{ "title": "Nina Biljanovska", "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/biljanovska-nina", "canonical": "https://www.imf.org/en/research/researcher-cv/author/biljanovska-nina", "overlayPath": "/en/research/researcher-cv/author/biljanovska-nina/index.md", "summary": "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.", "authors": [ "Nina Biljanovska" ], "sections": [ { "heading": "Biography", "content": "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." }, { "heading": "Education", "content": "- PhD Economics, Goethe University Frankfurt, 2010-2015\n\n- MSc Money and Finance, Goethe University Frankfurt, 2008-2010\n\n- BSc Business Administration, UNYP, Czech Republic, 2004-2008" }, { "heading": "Previous Experience", "content": "- Economist Program, IMF Institute for Capacity Development, Sep 2015-Mar 2017\n\n- Economist Program, IMF Western Hemisphere Department, Mar 2017-Sep 2018" }, { "heading": "Referee Activities", "content": "- International Journal of Central Banking, Macroeconomic Dynamics, Journal of Banking and Finance, Journal of Financial Stability, Journal of Economic Dynamics and Control" }, { "heading": "Awards and Honors", "content": "- IMF Innovation Initiative, Building Indexes of Behavioral Biases (team member), $35K" }, { "heading": "Current Position", "content": "- Economist, IMF Research Department, Macro-Financial Division" }, { "heading": "Country work or Mission Assignment", "content": "- Cyprus (Art. IV, 2023), Brazil (Art. IV, 2017, 2018), Ecuador, Singapore (capacity development), Georgia (capacity development)" }, { "heading": "Work in progress", "content": "- Optimal Mortgage Regulation and Income Inequality, joint with Alexandros Vardoulakis" }, { "heading": "Field of Expertise", "content": "- Economic Modeling\n\n- Public Finance\n\n- Open Economy Macroeconomics\n\n- Macro-Financial Issues" }, { "heading": "IMF Direct Blog Posts", "content": "- Housing Prices Continue to Soar in Many Countries Around the World\n\n- Fiscal Discipline and Real Interest Rates" }, { "heading": "IMF Books and Working Papers", "content": "- Monetary Policy and Housing Overvaluation, Working Paper No. 2025/207 , October 3, 2025\n\n- 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\n\n- Housing Affordability: A New Dataset, Working Paper No. 2023/247 , December 1, 2023\n\n- Macroprudential Policy Effects: Evidence and Open Questions, Departmental Paper No 2023/002 , March 31, 2023\n\n- Differential Effects of Macroprudential Policy, Working Paper No. 2023/043 , February 24, 2023\n\n- Sudden Stops and Optimal Policy in a Two-agent Economy, Working Paper No. 2022/147 , July 22, 2022\n\n- Financial Amplification of Labor Supply Shocks, Working Paper No. 2020/189 , September 18, 2020\n\n- Optimal Macroprudential Policy and Asset Price Bubbles, Working Paper No. 2019/184 , August 30, 2019\n\n- Structural Reform Priorities for Brazil, Working Paper No. 2018/224 , October 8, 2018\n\n- Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, Working Paper No. 2017/240 , November 15, 2017\n\n- Testing Shock Transmission Channels to Low-Income Developing Countries, Working Paper No. 2016/102 , May 23, 2016" }, { "heading": "IMF Country Reports", "content": "- 2018 Article IV Brazil\n\n- 2017 Article IV Brazil" }, { "heading": "Selected Issues", "content": "- EMBI Spreads: External Factors, and the Impact of Fiscal Consolidation (joint with M. Sasson), 2019 Ecuador Article IV\n\n- The Effect of Fiscal Consolidation on Real Interest Rates in Emerging Market Economies, 2017 Brazil Article IV" }, { "heading": "Other Published Materials", "content": "- Sudden Stops and Optimal Policy in a Two-agent Economy, joint with Alexandros Vardoulakis, 2022, IMF working paper WP/22/147\n\n- House Prices and Consumer Price Inflation, Box 1.1 in Oct 2021 IMF WEO Chapter 1: Recovery During a Pandemic\n\n- Policies to Mitigate the Pandemic Fallout\n\n- Research Department Covid-19 Note: Bringing down the house: Real estate markets during the Covid-19 pandemic, joint with Deniz Igan\n\n- Research Department Covid-19 Note: Policies to mitigate the financial amplification of pandemics\n\n- Financial Amplification of Labor Supply Shocks, joint with Alexandros Vardoulakis, 2020, IMF