Rui Mano

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Rui Mano

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Bibliographic details

• Authors: Rui Mano

Biography

Rui C. Mano is a deputy division chief in the IMF’s Research Department. He previously worked in the Research, Asia Pacific, Strategy, Policy and Review, and Western Hemisphere Departments. He contributed to the Fund's framework on external sector assessments, contributed to several country teams (China, DR Congo, Eastern Caribbean Currency Union, Grenada, Hong Kong SAR, Jamaica, Korea, Mongolia, the Philippines, and the United States), and participated in the formulation and review of fund-wide policies (notably the Integrated Policy Framework and Comprehensive Surveillance Review). He holds a PhD in economics from the University of Chicago. His research interests are exchange rate risk, foreign exchange intervention, monetary policy, and cross-border spillovers, among others.

Profile

Previous Experience

• Senior Economist, Western Hemisphere Department, North America Division.

• Senior Economist, Strategy Policy and Review Department, Macro Policies Division.

• Economist, Strategy, Policy and Review Department, Macro Policies Division.

• Economist, Asia Pacific Department, China Division.

• Economist, Asia Pacific Department, Korea Division.

• Economist, Research Department, Open-Economy Division.

Current Position

• Deputy Division Chief, Research Department, Macro-Financial Division.

Country Work or Mission Assignment

• China, Democratic Republic of Congo, ECCU, Grenada, Hong Kong SAR, Jamaica, Korea, Mongolia, Philippines and the United States.

Field of Expertise

• Open Economy Macroeconomics

• International Finance

• International Trade

• Economic Modeling

• Monetary Policy

IMF Occasional Papers, Pamphlets, and Special Issues Papers

• Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks

IMF Publications

IMF Books and Working Papers

• The Macroeconomic Consequences of Undermining Central Bank Independence: Evidence from Governor Transitions, Working Paper No. 2026/040 , March 6, 2026

• Monetary Policy and Housing Overvaluation, Working Paper No. 2025/207 , October 3, 2025

• Inflation and Bank Profits: Monetary Policy Trade-offs, Staff Discussion Notes No. 2025/001 , February 13, 2025

• Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary Transmission, Working Paper No. 2025/024 , January 24, 2025

• From Polluting to Green Jobs: A Seamless Transition in the U.S.?, Working Paper No. 2022/129 , July 1, 2022

• Monetary Policy Under Labor Market Power, Working Paper No. 2022/128 , July 1, 2022

• Modeling the U.S. Climate Agenda: Macro-Climate Trade-offs and Considerations, Working Paper No. 2021/290 , December 10, 2021

• COVID-19 Vaccines: A Shot in Arm for the Economy, Working Paper No. 2021/281 , December 3, 2021

• Mask Mandates Save Lives, Working Paper No. 2021/205 , August 6, 2021

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

• Sizing Up the Effects of Technological Decoupling, Working Paper No. 2021/069 , March 12, 2021

• Foreign Exchange Intervention: A Dataset of Public Data and Proxies, Working Paper No. 2021/047 , February 19, 2021

• China’s Rebalancing: Opportunities and Challenges for LAC Exporters, Working Paper No. 2020/239 , November 13, 2020

• Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data, Working Paper No. 2020/197 , September 25, 2020

• Should Inequality Factor into Central Banks' Decisions?, Working Paper No. 2020/196 , September 25, 2020

• One Shock, Many Policy Responses, Working Paper No. 2020/010 , January 17, 2020

• The Level REER model in the External Balance Assessment (EBA) Methodology, Working Paper No. 2019/192 , September 13, 2019

• Trade Wars and Trade Deals: Estimated Effects using a Multi-Sector Model, Working Paper No. 2019/143 , July 3, 2019

• China’s High Savings: Drivers, Prospects, and Policies, Working Paper No. 2018/277 , December 11, 2018

• China’s Rebalancing: Recent Progress, Prospects and Policies, Working Paper No. 2018/243 , November 12, 2018

• China’s Capacity Reduction Reform and Its Impact on Producer Prices, Working Paper No. 2018/216 , September 28, 2018

• Inequality in China – Trends, Drivers and Policy Remedies, Working Paper No. 2018/127 , June 5, 2018

• Reassessing the Perimeter of Government Accounts in China, Working Paper No. 2017/272 , December 8, 2017

• Real Exchange Rate and External Balance: How Important Are Price Deflators?, Working Paper No. 2017/081 , March 30, 2017

• Quantifying the Spillovers from China Rebalancing Using a Multi-Sector Ricardian Trade Model, Working Paper No. 2016/219 , November 15, 2016

• Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies, Working Paper No. 2016/170 , August 9, 2016

