Author/Editor: Ran Bi, Haonan Qu, James Roaf.

Release Date: August, 2013

This paper provides a general framework to assess the output and debt dynamics of an economy undertaking multi-year fiscal adjustment. The framework allows country-specific assumptions about the more...

Author/Editor: Bas B Bakker, Li Zeng.

Release Date: August, 2013

This paper argues that the large differences among EU countries in post-crisis employment performance are to a large extent driven by the need to adjust corporate balance sheets, which had greatly more...

Author/Editor: Li L Ong, Ceyla Pazarbasioglu.

Release Date: August, 2013

Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment more...

Author/Editor: Salvatore Dell'Erba, Todd D Mattina, Agustin Roitman.

Release Date: July, 2013

We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with market pressure. We find that only a third (34 percent) of the consolidations more...

Author/Editor: Rina Bhattacharya.

Release Date: July, 2013

This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and uses empirical analysis to answer two key questions: (i) what are the key drivers more...

Author/Editor: Luis Brandao Marques, R G Gelos, Natalia Melgar.

Release Date: July, 2013

This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers. We provide a simple model where, in the more...

Author/Editor: Deniz Igan, Alain N Kabundi, Francisco Nadal-De Simone, Natalia T Tamirisa.

Release Date: July, 2013

This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on more...

Author/Editor: Salvatore Dell'Erba, Sergio Sola.

Release Date: July, 2013

This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a more...

Author/Editor: Ravi Balakrishnan, Chad Steinberg, Murtaza H Syed.

Release Date: June, 2013

This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the more...

Author/Editor: Christian Ebeke, Dilan Ölçer.

Release Date: June, 2013

Focusing on Low-Income Countries, we investigate the behavior of fiscal variables during and after elections. The results indicate that during election years, government consumption significantly more...

Author/Editor: Laurence M Ball, Davide Furceri, Daniel Leigh, Prakash Loungani.

Release Date: June, 2013

This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal more...

Author/Editor: Sohrab Rafiq.

Release Date: June, 2013

This paper examines the size of the fiscal multiplier values generated in Malaysia. The results show that a government spending shock leads to broad positive economic effects. Although, the more...

Author/Editor: Issouf Samaké, Priscilla S Muthoora, Bruno Versailles.

Release Date: June, 2013

This paper assesses the implications of the use of oil revenue for public investment on growth and fiscal sustainability in Cameroon. We develop a dynamic stochastic general equilibrium model to more...

Author/Editor: Giovanni Dell'Ariccia, Luc Laeven, Gustavo Suarez.

Release Date: June, 2013

We present evidence of a risk-taking channel of monetary policy for the U.S. bankingsystem. We use confidential data on the internal ratings of U.S. banks on loans tobusinesses over the period 1997 more...

Author/Editor: Giovanni Melina, Stefania Villa.

Release Date: June, 2013

This paper studies how fiscal policy affects loan market conditions in the US. First, itconducts a Structural Vector-Autoregression analysis showing that the bank spread respondsnegatively to an more...

Author/Editor: Marcello M Estevão, Issouf Samaké.

Release Date: May, 2013

The past several years of recession and slow recovery have raised much interest on the effect of fiscal stimulus on economic activity, even as high public debts in many countries would call for more...

Author/Editor: Aqib Aslam, Enrico Berkes, Martin Fukac, Jeta Menkulasi, Axel Schimmelpfennig.

Release Date: May, 2013

For Afghanistan, the dual prospect of declining donor support and high ongoing security spending over the medium term keeps the government budget tight. This paper uses a general equilibrium model to more...

Author/Editor: Sampawende J -A Tapsoba.

Release Date: May, 2013

The paper uses a multi-region DSGE model to quantify the macroeconomic implications ofthree adjustment scenarios for India: growth-friendly, social-friendly, and a benchmark casecentered on bringing more...

Author/Editor: Jesus Gonzalez-Garcia, Antonio Lemus, Mico Mrkaic.

Release Date: May, 2013

The multipliers of taxes, and government consumption and investment expenditure for the Eastern Caribbean Currency Union (ECCU) are estimated using vector autoregression models with panel data. The more...

Author/Editor: Troy Matheson, Emil Stavrev.

Release Date: May, 2013

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the more...