## Pawel Zabczyk ## Source details **Canonical URL:** [Pawel Zabczyk](https://www.imf.org/en/research/researcher-cv/author/zabczyk-pawel) ## Other formats - [Markdown version](/en/research/researcher-cv/author/zabczyk-pawel/index.md) - [Structured JSON version](/en/research/researcher-cv/author/zabczyk-pawel/index.json) - [Bundle manifest](/en/research/researcher-cv/author/zabczyk-pawel/bundle-manifest.json) ## Bibliographic details - Authors: Pawel Zabczyk --- ### Profile ### Education - 2009, PhD in Economics, London School of Economics - 2003, MSc in Econometrics and Mathematical Economics, London School of Economics - 2002, MPhil in Economics and Finance, Cambridge University - 2001, MSc in Mathematics (Mathematical Methods in Finance), Warsaw University - 2000, MSc in Economics (Banking and Finance), Warsaw University - 1999, BSc in Mathematics, Warsaw University ### Previous Experience - Feb 2018 - Apr 2019; Senior Financial Sector Expert, Monetary and Macroprudential Policies Division, Monetary and Capital Markets Department, International Monetary Fund - Aug 2013, Feb 2018; Adviser, Centre for Central Banking Studies, Monetary Analysis, Bank of England - Jul 2013 - Feb 2018; Associate, Centre for Macroeconomics - Oct 2016 – May 2017; Adviser, Research Hub, Monetary Analysis, Bank of England - Jul 2012 – Jul 2013; Senior Economist, Monetary Assessment and Strategy Division, Monetary Analysis, Bank of England - Jul 2010 – Jun 2012; National Central Bank Expert, Financial Research Division, Directorate General Research, European Central Bank - Jun 2010 – Jul 2010; Senior Economist, Risk Assessment Division, Financial Stability, Bank of England - Oct 2009 – Jun 2010; Senior Economist, Macro-Financial Analysis Division, Monetary Analysis, Bank of England. - Dec 2006 – Oct 2009; Economist, Monetary Instruments and Markets Division, Monetary Analysis, Bank of England - Sep 2002 – Dec 2006; Economist, International Economic Analysis Division, Monetary Analysis, Bank of England ### Referee Activities - Economica, Economics Letters, Economic Modelling, European Economic Review, International Economic Review, International Finance, International Journal of Central Banking, Journal of Economic Dynamics and Control, Journal of International Economics, Journal of Money Credit and Banking, Macroeconomic Dynamics, Oxford Bulletin of Economics and Statistics, Studies in Nonlinear Dynamics and Econometrics ### Awards and Honors - ESRC Full Scholarship for PhD studies; Full Chevening Scholarship for MSc course; LSE Recommended Entrance Grant (declined); Citibank and Cambridge Overseas Trust Scholarship for MPhil; Semkow Award for Master Thesis (Warsaw); Erasmus / Socrates scholarship to study Economics in Potsdam ### Current Position - Senior Financial Sector Expert, Monetary Modeling Unit, Monetary and Capital Markets Department, International Monetary Fund (from April 2019) ### Work in progress - “Central Bank Exit Strategies: Domestic Transmission and International Spillovers” (with Christopher Erceg, Marcin Kolasa, Jesper Linde and Haroon Mumtaz), mimeo IMF, March 2023 - “Managing Monetary Tradeoffs in Vulnerable Open Economies” (with Tobias Adrian, Christopher Erceg, Marcin Kolasa and Jesper Linde), mimeo IMF, November 2022 - “Measuring Central Bank Credibility” (with Kaili Chen), mimeo IMF, September 2021 - “Navigating the Global Lockdown: Macro-Financial Policy Trade-Offs under COVID-19” (with Tobias Adrian, Christopher Erceg and Jesper Linde), mimeo IMF, May 2021 - “Monetary and Macroprudential Policy with Endogenous Risk” (with Tobias Adrian, Fernando Duarte and Nellie Liang), CEPR Discussion Paper, No. 14435, February, 2020 - “The Dynamics of Corporate Bond Default” (with Colin Ellis and Haroon Mumtaz), mimeo IMF, June 2019 - “A Requiem for the Fiscal Theory of the Price Level” (with Roger E. A. Farmer), NBER Working Paper, No. 25445, May 2019 ### IMF Publications ### IMF Books and Working Papers - [Optimal FX Interventions with Limited Reserves](https://www.imf.org/en/publications/wp/issues/2025/12/12/optimal-fx-interventions-with-limited-reserves-572513), Working Paper No. 2025/261 , December 12, 2025 - [Macroeconomic and Fiscal Consequences of Quantitative Easing](https://www.imf.org/en/publications/wp/issues/2025/08/08/macroeconomic-and-fiscal-consequences-of-quantitative-easing-569267), Working Paper No. 2025/158 , August 8, 2025 - [ECB Spillovers to Emerging Europe: The Past and Current Experience](https://www.imf.org/en/publications/wp/issues/2024/08/09/ecb-spillovers-to-emerging-europe-the-past-and-current-experience-553162), Working Paper No. 2024/170 , August 9, 2024 - [New Perspectives on Quantitative Easing and Central Bank Capital