• The Cost of Foreign Exchange Intervention: Concepts and Measurement, Working Paper No. 2016/089 , April 8, 2016

• Default Premium, Working Paper No. 2015/167 , July 21, 2015

• Unveiling the Effects of Foreign Exchange Intervention: A Panel Approach, Working Paper No. 2015/130 , June 23, 2015

• The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries, Working Paper No. 2015/048 , February 27, 2015

IMF Country Reports

• ECCU: 2022 Article IV Consultation Staff Report

• United States: 2022 Article IV Consultation Staff Report

• Grenada: 2022 Article IV Consultation Staff Report

• United States: 2021 Article IV Consultation Staff Report

• Democratic Republic of the Congo: Request for Disbursement Under the Rapid Credit Facility Staff Report

• Jamaica: Sixth Review Under the Stand-By Arrangements Staff Report

• Jamaica: Fifth Review Under the Stand-By Arrangement Staff Report

• People’s Republic of China: 2018 Article IV Consultation Staff Report

• People's Republic of China: 2017 Article IV Consultation Staff Report

• People's Republic of China-Hong Kong SAR: 2018 Article IV Consultation Staff Report

• People's Republic of China-Hong Kong SAR: 2017 Article IV Consultation Staff Report

• People's Republic of China-Hong Kong SAR: 2016 Article IV Consultation-Press Release and Staff Report

• Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility Staff Report

• Republic of Korea: 2016 Article IV Consultation Staff Report

• Republic of Korea: 2015 Article IV Consultation Staff Report

• Philippines: 2016 Article IV Consultation Staff Report

• Philippines: 2015 Article IV Consultation Staff Report

F&D articles

• To Pay the Piper

Selected Issues

• PHILIPPINES: REAL AND FINANCIAL CYCLES

• ARE PHILIPPINES NONFINANCIAL FIRMS VULNERABLE TO TIGHTER FINANCIAL CONDITIONS?—FIRM-LEVEL ANALYSIS AND STRESS TESTING

• CHINA’S HIGH SAVINGS: DRIVERS, PROSPECTS, AND POLICIES

• CHINA: REASSESSING THE PERIMETER OF GOVERNMENT AND IMPLICATIONS FOR FISCAL SPACE

• INEQUALITY IN CHINA – TRENDS, DRIVERS AND POLICY REMEDIES

• HONG KONG SAR: MEDIUM-TERM FISCAL PROSPECTS AND IMPLICATIONS

• INCOME INEQUALITY IN HONG KONG SAR

Other Published Materials

• World Economic Outlook, October 2025, Chapter 2, Box 2.3

• World Economic Outlook, April 2025, Chapter 1, Box 1.2

• World Economic Outlook, April 2024; Chapter 2

• World Economic Outlook, April 2023, Chapter 4, Box 4.2

• Regional Economic Outlook, October 2022, Asia Pacific, Chapter 3, "Asia and the Growing Risk of Geoeconomic Fragmentation"

• World Economic Outlook, April 2022, Chapter 3, Box 3.1

• World Economic Outlook, October 2021, Chapter 1, Study of Macro-Effects of COVID Vaccines

• Regional Economic Outlook, October 2021, Asia Pacific, Chapter 4, "Reigniting Asia’s Growth Engine through Trade Liberalization"

• Policy Advice to Asia in the Times of COVID-19

• World Economic Outlook, October 2019, Chapter 1, Scenario Box 1.2

• World Economic Outlook, April 2019, Chapter 4, Box 4.4

• Regional Economic Outlook, October 2018, Asia Pacific, Chapter 3, "The Evolving Role of Trade in Asia: Opening a New Chapter"

• Monetary and Exchange Rate Policy Responses, chapter in book ASEAN Way, October 2018

• Regional Economic Outlook, April 2018, Asia Pacific, Chapter 2, Box 2.1

• Regional Economic Outlook, April 2016, Asia and Pacific, Chapter 3, "China’s Evolving Trade with Advanced Upstream Economies and Commodity Exporters"

• External Sector Report 2015

Non-IMF Publications

Publications in Journals (Refereed)

• China’s High Savings: Drivers, Prospects, and Policies (with Longmei Zhang, Ray Brooks, Ding Ding, Haiyan Ding, and Jing Lu), 2025, Emerging Markets Review, Volume 69, 101355

• Foreign Exchange Intervention: A Dataset of Public Data and Proxies (with G. Adler, K. S. Chang and Y. Shao), Journal of Money, Credit and Banking, 2025, Volume 57 (5), pp. 1241-1273

• Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data (with Minsuk Kim and Mico Mrkaic), Journal of International Money and Finance, 2024, Volume 148, 103160

• Mask Mandates Save Lives (with N-J. Hansen), Journal of Health Economics, 2023, Volume 88, 102721

• COVID-19 Vaccines: A Shot in Arm for the Economy (with Niels-Jakob Hansen), IMF Economic Review, 2022, Volume 71, pp. 148-169.

