Luis-Felipe Zanna

Last Updated: May 16, 2019

Luis-Felipe Zanna is a senior economist at the Institute for Capacity Development of the IMF. Before joining the IMF, he was an economist in the International Finance Division of the Federal Reserve Board.

Email: FZANNA@imf.org

Fluent In: Spanish.

Education:

Ph.D., Economics, University of Pennsylvania, 2003

M.A., Economics, University of Pennsylvania, 2000

M.A., Economics, Universidad de Los Andes (Colombia), 1995

B.Sc., Civil Engineering, Universidad de Los Andes (Colombia), 1991


Current Position:

Senior Economist, European and Middle Eastern Division, Institute for Capacity Development


Field of Expertise:

Monetary Policy

Open Economy Macroeconomics

Development Economics

Economic Modeling

IMF Books and Working Papers:

Macroeconomic Research in Low-income Countries:Advances Made in Five Key Areas Through a DFID-IMF Collaboration , Departmental Paper No 2021/006 , March 24, 2021

Debt, Investment, and Growth in Developing Countries with Segmented Labor Markets , Working Paper No. 20/102 , June 19, 2020

Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid , Working Paper No. 19/126 , June 11, 2019

Some Policy Lessons from Country Applications of the DIG and DIGNAR Models , Working Paper No. 19/62 , March 18, 2019

Should We Fear the Robot Revolution? (The Correct Answer is Yes) , Working Paper No. 18/116 , May 21, 2018

Government Spending Effects in Low-income Countries , Working Paper No. 15/286 , December 30, 2015

Some Misconceptions about Public Investment Efficiency and Growth , Working Paper No. 15/272 , December 23, 2015

From Ambition to Execution : Policies in Support of Sustainable Development Goals , Staff Discussion Notes No. 15/18 , September 22, 2015

On the First-Round Effects of International Food Price Shocks: the Role of the Asset Market Structure , Working Paper No. 15/33 , February 23, 2015

Learning, Monetary Policy and Asset Prices , Working Paper No. 15/16 , January 23, 2015

Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model , Working Paper No. 14/50 , March 31, 2014

Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime , Working Paper No. 14/18 , January 30, 2014

Current Account Norms in Natural Resource Rich and Capital Scarce Economies , Working Paper No. 13/80 , March 27, 2013

Public Investment in Resource-Abundant Developing Countries , Working Paper No. 12/274 , November 15, 2012

Public Investment, Growth, and Debt Sustainability: Putting Together the Pieces , Working Paper No. 12/144 , June 01, 2012

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies , Working Paper No. 12/121 , May 01, 2012

As You sow so Shall You Reap : Public Investment Surges, Growth, and Debt Sustainability in togo , Working Paper No. 12/127 , May 01, 2012

Enhancing Development Assistance to Africa: Lessons from Scaling-Up Scenarios , March 08, 2012

The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland , Working Paper No. 11/266 , November 01, 2011

Learning About Inflation Measures for Interest Rate Rules , Working Paper No. 10/296 , December 01, 2010

Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence , Working Paper No. 10/240 , October 01, 2010

The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios , Working Paper No. 10/160 , July 01, 2010

The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy , Working Paper No. 10/65 , March 01, 2010

Budget Institutions and Fiscal Performance in Low-Income Countries , Working Paper No. 10/80 , March 01, 2010

Publications in Journals (Refereed)

“Big Pushes and Debt Sustainability in Low-Income Countries,” with E. Buffie, A. Berg, C. Pattillo, and R. Portillo, forthcoming in World Bank Economic Review.

“Should We Fear the Robot Revolution? (The Correct Answer is Yes)” with A. Berg and E. Buffie, Journal of Monetary Economics, 97, pp. 117-148, 2018.

“Government Spending Effects in Low-Income Countries,” with W. Shen and S. Yang, Journal of Development Economics, 133(C), pp. 201-219, 2018.

“Some Misconceptions about Public Investment Efficiency and Growth,” with A. Berg, E. Buffie, C. Pattillo, R. Portillo, A. Presbitero, and R. Portillo, Economica, 86(342), pp. 409-430, 2018.

“Inflation Targeting and Exchange Rate Management in Less Developed Countries" with M. Airaudo and E. Buffie, Journal of International Money and Finance, 81, pp. 159-184, 2018.

“Limited Asset Market Participation and Determinacy in the Open Economy,” with E. Buffie, Macroeconomic Dynamics, 22(8), pp. 1937-1977, 2018.

“Implications of Structural Transformation for Monetary Policy and Inflation” with R. Portillo, S. O’Connell, and R. Peck, Oxford Economic Papers, 68, pp. 782-810, 2016.

