Jean-Marc Natal

Last Updated: January 02, 2024

Jean-Marc Natal

Jean-Marc Natal is Deputy Chief of the World Economic Studies Division – in charge of the WEO -- in the Research Department of the IMF. Prior to joining the IMF, he was Deputy Director of Research at the Swiss National Bank where he advised the Board on monetary policy decisions and strategy. Mr Natal taught Monetary Theory and Policy at the University of Geneva and his research is published in various economics journals, including the Economic Journal and the Journal of Money, Credit and Banking. He holds a PhD in International Economics from the Graduate Institute of International Studies in Geneva.

Email: JNATAL@imf.org

Fluent In: French, German.

Education:

PhD in International Economics, Graduate Institute of International Studies, Geneva, 2002.

MSc in International Economics, Graduate Institute of International Studies, Geneva 1993.


Previous Experience:

Mission Chief Malta, European Dept, 2017-2019

Senior Germany and the Netherlands Economist, European Dept, 2015-2019

Deputy Head, Research, Economic affairs, Swiss National Bank, Zurich, 2006-2010

Associate Professor, Monetary policy and theory, Master's program in macroeconomics and finance, University of Geneva, 2010-2011.

Visiting Scholar, International research, Federal Reserve Bank of San Francisco, 2008-2009.


Current Position:

Deputy Chief, World Economic Studies Division (WEO), Research Dpmt, International Monetary Fund, Washington DC.

Books

"Analyse Empirique de la Politique Monétaire à l'aide de Modèles (B)(S)VAR", PhD Thesis N°638, IUHEI, Geneva, 2002.

Publications in Journals (Refereed)

Monetary and Macroprudential Policies in a Leveraged Economy”, with Sylvain Leduc, The Economic Journal, July 2017.

“The Real Exchange Rate and the Structure of Aggregate Production”, with Ulrich Kohli, Journal of Productivity Analysis, 2013, 8.

"Monetary Policy Response to Oil Price Shocks", Journal of Money, Credit and Banking, Vol. 44, Issue 1, 53–101, 2012, 2.

Discussion of : “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland”, by Stefan Leist and Klaus Neusser, Swiss Journal of Economics and Statistics, Vol. 146(1), 2010.

"Price Stability and the Case for Flexible Exchange Rates", with N. Cuche-Curti and H. Dellas, Open Economies Review, 2010, 1.

"DSGE-CH: a Dynamic Stochastic General Equilibrium Model for Switzerland", with Nicolas Cuche-Curti and Harris Dellas, Swiss National Bank, Economic Studies, 5, 2009.

"The Case for Inflation Targeting in a Small Open Economy", with N. Cuche-Curti and H. Dellas, International Finance, 11:1, 2008.

"Deflation and Deflationary Traps: The Situation in Switzerland", Swiss Journal of Economics and Statistics, Vol. 140(1), 2004.

Jean-Marc Natal

Jean-Marc Natal is Deputy Chief of the World Economic Studies Division – in charge of the WEO -- in the Research Department of the IMF. Prior to joining the IMF, he was Deputy Director of Research at the Swiss National Bank where he advised the Board on monetary policy decisions and strategy. Mr Natal taught Monetary Theory and Policy at the University of Geneva and his research is published in various economics journals, including the Economic Journal and the Journal of Money, Credit and Banking. He holds a PhD in International Economics from the Graduate Institute of International Studies in Geneva.

Email: JNATAL@imf.org

Fluent In: French, German.

Education:

PhD in International Economics, Graduate Institute of International Studies, Geneva, 2002.

MSc in International Economics, Graduate Institute of International Studies, Geneva 1993.


Previous Experience:

Mission Chief Malta, European Dept, 2017-2019

Senior Germany and the Netherlands Economist, European Dept, 2015-2019

Deputy Head, Research, Economic affairs, Swiss National Bank, Zurich, 2006-2010

Associate Professor, Monetary policy and theory, Master's program in macroeconomics and finance, University of Geneva, 2010-2011.

Visiting Scholar, International research, Federal Reserve Bank of San Francisco, 2008-2009.


Current Position:

Deputy Chief, World Economic Studies Division (WEO), Research Dpmt, International Monetary Fund, Washington DC.

IMF Books and Working Papers:

Immigration and Wage Dynamics in Germany , Working Paper No. 19/301 , December 27, 2019

How Informative Are Real Time Output Gap Estimates in Europe? , Working Paper No. 19/200 , September 20, 2019

Globalization, Market Power, and the Natural Interest Rate , Working Paper No. 19/95 , May 06, 2019

iMFdirect Blog Posts

Interest Rates Likely to Return Toward Pre-Pandemic Levels When Inflation is Tamed.

Further Delaying Climate Policies Will Hurt Economic Growth.

Private Debt to Weigh on Global Economic Recovery.

Why Basic Science Matters for Economic Growth.

Growing Older: Germany Needs Reforms

Other Published Materials

Globalization, Market Power, and the Natural Interest Rate

How Informative Are Real Time Output Gap Estimates in Europe?

Immigration and Wage Dynamics In Germany

Books

"Analyse Empirique de la Politique Monétaire à l'aide de Modèles (B)(S)VAR", PhD Thesis N°638, IUHEI, Geneva, 2002.

Publications in Journals (Refereed)

Monetary and Macroprudential Policies in a Leveraged Economy”, with Sylvain Leduc, The Economic Journal, July 2017.

“The Real Exchange Rate and the Structure of Aggregate Production”, with Ulrich Kohli, Journal of Productivity Analysis, 2013, 8.

"Monetary Policy Response to Oil Price Shocks", Journal of Money, Credit and Banking, Vol. 44, Issue 1, 53–101, 2012, 2.

Discussion of : “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland”, by Stefan Leist and Klaus Neusser, Swiss Journal of Economics and Statistics, Vol. 146(1), 2010.

"Price Stability and the Case for Flexible Exchange Rates", with N. Cuche-Curti and H. Dellas, Open Economies Review, 2010, 1.

"DSGE-CH: a Dynamic Stochastic General Equilibrium Model for Switzerland", with Nicolas Cuche-Curti and Harris Dellas, Swiss National Bank, Economic Studies, 5, 2009.

"The Case for Inflation Targeting in a Small Open Economy", with N. Cuche-Curti and H. Dellas, International Finance, 11:1, 2008.

"Deflation and Deflationary Traps: The Situation in Switzerland", Swiss Journal of Economics and Statistics, Vol. 140(1), 2004.