Romain Alexandre Duval

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Bibliographic details

• Authors: Romain Alexandre Duval

Biography

Romain Duval is an Assistant Director in the European Department, where he is the IMF Mission Chief for Spain and leads the Department's agenda on growth, labor, climate and energy issues, after having led the Regional Economic Outlook for Europe and the Emerging Economies Unit. Previously, he was an Assistant Director in the IMF Research Department, where he led the agenda on structural reforms and, prior to that, was the Division Chief for Regional Studies of the Asia Pacific Department, where he was the editor of the Regional Economic Outlook for the region and in charge of the research on regional issues. Before joining the Fund, he was the Division Chief for Structural Surveillance at the OECD Economics Department, where he was the editor of the OECD flagship publication Going for Growth and in this role also carried out and supervised policy and research projects. He has published extensively in leading academic and policy-oriented journals on a wide range of topics including the economics and political economy of labor and product market regulations, growth, productivity, trade, monetary policy, equilibrium real exchange rates, and climate change economics. Over the years his research has also been profiled regularly in leading global newspapers and magazines such as The Economist, Financial Times, Wall Street Journal or Bloomberg.

Profile

Education

• PhD Economics, Universite Paris-I-Pantheon-Sorbonne

Previous Experience

• Assistant Director, European Department, IMF; Assistant Director, Research Department, IMF; Division Chief for Regional Studies, Asia Pacific Department, IMF; Division Chief for Structural Surveillance and various economist positions, OECD Economics Department; US Desk Economist, French Treasury (Forecasting Directorate)

Field of Expertise

• Open Economy Macroeconomics

• International Trade

• Energy and Environmental Economics

• Labor Economics

• Development Economics

IMF Occasional Papers, Pamphlets, and Special Issues Papers

• “The Energy Security Gains from Strengthening Europe’s Climate Action” (2024), IMF Departmental Paper DP/2024/005 (with G. Dolphin, H. Rojas-Romagosa and G. Sher)

• “Market Reforms and Public Debt Dynamics in Emerging Market and Developing Economies” (2023), IMF Staff Discussion Note 2023/005 (with Z. Aligishiev, G. Cugat, D. Furceri, J. Jalles, G. Melina, F. Narita, C. Papageorgiou and C. Pizzinelli)

• "Labor Market Tightness in Advanced Economies" (2022), IMF Staff Discussion Note No. 22/001 (with Y. Ji, L. Li, M. Oikonomou, C. Pizzinelli, I. Shibata, A. Sozzi and M. Mendes Tavares)

• "Insolvency Prospects among Small and Medium-Sized Enterprises in Advanced Economies: Assessment and Policy Options" (2021), IMF Staff Discussion Note No. 2021/002 (with F. Diez, J. Fan, J. Garrido, S. Kalemli-Ozcan, C. Maggi, M. Soledad Martinez Peria and N. Pierri)

• "Rising Corporate Market Power: Emerging Policy Issues" (2021), IMF Staff Discussion Note No. 21/001 (with U. Akcigit, W. Chen, F. Diez, P. Engler, J. Fan, C. Maggi, M. Mendes Tavares, D. Schwarz, I. Shibata and C. Villegas-Sánchez)

• "Reigniting Growth in Emerging Market and Low-Income Economies: What Role for Structural Reforms?", October 2019 World Economic Outlook, Chapter 3 (lead author with D. Furceri)

• "The Rise of Corporate Market Power and its Macroeconomic Effects", April 2019 World Economic Outlook, Chapter 2 (lead author with F. Diez)

• "Designing Labor Market Institutions in Emerging Market and Developing Economies: Evidence and Policy Options" (2019). IMF Staff Discussion Note No. 19/04 (with P. Loungani)

• “Strengthening the Euro Area: The Role of National Structural Reforms” (2019), IMF Staff Discussion Note No. 19/05 (with S. Aiyar, J. Bluedorn, D. Furceri, D. Garcia-Macia, D. Malacrino, H. Qu, J. Siminitz, J. Yi and A. Zdzienicka).

