IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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2023/091: Who are Central Banks? Gender, Human Resources, and Central Banking

Mariarosaria Comunale, Petra de Bruxelles, Kalpana Kochhar, Juliette Raskauskas and Filiz Unsal

2023/090: Mining Revenues and Inclusive Development in Guinea

Alejandro Badel and Rachel Fredman Lyngaas

2023/089: Revisiting the Countercyclicality of Fiscal Policy

Joao Jalles, Youssouf Kiendrebeogo, Waikei Lam and Roberto Piazza

2023/088: Do Fiscal Rules Foster Fiscal Discipline in Resource-Rich Countries?

Ablam Estel Apeti, Olivier Basdevant and Veronique Salins

2023/087: Eye of the Storm: The Impact of Climate Shocks on Inflation and Growth

Serhan Cevik and Joao Jalles

2023/086: State-Dependent Exchange Rate Pass-Through

Yan Carrière-Swallow, Melih Firat, Davide Furceri and Daniel Jiménez

2023/085: Low for (Very) Long? A Long-Run Perspective on r* across Advanced Economies

Josef Platzer, Francesco Grigoli and Robin Tietz

2023/084: Inflation and Monetary Policy in a Low-Income and Fragile State: The Case of Guinea

Yan Carrière-Swallow, Nelnan Fidèle Koumtingué and Sebastian Weber

2023/083: Leveraging Anti-money Laundering Measures to Improve Tax Compliance and Help Mobilize Domestic Revenues

Emmanuel Mathias and Adrian Wardzynski

2023/082: Unleashing India’s Growth Potential

Shinya Kotera and TengTeng Xu

2023/081: Far More Than a Shot in the Arm: Vaccines and Consumer Spending

Serhan Cevik

2023/080: How Large is the Sovereign Greenium?

Sakai Ando, Chenxu Fu, Francisco Roch and Ursula Wiriadinata

2023/079: Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era

Chuku Chuku, Prateek Samal, Joyce Saito, Dalia Hakura, Marcos Chamon, Martin Cerisola, Guillaume Chabert and Jeromin Zettelmeyer

2023/078: Stacking up the Benefits: Lessons from India’s Digital Journey

Cristian Alonso, Tanuj Bhojwani, Emine Hanedar, Dinar Prihardini, Gerardo Uña and Kateryna Zhabska

2023/077: Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks

Hector Perez-Saiz and Longmei Zhang

2023/076: European Housing Markets at a Turning Point – Risks, Household and Bank Vulnerabilities, and Policy Options

Laura Valderrama, Patrik Gorse, Marina Marinkov and Petia Topalova

2023/075: Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability

Laura Valderrama

2023/074: Policy Responses to High Energy and Food Prices

David Amaglobeli, Mengfei Gu, Emine Hanedar, Gee Hee Hong and Celine Thevenot

2023/073: Fragmentation in Global Trade: Accounting for Commodities

Marijn Bolhuis, Jiaqian Chen and Benjamin Kett

2023/072: Currency Usage for Cross Border Payments

Hector Perez-Saiz, Longmei Zhang and Roshan Iyer

2023/071: A Deep Dive into Tax Buoyancy: Comparing Estimation Techniques in a Large Heterogeneous Panel

Antoine Cornevin, Juan Corrales and Juan Pablo Angel

2023/070: Peering Through the Fog of Uncertainty: Out-of-Sample Forecasts of Post-Pandemic Tourism

Serhan Cevik

2023/069: Central Bank Digital Currency and Financial Inclusion

Brandon Tan

2023/068: Macroeconomic Shocks and Conflict

Patcharaporn Leepipatpiboon, Chiara Castrovillari and Tomohide Mineyama

2023/067: Capital Controls in Times of Crisis – Do They Work?

Apoorv Bhargava, Romain Bouis, Annamaria Kokenyne, Manuel Perez-Archila, Umang Rawat and Ratna Sahay

2023/066: Public Debt and Household Inflation Expectations

Francesco Grigoli and Damiano Sandri

2023/065: Determinants and Social Dividends of Digital Adoption

Utkarsh Kumar, David Amaglobeli and Marian Moszoro

2023/064: Public-Private Wage Differentials and Interactions Across Countries and Time

Chadi Abdallah, David Coady and La-Bhus Jirasavetakul

2023/063: Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design

Vybhavi Balasundharam, Olivier Basdevant, Dalmacio Benicio, Andrew Ceber, Yujin Kim, Luca Mazzone, Hoda Selim and Yongzheng Yang

2023/062: Measurement and Use of Cash by Half the World’s Population

Tanai Khiaonarong and David Humphrey

2023/061: Derivative Margin Calls: A New Driver of MMF Flows

Maddalena Ghio, Linda Rousová, Dilyara Salakhova and German Villegas Bauer

2023/060: Monetary Policy Implications of Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Inutu Lukonga

2023/059: Debt Mutualization in the Euro Area: A Quantitative Exploration

Sakai Ando, Giovanni Dell'ariccia, Pierre-Olivier Gourinchas, Guido Lorenzoni, Adrian Peralta and Francisco Roch

2023/058: Sovereign ESG Bond Issuance: A Guidance Note for Sovereign Debt Managers

Peter Lindner and Kay Chung

2023/057: Deconstructing ESG Scores: How to Invest with your own Criteria?

