We build a tractable two-agent New Keynesian (TANK) model to jointly study four types of policy: conventional monetary policy, quantitative easing (QE), government expenditures, and lump-sum transfers. We find QE, transfers, and government spending can have the same effects on the aggregate...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

Does income inequality affect banks' credit-risk reallocation when facing financial distress? Using novel branch-level data on Colombian banks I find that facing a large liquidity shock, exposed banks shift more credit towards low-risk borrowers in municipalities with higher income inequality....

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

It is being investigated the relationship between oil windfalls and income inequality using the subnational data of one of the resource-richest and most unequal countries in the world – Russia. While previous literature has produced contradictory findings due to the use of an aggregate measure...

Topics: - Monetary and financial policy to respond to the COVID-19 crisis and support the recovery; - Fiscal policies to support growth, reduce inequality, and address the public debt overhang; - Structural policies to restore confidence and mitigate the negative impact on employment and income...

The one-day workshop will bring together academics and policy makers to deepen our understanding of global capital flows. The organizing committee invites authors to submit empirical and theoretical papers on topics including, but not limited to: - Capital flow dynamics during Covid-19; policy...

Topics: - International spillovers and spillbacks from monetary, macroprudential and fiscal policies; - Global determinants of low interest rates and inflation; - Financial risk-taking in a global environment of low interest rates; - Policy challenges in managing large and volatile cross-border...

Because of the COVID-19 pandemic, this year's Jacques Polak Annual Research Conference will be held virtually. Extreme events pose enormous challenges to the global economy, as evidenced by the ongoing COVID-19 pandemic and the increased frequency of disasters due to climate change. During such...

The general objective of the workshop is to deepen the understanding of the benefits and risks of global capital flows and advance the debate on the appropriate financial policy toolkit, including through discussion of the effectiveness and externalities of various policies. It aims to enhance...