• The Cost of FX intervention: Concepts and Measurement (with Gustavo Adler), Journal of Macroeconomics, 2021, Volume 67, March, 103045.

• Real Exchange Rate and External Balance: How Important Are Price Deflators? (with JaeBin Ahn and Jing Zhou), Journal of Money, Credit and Banking, 2020, Volume 52(8), December.

• Unveiling the Effect of Foreign Exchange Intervention: A Panel Approach (with Gustavo Adler and Noemie Lisack), Emerging Markets Review, 2019, Volume 40, September, 100620.

• Forward and Spot Exchange Rates in a Multi-Currency World (with Tarek Hassan), The Quarterly Journal of Economics, 2019, Volume 134, Issue 1, February, pp. 397–450.

• Default Premium (with Luís Catão) Journal of International Economics, 2017, Volume 107, July, pp. 91–110.

Publications in Journals (Referred)

• The Wage Phillips Curve under Labor Market Power (with A. Burya, Y. Timmer and A. Weber), 2023, AEA Papers and Proceedings, Volume 113, pp. 110-13

Publications in Books and Conference Volumes

• Sizing Up the Effects of Technological Decoupling (with D. Cerdeiro, J. Eugster, D. Muir and J. Peiris) Chapter 7 in Geoeconomic Fragmentation The Economic Risks from a Fractured World Economy, CEPR, 2023

• Do Foreign Exchange Interventions Lead to Higher Foreign Exchange Debt? Evidence from Firm-Level Data (with Minsuk Kim, and Mico Mrkaic) Chapter 15 in Shocks and Capital Flows, October 2023

• Foreign Exchange Intervention: A Data Set of Public Data and Proxies (with Gustavo Adler and Kyun Suk Chang) Chapter 13 in Shocks and Capital Flows, October 2023

• One Shock, Many Policy Responses (with Silvia Sgherri) Chapter 2 in Shocks and Capital Flows, October 2023

• Distributional Effects of Monetary Policy (with V. Bonifacio, L. Brandao-Marques, N. T. Budina, B. Csonto, C. Fratto, P. Engler, D. Furceri, D. O. Igan, M. Narita, M. Omoev, G. Pasricha and H. Ward) in Economic Challenges for Europe After the Pandemic Proceedings of the XXXII Villa Mondragone International Economic Seminar, Rome, Italy, 2021

Content in this bundle

• 1jamea2019001
  • 1jamea2019001 (Markdown version)
  • 1jamea2019001 (PDF)
• Chapter 2 — Introduction and Main Findings
  • Chapter 2 — Introduction and Main Findings (Markdown version)
  • Chapter 2 — Introduction and Main Findings (PDF)
• 1. Overview
  • 1. Overview (Markdown version)
  • 1. Overview (PDF)
• Executive Summary xi
  • Executive Summary xi (Markdown version)
  • Executive Summary xi (PDF)
• CHAPTER 4
  • CHAPTER 4 (Markdown version)
  • CHAPTER 4 (PDF)
• ch1
  • ch1 (Markdown version)
  • ch1 (PDF)
• Chapter 1
  • Chapter 1 (Markdown version)
  • Chapter 1 (PDF)
• Chapter 3
  • Chapter 3 (Markdown version)
  • Chapter 3 (PDF)
• CHAPTER 4 GEOECONOMIC FRAGMENTATION AND FOREIGN DIRECT INVESTMENT
  • CHAPTER 4 GEOECONOMIC FRAGMENTATION AND FOREIGN DIRECT INVESTMENT (Markdown version)
  • CHAPTER 4 GEOECONOMIC FRAGMENTATION AND FOREIGN DIRECT INVESTMENT (PDF)
• CHAPTER 2 FEELING THE PINCH? TRACING THE EFFECTS OF MONETARY POLICY THROUGH HOUSING MARKETS
  • CHAPTER 2 FEELING THE PINCH? TRACING THE EFFECTS OF MONETARY POLICY THROUGH HOUSING MARKETS (Markdown version)
  • CHAPTER 2 FEELING THE PINCH? TRACING THE EFFECTS OF MONETARY POLICY THROUGH HOUSING MARKETS (PDF)
• ch1
  • ch1 (Markdown version)
  • ch1 (PDF)
• ch2
  • ch2 (Markdown version)
  • ch2 (PDF)