• "Gove with the Headwinds: Global Productivity" (2017). IMF Staff Discussion Note No. 17/04 (with G. Adler, S. Kilic Celik, D. Furceri, K. Koloskova and M. Poplawski Ribeiro)

• "Labor and Product Market Reforms in Advanced Economies: Fiscal Costs, Gains and Support" (2017). IMF Staff Discussion Note No. 17/03 (with A. Banerji, V. Crispolti, E. Dabla-Norris, D. Furceri, C. Ebeke, T. Komatsuzaki and T. Poghosyan)

• "Macroeconomic Management When Policy Space is Constrained; A Comprehensive, Consistent and Coordinated Approach to Economic Policy" (2016). IMF Staff Discussion Note No. 16/09 (with V. Gaspar, M. Obstfeld, R. Sahay, D. Laxton, D. Botman, K. Clinton, I. Kotaro, Z. Jakab, L. Jaramillo, C. Lonkeng Ngouana, T. Mancini Griffoli, J. Mongardini, S. Mursula, E. Nier, Y. Ustyugova, H. Wang and O. Wuensch)

• "Time for a Supply-Side Boost? The Macroeconomic Effects of Labor and Product Market Reforms in Advanced Economies", April 2016 World Economic Outlook, Chapter 3 (lead author with D. Furceri)

IMF Direct Blog Posts

• “Europe Can Reap Sizeable Energy Security Rewards by Scaling Up Climate Action”, 2024 (with Geoffroy Dolphin, Hugo Rojas-Romagosa and Galen Sher)

• "Tight Jobs Market Is a Boon for Workers But Could Add To Inflation Risks", 2022 (with M. Oikonomou and M. Mendes Tavares)

• "Taming Market Power Could (also) Help Monetary Policy", 2021 (with D. Furceri and M. Mendes Tavares)

• "Rising Market Power—A Threat to the Recovery?", 2021 (with K. Georgieva, F. Diez and D. Schwarz)

• “How to Reignite Growth in Emerging Market and Developing Economies”, 2019 (with D. Furceri)

• “Making the Euro Area More Resilient Before the Next Recession Hits”, 2019 (with S. Aiyar and J. Bluedorn)

• “Designing Labor Policies to Foster Inclusive Growth in Emerging Markets”, 2019 (with P. Loungani)

• "How to Keep Corporate Market Power in Check", 2019 (with F. Diez)

• “Tight Monetary Policy is not the Answer to Weak Productivity Growth” (2018), VoxEU Blog (with M. Obstfeld)

• "How Lowering Trade Barriers Can Revive Global Productivity and Growth", 2016 (with E. Dabla Norris)

• "When You Move, I Move: Increasing Synchronization Among Asia’s Economies", 2014

IMF Publications

IMF Books and Working Papers

• The EU’s Energy Transition, Working Paper No. 2026/046 , March 9, 2026

• Europe’s National-Level Structural Reform Priorities, Working Paper No. 2025/104 , May 29, 2025

• Europe’s Productivity Weakness: Firm-Level Roots and Remedies, Working Paper No. 2025/040 , February 14, 2025

• The Energy Security Gains from Strengthening Europe’s Climate Action, Departmental Paper No 2024/005 , May 28, 2024

• Dissecting the Decline in Average Hours Worked in Europe, Working Paper No. 2024/002 , January 12, 2024

• Market Reforms and Public Debt Dynamics in Emerging Market and Developing Economies, Staff Discussion Notes No. 2023/005 , September 12, 2023

• The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection, Working Paper No. 2023/030 , February 10, 2023

• Labor Market Tightness in Advanced Economies, Staff Discussion Notes No. 2022/001 , March 31, 2022

