IMF Working Papers

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

2022/216: Electoral Cycles in Tax Reforms

Antonio David and Can Sever

2022/215: A Quarterly Projection Model for the WAEMU

Carlos de Resende, Alsim Fall and Demba Sy

2022/214: Raising Armenia’s Export Potential

Klakow Akepanidtaworn, Lili Karapetyan, Nathalie Reyes and Yulia Ustyugova

2022/213: Productivity and Product Markets in Korea: Evidence from Advanced Economies

Andrew Swiston and Stella Tam

2022/212: Financial Innovation and Statistical Methodological Guidance—Key Considerations

Joe Crowley, Marco Espinosa-Vega, Elizabeth Holmquist, Ken Lamar, Emmanuel Manolikakis, James McAndrews and Holt Williamson

2022/211: Scarring and Corporate Debt

Julia Estefania-Flores, Davide Furceri, Pablo Gonzalez-Dominguez, Siddharth Kothari and Nour Tawk

2022/210: Digitalization and Resilience

Alexander Copestake, Julia Estefania-Flores and Davide Furceri

2022/209: Monetary Policy Communication and Financial Markets in India

Faisal Ahmed, Mahir Binici and Jarkko Turunen

2022/208: Understanding U.S. Inflation During the COVID Era

Laurence Ball, Daniel Leigh and Prachi Mishra

2022/207: How Persistent are Climate-Related Price Shocks? Implications for Monetary Policy

Alain Kabundi, Montfort Mlachila and Jiaxiong Yao

2022/206: Digital Money and Central Banks Balance Sheet

Adrian Armas and Manmohan Singh

2022/205: Biases in Survey Inflation Expectations: Evidence from the Euro Area

Jiaqian Chen, Lucyna Gornicka and Vaclav Zdarek

2022/204: Updating Inflation Weights in the UK and Germany during COVID-19

Francesco Grigoli and Evgenia Pugacheva

2022/203: The Propensity to Remit: Macro and Micro Factors Driving Remittances to Central America and the Caribbean

Hussein Bidawi, Paola Aliperti F. Domingues, Chiara Fratto and Nicole Laframboise

2022/202: Did Insurers Become Risk-Loving During “Low-for-Long”? The Role of Returns, Ratings, and Regulation

Jeroen Brinkhoff and Juan Sole

2022/201: Unpacking Impact of COVID-19 on Vietnamese Firms: Evidence from a Novel Survey

Era Dabla-Norris, Anh Thi Ngoc Nguyen, Yuanyan Zhang, Thuy Dinh Pham, Nga Huong Phi, Duong Thuy Nguyen and Tuan Danh Duong

2022/200: How Do State-Owned Enterprises Adjust During Downturns: Evidence from Iranian Manufacturing Firms

Ebad Ebadi and C. Priscilla Toffano

2022/199: Cross-Country Evidence on the Revenue Impact of Tax Reforms

David Amaglobeli, Valerio Crispolti and Xuguang Simon Sheng

2022/198: Regional Disparities in Europe

Ravi Balakrishnan, Louise Rabier, Christian Ebeke, Melih Firat and Davide Malacrino

2022/197: Experimental Indicators of Digital Industries in Select Countries: Definitions, Methods, and Results

Brent Moulton, James Tebrake and Martha Tovar

2022/196: A Tale of Tier 3 Cities

Kenneth Rogoff and Yuanchen Yang

2022/195: Did the COVID-19 Recession Increase the Demand for Digital Occupations in the United States? Evidence from Employment and Vacancies Data

Jiaming Soh, Myrto Oikonomou, Carlo Pizzinelli, Ippei Shibata and Marina Tavares

2022/194: Why European Banks Adjust their Dividend Payouts?

Marco Belloni, Maciej Grodzicki and Mariusz Jarmuzek

2022/193: Keeping it Simple–Efficiency Costs of Fixed Margin Regimes in Transfer Pricing

Sebastian Beer, Sebastien Leduc and Jan Loeprick

2022/192: Promoting Innovation: The Differential Impact of R&D Subsidies

Reda Cherif, Fuad Hasanov, Christoph Grimpe and Wolfgang Sofka

2022/191: U.S. Monetary Policy Shock Spillovers: Evidence from Firm-Level Data

Elif Arbatli Saxegaard, Melih Firat, Davide Furceri and Jeanne Verrier

2022/190: Rationalizing Pharmaceutical Spending

Manuel García-Goñi

2022/189: Stress Testing the Global Economy to Climate Change-Related Shocks in Large and Interconnected Economies

Camilo Tovar, Yiqun Wu and Tianxiao Zheng

2022/188: Shock Absorbers or Transmitters? The Role of Foreign Banks during COVID-19

Weijia Yao, Anamika Sen and Juan Yepez

2022/187: Excess Profit Taxes: Historical Perspective and Contemporary Relevance

Shafik Hebous, Dinar Prihardini and Nate Vernon-Lin

2022/186: Central Bank Independence and Inflation in Latin America—Through the Lens of History

