 | Assessing the Impact of Supply Disruptions on the Global Pandemic Recovery Author/Editor: Harri Kemp, Rafael A Portillo, Marika Santoro. Release Date:February, 2023 We estimate the role of (pre-Ukraine war) supply disruptions in constraining the Covid-19 pandemic recovery, for several advanced economies and emerging markets, and globally. We rely on two more...
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| Modeling Trade Tensions: Different Mechanisms in General Equilibrium Author/Editor: Benjamin L Hunt, Susanna Mursula, Rafael A Portillo, Marika Santoro. Release Date:December, 2020 In this paper, we investigate the mechanisms through which import tariffs impact the macroeconomy in two large scale workhorse models used for quantitative policy analysis: a computational general more...
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| An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank Author/Editor: Rania A Al-Mashat, Ales Bulir, N Nergiz Dinçer, Tibor Hlédik, Tomás Holub, Asya Kostanyan, Douglas Laxton, Armen Nurbekyan, Rafael A Portillo, Hou Wang. Release Date:September, 2018 This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most more...
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| Economic Fluctuations in Sub-Saharan Africa Author/Editor: Giovanni Melina, Rafael A Portillo. Release Date:March, 2018 We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic more...
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| Quarterly Projection Model for India : Key Elements and Properties Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Pranav Gupta, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Rafael Portillo, Hou Wang, Fan Zhang. Release Date:February, 2017 This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for more...
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| Implications of Food Subsistence for Monetary Policy and Inflation Author/Editor: Rafael Portillo, Luis-Felipe Zanna, Stephen A O'Connell, Richard Peck. Release Date:March, 2016 We introduce subsistence requirements in food consumption into a simple new-Keynesian model with flexible food and sticky non-food prices. We study how the endogenous structural transformation that more...
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| Some Misconceptions about Public Investment Efficiency and Growth Author/Editor: Andrew Berg, Edward F. Buffie, Catherine A. Pattillo, Rafael Portillo, Andrea Presbitero, Luis-Felipe Zanna. Release Date:December, 2015 We reconsider the macroeconomic implications of public investment efficiency, defined as
 the ratio between the actual increment to public capital and the amount spent. We show more...
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| A Model for Monetary Policy Analysis in Uruguay Author/Editor: Rafael Portillo, Yulia Ustyugova. Release Date:July, 2015 Uruguay has recently reverted to a money targeting (MT) framework in the context of adisinflation strategy. We develop a quantitative model for monetary policy analysisincorporating money targets in more...
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| On the First-Round Effects of International Food Price Shocks: the Role of the Asset Market Structure Author/Editor: Rafael Portillo, Luis-Felipe Zanna. Release Date:February, 2015 We develop a tractable small open-economy model to study the first-round effects of international foodprice shocks in developing countries. We define first-round effects as changes in headline more...
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| Monetary Policy in Hybrid Regimes: The Case of Kazakhstan Author/Editor: Natan P. Epstein, Rafael Portillo. Release Date:June, 2014 This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two more...
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