• Preferences for Reforms: Endowments vs. Beliefs, Working Paper No. 2022/033 , February 18, 2022

• Market Power and Monetary Policy Transmission, Working Paper No. 2021/184 , July 9, 2021

• Labor Market Reform Options to Boost Employment in South Africa, Working Paper No. 2021/165 , June 11, 2021

• Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies: Assessment and Policy Options, Staff Discussion Notes No. 2021/002 , April 2, 2021

• Rising Corporate Market Power: Emerging Policy Issues, Staff Discussion Notes No. 2021/001 , March 15, 2021

• Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies, Working Paper No. 2021/054 , February 26, 2021

• Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel, Working Paper No. 2020/025 , February 7, 2020

• Strengthening the Euro Area: The Role of National Structural Reforms in Building Resilience, Staff Discussion Notes No. 2019/005 , June 17, 2019

• Designing Labor Market Institutions in Emerging and Developing Economies: Evidence and Policy Options, Staff Discussion Notes No. 2019/004 , May 21, 2019

• Employment Protection Deregulation and Labor Shares in Advanced Economies, Working Paper No. 2018/186 , August 16, 2018

• The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries?, Working Paper No. 2018/101 , May 9, 2018

• A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies, Working Paper No. 2018/019 , January 24, 2018

• Job Protection Deregulation in Good and Bad Times, Working Paper No. 2017/277 , December 14, 2017

• Market Reforms at the Zero Lower Bound, Working Paper No. 2017/215 , October 3, 2017

• Financial Frictions and the Great Productivity Slowdown, Working Paper No. 2017/129 , May 31, 2017

• Trading with China: Productivity Gains, Job Losses, Working Paper No. 2017/122 , May 23, 2017

• Gone with the Headwinds: Global Productivity, Staff Discussion Notes No. 2017/004 , April 3, 2017

• Labor and Product Market Reforms in Advanced Economies: Fiscal Costs, Gains, and Support, Staff Discussion Notes No. 2017/003 , March 13, 2017

• Macroeconomic Management When Policy Space is Constrained: A Comprehensive, Consistent and Coordinated Approach to Economic Policy, Staff Discussion Notes No. 2016/009 , September 28, 2016

• Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method, Working Paper No. 2016/171 , August 9, 2016

• Product Market Deregulation and Growth: New Country-Industry-Level Evidence, Working Paper No. 2016/114 , June 9, 2016

• Reassessing the Productivity Gains from Trade Liberalization, Working Paper No. 2016/077 , March 23, 2016

• Trade Integration and Business Cycle Synchronization: A Reappraisal with Focus on Asia, Working Paper No. 2014/052 , April 3, 2014

• Growth Slowdowns and the Middle-Income Trap, Working Paper No. 2013/071 , March 20, 2013

F&D articles

• "Stuck in a Rut", Finance and Development, March 2017 (with G. Adler)

Other Published Materials

• “The EU’s Energy Transition: Investment Impacts and the Role of Carbon Pricing Revenue Recycling”, IMF Working Paper, No. 2026/46 (with B. Carton, G. Dolphin, A. Hodge, A. Kara, S. Voigts and S. Wende)

• “Europe’s National-Level Structural Reform Priorities” (2025), IMF Working Paper, No. 2025/104 (with N. Budina, O. Adilbish, D. Cerdeiro, B. Égert, D. Kovtun, A. Nguyen, A. Panton, and M. Tejada)

• “Europe’s Productivity Weakness: Firm-Level Roots and Remedies” (2025), IMF Working Paper, No. 2025/040 (with O. Adilbish, D. Cerdeiro, G.H. Hong, L. Mazzone, L. Rotunno, H. Toprak and M. Vaziri)

• “Dissecting the Decline in Average Hours Worked in Europe” (2024), IMF Working Paper, No. 2024/002 (with D. Astinova, N-J. Hansen, B. Park, I. Shibata and F. Toscani)

