During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. This Staff Discussion Note argues that such FSMs prevented...

In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss routes to broadening this focus by adding several macroeconomic and macrofinancial...

In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss routes to broadening this focus by adding several macroeconomic and macrofinancial...

This paper assesses the macroeconomic and distributional impact of personal income tax (PIT) reforms in the U.S. drawing on a multi-sector heterogenous agents model in which consumers have non-homothetic preferences and sectors differ in terms of their relative labor and skill intensity. The...

Purpose: Visitor attractions constitute the essence of the tourism phenomenon. However, management techniques that are expressly designed for tourism and develop different uses/activities and subsequently influence visitor experiences are under-researched. Hence, the purpose of this study is to...

Purpose: The purpose of this paper is to provide a deeper understanding of the relevance of shore excursions in the distribution of cruise passenger flows; an approach which has been overlooked by many studies on cruise tourism. Specifically, the paper focuses on two destinations: Barcelona, a...