Policies](https://www.imf.org/en/publications/wp/issues/2024/05/17/new-perspectives-on-quantitative-easing-and-central-bank-capital-policies-549168), Working Paper No. 2024/103 , May 17, 2024 - [Central Bank Exit Strategies Domestic Transmission and International Spillovers](https://www.imf.org/en/publications/wp/issues/2024/03/29/central-bank-exit-strategies-domestic-transmission-and-international-spillovers-546938), Working Paper No. 2024/073 , March 29, 2024 - [An Estimated DSGE Model for Integrated Policy Analysis](https://www.imf.org/en/publications/wp/issues/2023/06/29/an-estimated-dsge-model-for-integrated-policy-analysis-535436), Working Paper No. 2023/135 , June 30, 2023 - [Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model](https://www.imf.org/en/publications/wp/issues/2022/06/03/monetary-policy-and-exchange-rate-dynamics-in-a-behavioral-open-economy-model-518885), Working Paper No. 2022/112 , June 3, 2022 - [A Quantitative Microfounded Model for the Integrated Policy Framework](https://www.imf.org/en/publications/wp/issues/2021/12/17/a-quantitative-microfounded-model-for-the-integrated-policy-framework-510977), Working Paper No. 2021/292 , December 17, 2021 - [Monetary and Macroprudential Policy with Endogenous Risk](https://www.imf.org/en/publications/wp/issues/2020/11/13/monetary-and-macroprudential-policy-with-endogenous-risk-49885), Working Paper No. 2020/236 , November 13, 2020 - [A Quantitative Model for the Integrated Policy Framework](https://www.imf.org/en/publications/wp/issues/2020/07/07/a-quantitative-model-for-the-integrated-policy-framework-49555), Working Paper No. 2020/122 , July 7, 2020 - [A Requiem for the Fiscal Theory of the Price Level](https://www.imf.org/en/publications/wp/issues/2019/10/11/a-requiem-for-the-fiscal-theory-of-the-price-level-48715), Working Paper No. 2019/219 , October 11, 2019 ### Non-IMF Publications ### Publications in Journals (Refereed) - [A Sunspot-Based Theory of Unconventional Monetary Policy (with Roger E.A. Farmer), Macroeconomic Dynamics, 2022, 26(1), 186-217.](https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/abs/sunspotbased-theory-of-unconventional-monetary-policy/94B724EAF2A944A33AFFE87083EB7671) - [NKV: A New Keynesian Model with Vulnerability (with Tobias Adrian, Fernando Duarte and Nellie Liang), AEA Papers and Proceedings, 2020, Vol. 110, May, pp. 470-476.](https://www.aeaweb.org/articles?id=10.1257/pandp.20201023) - [The Household Fallacy (with Roger E.A. Farmer), Economics Letters, 2018, Vol. 169(C), pp. 83 - 86.](https://www.sciencedirect.com/science/article/abs/pii/S0165176518301915) - [Efficient Bond Price Approximations in Non-Linear Equilibrium-Based Term Structure Models (with Martin Andreasen), Studies in Nonlinear Dynamics and Econometrics, 2015, Vol. 19(1), pp. 1-33.](https://www.degruyter.com/document/doi/10.1515/snde-2012-0005/html) - [What Lies Beneath? A Time-Varying FAVAR Model for the UK Transmission Mechanism (with Colin Ellis and Haroon Mumtaz), The Economic Journal, 2014, Vol. 124(576), pp. 668-699.](https://onlinelibrary.wiley.com/doi/pdf/10.1111/ecoj.12147) - [The Business Cycle Implications of Banks' Maturity Transformation (with Martin Andreasen and Marcelo Ferman), Review of Economic Dynamics, 2013, Vol. 16(4), pp. 581-600.](https://www.sciencedirect.com/science/article/abs/pii/S1094202512000841) - [Cyclical Risk Aversion, Precautionary Saving and Monetary Policy (with Bianca De Paoli), Journal of Money, Credit and Banking, 2013, Vol. 45(1), pp. 1-36.](https://onlinelibrary.wiley.com/doi/10.1111/j.1538-4616.2012.00560.x) - [Policy Design in a Model with Swings in Risk Appetite (with Bianca De Paoli), Oxford Economic Papers, 2013, Vol. 65(S1), pp. i146-i169.](https://academic.oup.com/oep/article-abstract/65/suppl_1/i146/2912937?redirectedFrom=fulltext) - [Why do Risk Premia Vary Over Time? A Theoretical Investigation Under Habit Formation (with Bianca De Paoli), Macroeconomic Dynamics, 2012, Vol. 16(S2), pp. 252-266.](https://www.cambridge.org/core/journals/macroeconomic-dynamics/article/abs/why-do-risk-premia-vary-over-time-a-theoretical-investigation-under-habit-formation/39E9220527B0DC384F5C02A0F9597007) - [Cyclical Precautionary Saving and Monetary Policy (with Bianca De Paoli), European Central Bank Research Bulletin, 2012, No. 16, pp. 7-9.](https://www.ecb.europa.eu/pub/pdf/other/researchbulletin16en.pdf) --- ## Content in this bundle - **Pawel Zabczyk CV 2016** - [Pawel Zabczyk CV 2016 (Markdown version)](/-/media/files/cv/pdfs/pawel-zabczyk.pdf.md){rel="alternate" type="text/markdown"} - [Pawel Zabczyk CV 2016 (PDF)](/-/media/files/cv/pdfs/pawel-zabczyk.pdf){rel="external" type="application/pdf"} --- _Source: https://www.imf.org/en/research/researcher-cv/author/zabczyk-pawel_