Torsten Ehlers, Ulrike Elsenhuber, Kumar Jegarasasingam and Eric Jondeau

2023/056: Public versus Private Cost of Capital with State-Contingent Terminal Value

Luciano Greco and Marian Moszoro

2023/055: The Heterogeneous Effects of U.S. Monetary Policy on Non-Bank Finance

Andrew Hodge and Anke Weber

2023/054: Who Pays for Your Rewards? Redistribution of the Credit Card Market

Sumit Agarwal, Andrea Presbitero, Andre Silva and Carlo Wix

2023/053: Sectoral Impact and Propagation of Weather Shocks

Guglielmo Zappalà

2023/052: Heterogeneous Spending, Heterogeneous Multipliers

Umberto Muratori, Pedro Juarros and Daniel Valderrama-Gonzalez

2023/051: Optimal Monetary and Macroprudential Policies under Fire-Sale Externalities

Flora Lutz

2023/050: Do Capital Controls Limit Inflow Surges?

Apoorv Bhargava, Romain Bouis, Annamaria Kokenyne, Manuel Perez-Archila, Umang Rawat and Ratna Sahay

2023/049: Inflation Dynamics in the Western Balkans

Gohar Minasyan, Ezgi Ozturk, Magali Pinat, Mengxue Wang and Zeju Zhu

2023/048: Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data

Kodjovi Eklou and Shakeba Foster

2023/047: 2022 Update of the External Balance Assessment Methodology

Cian Allen, Camila Casas, Giovanni Ganelli, Luciana Juvenal, Daniel Leigh, Pau Rabanal, Cyril Rebillard, Jair Rodriguez and Joao Jalles

2023/046: Unbearable Costs: When Is Inflation Impeding Job Creation? Evidence from Sub-Saharan Africa

Ibrahima Camara, Rasmané Ouedraogo and Amadou Sy

2023/045: Identifying Optimal Indicators and Lag Terms for Nowcasting Models

Jing Xie

2023/044: Weighted Median Inflation Around the World: A Measure of Core Inflation

Laurence Ball, Carlos Carvalho, Christopher Evans and Luca Ricci

2023/043: Differential Effects of Macroprudential Policy

Nina Biljanovska and Sophia Chen

2023/042: Assessing the Impact of Supply Disruptions on the Global Pandemic Recovery

Johannes Kemp, Rafael Portillo and Marika Santoro

2023/041: Surrogate Data Models: Interpreting Large-scale Machine Learning Crisis Prediction Models

Jorge Chan-Lau, Ruofei Hu, Maksym Ivanyna, Ritong Qu and Cheng Zhong

2023/040: AI and Macroeconomic Modeling: Deep Reinforcement Learning in an RBC model

Tohid Atashbar and Rui Aruhan Shi

2023/039: Global Supply Chain Disruptions: Challenges for Inflation and Monetary Policy in Sub-Saharan Africa

Zo Andriantomanga, Marijn Bolhuis and Shushanik Hakobyan

2023/038: Guaranteeing Trade in a Severe Crisis: Cash Collateral over Bank Guarantees

Antonis Kotidis, Margaux MacDonald and Dimitrios Malliaropulos

2023/037: Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Maximiliano Appendino, Olga Bespalova, Rina Bhattacharya, Jean François Clevy, Nan Geng, Takuji Komatsuzaki, Justin Lesniak, Weicheng Lian, Sandra Marcelino, Mauricio Villafuerte and Yorbol Yakhshilikov

2023/036: Political Institutions and Output Collapses

Patrick Imam and Jonathan Temple

2023/035: Willingness to Pay for Clean Air: Evidence from the UK

Giorgio Maarraoui, Walid Marrouch, Faten Saliba and Ada Wossink

2023/034: Personal Income Taxes in the Middle East and North Africa: Prospects and Possibilities

Mario Mansour and Eric M. Zolt

2023/033: Bubble Detective: City-Level Analysis of House Price Cycles

Serhan Cevik and Sadhna Naik

2023/032: Production Technology, Market Power, and the Decline of the Labor Share

Agustin Velasquez

2023/031: The Future of PPPs in the Western Balkans

Jan Martijn, Yan Sun, William Lindquist, Yen Mooi, Ezgi Ozturk, Hoda Selim and Armine Khachatryan

2023/030: The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection

Chikako Baba, Romain Duval, Ting Lan and Petia Topalova

2023/029: Getting into the Nitty-Gritty of Fiscal Multipliers: Small Details, Big Impacts

José Federico Geli and Afonso S. Moura

2023/028: Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants and Disconnect

Eugenio Cerutti and Haonan Zhou

2023/027: Estimating Digital Infrastructure Investment Needs to Achieve Universal Broadband

Edward Oughton, David Amaglobeli and Marian Moszoro

2023/026: The Internationalization of China’s Equity Markets

Juan Cortina, Maria Martinez Peria, Sergio Schmukler and Jasmine Xiao

2023/025: What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending during COVID-19

Divya Kirti, Maria Martinez Peria, Prachi Mishra and Jan Strasky

2023/024: Restructuring Domestic Sovereign Debt: An Analytical Illustration

David Grigorian

2023/023: How to Mitigate the Impact of Economic Downturns on Labor Markets: Evidence from Nicaragua

Sandra Marcelino and Mariana Sans

2023/022: Good Will Hunting: Do Disasters Make Us More Charitable?