• “The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection” (2023), IMF Working Paper, No. 2023/030 (with C. Baba, T. Lan and P. Topalova)

• "Preferences for Reforms: Endowments vs. Beliefs", IMF Working Paper No. 2022/033 (with Y. Ji, C. Papageorgiou, I. Shibata and A. Spilimbergo)

• "Labor Market Reforms and External Imbalances: Evidence from Advanced Economies" (2021), IMF Working Paper No. 2021/054 (with D. Furceri and J. Jalles)

• "Market Power and Monetary Policy Transmission" (2021), IMF Working Paper No. 2021/184 (with D. Furceri, R. Lee and M. Mendes Tavares)

• "Labor Market Reform Options to Boost Employment in South Africa" (2021), IMF Working Paper No. 2021/165 (with Y. Ji and I. Shibata)

• “Macroeconomic Policy, Product Market Competition and Growth: The Intangible Investment Channel” (2020), IMF Working Paper No. 20/25 (with J. Ahn and C. Sever)

• "Employment Deregulation and Labor Shares in Advanced Economies" (2019). IMF Working Paper No. 18/186 (with G. Ciminelli and D. Furceri)

• "A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies" (2018). IMF Working Paper No. 18/19 (with D. Furceri, J. Jalles, B. Hu and H. Nguyen)

• "The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries?" (2018), IMF Working Paper No. 2018/101 (with D. Furceri and J. Miethe)

• "Job Protection Deregulation in Good and Bad Times" (2017). IMF Working Paper No. 17/277 (with D. Furceri and J. Jalles)

• "Financial Frictions and the Great Productivity Slowdown" (2017). IMF Working Paper No. 17/129 (with G.H. Hong and Y. Timmer).

• "Market Reforms at the Zero Lower Bound" (2017). IMF Working Paper No. 17/215 (with M. Cacciatore, G. Fiori and F. Ghironi) Also available as NBER and CEPR WKPs

• "Time for a Supply Boost? The Macroeconomic Effects of Labor and Product Market Reforms in Advanced Economies", IMF World Economic Outlook, Chapter 3, April 2016

• “Product Market Deregulation and Growth: New Industry-Level Evidence” (2016), IMF Working Paper, No. 16/114 (with R. Bouis and J. Eugster)

• "Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method” (2016), IMF Working Paper, No. 16/171 (with B. Adhikari, B. Hu and P. Loungani)

• “Reassessing the Productivity Gains from Trade Liberalization” (2016), IMF Working Paper, No. 16/77 (with J. Ahn, E. Dabla-Norris, B. Hu and L. Njie)

• “Trade Integration and Business Cycle Synchronization: A Reappraisal with Focus on Asia” (2014), IMF Working Paper, No. 14/52 (with K. Cheng, K-H. Oh, R. Saraf and L. Zhang)

• “Growth Slowdowns and the Middle-income Trap” (2013), IMF Working Paper, No. 13/71 (with S. Aiyar, D. Puy, W. Yiqun and L. Zhang)

Non-IMF Publications

Publications in Journals (Refereed)

• “Macroeconomic Policy, Product Market Competition and Growth: The Intangible Investment Channel” (2025), International Journal of Central Banking, Vol. 21, No. 4, editor’s choice (with J. Ahn and C. Sever)

• “Labor Market Reforms and Unemployment Fluctuations” (2025), Oxford Economic Papers, Vol. 77, No. 4, editor’s choice (with L. Bettarelli, D. Furceri and J. Jalles)

• “Structural Reforms and Fiscal Sustainability: Evidence from Emerging Market and Developing Economies” (2025), Applied Economics Letters, 1-10 (with L. Bettarelli, D. Furceri and J. Jalles)

• “Preferences for Labor Regulation: Endowments vs Beliefs” (2024), Economic Policy, Vol. 39, No. 119 (with Y. Ji, C. Papageorgiou, I. Shibata and A. Spilimbergo)

