{
  "title": "Daniel Garcia-Macia",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/garcia-macia-daniel",
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  "summary": "Daniel Garcia-Macia is a Deputy Division Chief at the Strategy, Policy, and Review Department of the IMF. He holds a Ph.D. in Economics from Stanford University. His research interests are in Macroeconomics, Finance, Economic Growth and Innovation.",
  "authors": [
    "Daniel Garcia-Macia"
  ],
  "sections": [
    {
      "heading": "Biography",
      "content": "Daniel Garcia-Macia is a Deputy Division Chief at the Strategy, Policy, and Review Department of the IMF. He holds a Ph.D. in Economics from Stanford University. His research interests are in Macroeconomics, Finance, Economic Growth and Innovation."
    },
    {
      "heading": "Education",
      "content": "- Ph.D. in Economics, Stanford University, 2016\n\n- M.A. in Economics, Stanford University, 2013\n\n- M.Sc. in Economics, Barcelona Graduate School of Economics, 2010\n\n- B.A. in Economics, Universitat Pompeu Fabra, 2009"
    },
    {
      "heading": "Country work or Mission Assignment",
      "content": "- Cambodia, China, Costa Rica, Ethiopia, euro area, Italy, Myanmar, United Kingdom"
    },
    {
      "heading": "IMF Career",
      "content": "- Deputy Division Chief, Strategy, Policy, and Review, 2026-...\n\n- Senior Economist, Asia and Pacific Department, 2024-2026\n\n- Economist, Fiscal Affairs Department, 2021-2024\n\n- Economist, European Department, 2019-2021\n\n- Economist (EP), European Department, 2017-2018\n\n- Economist (EP), Research Department, 2016-2018"
    },
    {
      "heading": "Field of Expertise",
      "content": "- Open Economy Macroeconomics\n\n- Macro-Financial Issues\n\n- International Macroeconomics\n\n- Energy and Environmental Economics\n\n- Monetary Policy\n\n- Public Finance"
    },
    {
      "heading": "IMF Direct Blog Posts",
      "content": "- Industrial Policy Is Not a Magic Cure for Slow Growth"
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Industrial Policy in China: Quantification and Impact on Misallocation, Working Paper No. 2025/155 , August 8, 2025\n\n- Industrial Policies for Innovation: A Cost-Benefit Framework, Working Paper No. 2024/176 , August 16, 2024\n\n- Broadening the Gains from Generative AI: The Role of Fiscal Policies, Staff Discussion Notes No. 2024/002 , June 17, 2024\n\n- Public Debt Dynamics During the Climate Transition, Working Paper No. 2024/071 , March 29, 2024\n\n- Has the Phillips Curve Become Steeper?, Working Paper No. 2023/100 , May 12, 2023\n\n- The Effects of Inflation on Public Finances, Working Paper No. 2023/093 , May 5, 2023\n\n- Fiscal Rules and Fiscal Councils: Recent Trends and Performance during the COVID-19 Pandemic, Working Paper No. 2022/011 , January 27, 2022\n\n- Tracing Productivity Growth Channels in the UK, Working Paper No. 2021/273 , November 12, 2021\n\n- Technological and Economic Decoupling in the Cyber Era, Working Paper No. 2020/257 , November 20, 2020\n\n- Sectoral Policies for Climate Change Mitigation in the EU, Departmental Paper No. 2020/014 , September 16, 2020\n\n- EU Climate Mitigation Policy, Departmental Paper No. 2020/013 , September 16, 2020\n\n- Labor Costs and Corporate Investment in Italy, Working Paper No. 2020/038 , February 21, 2020\n\n- Identifying Service Market Reform Priorities in Italy, Working Paper No. 2020/039 , February 21, 2020\n\n- The Measurement of External Accounts, Working Paper No. 2019/132 , June 28, 2019\n\n- Strengthening the Euro Area: The Role of National Structural Reforms in Building Resilience, Staff Discussion Notes No. 2019/005 , June 17, 2019\n\n- The External Balance Assessment Methodology: 2018 Update, Working Paper No. 2019/065 , March 19, 2019\n\n- The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment, Working Paper No. 2018/218 , September 28, 2018\n\n- Household Wealth and Resilience to Financial Shocks in Italy, Working Paper No. 2018/196 , August 31, 2018\n\n- The Stabilizing Role of Net Foreign Asset Returns, Working Paper No. 2018/079 , April 6, 2018\n\n- The Financing of Ideas and the Great Deviation, Working Paper No. 2017/176 , July 31, 2017"