Luis Jácome and Samuel Pienknagura

2022/185: Digitalization and Social Protection: Macro and Micro Lessons for Vietnam

Amr Hosny and Alexandre Sollaci

2022/184: Structural Reforms and Economic Growth: A Machine Learning Approach

Anil Ari, Gabor Pula and Liyang Sun

2022/183: OPEC and the Oil Market

Andrea Pescatori and Yousef Nazer

2022/182: Sustainable Finance in Emerging Markets: Evolution, Challenges, and Policy Priorities

Rohit Goel, Deepali Gautam and Fabio Natalucci

2022/181: Determinants of Inflation in Iran and Policies to Curb It

H. Elif Ture and Ali Reza Khazaei

2022/180: Closing Peru's Ethnic Gaps Amidst Sustained Economic Growth

Carlos Chavez, Gonzalo Salinas and Yuri Zamora

2022/179: Waiting for Godot? The Case for Climate Change Adaptation and Mitigation in Small Island States

Serhan Cevik

2022/178: Dirty Dance: Tourism and Environment

Serhan Cevik

2022/177: Home or Away? Profit Shifting with Territorial Taxation

Dominika Langenmayr and Li Liu

2022/176: Private Savings and COVID-19 in Sub-Saharan Africa

Boileau Loko, Nelie Nembot and Marcos Poplawski Ribeiro

2022/175: The Fear Economy: A Theory of Output, Interest, and Safe Assets

Ruchir Agarwal

2022/174: Climate Change and Energy Security: The Dilemma or Opportunity of the Century?

Serhan Cevik

2022/173: Second-Round Effects of Oil Price Shocks -- Implications for Europe’s Inflation Outlook

Chikako Baba and Jaewoo Lee

2022/172: What Matters for Job Finding and Separation in the Long Run? Evidence from Labor Market Dynamics in New Zealand

Guanyu Zheng, Gulnara Nolan, Christopher Ball, Siddharth Kothari and Yosuke Kido

2022/171: The Systemic Impact of Debt Default in a Multilayered Global Network Model

Nathan Porter, Camilo Tovar, Juan Trevino, Johannes Eugster and Theofanis Papamichalis

2022/170: Effective Fiscal-Monetary Interactions in Severe Recessions

Jiaqian Chen, Raphael Espinoza, Carlos Goncalves, Tryggvi Gudmundsson, Martina Hengge, Zoltán Jakab and Jesper Lindé

2022/169: Quarterly Projection Model for the Bank of Ghana

Philip Abradu-Otoo, Ivy Acquaye, Abubakar Addy, Nana Kwame Akosah, James Attuquaye, Simon Harvey, Shalva Mkhatrishvili, Zakari Mumuni and Valeriu Nalban

2022/168: Inflation-at-Risk in in the Middle East, North Africa, and Central Asia

Maximilien Queyranne, Romain Lafarguette and Kubi Johnson

2022/167: Breaking Bad: A Disaggregated Analysis of Inflation Inertia

Serhan Cevik

2022/166: Mind the Gap: City-Level Inflation Synchronization

Serhan Cevik

2022/165: India’s State-Owned Enterprises

Ruchir Agarwal, Elif Arbatli Saxegaard, Lesley Fisher and Xuehui Han

2022/164: The Fiscal Stance in Japan: A Model-based Analysis

Jean-Marc Fournier, Takuma Hisanaga and Anh Nguyen

2022/163: Bank Stress Testing of Physical Risks under Climate Change Macro Scenarios: Typhoon Risks to the Philippines

Stephane Hallegatte, Fabian Lipinsky, Paola Morales, Hiroko Oura, Nicola Ranger, Martijn Gert Jan Regelink and Henk Jan Reinders

2022/162: Debt-for-Climate Swaps: Analysis, Design, and Implementation

Marcos Chamon, Erik Klok, Vimal Thakoor and Jeromin Zettelmeyer

2022/161: Inflation Expectations and the Supply Chain

Elías Albagli, Francesco Grigoli and Emiliano Luttini

2022/160: Is Education Neglected in Natural Resources-Rich Countries? An Intergenerational Approach in Africa

Jean-Marc Atsebi, Rasmané Ouedraogo and Regina Séri

2022/159: Economic Growth After Debt Surges

Joao Jalles and Paulo Medas

2022/158: Exchange-Rate Swings and Foreign Currency Intervention

Andrew Filardo, R. Gaston Gelos and Thomas McGregor

2022/157: Do IMF Programs Stimulate Private Sector Investment?

Pietro Bomprezzi, Silvia Marchesi and Rima Turk Ariss

2022/156: Estimating Macro-Fiscal Effects of Climate Shocks From Billions of Geospatial Weather Observations

Berkay Akyapi, Matthieu Bellon and Emanuele Massetti

2022/155: Legal Gender Equality as a Catalyst for Convergence

Can Sever

2022/154: Reducing Dollarization in the Caucasus and Central Asia

Selim Cakir, Maria Atamanchuk, Mazin Al Riyami, Nia Sharashidze and Nathalie Reyes