Author/Editor: Tim Willems, Jeromin Zettelmeyer.

Release Date:January, 2022

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an accounting based view of more...

Author/Editor: Sangyup Choi, Tim Willems, Seung Yong Yoo.

Release Date:January, 2022

We combine industry-level data on output and prices with monetary policy shock estimates for 105 countries to analyze how the effects of monetary policy vary with industry characteristics. Next to more...

Author/Editor: Ramzy Al Amine, Tim Willems.

Release Date:August, 2020

We find that countries which are able to borrow at spreads that seem low given fundamentals (for example because investors take a bullish view on a country's future), are more likely to develop more...

Author/Editor: Tim Willems.

Release Date:September, 2018

As the “Volcker shock” is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary more...

Author/Editor: Paul Beaudry, Tim Willems.

Release Date:May, 2018

Is over-optimism about a country's future growth perspective good for an economy, or does over-optimism also come with costs? In this paper we provide evidence that recessions, fiscal problems, as more...

Author/Editor: Monique Newiak, Tim Willems.

Release Date:May, 2017

We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not more...