    },
    {
      "heading": "IMF Country Reports",
      "content": "- Costa Rica: Technical Assistance Report - Upgrading the Rule-Based Fiscal Framework"
    },
    {
      "heading": "F&D articles",
      "content": "- Absent multilateral cooperation, the global digital economy could splinter, and everyone would pay"
    },
    {
      "heading": "Publications in Journals (Refereed)",
      "content": "- How Destructive is Innovation?, with Chang-Tai Hsieh & Peter Klenow, Econometrica, 87(5), 1507–1541, September 2019\n\n- Macroprudential Policy with Liquidity Panics, with Alonso Villacorta, The Review of Financial Studies, 36(5), 2046–2090, May 2023\n\n- Household Wealth and Resilience to Financial Shocks in Italy, International Journal of Central Banking, 17(3), 241-272, September 2021\n\n- Tracing Productivity Growth Channels in the UK, with Julia Korosteleva, Research Policy, 54(1), January 2025\n\n- Industrial Policies for Innovation: A Cost-Benefit Framework, with Alexandre Sollaci, IMF Economic Review, July 2025"
    }
  ],
  "bullets": [
    "Ph.D. in Economics, Stanford University, 2016",
    "M.A. in Economics, Stanford University, 2013",
    "M.Sc. in Economics, Barcelona Graduate School of Economics, 2010",
    "B.A. in Economics, Universitat Pompeu Fabra, 2009",
    "Cambodia, China, Costa Rica, Ethiopia, euro area, Italy, Myanmar, United Kingdom",
    "Deputy Division Chief, Strategy, Policy, and Review, 2026-...",
    "Senior Economist, Asia and Pacific Department, 2024-2026",
    "Economist, Fiscal Affairs Department, 2021-2024",
    "Economist, European Department, 2019-2021",
    "Economist (EP), European Department, 2017-2018",
    "Economist (EP), Research Department, 2016-2018",
    "Open Economy Macroeconomics",
    "Macro-Financial Issues",
    "International Macroeconomics",
    "Energy and Environmental Economics",
    "Monetary Policy",
    "Public Finance",
    "[Industrial Policy Is Not a Magic Cure for Slow Growth](https://www.imf.org/en/Blogs/Articles/2024/04/10/industrial-policy-is-not-a-magic-cure-for-slow-growth)",
    "[Industrial Policy in China: Quantification and Impact on Misallocation](https://www.imf.org/en/publications/wp/issues/2025/08/07/industrial-policy-in-china-quantification-and-impact-on-misallocation-568888), Working Paper No. 2025/155 , August 8, 2025",
    "[Industrial Policies for Innovation: A Cost-Benefit Framework](https://www.imf.org/en/publications/wp/issues/2024/08/15/industrial-policies-for-innovation-a-cost-benefit-framework-553520), Working Paper No. 2024/176 , August 16, 2024",
    "[Broadening the Gains from Generative AI: The Role of Fiscal Policies](https://www.imf.org/en/publications/staff-discussion-notes/issues/2024/06/11/broadening-the-gains-from-generative-ai-the-role-of-fiscal-policies-549639), Staff Discussion Notes No. 2024/002 , June 17, 2024",
    "[Public Debt Dynamics During the Climate Transition](https://www.imf.org/en/publications/wp/issues/2024/03/29/public-debt-dynamics-during-the-climate-transition-546929), Working Paper No. 2024/071 , March 29, 2024",
    "[Has the Phillips Curve Become Steeper?](https://www.imf.org/en/publications/wp/issues/2023/05/12/has-the-phillips-curve-become-steeper-533315), Working Paper No. 2023/100 , May 12, 2023",
    "[The Effects of Inflation on Public Finances](https://www.imf.org/en/publications/wp/issues/2023/05/05/the-effects-of-inflation-on-public-finances-533099), Working Paper No. 2023/093 , May 5, 2023",
    "[Fiscal Rules and Fiscal Councils: Recent Trends and Performance during the COVID-19 Pandemic](https://www.imf.org/en/publications/wp/issues/2022/01/21/fiscal-rules-and-fiscal-councils-512128), Working Paper No. 2022/011 , January 27, 2022",
    "[Tracing Productivity Growth Channels in the UK](https://www.imf.org/en/publications/wp/issues/2021/11/12/tracing-productivity-growth-channels-in-the-uk-506828), Working Paper No. 2021/273 , November 12, 2021",
    "[Technological and Economic Decoupling in the Cyber Era](https://www.imf.org/en/publications/wp/issues/2020/11/20/technological-and-economic-decoupling-in-the-cyber-era-49868), Working Paper No. 2020/257 , November 20, 2020",