working paper WP/20/189\n\n- Optimal Macroprudential Policy in Presence of Asset Price Bubbles, joint with Lucyna Gornicka and Alexandros Vardoulakis, 2019, IMF working paper WP/19/184\n\n- Prioritization of Structural Reforms in Brazil, joint with Damiano Sandri, 2018, IMF working paper WP/18/224\n\n- Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, joint with Francesco Grigoli and Martina Hengge, 2017, IMF working paper WP/17/240\n\n- Testing Shock Transmission Channels to Low Income Developing Countries, joint with Alexis Meyer-Cirkel, 2016, IMF working paper WP/16/102" }, { "heading": "Publications in Journals (Referred)", "content": "- Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, Review of International Economics, 2021 (joint with Francesco Grigoli and Martina Hengge)\n\n- Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing, Journal of Macroeconomics, 2019 (joint with A. Vardoulakis)\n\n- Control thyself: Self-control Failure and Household Wealth, Journal of Banking & Finance, 2018 (joint with S. Palligkinis)\n\n- Optimal Policy in Collateral Constrained Economies. Macroeconomic Dynamics, 2017" } ], "bullets": [ "PhD Economics, Goethe University Frankfurt, 2010-2015", "MSc Money and Finance, Goethe University Frankfurt, 2008-2010", "BSc Business Administration, UNYP, Czech Republic, 2004-2008", "Economist Program, IMF Institute for Capacity Development, Sep 2015-Mar 2017", "Economist Program, IMF Western Hemisphere Department, Mar 2017-Sep 2018", "International Journal of Central Banking, Macroeconomic Dynamics, Journal of Banking and Finance, Journal of Financial Stability, Journal of Economic Dynamics and Control", "IMF Innovation Initiative, Building Indexes of Behavioral Biases (team member), $35K", "Economist, IMF Research Department, Macro-Financial Division", "Cyprus (Art. IV, 2023), Brazil (Art. IV, 2017, 2018), Ecuador, Singapore (capacity development), Georgia (capacity development)", "Optimal Mortgage Regulation and Income Inequality, joint with Alexandros Vardoulakis", "Economic Modeling", "Public Finance", "Open Economy Macroeconomics", "Macro-Financial Issues", "[Housing Prices Continue to Soar in Many Countries Around the World](https://blogs.imf.org/2021/10/18/housing-prices-continue-to-soar-in-many-countries-around-the-world/)", "[Fiscal Discipline and Real Interest Rates](https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxiaWxqYW5vdnNrYXxneDozZmNkNzdkZDE5NzM2NzYy)", "[Monetary Policy and Housing Overvaluation](https://www.imf.org/en/publications/wp/issues/2025/10/03/monetary-policy-and-housing-overvaluation-570813), 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](https://www.imf.org/en/publications/wp/issues/2023/12/22/flattening-the-curve-and-the-flight-of-the-rich-pandemic-induced-shifts-in-us-and-european-542850), Working Paper No. 2023/266 , December 22, 2023", "[Housing Affordability: A New Dataset](https://www.imf.org/en/publications/wp/issues/2023/12/01/housing-affordability-a-new-dataset-541910), Working Paper No. 2023/247 , December 1, 2023", "[Macroprudential Policy Effects: Evidence and Open Questions](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2023/03/26/macroprudential-policy-effects-evidence-and-open-questions-527293), Departmental Paper No 2023/002 , March 31, 2023", "[Differential Effects of Macroprudential Policy](https://www.imf.org/en/publications/wp/issues/2023/02/24/differential-effects-of-macroprudential-policy-530168), Working Paper No. 2023/043 , February 24, 2023", "[Sudden Stops and Optimal Policy in a Two-agent Economy](https://www.imf.org/en/publications/wp/issues/2022/07/22/sudden-stops-and-optimal-policy-in-a-two-agent-economy-521185), Working Paper No. 2022/147 , July 22, 2022", "[Financial Amplification of Labor Supply Shocks](https://www.imf.org/en/publications/wp/issues/2020/09/18/financial-amplification-of-labor-supply-shocks-49743), Working Paper No. 2020/189 , September 18, 2020", "[Optimal Macroprudential Policy and Asset Price Bubbles](https://www.imf.org/en/publications/wp/issues/2019/08/30/optimal-macroprudential-policy-and-asset-price-bubbles-48591), Working Paper No. 2019/184 , August 30, 2019", "[Structural Reform Priorities for