IMF Working Papers

From International Monetary Fund
International Monetary Fund, Washington, DC USA.
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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

2022/254: A Framework for Comparing Climate Mitigation Policies Across Countries

Simon Black, Danielle Minnett, Ian Parry, James Roaf and Karlygash Zhunussova

2022/253: Natural Disasters and Scarring Effects

Weicheng Lian, Jose Ramon Moran and Raadhika Vishvesh

2022/252: Systemwide Liquidity Stress Testing Tool

Hiroko Oura

2022/251: Macro-Financial Stability in the COVID-19 Crisis: Some Reflections

Tobias Adrian, Fabio Natalucci and Mahvash Qureshi

2022/250: Climate Shocks and Domestic Conflicts in Africa

Yoro Diallo and René Tapsoba

2022/249: Financial Constraints, Productivity, and Investment: Evidence from Lithuania

Karim Foda, Yu Shi and Maryam Vaziri

2022/248: Economic Scarring: Channels and Policy Implications

Nujin Suphaphiphat and Yu Shi

2022/247: The Divergent Dynamics of Labor Market Power in Europe

Federico Diez, Davide Malacrino and Ippei Shibata

2022/246: Green Bond Pricing and Greenwashing under Asymmetric Information

Jochen M. Schmittmann and Yun Gao

2022/245: Intergenerational Transmission of Education in a Developing Country: Evidence from A Mass Education Program in Vietnam

Trung Hoang and Ha Nguyen

2022/244: The Anatomy of Banks’ IT Investments: Drivers and Implications

Kosha Modi, Nicola Pierri, Yannick Timmer and Maria Martinez Peria

2022/243: Why Follow the Fed? Monetary Policy in Times of US Tightening

Gonzalo Huertas

2022/242: Climate Policy Options: A Comparison of Economic Performance

Jean Chateau, Florence Jaumotte and Gregor Schwerhoff

2022/241: Here Comes the Change: The Role of Global and Domestic Factors in Post-Pandemic Inflation in Europe

Mahir Binici, Samuele Centorrino, Serhan Cevik and Gyowon Gwon

2022/240: Fiscal Crises: The Role of the Public Debt Investor Base and Domestic Financial Markets as Aggravating and Mitigating Factors

Rina Bhattacharya, Kubi Johnson, Mwanza Nkusu and Mengxue Wang

2022/239: Labor Taxation in the Western Balkan: Looking Back and Forward

Alain Jousten, Mario Mansour, Irena Jankulov Suljagic and Charles Vellutini

2022/238: Digital Money and Remittances Costs in Central America, Panama, and the Dominican Republic

Alina Carare, Lavinia Franco, Metodij Hadzi-Vaskov, Justin Lesniak, Dmitry Vasilyev and Yorbol Yakhshilikov

2022/237: On the Macro Impact of Extreme Climate Events in Central America: A Higher Frequency Investigation

Hee Soo Kim, Carlos Chaverri, Emilio Fernandez Corugedo and Pedro Juarros

2022/236: Don't Look Up: House Prices in Emerging Europe

Serhan Cevik and Sadhna Naik

2022/235: Show Me the Money: Tracking Consumer Spending with Daily Card Transaction Data During the Pandemic

Serhan Cevik

2022/234: Central Bank Balance Sheet Expansion in a Dollarized Economy: The Case of Ecuador

Juan Erraez and Julien Reynaud

2022/233: Curb Your Enthusiasm: The Fintech Hype Meets Reality in the Remittances Market

Tito Nícias da Silva Filho

2022/232: Tackling Gender Inequality: Definitions, Trends, and Policy Designs

Baoping Shang

2022/231: The Carrot and the Stock: In Search of Stock-Market Incentives for Decarbonization

Laurent Millischer, Tatiana Evdokimova and Oscar Fernandez

2022/230: Improving Sovereign Financing Conditions Through Data Transparency

Jesus Gonzalez-Garcia

2022/229: Uzbekistan's Transition to Inflation Targeting

Moayad Al Rasasi and Ezequiel Cabezon

2022/228: Instant Payments: Regulatory Innovation and Payment Substitution Across Countries

Tanai Khiaonarong and David Humphrey

2022/227: Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance

Zhongxia Zhang and Shiyi Wang

2022/226: Modeling and Forecasting Monthly Tourism Arrivals to Aruba Since COVID-19 Pandemic

Olga Bespalova

2022/225: Lessons from Haiti’s Recent Exchange Rate Developments

Rina Bhattacharya and Neil Shenai

2022/224: Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations

Rina Bhattacharya

2022/223: The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic

Andrea Deghi, Salih Fendoglu, Tara Iyer, Hamid Tabarraei, Yizhi Xu and Mustafa Yenice

2022/222: U.S. and Euro Area Monetary and Fiscal Interactions During the Pandemic: A Structural Analysis

Andrew Hodge, Zoltán Jakab, Jesper Lindé and Vina Nguyen

2022/221: Wage-Price Spirals: What is the Historical Evidence?

Jorge Alvarez, John Bluedorn, Niels-Jakob Hansen, Youyou Huang, Evgenia Pugacheva and Alexandre Sollaci

2022/220: Chasing the Sun and Catching the Wind: Energy Transition and Electricity Prices in Europe

Serhan Cevik and Keitaro Ninomiya

2022/218: How Do Transaction Costs Influence Remittances

Kangni Kpodar and Patrick Imam

2022/217: A Multi-Currency Exchange and Contracting Platform

Tobias Adrian, Federico Grinberg, Tommaso Mancini-Griffoli, Robert Townsend and Nicolas Zhang