Research/Policy Work

2024

Dizioli A. and H. Wang, 2024, “How Do Adaptive Learning Expectations Rationalize Stronger Monetary Policy Response in Brazil?” Latin American Journal of Central Banking, Volume 5, Issue 1.

2023

Chen, K., M. Kolasa, J. Linde, H. Wang, P. Zabczyk, and J. Zhou, 2023, “An Estimated DSGE Model for Integrated Policy Analysis,” IMF Working Paper No. 23/135.

Dizioli A. and H. Wang, 2023, “How Do Adaptive Learning Expectations Rationalize Stronger Monetary Policy Response in Brazil?” IMF Working Paper No. 23/19. 

Khan, S., and H. Wang, 2023, “Appendix VIII. Simulating Downside Risks Scenarios Using the Integrated Policy Framework,” in Malaysia: 2023 Article IV Consultation Staff Report, International Monetary Fund, IMF Country Report No. 23/185.

“Annex V. Managing Downside Risks: Application of the Integrated Policy Framework to Indonesia,” in Indonesia: 2023 Article IV Consultation Staff Report, International Monetary Fund, IMF Country Report No. 23/221.

2022

Kim, M and H. Wang, 2022, “Indonesia’s Exit Strategy from COVID-19: Policy Considerations and Scenario Analyses,” in Indonesia: Selected Issues, International Monetary Fund, IMF Country Report No. 22/85. 

Sun, T. and H. Wang, 2022, “The Rupiah Money Market in Indonesia: Recent Evolution and Implications of Introducing A Central Bank Digital Currency,” in Indonesia: Selected Issues, International Monetary Fund, IMF Country Report No. 22/85.

Rawat, U., H. Wang, and J. Zhou, 2022, “Annex IV. An Integrated Policy Approach,” in Thailand: 2022 Article IV Consultation Staff Report, International Monetary Fund, IMF Country Report No. 22/300.

Chen, K., L. Hunter, C. H. Lim, J. Linde, and H. Wang, 2022, “Application of the Integrated Policy Framework to the Philippines,” in Philippines: Selected Issues, International Monetary Fund, IMF Country Report No. 22/370.

2019

Clinton, K., R.S. Craig, D. Laxton, and H. Wang, 2019, “Strengthening the Monetary Policy Framework in Korea,” IMF Working Paper No. 19/103.

Alichi, A., H. Avetisyan, D. Laxton, S. Mkhatrishvili, A. Nurbekyan, L. Torosyan, and H. Wang, 2019, “Multivariate Filter Estimation of Potential Output for the United States: An Extension with Labor Market Hysteresis,” IMF Working Paper No. 19/35.

2018

Al-Mashat, R., K. Clinton, B. Hunt, Z. Jakab, D. Laxton, H. Wang, and J. Yao, 2018, “Monetary Policy in the New Mediocre,” in Sustaining Economic Growth in Asia, ed. by J. Cohen-Setton, T. Helbling, A. Posen, and C. Rhee, Peterson Institute for International Economics, December 2018.

Al-Mashat, R., A. Bulir, N. Dinçer, T. Hlédi, T. Holub, A. Kostanyan, D. Laxton, A. Nurbekyan, R. Portillo, and H. Wang, 2018, “An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank,” IMF Working Paper No. 18/210.

Alichi, A. and others, 2018, “Estimates of Potential Output and the Neutral Rate for the U.S. Economy,” IMF Working Paper No. 18/152.

Adrian, T., and others, 2018, Advancing the Frontiers of Monetary Policy, edited by T. Adrian, D. Laxton, and M. Obstfeld, International Monetary Fund.

Arnold, N., B. Barkbu, E. Ture, H. Wang, and J. Yao, 2018, “A Central Fiscal Stabilization Capacity for the Euro Area,” IMF Staff Discussion Note No. 18/03. 

Craig, R.S., and H. Wang, 2018, “Enhancing the Monetary Policy Framework in Korea,” Republic of Korea: Selected Issues, IMF Country Report, No. 18/41.

Zoli, E., D. Laxton, S. Mursula, H. Wang, and J. Yao, 2018, “A New Strategy for Korea’s Fiscal Policy in a Low-Growth Environment,” Republic of Korea: Selected Issues, IMF Country Report, No. 18/41.

Zoli, E., D. Laxton, S. Mursula, H. Wang, and J. Yao, 2018, “A New Strategy for Korea’s Fiscal Policy in a Low-Growth Environment,” IMF Working Paper No. 18/91.

2017

Alichi, A., O. Bizimana, D. Laxton, K. Tanyeri, H. Wang, J. Yao, and F. Zhang, 2017, “Multivariate Filter Estimation of Potential Output for the United States,” IMF Working Paper No. 17/106.