• “Market Power and Monetary Transmission Under Financial Constraints” (2023), American Economic Review Papers & Proceedings, Vol. 113 (with D. Furceri, R. Lee and M. Mendes Tavares)

• “Market Power and Monetary Policy Transmission” (2023), Economica, Vol. 91, No. 362 (with D. Furceri, R. Lee and M. Mendes Tavares)

• “The 2021-22 Inflation Surge in Europe: A Phillips-Curve-Based Dissection” (2023), Applied Economics Letters, 1-6 (with C. Baba, T. Lan and P. Topalova)

• "Employment Protection Deregulation and Labor Shares in Advanced Economies" (2022), The Review of Economics and Statistics, Vol. 104, No. 6 (with G. Ciminelli and D. Furceri)

• “Supporting SMEs During COVID-19: The Case for Targeted Equity Injections” (2022), Economics Letters, Vol. 219, No. C (with F. Diez and C. Maggi)

• "Financial Frictions and the Great Productivity Slowdown" (2020), Review of Financial Studies, Vol. 33, No. 2, editor's choice (with G.H. Hong and Y. Timmer)

• "Market Reforms at the Zero Lower Bound" (2021), Journal of Money, Credit and Banking, Vol. 53, No. 4 (with M. Cacciatore, G. Fiori and F. Ghironi)

• "Robust Political Economy Correlates of Major Product and Labor Market Reforms in Advanced Economies: Evidence from BAMLE for Logit Models" (2021), Journal of Applied Econometrics, Vol. 36, No. 1 (with D. Furceri and J. Miethe)

• “Value-Added Trade and Business Cycle Synchronization” (2015), Journal of International Economics, Vol. 99, March (with N. Li, D. Seneviratne and R. Saraf)

• “How Do Nominal and Real Rigidities Interact? A Tale of the Second Best” (2012), Journal of Money, Credit and Banking, Vol. 44, No. 7 (with L. Vogel)

• "Fiscal Multipliers and Job Protection Regulation" (2021), European Economic Review, Vol. 132, No. C (with M. Cacciatore, D. Furceri and A. Zdzienicka)

• “Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies” (2022), Journal of International Money and Finance, Vol. 121, No. C (with D. Furceri and J. Jalles)

• "Designing Labor Market Institutions in Emerging Market and Developing Economies: A Review of Evidence and IMF Policy Advice" (2021), Comparative Economic Studies, Vol. 63, No. 1 (with P. Loungani)

• "Job Protection Deregulation in Good and Bad Times" (2020), Oxford Economic Papers, Vol. 72, No. 2 (with D. Furceri and J. Jalles)

• “How Fast Does Product Market Reform Pay Off? New Evidence from Non-Manufacturing Industry Deregulation in Advanced Economies” (2020), Journal of Comparative Economics, Vol. 48, No. 1 (with R. Bouis and J. Eugster)

• "Reassessing the Productivity Gains from Trade Liberalization" (2019), Review of International Economics, Vol. 27, No. 1 (with J. Ahn, E. Dabla-Norris, B. Hu and L. Njie)

• "The Effects of Labor and Product Market Reforms: The Role of Macroeconomic Conditions and Policies" (2018), IMF Economic Review, Vol. 66, No. 1 (with D. Furceri)

• "Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method" (2018), Open Economies Review, Vol. 29, No. 4 (with B. Adhikari, B. Hu and P. Loungani)

• "Growth Slowdowns and the Middle Income Trap" (2018), Japan and the World Economy, Vol. 48, No. C (with S. Aiyar, D. Puy, Y. Wu and L. Zhang)

• "Trading with China: Productivity Gains, Job Losses" (2017), Economics Letters, Vol. 160, No. C, November (with J. Ahn)

• “Market Reforms in Times of Imbalance” (2016), Journal of Economic Dynamics and Control, Vol. 72, November (with M. Cacciatore, G. Fiori and F. Ghironi)

