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What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), sh...
Policy Considerations and Applications to the Euro Area
The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wa...
We present a novel approach that incorporates individual entity stress testing and losses from systemic risk effects (SE losses) into macroprudential ...
The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into ques...
This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence’ breaks down. The paper ...
New Mechanisms, New Evidence
While progress has been made in increasing female labor force participation (FLFP) in the last 20 years, large gaps remain. The latest Fund research s...
We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the Central Bank and the liquidity of as...
We propose a framework to link empirical models of systemic risk to theoretical network/ general equilibrium models used to understand the channels of...
A General Equilibrium Approach for France
The paper presents a simple supply side, general equilibrium model to estimate the macroeconomic effects of labor tax cuts. The model assumes that out...
What to Expect? What Can Be Done?
This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds t...
According to a dynamic panel estimated over 1995 - 2008 on around 80 banks in the GCC region, the NPL ratio worsens as economic growth becomes lower a...
This paper explores the impact of fiscal and labor market policies on efficiency, inequality, and fiscal outcomes in France. We extend the general equ...
During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support meas...
We develop a new measure of financial conditions (FCs) that targets the growth of financial liabilities using the partial least square methodology. We...
We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible eno...
Provides original insights into the functioning of the GCC macro-economy. It covers structural, long-term, issues such as the determinants of economic...
Importance of Systemic Emerging Markets
This paper documents the expanding economic linkages between low-income countries (LICs) and a narrow group of "Emerging Market leaders" that have bec...
This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a database of about half a million fir...
The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an i...
Public Investment Surges, Growth, and Debt Sustainability in Togo
This paper presents an analysis of the public investment scaling-up strategy for Togo using a dynamic macroeconomic model that explicitly analyzes the...
This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the 'divine coincidence' breaks down. The paper disc...
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