Laura Lebastard

Laura Lebastard


Faculté Jean Monnet
54, Boulevard Desgranges
92330 SCEAUX

Office: D103

2018-2019: PhD traineeship at European Central Bank, DG Economics (1 year)
2017-2018: traineeship at the European Commission, DG Economic and Financial Affairs (ECFIN), unit Monetary policy, exchange rate policy of the euro area, ERM II and euro adoption (5 months)
2014-2017: PhD at Paris Sud University
2016: Visiting at Technische Universität Darmstadt (5 months)
2012-2014: Master Economics and Public Policy at Sciences Po and Polytechnique
2013: Internship at Cour des Comptes (4 months) – Research report for Polytechnique on the credibility of the Civic Service Agency’s objectives in term of demand, supply and sustainability of public finances
2009-2012: Bachelor at Sciences Po Paris
2011-2012: Erasmus exchange at Warwick University

Fields of Research

International macroeconomics and trade

PhD subject: “Three Essays on Currency Union and Trade”
Thesis supervisor: José de Sousa
Thesis defence: 6th December 2017
European Ph.D. label obtained

Thesis Jury:
– Inmaculada Martinez-Zarzoso (Universität Göttingen and Universitat Jaume I), Président
– Laura Hering (Erasmus University Rotterdam and Tinbergen Institute), Rapporteur
– Volker Nitsch (Technische Universität Darmstadt), Rapporteur
– Isabelle Rabaud (Université d’Orléans), Rapporteur
– Matthieu Crozet (Université Paris-Sud), Examinateur

University and Community Service

  • PhD student representative at the Paris Saclay SHS Doctoral School Council
  • PhD student substitute representative at the RITM laboratory Council

Do not hesitate if you are a PhD student of the ED SHS to contact me if you have any question or problem that involves the doctoral school, or if you have ideas you would like to share to improve it.

Research Dissemination

Conferences and seminars :


  • Warwick Economics PhD Conference, University of Warwick (United Kingdom), February 2014


  • “Monetary Area and International Monetary Cooperation” study day, Université de Rouen (France), June 2015


  • 65th Annual Meeting of the French Economic Association (AFSE), Université de Lorraine (France), June 2016
  • 16th Doctoral Meetings in International Trade and International Finance, Research in International Economics and Finance (RIEF), European University Institute in Florence (Italy), July 2016 – fundings from Technische Universität Darmstadt
  • Finance and Economics Conference 2016, Lupcon Center for Business Research, in Frankfurt am Main (Germany), August 2016
  • 7th International Conference “Economics of Global Interactions: New Perspectives on Trade, Factor Mobility and Development”, University of Bari “Aldo Moro” (Italy), September 2016
  • 18th annual conference of the European Trade Study Group (ETSG), Aalto University School of Business and the VATT Institute for Economic Research in Helsinki (Finland), September 2016
  • GSIE seminar, Maison des sciences économiques, Paris, December 2016


  • Spring Meeting of Young Economists 2017, Martin Luther University of Halle-Wittenberg (Germany), March 2017
  • 32nd annual congress of the European Economic Association, University of Lisbon (Portugal), August 2017
  • 19th annual conference of the European Trade Study Group (ETSG), European University Institute and the University of Florence (Italy), September 2017


  • Internal PhD seminar, Technische Universität Darmstadt (Germany), January 2018
  • DG ECFIN internal research seminar, European Commission (Belgium), February 2018

Summer school :

  • London School of Economics, «Tools for Macroeconomists: The Essentials» August 2015

Review activities :

  • Empirical Economics
  • Economics Bulletin

Research Grants

  • Three-year doctoral contract funded by Paris Sud Univeristy from October 2014 to September 2017
  • CIERA mobility grant for a five-month visiting in Germany


Work in progress

  • “Disentangling the Effects of Currency Unions on Trade” Last version here (December 2017)

The literature concerning the effect of currency union on trade is very prolific although there are no studies that has distinguish which characteristics of the currency union regime drive the increased trade observed. Three characteristics of currency union might play a role in trade increases: price transparency, bank conversion costs, and the impossibility of devaluation. This paper addresses the disentanglement of the impact of each of these currency union characteristics on trade.

I study a two-country model with à la Melitz firms. I consider three exchange rate regimes: currency union, peg one-to-one and simple fixed exchange rate. I then estimate the relative level of trade between each of them, firms taking into account cost of exporting (smaller for currency unions) and probability of devaluation (firms being risk-averse).

I use a panel data of 195 countries from 1971 to 2014 and have constructed a database for the above three types of exchange rate regimes. I find that currency unions always have positive, significant and higher effects on trade than pegs one-to-one; while fixed exchange rate has no significant impact. However, peg one-to-one effect on trade turns to be endogenous. This reinforces the importance of the commitment dimension of the currency union in the impact on trade.

  • “Did the Euro Protect its Members during the Great Trade Collapse?” Last version here (October 2017)

This paper measures the effect of the euro during the great trade collapse following the 2008 financial crisis. I use a difference-in-differences approach, comparing the members of the Eurozone with other developed countries. I find that the euro amortize the great trade collapse. To understand the underlying mechanisms, I then work at the sector level and test all the causes of the great trade collapse spotted in the literature. I find that the euro had a premium for exchange rate stability as the volatility of the exchange rate in the rest of the world increased dramatically. This supported the sectors that exported the most, which were the most sensible to uncertainty.

  • “Effects of Vertical Trade on Shocks Transmission and Exchange Rate” Last version here (October 2017)

This paper studies the effect of global value chains on the synchronisation of business cycles, and the consequences in term of optimal monetary policy. I develop a two-country model to study the shocks transmission in an economy with global value chains, and how it should be taken into account by monetary policies. I find that the responses of monetary authorities to shocks should be symmetric, no matter from which country the shock comes. The monetary authorities of the two countries have no advantage to coordinate.