François Velde

François Velde is a Senior Economist and Economic Advisor in the Economic Research Department at the Federal Reserve Bank of Chicago. His research focuses on monetary history, monetary theory, and macroeconomics, with notable work on medieval currency systems, US monetary history, and the French Revolution's economic dynamics. He co-authored the influential book The Big Problem of Small Change (2002), analyzing Western European monetary systems. Velde earned an undergraduate degree from École Polytechnique (France) and a Ph.D. in Economics from Stanford University. He also serves as a visiting lecturer at the University of Chicago. His awards include the 2003 Association of American Publishers Award for his book. Velde’s research spans historical case studies, such as France’s 1721 sovereign debt restructuring and the 1918 influenza pandemic’s economic impact. His work bridges historical analysis with modern macroeconomic theory, contributing to understanding monetary policy, financial systems, and institutional development.

Key research areas include currency debasement, public debt management, and the interplay between historical financial crises and contemporary policy. His publications address topics like inflation measurement, small change shortages, and the role of public banks in early modern economies. Velde’s interdisciplinary approach combines economic theory with detailed historical data, offering insights into long-term economic patterns and policy implications.