Davide Furceri

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Davide Furceri

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Bibliographic details

• Authors: Davide Furceri

Biography

Davide Furceri is Deputy Division Chief of the Development Macroeconomic Division in the IMF Research Department. Prior to joining the Fund, he was an economist at the Fiscal Policy Division of the European Central Bank, and at the Macroeconomic Analysis Division of the OECD Economics Department. He has published extensively in leading academic and policy-oriented journals on a wide range of topics in the area of macroeconomics, public finance, international macroeconomics and structural reforms.

Profile

Education

• Ph.D. in Economics, University of Illinois, 2007

• Doctoral Degree in Economic Analysis and Territorial Development, University of Palermo, 2005.

IMF Occasional Papers, Pamphlets, and Special Issues Papers

• October 2016 World Economic Outlook "Global Disinflation in an Era of Constrained Monetary Policy”

• April 2016 World Economic Outlook "Time for a supply boost? The macroeconomic effects of product and labor market reforms in advanced economies”".

• April 2015 World Economic Outlook "Where are we headed? Perspectives on potential output”.

• October 2014 World Economic Outlook "Is It Time for an Infrastructure Push: The Macroeconomic Effects of Public Investment"

• April 2014 World Economic Outlook "Perspectives on Global Real Interest Rates"

• October 2013 "Dancing Together? Spillovers, Common Shocks and the Role of Trade and Financial Linkages"

IMF Publications

IMF Books and Working Papers

• The Effects of Fiscal Consolidations on the Debt Distribution, Working Paper No. 2025/201 , October 3, 2025

• The Impact of Debt and Deficits on Long-Term Interest Rates in the US, Working Paper No. 2025/142 , July 11, 2025

• The Economic Costs of Temperature Uncertainty, Working Paper No. 2025/026 , January 24, 2025

• Financial Stress and Economic Activity: Evidence from a New Worldwide Index, Working Paper No. 2023/217 , October 20, 2023

• Monetary Policy Transmission Heterogeneity: Cross-Country Evidence, Working Paper No. 2023/204 , October 17, 2023

• China Spillovers: Aggregate and Firm-Level Evidence, Working Paper No. 2023/206 , October 17, 2023

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

• Environmental Policies and Innovation in Renewable Energy, Working Paper No. 2023/180 , September 1, 2023

• The Crypto Cycle and US Monetary Policy, Working Paper No. 2023/163 , August 4, 2023

• Retaliation through Temporary Trade Barriers, Working Paper No. 2023/099 , May 12, 2023

• State-Dependent Exchange Rate Pass-Through, Working Paper No. 2023/086 , April 28, 2023

• Digitalization and Resilience, Working Paper No. 2022/210 , October 28, 2022

• Scarring and Corporate Debt, Working Paper No. 2022/211 , October 28, 2022

• U.S. Monetary Policy Shock Spillovers: Evidence from Firm-Level Data, Working Paper No. 2022/191 , September 16, 2022

• Fiscal Multipliers and Informality, Working Paper No. 2022/082 , May 6, 2022

• Shipping Costs and Inflation, Working Paper No. 2022/061 , March 25, 2022

• A Measurement of Aggregate Trade Restrictions and their Economic Effects, Working Paper No. 2022/001 , January 7, 2022

• Creative Destruction During Crises - An Opportunity for a Cleaner Energy Mix, Working Paper No. 2021/284 , December 3, 2021

• The Effects of Fiscal Measures During COVID-19, Working Paper No. 2021/262 , November 5, 2021

• The Effects of COVID-19 Vaccines on Economic Activity, Working Paper No. 2021/248 , October 19, 2021

• Determinants of COVID-19 Vaccine Rollouts and Their Effects on Health Outcomes, Working Paper No. 2021/247 , October 18, 2021

• Distributional Effects of Monetary Policy, Working Paper No. 2021/201 , July 30, 2021

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

• Are Climate Change Policies Politically Costly?, Working Paper No. 2021/156 , June 4, 2021

• Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics, Working Paper No. 2021/127 , May 1, 2021

• The Rise in Inequality after Pandemics: Can Fiscal Support Play a Mitigating Role?, Working Paper No. 2021/120 , April 30, 2021

• Will the Economic Impact of COVID-19 Persist? Prognosis from 21st Century Pandemics, Working Paper No. 2021/119 , April 30, 2021

• Austerity and Elections, Working Paper No. 2021/121 , April 30, 2021

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

• Initial Output Losses from the Covid-19 Pandemic: Robust Determinants, Working Paper No. 2021/018 , January 29, 2021

• The Economic Effects of COVID-19 Containment Measures, Working Paper No. 2020/158 , August 7, 2020

• The Effect of Containment Measures on the COVID-19 Pandemic, Working Paper No. 2020/159 , August 7, 2020

• International Bank Lending Channel of Monetary Policy, Working Paper No. 2019/234 , November 1, 2019

• The Political Costs of Reforms: Fear or Reality?, Staff Discussion Notes No. 2019/008 , October 18, 2019

