{
  "title": "Jean-Marc Natal",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/natal-jean-marc",
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  "summary": "Jean-Marc Natal is Deputy Chief of the World Economic Studies Division – in charge of the WEO -- in the Research Department of the IMF. Prior to joining the IMF, he was Deputy Director of Research at the Swiss National Bank where he advised the Board on monetary policy decisions and strategy. Mr Natal taught Monetary Theory and Policy at the University of Geneva and his research is published in various economics journals, including the Economic Journal and the Journal of Money, Credit and Banking. He holds a PhD in International Economics from the Graduate Institute of International Studies in Geneva. Email: JNATAL@imf.org",
  "authors": [
    "Jean-Marc Natal"
  ],
  "sections": [
    {
      "heading": "Biography",
      "content": "Jean-Marc Natal is Deputy Chief of the World Economic Studies Division – in charge of the WEO -- in the Research Department of the IMF. Prior to joining the IMF, he was Deputy Director of Research at the Swiss National Bank where he advised the Board on monetary policy decisions and strategy. Mr Natal taught Monetary Theory and Policy at the University of Geneva and his research is published in various economics journals, including the Economic Journal and the Journal of Money, Credit and Banking. He holds a PhD in International Economics from the Graduate Institute of International Studies in Geneva. Email: JNATAL@imf.org"
    },
    {
      "heading": "Education",
      "content": "- PhD in International Economics, Graduate Institute of International Studies, Geneva, 2002.\n\n- MSc in International Economics, Graduate Institute of International Studies, Geneva 1993."
    },
    {
      "heading": "Previous Experience",
      "content": "- Mission Chief Malta, European Dept, 2017-2019\n\n- Senior Germany and the Netherlands Economist, European Dept, 2015-2019\n\n- Deputy Head, Research, Economic affairs, Swiss National Bank, Zurich, 2006-2010\n\n- Associate Professor, Monetary policy and theory, Master's program in macroeconomics and finance, University of Geneva, 2010-2011.\n\n- Visiting Scholar, International research, Federal Reserve Bank of San Francisco, 2008-2009."
    },
    {
      "heading": "Current Position",
      "content": "- Deputy Chief, World Economic Studies Division (WEO), Research Dpmt, International Monetary Fund, Washington DC."
    },
    {
      "heading": "IMF Direct Blog Posts",
      "content": "- Interest Rates Likely to Return Toward Pre-Pandemic Levels When Inflation is Tamed.\n\n- Further Delaying Climate Policies Will Hurt Economic Growth.\n\n- Private Debt to Weigh on Global Economic Recovery.\n\n- Why Basic Science Matters for Economic Growth.\n\n- Growing Older: Germany Needs Reforms"
    },
    {
      "heading": "Books",
      "content": "- Analyse Empirique de la Politique Monétaire à l'aide de Modèles (B)(S)VAR, PhD Thesis N°638, IUHEI, Geneva, 2002."
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Industrial Policy and Supply Chain Bottlenecks in Commodity Markets: Evidence from Rare Earth Elements, Working Paper No. 2026/072 , July 17, 2026\n\n- Macroeconomic Effects of Rare Earths Supply Chain Disruptions, Working Paper No. 2026/073 , July 17, 2026\n\n- Commodity-driven Macroeconomic Fluctuations: Does Size Matter?, Working Paper No. 2025/208 , October 14, 2025\n\n- Immigration and Wage Dynamics in Germany, Working Paper No. 2019/301 , December 27, 2019\n\n- How Informative Are Real Time Output Gap Estimates in Europe?, Working Paper No. 2019/200 , September 20, 2019\n\n- Globalization, Market Power, and the Natural Interest Rate, Working Paper No. 2019/095 , May 6, 2019"
    },
    {
      "heading": "Other Published Materials",
      "content": "- Globalization, Market Power, and the Natural Interest Rate\n\n- How Informative Are Real Time Output Gap Estimates in Europe?\n\n- Immigration and Wage Dynamics In Germany"
    },
    {
      "heading": "Publications in Journals (Referred)",
      "content": "- Monetary and Macroprudential Policies in a Leveraged Economy”, with Sylvain Leduc, The Economic Journal, July 2017.\n\n- “The Real Exchange Rate and the Structure of Aggregate Production”, with Ulrich Kohli, Journal of Productivity Analysis, 2013, 8.\n\n- Monetary Policy Response to Oil Price Shocks, Journal of Money, Credit and Banking, Vol. 44, Issue 1, 53–101, 2012, 2.\n\n- Discussion of : “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland”, by Stefan Leist and Klaus Neusser, Swiss Journal of Economics and Statistics, Vol. 146(1), 2010.\n\n- Price Stability and the Case for Flexible Exchange Rates, with N. Cuche-Curti and H. Dellas, Open Economies Review, 2010, 1.\n\n- DSGE-CH: a Dynamic Stochastic General Equilibrium Model for Switzerland, with Nicolas Cuche-Curti and Harris Dellas, Swiss National Bank, Economic Studies, 5, 2009.\n\n- The Case for Inflation Targeting in a Small Open Economy, with N. Cuche-Curti and H. Dellas, International Finance, 11:1, 2008.\n\n- Deflation and Deflationary Traps: The Situation in Switzerland, Swiss Journal of Economics and Statistics, Vol. 140(1), 2004."