• “Short-term Pain for Long-term Gain: Market Deregulation and Monetary Policy in Small Open Economies” (2016), Journal of International Money and Finance, Vol. 68, November (with M. Cacciatore, G. Fiori and F. Ghironi)

• “How Quickly Does Structural Reform Pay Off? An Empirical Analysis of the Short-term Effects of Unemployment Benefit Reform” (2012), IZA Journal of Labor Policy, 2012, 1:12 (with R. Bouis, O. Causa and L. Demmou)

• "A Long-Run Growth Framework and Scenarios for the World Economy" (2010), Journal of Policy Modeling, Vol. 32 (with C. de la Maisonneuve)

• “Unemployment, Institutions and Reform Complementarities: Reassessing the Aggregate Evidence for OECD Countries” (2009), Oxford Review of Economic Policy, Vol. 25, No. 1 (with A. Bassanini)

• “The Determinants of Unemployment Across OECD Countries: Reassessing the Role of Policies and Institutions” (2006), OECD Journal: Economic Studies, No. 42 (with A. Bassanini)

• “Is There a Case for Carbon-based Border Tax Adjustment? An Applied General Equilibrium Analysis” (2012), Applied Economics, Vol. 45, No. 16 (with J-M. Burniaux and J. Chateau)

• “Towards Global Carbon Pricing: Direct and Indirect Linking of Carbon Markets” (2013), OECD Journal: Economic Studies, 2013 (with R. Dellink, S. Jamet and J. Chateau)

• "What Should We Expect from Innovation? A Model-Based Assessment of the Environmental and Mitigation Cost Implications of Climate-Related R&D " (2011), Energy Economics, Vol. 33, No. 6 (with V. Bosetti, C. Carraro and M. Tavoni)

• “Is There a Role for Macroeconomic Policy in Fostering Structural Reforms? Panel Evidence from OECD Countries over the Past Two Decades” (2008), European Journal of Political Economy, Vol. 24, No. 2

• “What Do We Know About Long-Run Equilibrium Real Exchange Rates: PPPs vs. Macroeconomic Approaches” (2002), Australian Economic Papers, Vol. 41, No. 4

• "Economic Resilience to Shocks: The Role of Structural Policies" (2008), OECD Journal: Economic Studies, Vol. 2008, No. 1 (with L. Vogel)

• “Retirement Behaviour in OECD Countries: Impact of Old-Age Pension Schemes and Other Social Transfer Programmes” (2003), OECD Journal: Economic Studies, Vol. 2003, No. 2

• “Le rôle de l’idéologie et des croyances dans l’économie politique” (2007), Revue d’Économie Politique, Vol. 117, No. 4

• "Quel Credit Accorder à la "Nouvelle Economie" Americaine?" (2000), Economie et Statistique, Vol. 339, No. 1

• “Taux de change réels, prix relatif des biens non échangeables et PPA sur le secteur exposé à la concurrence internationale” (2001), Économie Internationale, la revue du CEPII, No. 85, 1er trimestre

Other Published Materials

• “Why the Reduction in European Workers’ Hours after the Pandemic is Here to Stay” (2024), VoxEU Blog (with D. Astinova, N-J. Hansen, B. Park, I. Shibata and F. Toscani)

• “Preferences for Reforms: Endowments vs. Beliefs” (2022), VoxEU Blog (with J. Yi, C. Papageorgiou, I. Shibata and A. Spilimbergo)

• "Tight Monetary Policy is not the Answer to Weak Productivity Growth" (2018), Vox EU Blog (with M. Obstfeld)

• “Europe’s Productivity Weakness: Firm-Level Roots and Remedies” (2025), VoxEU Blog (with O. Adilbish, D. Cerdeiro, G.H. Hong, L. Mazzone, L. Rotunno, H. Toprak and M. Vaziri)