IMF working paperPub Date : 2023-11-01DOI: 10.5089/9798400258176.001
Mariarosaria Comunale
{"title":"A Comprehensive Macroeconomic Uncertainty Measure for the Euro Area and its Implications to COVID-19","authors":"Mariarosaria Comunale","doi":"10.5089/9798400258176.001","DOIUrl":"https://doi.org/10.5089/9798400258176.001","url":null,"abstract":"This paper develops a new data-driven metric to capture MacroEconomic Uncertainty (MEU) in the euro area. The measure is constructed as the conditional volatility of the unforecastable components of a large set of time series, accounting for the monetary union as well as cross-country heterogeneity. MEU exhibits the largest spike at the time of the COVID-19 outbreak and is noticeably different from other more financial-oriented and policy-driven uncertainty measures. It also reveals a significant increase in inflation uncertainty in 2021-2022. Our BVAR-based analysis shows that an unexpected increase in the MEU has a negative and persistent impact on euro area's industrial production, accounting for 80 percent of its reduction during the first wave of COVID-19, therefore supporting the interpretation of COVID-19 shock as a macroeconomic uncertainty shock. Public debt increases in response to this uncertainty shock. Finally, an increase in MEU negatively affects Emerging Europe countries, contributing the most to the decline in their economic activity during this COVID-19 period.","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"47 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135455987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-11-01DOI: 10.5089/9798400259609.001
Luc Eyraud
{"title":"A New Fiscal Framework for Resource-Rich Countries","authors":"Luc Eyraud","doi":"10.5089/9798400259609.001","DOIUrl":"https://doi.org/10.5089/9798400259609.001","url":null,"abstract":"","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"43 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135456710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-10-01DOI: 10.5089/9798400258138.001
Era Dabla-Norris
{"title":"Public Support for Climate Change Mitigation Policies: A Cross Country Survey","authors":"Era Dabla-Norris","doi":"10.5089/9798400258138.001","DOIUrl":"https://doi.org/10.5089/9798400258138.001","url":null,"abstract":"","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136128217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-10-01DOI: 10.5089/9798400247002.001
Jean Chateau
{"title":"A Framework for Climate Change Mitigation in India","authors":"Jean Chateau","doi":"10.5089/9798400247002.001","DOIUrl":"https://doi.org/10.5089/9798400247002.001","url":null,"abstract":": Climate change poses challenging policy tradeoffs for India. The country faces the challenge of raising living standards for a population of 1.4 billion while at the same time needing to be a critical contributor to reducing global GHG emissions. The government has implemented numerous policies to promote the manufacturing and use of renewable energy and shift away from coal, but much still needs to be done to reach India’s 2070 net zero goal. Reducing GHG emissions will almost certainly have a negative impact on growth in the short run and have important distributional consequences for individuals and communities who today rely on coal. But with the right policies, these costs—which are non-negligible but dwarfed by the cost of climate change over the next decade if no action is taken—can be significantly curtailed. This paper provides an in depth review of the current climate policy landscape in India and models emissions trajectories under different policy options to reduce GHG emissions.","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"62 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136056117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-10-01DOI: 10.5089/9798400253522.001
Silvia Albrizio
{"title":"Mining the Gap: Extracting Firms’ Inflation Expectations From Earnings Calls","authors":"Silvia Albrizio","doi":"10.5089/9798400253522.001","DOIUrl":"https://doi.org/10.5089/9798400253522.001","url":null,"abstract":": Using a novel approach involving natural language processing (NLP) algorithms, we construct a new cross-country index of firms' inflation expectations from earnings call transcripts. Our index has a high correlation with existing survey-based measures of firms' inflation expectations, it is robust to external validation tests and is built using a new method that outperforms other NLP algorithms. In an application of our index to United States, we uncover some facts related to firm's inflation expectations. We show that higher expected inflation translates into future inflation. Going into the firms level dimension of our index, we show departures from a rational framework in firms' inflation expectations and that firms' attention to the central enhances monetary policy effectiveness.","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136056128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-10-01DOI: 10.5089/9798400258169.001
Serhan Cevik
{"title":"Long Live Globalization: Geopolitical Shocks and International Trade","authors":"Serhan Cevik","doi":"10.5089/9798400258169.001","DOIUrl":"https://doi.org/10.5089/9798400258169.001","url":null,"abstract":"","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136128071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-10-01DOI: 10.5089/9798400252426.001
Jorge Alvarez
{"title":"Geoeconomic Fragmentation and Commodity Markets","authors":"Jorge Alvarez","doi":"10.5089/9798400252426.001","DOIUrl":"https://doi.org/10.5089/9798400252426.001","url":null,"abstract":"","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"153 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134935136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
IMF working paperPub Date : 2023-10-01DOI: 10.5089/9798400257636.001
Hites Ahir
{"title":"Financial Stress and Economic Activity: Evidence from a New Worldwide Index","authors":"Hites Ahir","doi":"10.5089/9798400257636.001","DOIUrl":"https://doi.org/10.5089/9798400257636.001","url":null,"abstract":"","PeriodicalId":492383,"journal":{"name":"IMF working paper","volume":"61 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136056125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}