 | Effective Fiscal-Monetary Interactions in Severe Recessions Author/Editor: Jiaqian Chen, Raphael A Espinoza, Carlos Goncalves, Tryggvi Gudmundsson, Martina Hengge, Zoltan Jakab, Jesper Lindé. Release Date:September, 2022 The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy more...
| Price: $20.00
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| The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia Author/Editor: Luigi Durand, Raphael A Espinoza. Release Date:April, 2021 In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific more...
| Price: $18.00
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| The Fiscal Multiplier of Public Investment: The Role of Corporate Balance Sheet Author/Editor: Raphael A Espinoza, Juliana Gamboa-Arbelaez, Mouhamadou Sy. Release Date:September, 2020 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 firms from 49 countries. We find that the effect of more...
| Price: $18.00
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| Systemic Risk Modeling: How Theory Can Meet Statistics Author/Editor: Raphael A Espinoza, Miguel A Segoviano, Ji Yan. Release Date:March, 2020 We propose a framework to link empirical models of systemic risk to theoretical network/ general equilibrium models used to understand the channels of transmission of systemic risk. The theoretical more...
| Price: $18.00
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 | Economic Gains From Gender Inclusion:New Mechanisms, New Evidence Author/Editor: Jonathan David Ostry, Jorge A Alvarez, Raphael A Espinoza, Chris Papageorgiou. Release Date:October, 2018 While progress has been made in increasing female labor force participation (FLFP) in the last 20 years, large gaps remain. The latest Fund research shows that improving gender diversity can result more...
| Price: $20.00
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| Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses Author/Editor: Zineddine Alla, Raphael A Espinoza, Qiaoluan H Li, Miguel A Segoviano Basurto. Release Date:March, 2018 We present a novel approach that incorporates individual entity stress testing and losses from
systemic risk effects (SE losses) into macroprudential stress testing. SE losses are more...
| Price: $18.00
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| FX Intervention in the New Keynesian Model Author/Editor: Zineddine Alla, Raphael A Espinoza, Atish R Ghosh. Release Date:September, 2017 We develop an open economy New Keynesian Model with foreign exchange intervention in
the presence of a financial accelerator mechanism. We obtain closed-form solutions for the
optimal more...
| Price: $18.00
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| Unconventional Policy Instruments in the New Keynesian Model Author/Editor: Zineddine Alla, Raphael A. Espinoza, Atish R. Ghosh. Release Date:March, 2016 This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence’ breaks down. The paper discusses the role of a second instrument more...
| Price: $18.00
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| How Do Fiscal and Labor Policies in France Affect Inequality? Author/Editor: Raphael A. Espinoza, Esther Perez Ruiz. Release Date:February, 2016 This paper explores the impact of fiscal and labor market policies on efficiency, inequality,
 and fiscal outcomes in France. We extend the general equilibrium model calibrated for
 more...
| Price: $18.00
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 | Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area Author/Editor: Jörg Decressin, Raphael A. Espinoza, Ioannis Halikias, Michael Kumhof, Daniel Leigh, Prakash Loungani, Paulo A. Medas, Susanna Mursula, Antonio Spilimbergo, TengTeng Xu. Release Date:November, 2015 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 wage moderation, the impact on output is positive more...
| Price: $10.00
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