Nina Biljanovska
Senior Economist
IMF European Department
Disclaimer: The views expressed on this website are my own and do not necessarily reflect those of the International Monetary Fund, its Executive Board, or its Management.
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Work in progress and completed working papers
Monetary Policy and Housing Overvaluation, joint with E. Espuny Diaz, A. Kermani, R. Mano
A Model of Leveraged Bubbles, joint with J. Galí, Lucyna Gornicka, Alexandros Vardoulakis (coming soon!!)
Flattening the curve and the flight of the rich: Pandemic-induced shifts in US and European housing markets, joint with Giovanni Dell'Ariccia (CEPR working paper, VoxEU column)
Journal articles
Housing Affordability: A New Dataset, joint with Chenxu Fu and Deniz Igan, (accepted at Real Estate Finance)
Differential Effects of Macroprudential Policy, joint with Sophia Chen, Journal of Banking and Finance, 2025 (journal version)
Sudden Stops and Optimal Policy in a Two-agent Economy, joint with Alexandros Vardoulakis, Journal of International Economics, 2024 (journal version)
Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty joint with Francesco Grigoli and Martina Hengge, Review of International Economics, 2021 (journal version)
Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing, joint with Alexandros Vardoulakis, Journal of Macroeconomics, 2019 (journal version)
Control Thyself: Self-control Failure and Household Wealth, joint with Spyros Palligkinis, Journal of Banking and Finance, 2018 (journal version)
Optimal Policy in Collateral Constrained Economies, Macroeconomic Dynamics, 2017 (journal version)
Policy work, book chapters, and retired papers
Post-Pandemic Investment in Spain: Assessing the Sluggish Recovery, Spain 2025 Article IV Consultations Selected Issues Paper
Optimal Macroprudential Policy in Presence of Asset Price Bubbles, joint with Lucyna Gornicka and Alexandros Vardoulakis, IMF working paper WP/19/184 (under revision)
Housing Markets and Monetary Policy, joint with Mehdi Benatiya Andaloussi and Alessia De Stefani, December 2024 Finance and Development Magazine
Feeling the Pinch? Tracing the Effects of Monetary Policy through Housing Markets, April 2024 WEO Chapter 2
SUERF BAFFI Bocconi workshop: Real estate markets – outlook, risks, scenarios, policies, discussion of BIS | CGFS report on "Macroprudential Policies to Mitigate Housing Markts Risks"
A New Dataset on Housing Affordability, joint with Chenxu Fu and D. Igan, SUERF Policy Brief, No 768, January 2024
Residential Property Price Developments and (Mis)alignments in Cyprus, 2023 Cyprus Article IV Consultations Selected Issues (joint with Robert Beyer)
House Prices: Coming Off the Boil, Box 1.1 in April 2023 WEO Chapter 1
Macroprudential Policy Effects: Evidence and Open Questions, joint with S. Chen, G. Gelos, D. Igan, M. Martinez Peria, E. Nier, and F. Valencia, IMF Departmental Paper
Housing prices continue to soar in many countries around the world, IMF Blog Chart of the Week
House prices and consumer price inflation, joint with Deniz Igan and Chenxu Fu, Box 1.1 in Oct 2021 IMF WEO Chapter 1: Recovery During a Pandemic
Research Department Covid-19 Note: Bringing down the house: Real estate markets during the Covid-19 pandemic, joint with Deniz Igan
Research Department Covid-19 Note: Policies to mitigate the financial amplification of pandemics
Financial Amplification of Labor Supply Shocks, joint with Alexandros Vardoulakis, IMF working paper WP/20/189
Also featured in the Fall/Winter 2020 Issue of IMF Research Perspectives
Policies to Mitigate the Pandemic Fallout, Fall/Winter 2020, IMF Research Perspectives
Prioritization of Structural Reforms in Brazil, joint with Damiano Sandri, IMF working paper WP/18/224 and 2018 Brazil Article IV Consultations Selected Issues
EMBI Spreads: External Factors and the Impact of Fiscal Consolidation, 2018 Ecuador Article IV Consultations Selected Issues
The Impact of Fiscal Consolidation on Real Interest Rates in Emerging Market Economies, 2017 Brazil Article IV Consultations Selected Issues
Testing Shock Transmission Channels to Low Income Developing Countries, joint with Alexis Meyer-Cirkel, IMF working paper WP/16/102
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