    }
  ],
  "bullets": [
    "PhD in International Economics, Graduate Institute of International Studies, Geneva, 2002.",
    "MSc in International Economics, Graduate Institute of International Studies, Geneva 1993.",
    "Mission Chief Malta, European Dept, 2017-2019",
    "Senior Germany and the Netherlands Economist, European Dept, 2015-2019",
    "Deputy Head, Research, Economic affairs, Swiss National Bank, Zurich, 2006-2010",
    "Associate Professor, Monetary policy and theory, Master's program in macroeconomics and finance, University of Geneva, 2010-2011.",
    "Visiting Scholar, International research, Federal Reserve Bank of San Francisco, 2008-2009.",
    "Deputy Chief, World Economic Studies Division (WEO), Research Dpmt, International Monetary Fund, Washington DC.",
    "[Interest Rates Likely to Return Toward Pre-Pandemic Levels When Inflation is Tamed.](https://www.imf.org/en/Blogs/Articles/2023/04/10/interest-rates-likely-to-return-towards-pre-pandemic-levels-when-inflation-is-tamed)",
    "[Further Delaying Climate Policies Will Hurt Economic Growth.](https://www.imf.org/en/Blogs/Articles/2022/10/05/further-delaying-climate-policies-will-hurt-economic-growth)",
    "[Private Debt to Weigh on Global Economic Recovery.](https://www.imf.org/en/Blogs/Articles/2022/04/18/blog04182022-weo-ch2-sm22)",
    "[Why Basic Science Matters for Economic Growth.](https://www.imf.org/en/Blogs/Articles/2021/10/06/blog-ch3-weo-why-basic-science-matters-for-economic-growth)",
    "[Growing Older: Germany Needs Reforms](https://www.imf.org/en/Blogs/Articles/2016/06/29/growing-older-germany-needs-reforms)",
    "Analyse Empirique de la Politique Monétaire à l'aide de Modèles (B)(S)VAR, PhD Thesis N°638, IUHEI, Geneva, 2002.",
    "[Industrial Policy and Supply Chain Bottlenecks in Commodity Markets: Evidence from Rare Earth Elements](https://www.imf.org/en/publications/wp/issues/2026/07/17/industrial-policy-and-supply-chain-bottlenecks-in-commodity-markets-evidence-from-rare-575308), Working Paper No. 2026/072 , July 17, 2026",
    "[Macroeconomic Effects of Rare Earths Supply Chain Disruptions](https://www.imf.org/en/publications/wp/issues/2026/07/17/macroeconomic-effects-of-rare-earths-supply-chain-disruptions-575311), Working Paper No. 2026/073 , July 17, 2026",
    "[Commodity-driven Macroeconomic Fluctuations: Does Size Matter?](https://www.imf.org/en/publications/wp/issues/2025/10/07/commodity-driven-macroeconomic-fluctuations-does-size-matter-571008), Working Paper No. 2025/208 , October 14, 2025",
    "[Immigration and Wage Dynamics in Germany](https://www.imf.org/en/publications/wp/issues/2019/12/27/immigration-and-wage-dynamics-in-germany-48838), Working Paper No. 2019/301 , December 27, 2019",
    "[How Informative Are Real Time Output Gap Estimates in Europe?](https://www.imf.org/en/publications/wp/issues/2019/09/20/how-informative-are-real-time-output-gap-estimates-in-europe-48645), Working Paper No. 2019/200 , September 20, 2019",
    "[Globalization, Market Power, and the Natural Interest Rate](https://www.imf.org/en/publications/wp/issues/2019/05/06/globalization-market-power-and-the-natural-interest-rate-46825), Working Paper No. 2019/095 , May 6, 2019",
    "[Globalization, Market Power, and the Natural Interest Rate](https://www.imf.org/en/Publications/WP/Issues/2019/05/06/Globalization-Market-Power-and-the-Natural-Interest-Rate-46825)",
    "[How Informative Are Real Time Output Gap Estimates in Europe?](https://www.imf.org/en/Publications/WP/Issues/2019/09/20/How-Informative-Are-Real-Time-Output-Gap-Estimates-in-Europe-48645)",
    "[Immigration and Wage Dynamics In Germany](https://www.imf.org/en/Publications/WP/Issues/2019/12/27/Immigration-and-Wage-Dynamics-in-Germany-48838)",
    "Monetary and Macroprudential Policies in a Leveraged Economy”, with Sylvain Leduc, The Economic Journal, July 2017.",
    "“The Real Exchange Rate and the Structure of Aggregate Production”, with Ulrich Kohli, Journal of Productivity Analysis, 2013, 8.",
    "Monetary Policy Response to Oil Price Shocks, Journal of Money, Credit and Banking, Vol. 44, Issue 1, 53–101, 2012, 2.",
    "Discussion of : “Measuring the Natural Output Level by DSGE Models: An Empirical Investigation for Switzerland”, by Stefan Leist and Klaus Neusser, Swiss Journal of Economics and Statistics, Vol. 146(1), 2010.",
    "Price Stability and the Case for Flexible Exchange Rates, with N. Cuche-Curti and H. Dellas, Open Economies Review, 2010, 1.",
    "DSGE-CH: a Dynamic Stochastic General Equilibrium Model for Switzerland, with Nicolas Cuche-Curti and Harris Dellas, Swiss National Bank, Economic Studies, 5, 2009.",
    "The Case for Inflation Targeting in a Small Open Economy, with N. Cuche-Curti and H. Dellas, International Finance, 11:1, 2008.",
    "Deflation and Deflationary Traps: The Situation in Switzerland, Swiss Journal of Economics and Statistics, Vol. 140(1), 2004."
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