Raphael Andre Espinoza
LastUpdated:
Raphael Espinoza is Mission Chief for Uruguay, Deputy Division Chief in the IMF Western Hemisphere Department, and an external research associate at the University of Oxford. Previously, he was Deputy Division Chief in the Fiscal Policy Division of the IMF Fiscal Affairs Department. He has worked on a variety of IMF program and near-program countries as well as on research-oriented positions at the IMF and at the European Central Bank. He has also been Assistant Professor in Economics at University College London (UCL), where he was the Director of the Centre for Studies of Emerging Economies, and provided advisory services as a financial stability expert for the central banks of Peru and Colombia. He has published extensively on macroeconomics and economic development issues, including in two books (Macroeconomic Policy in Fragile States, OUP, 2021; The Macroeconomics of the Arab States of the Gulf, OUP, 2013). He holds a PhD in Economics from the University of Oxford.
Email: RESPINOZA@imf.org
Personal WebPage: https://raphaelespinoza.wordpress.com/
Fluent In: French, Spanish.
The Urgency of Conflict Prevention – A Macroeconomic Perspective, Working Paper No. 2024/256 , December 20, 2024
Violent Crime and Insecurity in Latin America and the Caribbean: A Macroeconomic Perspective, Departmental Paper No 2024/009 , November 11, 2024
Financial Conditions in Europe: Dynamics, Drivers, and Macroeconomic Implications, Working Paper No. 2023/209 , September 29, 2023
The State as Financier of Last Resort, Staff Discussion Notes No. 2022/003 , October 13, 2022
Effective Fiscal-Monetary Interactions in Severe Recessions, Working Paper No. 2022/170 , September 2, 2022
The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia, Working Paper No. 2021/118 , April 30, 2021
The Fiscal Multiplier of Public Investment: The Role of Corporate Balance Sheet, Working Paper No. 2020/199 , September 25, 2020
Systemic Risk Modeling: How Theory Can Meet Statistics, Working Paper No. 2020/054 , March 13, 2020
Economic Gains From Gender Inclusion: New Mechanisms, New Evidence, Staff Discussion Notes No. 2018/006 , October 8, 2018
Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses, Working Paper No. 2018/049 , March 9, 2018
FX Intervention in the New Keynesian Model, Working Paper No. 2017/207 , September 29, 2017
Unconventional Policy Instruments in the New Keynesian Model, Working Paper No. 2016/058 , March 10, 2016
How Do Fiscal and Labor Policies in France Affect Inequality?, Working Paper No. 2016/041 , February 29, 2016
Wage Moderation in Crises: Policy Considerations and Applications to the Euro Area, Staff Discussion Notes No. 2015/022 , November 17, 2015
When Should Public Debt Be Reduced?, Staff Discussion Notes No. 2015/010 , June 1, 2015
Labor Tax Cuts and Employment: A General Equilibrium Approach for France, Working Paper No. 2014/114 , July 1, 2014
The Macroeconomics of the Arab States of the Gulf, , November 21, 2013
Monetary Transaction Costs and the Term Premium, Working Paper No. 2013/085 , April 3, 2013
Optimal Oil Production and the World Supply of Oil, Working Paper No. 2012/294 , December 17, 2012
As You sow so Shall You Reap: Public Investment Surges, Growth, and Debt Sustainability in togo, Working Paper No. 2012/127 , May 1, 2012
Monetary Policy Transmission in the GCC Countries, Working Paper No. 2012/132 , May 1, 2012
Spillovers to Low-Income Countries: Importance of Systemic Emerging Markets, Working Paper No. 2012/049 , February 1, 2012
Probabilities of Default and the Market Price of Risk in a Distressed Economy, Working Paper No. 2011/075 , April 1, 2011
How Strong are Fiscal Multipliers in the GCC?, Working Paper No. 2011/061 , March 1, 2011
Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects, Working Paper No. 2010/224 , October 1, 2010
Recent Credit Stagnation in the Mena Region: What to Expect? What Can Be Done?, Working Paper No. 2010/219 , September 1, 2010
Regional Financial Integration in the GCC, Working Paper No. 2010/090 , April 1, 2010
Estimating The Inflation–Growth Nexus—A Smooth Transition Model, Working Paper No. 2010/076 , March 1, 2010
The Role of Financial Variables in Predicting Economic Activity in the Euro Area, Working Paper No. 2009/241 , November 1, 2009
Regional Financial Integration in the Caribbean: Evidence From Financial and Macroeconomic Data, Working Paper No. 2009/139 , July 1, 2009