“Current Account Norms in Natural Resource Rich and Capital Scarce Economies,” with J. Araujo, B. Li and M. Poplawski. Journal of Development Economics, 120, pp. 144–156, 2016.

“Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: The DIGNAR Model,” with G. Melina and S. Yang, Economic Modelling, 52, pp.630-649, 2016.

“Learning, Monetary Policy and Asset Prices,” with M. Airaudo and S. Nistico, forthcoming in the Journal of Money, Credit and Banking, 47(7), pp. 1274-1307, 2015.

“Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime,” with A. Berg and R. Portillo, World Development, 69, pp. 116-129, 2015.

“Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence,” with E. Dabla-Norris and C. Minoiu, World Development, 69, pp. 44-61, 2015.

“Public Investment in Resource Abundant Developing Economies,” with A. Berg, R. Portillo, and S. Yang, IMF Economic Review, 61(1), pp. 92-129, 2013.

“Equilibrium Determinacy and Inflation Measures for Interest Rate Rules,” with M. Airaudo, Review of Economic Dynamics, 15(4), pp. 573-592, 2012.

“Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics,” with M. Airaudo, Journal of Economic Dynamics and Control, 36(10), pp. 1566-1584, 2012.

“PPP Exchange Rate Rules, Macroeconomic (In)stability, and Learning,” International Economic Review, 50(4), pp 1103-1128, 2009.

Publications in Books and Conference Volumes

“On the First-Round Effects of International Food Price Shocks,” with R. Portillo, in Monetary Policy in Sub-Saharan Africa, eds. A. Berg and R. Portillo, Oxford University Press, chapter 10, pp 169-185, 2018.

“Implications of Food Subsistence for Monetary Policy and Inflation,” with R. Portillo, S. O’Connell and R. Peck, in Monetary Policy in Sub-Saharan Africa, eds. A. Berg and R. Portillo, Oxford University Press, chapter 11, pp 186-209, 2018.

“The Short Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and International Reserve Policy,” with A. Berg, T. Mirzoev, and R. Portillo, in Monetary Policy in Sub-Saharan Africa, eds. A. Berg and R. Portillo, Oxford University Press, chapter 12, pp 212-231, 2018.

“Modeling African Economies: A DSGE Approach,” with A. Berg and S. Yang, in the Oxford Handbook of Africa and Economics: Context and Concepts, eds. C. Monga and J. Lin, Oxford University Press, Vol. 1, pp. 370-392, 2015.

Other Published Materials

“Robots, Growth, and Inequality,” with A. Berg and E. Buffie, Finance and Development, September 2016.

“Hidden Value,” with E. Buffie, M. Andreolli, and B. Li, Finance and Development, September 2016.

“Public Investment Efficiency and Growth,” with A. Berg and A. Presbitero, VoxEU, January 2016. Available at http://www.voxeu.org/article/public-investment-efficiency-and-growth

“From Ambition to Execution : Policies in Support of Sustainable Development Goals,” with S. Fabrizio, R. Garcia, C. Pattillo, A. Peralta-Alva, A. Presbitero, B. Shang, G. Verdier, M. Camilleri, K. Washimi, L. Kolovich, M. Newiak, M. Cihak, I. Otker-Robe and C. Baker, IMF Staff Discussion Note, September 2015.

“Enhancing Development Assistance: lessons for scaling up scenarios,” with A. Berg, P. Conceicao, M. Gaetner, B. House, S. Lizondo, J. Gottschalk, A. Odusola, R. Portillo, and L. Redifer, International Monetary Fund and United Nations Development Programme, Washington, D.C., 2012.

“The Impact of the Global Crisis on Aid Flows: Is it over yet?,” with E. Dabla-Norris and C. Minoiu, VoxEU, April 2011. Available at http://www.voxeu.org/article/impact-global-crisis-aid-flows-it-over-yet

“Half Empty or Half Full,” with A. Berg, Finance and Development, September 2010.

“Interest Rates, Promotional Prizes and Competition in the Banking Industry,” Documento Cede, 2003-08, Bogotá, Colombia, March 2003.

“Analysis of the Colombian Economy,” with D. Castellanos, J. Leibovich and S. Montenegro Desarrollo y Sociedad. No. 38, Bogotá, September 1997.

“Booms in the Economy and Booms in the Construction Sector,” Desarrollo y Sociedad. No .36-37, Bogotá, Colombia, March 1996.

“The Mexican Crisis,” with J. Valencia, Desarrollo y Sociedad. No. 35, Bogotá, Colombia, September 1995.