Benes, J., K. Clinton, A. George, J. John, O. Kamenik, D. Laxton, P. Mitra, G.V. Nadhanael, H. Wang, and F. Zhang, 2017, “Inflation-Forecast Targeting for India: An Outline of the Analytical Framework,” IMF Working Paper No. 17/32. 

Benes, J., K. Clinton, A. George, P. Gupta, J. John, O. Kamenik, D. Laxton, P. Mitra, G.V. Nadhanael, R. Portillo, H. Wang, and F. Zhang, 2017, “Quarterly Projection Model for India: Key Elements and Properties,” IMF Working Paper No. 17/33. 

Clinton, K., T. Hlédik, T. Holub, D. Laxton, and H. Wang, 2017, “Czech Magic: Implementing Inflation-Forecast Targeting at the CNB,” IMF Working Paper No. 17/21.

Arezki, R., Z. Jakab, D. Laxton, A. Matsumoto, A. Nurbekyan, H. Wang, and J. Yao, 2017, “Oil Prices and the Global Economy,” IMF Working Paper No. 17/15.

2016

Benes, J., K. Clinton, A. George, J. John, O. Kamenik, D. Laxton, P. Mitra, G.V. Nadhanael, H. Wang, and F. Zhang, 2016, “Inflation-Forecast Targeting for India: An Outline of the Analytical Framework,” RBI Working Paper Series No. 07/2016. 

Benes, J., K. Clinton, A. George, P. Gupta, J. John, O. Kamenik, D. Laxton, P. Mitra, G.V. Nadhanael, R. Portillo, H. Wang, and F. Zhang, 2016, “Quarterly Projection Model for India: Key Elements and Properties,” RBI Working Paper Series No. 08/2016. 

Gaspar, V., M. Obstfeld, R. Sahay, D. Laxton, D. Botman, K. Clinton, R. Duval, K. Ishi, Z. Jakab, L. Jaramillo Mayor, C. Lonkeng Ngouana, T. Mancini Griffoli, J. Mongardini, S. Mursula, E. Nier, Y. Ustyugova, H. Wang, and O. Wuensch, 2016, “Macroeconomic Management When Policy Space is Constrained: A Comprehensive, Consistent and Coordinated Approach to Economic Policy,” IMF Staff Discussion Note No. 16/09. (Online Appendices) 

Obstfeld, M., K. Clinton, O. Kamenik, D. Laxton, Y. Ustyugova, and H. Wang, 2016, “How to Improve Inflation Targeting in Canada,” IMF Working Paper No. 16/192. (IMF Blog)

Arbatli, E., D. Botman, K. Clinton, P. Cova, V. Gaspar, Z. Jakab, D. Laxton, C. Lonkeng Ngouana, J. Mongardini, and H. Wang, 2016, “Reflating Japan: Time to Get Unconventional?” IMF Working Paper No. 16/157.

Benes, J., C. Freedman, M. Kumhof, D. Laxton, D. Muir, S. Mursula, and H. Wang, 2016, “The Benefits of International Policy Coordination Reconsidered: Some Important Lessons from the Global Financial Crisis,” pp. 77-110, in Managing Complexity: Economic Policy Cooperation after the Crisis, edited by T. Bayoumi, S. Pickford and P. Subacchi, Brookings Institution Press.

2015

Alichi, A., O. Bizimana, S. Domit, E. Fernández-Corugedo, D. Laxton, K. Tanyeri, H. Wang, and F. Zhang, 2015, “Multivariate Filter Estimation of Potential Output for the Euro Area and the United States,” IMF Working Paper No. 15/253. 

Alichi, A., K. Clinton, C. Freedman, O. Kamenik, M. Juillard, D. Laxton, J. Turunen, and H. Wang, 2015, “Avoiding Dark Corners: A Robust Monetary Policy Framework for the United States,” IMF Working Paper No. 15/134. (IMF Blog)

Clinton, K., C. Freedman, M. Juillard, O. Kamenik, D. Laxton, and H. Wang, 2015, “Inflation-Forecast Targeting: Applying the Principle of Transparency,” IMF Working Paper No. 15/132. (Supplemental Annex)

Alichi, A., J. Benes, J. Felman, I. Feng, C. Freedman, D. Laxton, E. Tanner, D. Vavra, and H. Wang, 2015, “Frontiers of Monetary Policymaking: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic,” IMF Working Paper No. 15/74.

Arezki, R., D. Laxton, A. Nurekyan, and H. Wang, 2015, “An Exploration in Deep Corners of the Oil Market,” IMF Research Bulletin, March 2015.

MISC

“Sovereign Debt and Limited Commitment,” work in progress.

“Domestic Public Debt with Endogenous Default,” work in progress.

“Endogenous Gridpoints Method in Quantitative Sovereign Debt Models,” work in progress.

“Multilateral Bargaining with Productive and Unproductive Efforts,” work in progress.