    "[Sectoral Policies for Climate Change Mitigation in the EU](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2020/09/16/sectoral-policies-for-climate-change-mitigation-in-the-eu-49640), Departmental Paper No. 2020/014 , September 16, 2020",
    "[EU Climate Mitigation Policy](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2020/09/16/eu-climate-mitigation-policy-49639), Departmental Paper No. 2020/013 , September 16, 2020",
    "[Labor Costs and Corporate Investment in Italy](https://www.imf.org/en/publications/wp/issues/2020/02/21/labor-costs-and-corporate-investment-in-italy-49035), Working Paper No. 2020/038 , February 21, 2020",
    "[Identifying Service Market Reform Priorities in Italy](https://www.imf.org/en/publications/wp/issues/2020/02/21/identifying-service-market-reform-priorities-in-italy-49038), Working Paper No. 2020/039 , February 21, 2020",
    "[The Measurement of External Accounts](https://www.imf.org/en/publications/wp/issues/2019/06/28/the-measurement-of-external-accounts-46949), Working Paper No. 2019/132 , June 28, 2019",
    "[Strengthening the Euro Area: The Role of National Structural Reforms in Building Resilience](https://www.imf.org/en/publications/staff-discussion-notes/issues/2019/06/13/strengthening-the-euro-area-the-role-of-national-structural-reforms-in-building-resilience-46234), Staff Discussion Notes No. 2019/005 , June 17, 2019",
    "[The External Balance Assessment Methodology: 2018 Update](https://www.imf.org/en/publications/wp/issues/2019/03/19/the-external-balance-assessment-methodology-2018-update-46643), Working Paper No. 2019/065 , March 19, 2019",
    "[The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment](https://www.imf.org/en/publications/wp/issues/2018/09/28/the-insolvency-regime-for-large-enterprises-in-italy-an-economic-and-legal-assessment-46276), Working Paper No. 2018/218 , September 28, 2018",
    "[Household Wealth and Resilience to Financial Shocks in Italy](https://www.imf.org/en/publications/wp/issues/2018/08/31/household-wealth-and-resilience-to-financial-shocks-in-italy-46168), Working Paper No. 2018/196 , August 31, 2018",
    "[The Stabilizing Role of Net Foreign Asset Returns](https://www.imf.org/en/publications/wp/issues/2018/04/06/the-stabilizing-role-of-net-foreign-asset-returns-45748), Working Paper No. 2018/079 , April 6, 2018",
    "[The Financing of Ideas and the Great Deviation](https://www.imf.org/en/publications/wp/issues/2017/07/31/the-financing-of-ideas-and-the-great-deviation-45031), Working Paper No. 2017/176 , July 31, 2017",
    "[Costa Rica: Technical Assistance Report - Upgrading the Rule-Based Fiscal Framework](https://www.imf.org/en/Publications/CR/Issues/2023/02/22/Costa-Rica-Technical-Assistance-Report-Upgrading-the-Rule-Based-Fiscal-Framework-530076)",
    "[Absent multilateral cooperation, the global digital economy could splinter, and everyone would pay](https://www.imf.org/external/pubs/ft/fandd/2021/03/international-cooperation-and-the-digital-economy-garcia.htm)",
    "[How Destructive is Innovation?, with Chang-Tai Hsieh & Peter Klenow, Econometrica, 87(5), 1507–1541, September 2019](https://drive.google.com/open?id=1SIirFpeFS1NOR3oPzeHgPxg87bfZplVw)",
    "[Macroprudential Policy with Liquidity Panics, with Alonso Villacorta, The Review of Financial Studies, 36(5), 2046–2090, May 2023](https://academic.oup.com/rfs/article/36/5/2046/6726199)",
    "[Household Wealth and Resilience to Financial Shocks in Italy, International Journal of Central Banking, 17(3), 241-272, September 2021](https://drive.google.com/file/d/1DNjlJQAFcTcdFRr4qUG74U54qsQjbA0Z/view?usp=share_link)",
    "[Tracing Productivity Growth Channels in the UK, with Julia Korosteleva, Research Policy, 54(1), January 2025](https://www.sciencedirect.com/science/article/pii/S0048733324001987)",
    "[Industrial Policies for Innovation: A Cost-Benefit Framework, with Alexandre Sollaci, IMF Economic Review, July 2025](https://link.springer.com/article/10.1057/s41308-025-00284-z)"
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