Luis-Felipe Zanna is a senior economist at the Institute for Capacity Development of the IMF. Before joining the IMF, he was an economist in the International Finance Division of the Federal Reserve Board.

Email: FZANNA@imf.org

Fluent In: Spanish.

Education:

Ph.D., Economics, University of Pennsylvania, 2003

M.A., Economics, University of Pennsylvania, 2000

M.A., Economics, Universidad de Los Andes (Colombia), 1995

B.Sc., Civil Engineering, Universidad de Los Andes (Colombia), 1991


Current Position:

Senior Economist, European and Middle Eastern Division, Institute for Capacity Development


Field of Expertise:

Monetary Policy

Open Economy Macroeconomics

Development Economics

Economic Modeling

IMF Books and Working Papers:

Macroeconomic Research in Low-income Countries:Advances Made in Five Key Areas Through a DFID-IMF Collaboration , Departmental Paper No 2021/006 , March 24, 2021

Debt, Investment, and Growth in Developing Countries with Segmented Labor Markets , Working Paper No. 20/102 , June 19, 2020

Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid , Working Paper No. 19/126 , June 11, 2019

Some Policy Lessons from Country Applications of the DIG and DIGNAR Models , Working Paper No. 19/62 , March 18, 2019

Should We Fear the Robot Revolution? (The Correct Answer is Yes) , Working Paper No. 18/116 , May 21, 2018

Government Spending Effects in Low-income Countries , Working Paper No. 15/286 , December 30, 2015

Some Misconceptions about Public Investment Efficiency and Growth , Working Paper No. 15/272 , December 23, 2015

From Ambition to Execution : Policies in Support of Sustainable Development Goals , Staff Discussion Notes No. 15/18 , September 22, 2015

On the First-Round Effects of International Food Price Shocks: the Role of the Asset Market Structure , Working Paper No. 15/33 , February 23, 2015

Learning, Monetary Policy and Asset Prices , Working Paper No. 15/16 , January 23, 2015

Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model , Working Paper No. 14/50 , March 31, 2014

Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime , Working Paper No. 14/18 , January 30, 2014

Current Account Norms in Natural Resource Rich and Capital Scarce Economies , Working Paper No. 13/80 , March 27, 2013

Public Investment in Resource-Abundant Developing Countries , Working Paper No. 12/274 , November 15, 2012

Public Investment, Growth, and Debt Sustainability: Putting Together the Pieces , Working Paper No. 12/144 , June 01, 2012

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies , Working Paper No. 12/121 , May 01, 2012

As You sow so Shall You Reap : Public Investment Surges, Growth, and Debt Sustainability in togo , Working Paper No. 12/127 , May 01, 2012

Enhancing Development Assistance to Africa: Lessons from Scaling-Up Scenarios , March 08, 2012

The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland , Working Paper No. 11/266 , November 01, 2011

Learning About Inflation Measures for Interest Rate Rules , Working Paper No. 10/296 , December 01, 2010

Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence , Working Paper No. 10/240 , October 01, 2010

The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios , Working Paper No. 10/160 , July 01, 2010

The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy , Working Paper No. 10/65 , March 01, 2010

Budget Institutions and Fiscal Performance in Low-Income Countries , Working Paper No. 10/80 , March 01, 2010

Publications in Journals (Refereed)

“Big Pushes and Debt Sustainability in Low-Income Countries,” with E. Buffie, A. Berg, C. Pattillo, and R. Portillo, forthcoming in World Bank Economic Review.

“Should We Fear the Robot Revolution? (The Correct Answer is Yes)” with A. Berg and E. Buffie, Journal of Monetary Economics, 97, pp. 117-148, 2018.

“Government Spending Effects in Low-Income Countries,” with W. Shen and S. Yang, Journal of Development Economics, 133(C), pp. 201-219, 2018.

“Some Misconceptions about Public Investment Efficiency and Growth,” with A. Berg, E. Buffie, C. Pattillo, R. Portillo, A. Presbitero, and R. Portillo, Economica, 86(342), pp. 409-430, 2018.

“Inflation Targeting and Exchange Rate Management in Less Developed Countries" with M. Airaudo and E. Buffie, Journal of International Money and Finance, 81, pp. 159-184, 2018.

“Limited Asset Market Participation and Determinacy in the Open Economy,” with E. Buffie, Macroeconomic Dynamics, 22(8), pp. 1937-1977, 2018.

“Implications of Structural Transformation for Monetary Policy and Inflation” with R. Portillo, S. O’Connell, and R. Peck, Oxford Economic Papers, 68, pp. 782-810, 2016.

