Aleksandra Zdzienicka

The Effects of Monetary Policy Shocks on Inequality

This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rate...

Effects of Monetary and Macroprudential Policies on Financial Conditions

Evidence from the United States

The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetar...

The Euro Area Crisis

Need for a Supranational Fiscal Risk Sharing Mechanism?

The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mecha...

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly a...

How Costly Are Debt Crises?

The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 20...

Strengthening the Euro Area

The Role of National Structural Reforms in Building Resilience

Cross-country differences in economic resilience—in an economy’s ability to withstand and adjust to shocks—remain significant in the euro area. ...

Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union

The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks. T...

Strengthening the West African Economic and Monetary Union

The Role of Fiscal and Market Institutions in Economic Stabilization

West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the la...

Tax Reforms and Fiscal Shock Smoothing

This paper examines the role of tax policy reforms in enhancing fiscal shock smoothing in a panel of 13 OECD economies during the period 1980-2017. Th...

Political Costs of Tax-Based Consolidations

This paper studies the impact of tax-based consolidations on reelection outcomes. Using a granular database of tax-based consolidations for a panel of...

Monetary Policy and Labor Market Gender Gaps

We study the effects of monetary policy shocks on employment gender gaps in a panel of 22 countries using quarterly data from 1990 to 2019. Our result...

Twin Deficits in Developing Economies

This paper provides new evidence on the existence and magnitude of the “twin deficits” in developing economies. It finds that a one percent of GDP...

Meeting the Sustainable Development Goals in Small Developing States with Climate Vulnerabilities: Cost and Financing

Small Developing States (SDS) face substantial challenges in achieving sustainable development. Many of these challenges relate to the small size and ...

Private Sector Deleveraging and Growth Following Busts

Balance sheet recessions have been a drag on activity after the Global Financial Crisis, underscoring the important role of balance sheet adjustment f...

The New Normal

A Sector-level Perspective on Productivity Trends in Advanced Economies

Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level produc...

Strengthening the West African Economic and Monetary Union

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Effects of Monetary and Macroprudential Policies on Financial Conditions

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Short-Term Effects of Structural Reforms

An Empirical Analysis

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