PhD defense Ivan Shchapov: Essays in Monetary Macroeconomics and Macro-Finance

Jury

• Olivier Loisel, Professor of Economics, Institut Polytechnique de Paris, France (President)
• Andrea Ferrero, Professor of Economics, University of Oxford, United Kingdom (Referee)
• Francesco Bianchi, Professor of Economics, Johns Hopkins University, United States (Referee)
• Annukka Ristiniemi, Team Lead – Economist, European Central Bank, Germany (Examiner)
• Ganesh Viswanath-Natraj, Associate Professor of Finance, Warwick Business School, University of Warwick, United Kingdom (Examiner)
• David Bounie, Professor HDR, Télécom Paris, Institut Polytechnique de Paris, France (Thesis Supervisor)

Abstract

This thesis consists of three self-contained chapters that address interconnected questions at the frontier of monetary economics: the structural determinants of the natural rate of interest, the theoretical foundations of stabilisation policy at the effective lower bound, and the financial stability implications of central bank balance sheet operations.

Each chapter investigates a distinct macroeconomic question — how demographic shifts shape the long-run trajectory of interest rates, how fiscal policy can anchor equilibrium determination when monetary policy is constrained, and how central bank balance sheet operations affect financial stability — and delivers both theoretical insights and policy-relevant conclusions. The analysis employs dynamic stochastic general equilibrium models enriched with demographic heterogeneity, occasionally binding constraints, and endogenous financial frictions.