## Nina Biljanovska ## Source details **Canonical URL:** [Nina Biljanovska](https://www.imf.org/en/research/researcher-cv/author/biljanovska-nina) ## Other formats - [Markdown version](/en/research/researcher-cv/author/biljanovska-nina/index.md) - [Structured JSON version](/en/research/researcher-cv/author/biljanovska-nina/index.json) - [Bundle manifest](/en/research/researcher-cv/author/biljanovska-nina/bundle-manifest.json) ## 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](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) ### IMF Publications ### IMF Books and Working Papers - [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 ### IMF Country Reports - [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) ### Selected Issues - [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) ### Other Published Materials - [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) ### 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)](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) --- _Source: https://www.imf.org/en/research/researcher-cv/author/biljanovska-nina_