Serhan Cevik

2023/021: How Costly Will Reining in Inflation Be? It Depends on How Rational We Are

Jorge Alvarez and Allan Dizioli

2023/020: Fintech Payments in Public Financial Management: Benefits and Risks

Gerardo Uña, Alok Verma, Majid Bazarbash and Naomi Griffin

2023/019: How Do Adaptive Learning Expectations Rationalize Stronger Monetary Policy Response in Brazil?

Allan Dizioli and Hou Wang

2023/018: Tax Distortions from Inflation: What are They? How to Deal with Them?

Sebastian Beer, Mark Griffiths and Alexander Klemm

2023/017: Northern Triangle Undocumented Migration to the United States

Alina Carare, Catherine Koh and Yorbol Yakhshilikov

2023/016: Evaluating the Costs of Government Credit Support Programs during COVID-19: International Evidence

Gee Hee Hong and Deborah Lucas

2023/015: Commercial Real Estate in Crisis: Evidence from Transaction-Level Data

Adrian Alter, Elizabeth Mahoney and Cristian Badarinza

2023/014: Gold as International Reserves: A Barbarous Relic No More?

Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell

2023/013: Carbon Policy and Stock Returns: Signals from Financial Markets

Martina Hengge, Ugo Panizza and Richard Varghese

2023/012: Macroprudential Policies in Response to External Financial Shocks

Irineu de Carvalho Filho and DingXuan Ng

2023/011: A Market for Brown Assets To Make Finance Green

Domenico Fanizza and Laura Cerami

2023/010: Understanding Post-COVID Inflation Dynamics

Martin Harding, Jesper Lindé and Mathias Trabandt

2023/009: To Demand or Not to Demand: On Quantifying the Future Appetite for CBDC

Marco Gross and Elisa Letizia

2023/008: Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings

Mitali Das, Gita Gopinath, Taehoon Kim and Jeremy C. Stein

2023/007: Macro Effects of Formal Adoption of Inflation Targeting

Surjit Bhalla, Karan Bhasin and Prakash Loungani

2023/006: Coming Clean on Your Taxes

Sebastian Beer and Ruud A. Mooij

2023/005: Trade Policy Implications of a Changing World: Tariffs and Import Market Power

Adam Jakubik, Alexander Keck and Roberta Piermartini

2023/004: Supporting Sustainable Financing and Access to Finance in Armenia

Maria Atamanchuk and Kiichi Tokuoka

2023/003: How Effective were Job-Retention Schemes during the COVID-19 Pandemic? A Microsimulation Approach for European Countries

W. Raphael Lam and Alexandra Solovyeva

2023/002: Why Some Don’t Belong—The Distributional Effects of Natural Disasters

Nina Budina, Lixue Chen and Laura Nowzohour

2023/001: The Pricing-Out Phenomenon in the U.S. Housing Market

Francesco Beraldi and Yunhui Zhao

2022/263: Equity and Efficiency Effects of Land Value Taxation

Gregor Schwerhoff, Ottmar Edenhofer and Marc Fleurbaey

2022/262: Targeted, Implementable, and Practical Energy Relief Measures for Households in Europe

Nicolas Arregui, Oya Celasun, Dora Iakova, Aiko Mineshima, Victor Mylonas, Frederik Toscani, Yu Ching Wong, Li Zeng and Jing Zhou

2022/261: The Impact of the IMF’s COVID-19 Support to Developing and Emerging Economies

Sumin Chun, Karmen Naidoo and Nelson Sobrinho

2022/260: A Bottom-Up Reduced Form Phillips Curve for the Euro Area

Thomas McGregor and Frederik Toscani

2022/259: Deep Reinforcement Learning: Emerging Trends in Macroeconomics and Future Prospects

Tohid Atashbar and Rui Aruhan Shi

2022/258: Macroeconomic Effects of Climate Change in an Aging World

Vimal Thakoor and Engin Kara

2022/257: Equitable Access to Vaccines: Myth or Reality?

Shushanik Hakobyan, Henry Rawlings and Jiaxiong Yao

2022/256: IMF’s Precautionary Lending Instruments: Have They Worked?

Giulio Lisi

2022/255: Monetary Policy and Credit Card Spending

Francesco Grigoli and Damiano Sandri