“Current Account Norms in Natural Resource Rich and Capital Scarce Economies,” with J. Araujo, B. Li and M. Poplawski. Journal of Development Economics, 120, pp. 144–156, 2016.

“Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: The DIGNAR Model,” with G. Melina and S. Yang, Economic Modelling, 52, pp.630-649, 2016.

“Learning, Monetary Policy and Asset Prices,” with M. Airaudo and S. Nistico, forthcoming in the Journal of Money, Credit and Banking, 47(7), pp. 1274-1307, 2015.

“Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime,” with A. Berg and R. Portillo, World Development, 69, pp. 116-129, 2015.

“Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence,” with E. Dabla-Norris and C. Minoiu, World Development, 69, pp. 44-61, 2015.

“Public Investment in Resource Abundant Developing Economies,” with A. Berg, R. Portillo, and S. Yang, IMF Economic Review, 61(1), pp. 92-129, 2013.

“Equilibrium Determinacy and Inflation Measures for Interest Rate Rules,” with M. Airaudo, Review of Economic Dynamics, 15(4), pp. 573-592, 2012.

“Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics,” with M. Airaudo, Journal of Economic Dynamics and Control, 36(10), pp. 1566-1584, 2012.

“PPP Exchange Rate Rules, Macroeconomic (In)stability, and Learning,” International Economic Review, 50(4), pp 1103-1128, 2009.

Publications in Books and Conference Volumes

“On the First-Round Effects of International Food Price Shocks,” with R. Portillo, in Monetary Policy in Sub-Saharan Africa, eds. A. Berg and R. Portillo, Oxford University Press, chapter 10, pp 169-185, 2018.

“Implications of Food Subsistence for Monetary Policy and Inflation,” with R. Portillo, S. O’Connell and R. Peck, in Monetary Policy in Sub-Saharan Africa, eds. A. Berg and R. Portillo, Oxford University Press, chapter 11, pp 186-209, 2018.

“The Short Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and International Reserve Policy,” with A. Berg, T. Mirzoev, and R. Portillo, in Monetary Policy in Sub-Saharan Africa, eds. A. Berg and R. Portillo, Oxford University Press, chapter 12, pp 212-231, 2018.

“Modeling African Economies: A DSGE Approach,” with A. Berg and S. Yang, in the Oxford Handbook of Africa and Economics: Context and Concepts, eds. C. Monga and J. Lin, Oxford University Press, Vol. 1, pp. 370-392, 2015.

Other Published Materials

“Robots, Growth, and Inequality,” with A. Berg and E. Buffie, Finance and Development, September 2016.

“Hidden Value,” with E. Buffie, M. Andreolli, and B. Li, Finance and Development, September 2016.

“Public Investment Efficiency and Growth,” with A. Berg and A. Presbitero, VoxEU, January 2016. Available at http://www.voxeu.org/article/public-investment-efficiency-and-growth

“From Ambition to Execution : Policies in Support of Sustainable Development Goals,” with S. Fabrizio, R. Garcia, C. Pattillo, A. Peralta-Alva, A. Presbitero, B. Shang, G. Verdier, M. Camilleri, K. Washimi, L. Kolovich, M. Newiak, M. Cihak, I. Otker-Robe and C. Baker, IMF Staff Discussion Note, September 2015.

“Enhancing Development Assistance: lessons for scaling up scenarios,” with A. Berg, P. Conceicao, M. Gaetner, B. House, S. Lizondo, J. Gottschalk, A. Odusola, R. Portillo, and L. Redifer, International Monetary Fund and United Nations Development Programme, Washington, D.C., 2012.

“The Impact of the Global Crisis on Aid Flows: Is it over yet?,” with E. Dabla-Norris and C. Minoiu, VoxEU, April 2011. Available at http://www.voxeu.org/article/impact-global-crisis-aid-flows-it-over-yet

“Half Empty or Half Full,” with A. Berg, Finance and Development, September 2010.

“Interest Rates, Promotional Prizes and Competition in the Banking Industry,” Documento Cede, 2003-08, Bogotá, Colombia, March 2003.

“Analysis of the Colombian Economy,” with D. Castellanos, J. Leibovich and S. Montenegro Desarrollo y Sociedad. No. 38, Bogotá, September 1997.

“Booms in the Economy and Booms in the Construction Sector,” Desarrollo y Sociedad. No .36-37, Bogotá, Colombia, March 1996.

“The Mexican Crisis,” with J. Valencia, Desarrollo y Sociedad. No. 35, Bogotá, Colombia, September 1995.