Nina Biljanovska

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Nina Biljanovska

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Bibliographic details

• Authors: Nina Biljanovska

Biography

Nina Biljanovska is an Economist at the Macro-Financial Division of the Research Department. Previously she worked in the Institute for Capacity Development and on the Brazil and Ecuador teams in the Western Hemisphere Department. She holds a Ph.D. in Economics from Goethe University Frankfurt. Her research interests include macro-policy, financial regulation, and behavioral finance.

Profile

Education

• PhD Economics, Goethe University Frankfurt, 2010-2015

• MSc Money and Finance, Goethe University Frankfurt, 2008-2010

• BSc Business Administration, UNYP, Czech Republic, 2004-2008

Previous Experience

• Economist Program, IMF Institute for Capacity Development, Sep 2015-Mar 2017

• Economist Program, IMF Western Hemisphere Department, Mar 2017-Sep 2018

Referee Activities

• International Journal of Central Banking, Macroeconomic Dynamics, Journal of Banking and Finance, Journal of Financial Stability, Journal of Economic Dynamics and Control

Awards and Honors

• IMF Innovation Initiative, Building Indexes of Behavioral Biases (team member), $35K

Current Position

• Economist, IMF Research Department, Macro-Financial Division

Country work or Mission Assignment

• Cyprus (Art. IV, 2023), Brazil (Art. IV, 2017, 2018), Ecuador, Singapore (capacity development), Georgia (capacity development)

Work in progress

• Optimal Mortgage Regulation and Income Inequality, joint with Alexandros Vardoulakis

Field of Expertise

• Economic Modeling

• Public Finance

• Open Economy Macroeconomics

• Macro-Financial Issues

IMF Direct Blog Posts

• Housing Prices Continue to Soar in Many Countries Around the World

• Fiscal Discipline and Real Interest Rates

IMF Publications

IMF Books and Working Papers

• Monetary Policy and Housing Overvaluation, Working Paper No. 2025/207 , October 3, 2025

• Flattening the Curve and the Flight of the Rich: Pandemic-Induced Shifts in US and European Housing Markets, Working Paper No. 2023/266 , December 22, 2023

• Housing Affordability: A New Dataset, Working Paper No. 2023/247 , December 1, 2023

• Macroprudential Policy Effects: Evidence and Open Questions, Departmental Paper No 2023/002 , March 31, 2023

• Differential Effects of Macroprudential Policy, Working Paper No. 2023/043 , February 24, 2023

• Sudden Stops and Optimal Policy in a Two-agent Economy, Working Paper No. 2022/147 , July 22, 2022

• Financial Amplification of Labor Supply Shocks, Working Paper No. 2020/189 , September 18, 2020

• Optimal Macroprudential Policy and Asset Price Bubbles, Working Paper No. 2019/184 , August 30, 2019

• Structural Reform Priorities for Brazil, Working Paper No. 2018/224 , October 8, 2018

• Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, Working Paper No. 2017/240 , November 15, 2017

• Testing Shock Transmission Channels to Low-Income Developing Countries, Working Paper No. 2016/102 , May 23, 2016

IMF Country Reports

• 2018 Article IV Brazil

• 2017 Article IV Brazil

Selected Issues

• EMBI Spreads: External Factors, and the Impact of Fiscal Consolidation (joint with M. Sasson), 2019 Ecuador Article IV

• The Effect of Fiscal Consolidation on Real Interest Rates in Emerging Market Economies, 2017 Brazil Article IV

Other Published Materials

• Sudden Stops and Optimal Policy in a Two-agent Economy, joint with Alexandros Vardoulakis, 2022, IMF working paper WP/22/147

• House Prices and Consumer Price Inflation, Box 1.1 in Oct 2021 IMF WEO Chapter 1: Recovery During a Pandemic

• Policies to Mitigate the Pandemic Fallout

• Research Department Covid-19 Note: Bringing down the house: Real estate markets during the Covid-19 pandemic, joint with Deniz Igan

• Research Department Covid-19 Note: Policies to mitigate the financial amplification of pandemics

• Financial Amplification of Labor Supply Shocks, joint with Alexandros Vardoulakis, 2020, IMF working paper WP/20/189

• Optimal Macroprudential Policy in Presence of Asset Price Bubbles, joint with Lucyna Gornicka and Alexandros Vardoulakis, 2019, IMF working paper WP/19/184

• Prioritization of Structural Reforms in Brazil, joint with Damiano Sandri, 2018, IMF working paper WP/18/224

• Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, joint with Francesco Grigoli and Martina Hengge, 2017, IMF working paper WP/17/240

• Testing Shock Transmission Channels to Low Income Developing Countries, joint with Alexis Meyer-Cirkel, 2016, IMF working paper WP/16/102

Non-IMF Publications

Publications in Journals (Referred)

• Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, Review of International Economics, 2021 (joint with Francesco Grigoli and Martina Hengge)

• Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing, Journal of Macroeconomics, 2019 (joint with A. Vardoulakis)

• Control thyself: Self-control Failure and Household Wealth, Journal of Banking & Finance, 2018 (joint with S. Palligkinis)

• Optimal Policy in Collateral Constrained Economies. Macroeconomic Dynamics, 2017