• International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending, Working Paper No. 2019/150 , July 12, 2019

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

• Macroeconomic Consequences of Tariffs, Working Paper No. 2019/009 , January 15, 2019

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

• Twin Deficits in Developing Economies, Working Paper No. 2018/170 , July 27, 2018

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

• The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data, Working Paper No. 2018/083 , April 6, 2018

• The Distributional Effects of Government Spending Shocks in Developing Economies, Working Paper No. 2018/057 , March 14, 2018

• Inflation Anchoring and Growth: Evidence from Sectoral Data, Working Paper No. 2018/036 , March 2, 2018

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

• Uncertainty and Cross-Border Banking Flows, Working Paper No. 2018/004 , January 5, 2018

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

• The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies, Working Paper No. 2017/217 , October 20, 2017

• Fiscal Stabilization and Growth: Evidence from Industry-level Data for Advanced and Developing Economies, Working Paper No. 2017/198 , September 5, 2017

• Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies, Working Paper No. 2017/196 , September 5, 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

• Macro-Structural Policies and Income Inequality in Low-Income Developing Countries, Staff Discussion Notes No. 2017/001 , January 26, 2017

• The Effects of Monetary Policy Shocks on Inequality, Working Paper No. 2016/245 , December 22, 2016

• Aggregate Uncertainty and Sectoral Productivity Growth: The Role of Credit Constraints, Working Paper No. 2016/174 , August 16, 2016

• Capital Account Liberalization and Inequality, Working Paper No. 2015/243 , November 24, 2015

• Global Food Prices and Domestic Inflation: Some Cross-Country Evidence, Working Paper No. 2015/133 , June 24, 2015

• The Macroeconomic Effects of Public Investment: Evidence from Advanced Economies, Working Paper No. 2015/095 , May 4, 2015

• Regional Labor Market Adjustments in the United States, Working Paper No. 2014/211 , November 25, 2014

• Strategies for Reforming Korea’s Labor Market to Foster Growth, Working Paper No. 2014/137 , July 25, 2014

• Regional Labor Market Adjustments in the United States and Europe, Working Paper No. 2014/026 , February 11, 2014

• The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?, Working Paper No. 2013/198 , September 25, 2013

• The Distributional Effects of Fiscal Consolidation, Working Paper No. 2013/151 , June 21, 2013

• The Dynamic Effect of Social and Political Instability on Output: The Role of Reforms, Working Paper No. 2013/091 , April 23, 2013

• Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis, Working Paper No. 2012/218 , August 1, 2012

• Unemployment and Labor Market Issues in Algeria, Working Paper No. 2012/099 , April 1, 2012

• Crises, Labor Market Policy, and Unemployment, Working Paper No. 2012/065 , March 1, 2012

• Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and Dynamic Effects, Working Paper No. 2012/064 , March 1, 2012

• How Costly Are Debt Crises?, Working Paper No. 2011/280 , December 1, 2011

• Effects of Fiscal Stimulus in Structural Models, Working Paper No. 2010/073 , March 1, 2010

Non-IMF Publications

Publications in Journals (Refereed)

• “Uncertainty and Cross-Border Banking Flows”, with S. Choi, Journal of International Money and Finance, forthcoming.

• “Robust Drivers of Income Inequality”, with J. Ostry, Oxford Review of Economic Policy, forthcoming.

• “Job Protection Deregulation in Good and Bad Times”, with R. Duval and J. Jalles, Oxford Economic Papers, forthcoming.

• “The World Uncertainty Index”, with A. Hites and N. Bloom, Sandford mimeo, Available at SSRN: https://ssrn.com/abstract=3275033

• “The Distributional Effects of Capital Account Liberalization”, with P. Loungani, Journal of Development Economics, 2018, 127-44.

• “Uncertainty and Cross-Border Banking Flows”, with S. Choi, Journal of International Money and Finance, forthcoming.

• “Aggregate Uncertainty and Sectoral Productivity Growth; The Role of Credit Constraints”, with S. Choi, Y. Huang and P. Loungani Journal of International Money and Finance, 2018, 88, 314-330.

• “The Effects of Monetary Policy Shocks on Inequality”, with P. Loungani and A. Zdzienicka, Journal of International Money and Finance, 2018, 85-168-186.

• “Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies," with S. Choi, P. Loungani and M. Popwlaski-Ribeiro Journal of International Money and Finance, 2018, 82, 71-96.

• “The Effects of Labor and Product Market Reforms: The Role of Macroeconomic Conditions and Policies,” with R. Duval, IMF Economic Review, February 2018.

• “Regional Labor Market Adjustments in the United States: The Role of Recessions”, with M. Dao and P. Loungani, Review of Economics and Statistics, 2017, 99, 243-257.

• “Effects of Fiscal Stimulus in Structural Models,” with G. Coenen, C. Erceg, and others American Economic Journal: Macroeconomics, 2012, 4(1), 22-68.