shape of the utility function. We also characterize the optimal dynamic of public debt after a public spending shock. We confirm these findings by solving for optimal policy in a general heterogeneous-agent model."
"en" => "We analyze optimal fiscal policy in a heterogeneous-agent model with capital accumulation and aggregate shocks, where the government uses public debt, a capital tax, and a progressive labor tax to finance public spending. We first study a tractable model and show that the steady-state optimal capital tax can be positive if credit constraints are occasionally binding. However, the existence of such an equilibrium depends on the shape of the utility function. We also characterize the optimal dynamic of public debt after a public spending shock. We confirm these findings by solving for optimal policy in a general heterogeneous-agent model."
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1 => Essec\Faculty\Model\Contribution {#2224
#_index: "academ_contributions"
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"slug" => "16278-uncovering-asset-market-participation-from-household-consumption-and-income"
"yearMonth" => "2025-03"
"year" => "2025"
"title" => "Uncovering asset market participation from household consumption and income"
"description" => "CZELLAR, V., GARCIA, R. et LE GRAND, F. (2025). Uncovering asset market participation from household consumption and income. <i>Journal of Econometrics</i>, 248, pp. 105867."
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"name" => "LE GRAND François"
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"abstract" => array:2 [
"fr" => "We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect inference to uncover individual asset market participation from individual consumption data and asset prices. Our model very accurately reproduces the proportions of stockholders in the Survey of Consumer Finances over three-year intervals, provides a reasonable estimate of stock market participation costs, and is able to price characteristic-based stock portfolios with the top decile of households identified as stockholders."
"en" => "We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect inference to uncover individual asset market participation from individual consumption data and asset prices. Our model very accurately reproduces the proportions of stockholders in the Survey of Consumer Finances over three-year intervals, provides a reasonable estimate of stock market participation costs, and is able to price characteristic-based stock portfolios with the top decile of households identified as stockholders."
]
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"docTitle" => "François LE GRAND"
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"docPreview" => "<img src="https://faculty-new.essec.fr/wp-content/uploads/avatars/B00832579.jpg"><span><span>François LE GRAND</span><span>B00832579</span></span>"
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