I'm a Senior Research Economist at the Bank of England and a member of the Centre for Macroeconomics.
I received my Ph.D. from Paris School of Economics in 2018 and previously worked at CEPII.
My research interests include international macroeconomics, productivity and growth.

Research

Revisiting the Global Decline of the (Non-Housing) Labour Share (with Germán Gutiérrez)

American Economic Review: Insights, September 2020, vol. 2, no. 3, pp. 321-38.
Published version | Online Appendix | Replication package | Data | Slides
Bank of England Staff Working Paper, no. 811, July 2019.
Media coverage: The Economist, Hutchins Roundup, Central Banking, Bloomberg, Le Figaro.

Economic Integration and Unit Labour Costs

European Economic Review, July 2021, vol. 136.
Published version | Online Appendix | Replication package
Bank of England Staff Working Paper, no. 799, May 2019.
A previous version was circulated under the title "Economic Integration and the Non-tradable Sector: the European Experience" and was selected for the Young Economists' session at the ECB Forum on Central Banking in Sintra.

Firms’ Margins Behaviour in Response to Energy Shocks: Evidence from the UK (with Ed Manuel and Ivan Yotzov)

Economics Letters, February 2024, vol. 235.
Published version
Media coverage: The Guardian.

Business Creation during COVID-19 (with Saleem Bahaj and Anthony Savagar)

Forthcoming in Economic Policy.
Presented at the 78th Economic Policy Panel | Slides
Bank of England Staff Working Paper, no. 981, May 2022.
Media coverage: BBC, Financial Times.

Work in progress

The Evolution of Firm Heterogeneity in Europe: Facts and Explanations (with Germán Gutiérrez, Joseba Martinez and Thomas Philippon)
The Amazon Shock: Pass-Through Estimation through Amazon Annual Fee Changes (with Matias Covarrubias and Germán Gutiérrez)

Other publications

Policy papers

Structural change, global R* and the missing-investment puzzle (with Andrew Bailey, Ambrogio Cesa-Bianchi, Marco Garofalo, Richard Harrison, Nick McLaren and Rana Sajedi). Supporting paper for a Speech by Andrew Bailey, Bank of England, July 2022.
Bank of England Staff Working Paper, no. 997, October 2022.

Firm Ownership and the Labour Share (with Antoine Vatan)
Unpublished working paper, November 2018.

A European Disease? Non-tradable inflation and real interest rate divergence
CESifo Economic Studies, 63(2), pp. 210-234, February 2017.
Media coverage: La Tribune.

World Trade Flows Characterization: Unit Values, Trade Types and Price Ranges (with Charlotte Emlinger)
CEPII Working Paper, n°2014-26, December 2014.
Database: World Trade Flows Characterization.

Ending the Euro Area Crisis: Crossing the River by Feeling the Stones (with A. Bénassy-Quéré, Y.-E. Bara, B. Carton, C. Destais)
G-MonD Policy Paper, n°2012-01, November 2012.

Internal vs. External Devaluation (with Y.-E. Bara)
La Lettre du CEPII, n°324, August 2012.
The French version of this article was published in Problèmes économiques, n°3063, March 2013.

Selected blog posts

Selected publications, media and policy interventions in French

Workshop

Firm Dynamics, Market Structures and Productivity in the Macroeconomy III

Co-organized by the University of Kent, the University of Bristol and the Bank of England
The conference will take place on 4-5 April 2024 at the University of Kent
Call for papers | Submission (deadline 1st Feb. 2024) | Previous editions

Bank of England, Threadneedle Street, London EC2R 8AH
smmpiton@gmail.com
sophie.piton@bankofengland.co.uk