Brazil](https://www.imf.org/en/publications/wp/issues/2018/10/08/structural-reform-priorities-for-brazil-46230), Working Paper No. 2018/224 , October 8, 2018", "[Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty](https://www.imf.org/en/publications/wp/issues/2017/11/15/fear-thy-neighbor-spillovers-from-economic-policy-uncertainty-45346), Working Paper No. 2017/240 , November 15, 2017", "[Testing Shock Transmission Channels to Low-Income Developing Countries](https://www.imf.org/en/publications/wp/issues/2016/12/31/testing-shock-transmission-channels-to-low-income-developing-countries-43919), Working Paper No. 2016/102 , May 23, 2016", "[2018 Article IV Brazil](https://www.imf.org/en/Publications/CR/Issues/2018/08/03/Brazil-2018-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-46154)", "[2017 Article IV Brazil](https://www.imf.org/en/Publications/CR/Issues/2017/07/13/Brazil-2017-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-45081)", "[EMBI Spreads: External Factors, and the Impact of Fiscal Consolidation (joint with M. Sasson), 2019 Ecuador Article IV](https://www.imf.org/en/Publications/CR/Issues/2019/03/20/Ecuador-Selected-Issues-Paper-and-Analytical-Notes-46683)", "[The Effect of Fiscal Consolidation on Real Interest Rates in Emerging Market Economies, 2017 Brazil Article IV](https://www.imf.org/en/Publications/CR/Issues/2017/07/13/Brazil-Selected-Issues-45082)", "[Sudden Stops and Optimal Policy in a Two-agent Economy, joint with Alexandros Vardoulakis, 2022, IMF working paper WP/22/147](https://www.elibrary.imf.org/view/journals/001/2022/147/001.2022.issue-147-en.xml)", "[House Prices and Consumer Price Inflation, Box 1.1 in Oct 2021 IMF WEO Chapter 1: Recovery During a Pandemic](https://www.imf.org/en/Publications/WEO/Issues/2021/10/12/world-economic-outlook-october-2021)", "[Policies to Mitigate the Pandemic Fallout](https://www.imf.org/external/Pubs/FT/irb/2020/FallWinter/index.pdf)", "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](https://www.imf.org/en/Publications/WP/Issues/2020/09/18/Financial-Amplification-of-Labor-Supply-Shocks-49743)", "[Optimal Macroprudential Policy in Presence of Asset Price Bubbles, joint with Lucyna Gornicka and Alexandros Vardoulakis, 2019, IMF working paper WP/19/184](https://www.imf.org/en/Publications/WP/Issues/2019/08/30/Optimal-Macroprudential-Policy-and-Asset-Price-Bubbles-48591)", "[Prioritization of Structural Reforms in Brazil, joint with Damiano Sandri, 2018, IMF working paper WP/18/224](https://www.imf.org/en/Publications/WP/Issues/2018/10/08/Structural-Reform-Priorities-for-Brazil-46230)", "[Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, joint with Francesco Grigoli and Martina Hengge, 2017, IMF working paper WP/17/240](https://www.imf.org/en/Publications/WP/Issues/2017/11/15/Fear-Thy-Neighbor-Spillovers-from-Economic-Policy-Uncertainty-45346)", "[Testing Shock Transmission Channels to Low Income Developing Countries, joint with Alexis Meyer-Cirkel, 2016, IMF working paper WP/16/102](https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Testing-Shock-Transmission-Channels-to-Low-Income-Developing-Countries-43919)", "[Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty, Review of International Economics, 2021 (joint with Francesco Grigoli and Martina Hengge)](https://onlinelibrary.wiley.com/doi/abs/10.1111/roie.12531)", "[Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing, Journal of Macroeconomics, 2019 (joint with A. Vardoulakis)](https://www.sciencedirect.com/science/article/pii/S0164070418302647)", "[Control thyself: Self-control Failure and Household Wealth, Journal of Banking & Finance, 2018 (joint with S. Palligkinis)](https://www.sciencedirect.com/science/article/pii/S0378426616301947)", "[Optimal Policy in Collateral Constrained Economies. Macroeconomic Dynamics, 2017](https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/optimal-policy-in-collateral-constrained-economies/130EEB48B34D3B4F22335E2761E5238F)" ], "alternates": { "markdown": "/en/research/researcher-cv/author/biljanovska-nina/index.md", "json": "/en/research/researcher-cv/author/biljanovska-nina/index.json", "bundleManifest": "/en/research/researcher-cv/author/biljanovska-nina/bundle-manifest.json" }, "generatedAtUtc": "2026-10-01T01:19:27.829Z" }