DANIEL GARCIA-MACIA
Economist, Fiscal Affairs Department, International Monetary Fund
700 19th St NW, Washington, DC 20431
email: dgarciamacia at imf.org
PhD Economics, Stanford University
Interests: Macroeconomics, Finance, Economic Growth, Innovation
Refereed Publications
How Destructive is Innovation?, with Chang-Tai Hsieh & Peter Klenow, Econometrica, 87(5), 1507–1541, September 2019
Replication files: link to zip folder
Coverage: NBER Digest, Chicago Booth Review, Financial Times, Bloomberg
Household Wealth and Resilience to Financial Shocks in Italy, International Journal of Central Banking, 17(3), 241-272, September 2021
IMF WP version: IMF Working Paper 18/196.
Macroprudential Policy with Liquidity Panics, with Alonso Villacorta, The Review of Financial Studies, 36(5), 2046–2090, May 2023
ESRB WP version: ESRB Working Paper No. 2
Runner-up of the Ieke van den Burg Prize for Research on Systemic Risk (2016), European Central Bank
Working Papers
The Financing of Ideas and the Great Deviation, IMF Working Paper 17/176, under revision for the Journal of Monetary Economics
Awarded the Kauffman Dissertation Fellowship (2014), Ewing Marion Kauffman Foundation
Tracing Productivity Growth Channels in the UK, with Julia Korosteleva, IMF Working Paper 21/273, Revise and Resubmit at Research Policy
The Stabilizing Role of Net Foreign Asset Returns, with Gustavo Adler, IMF Working Paper 18/79
Corporate Financing of Innovation and the Medium-Run Cycle
Sean Buckley Memorial Award for the Best Second-Year Paper (2013), Economics Department, Stanford University
Technological and Economic Decoupling in the Cyber Era, with Rishi Goyal, IMF Working Paper 20/257
Coverage: Financial Times, IMF Finance & Development Magazine, IMF Research Perspectives, Journal of International Affairs, CSFI panel (video)
Fiscal Rules and Fiscal Councils: Recent Trends and Performance during the COVID-19 Pandemic, with Hamid R. Davoodi, Paul Elger, Alexandra Fotiou, Xuehui Han, Andresa Lagerborg, W. Raphael Lam, and Paulo Medas, IMF Working Paper 22/11
Dataset and visualization tool: Fiscal Rules Dataset; Coverage: IMF Blog
The Effects of Inflation on Public Finances, IMF Working Paper 2023/093
Coverage: Financial Times, Bloomberg, El País
Public Debt Dynamics During the Climate Transition, with W. Raphael Lam and Anh Dinh Minh Nguyen, IMF Working Paper 2024/071
Coverage: Financial Times, El País
Has the Phillips Curve Become Steeper?, with Anil Ari and Shruti Mishra, IMF Working Paper 2023/100
Coverage: Central Banking.
The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment, with Nazim Belhocine and José Garrido, IMF Working Paper 18/218
The Measurement of External Accounts, with Gustavo Adler and Signe Krogstrup, IMF Working Paper 19/132
Identifying Service Market Reform Priorities in Italy, with Nazim Belhocine, IMF Working Paper 20/39
Labor Costs and Corporate Investment in Italy, IMF Working Paper 20/38
From Wood to Coal May Well Be from Malthus to Solow, with Egemen Eren
International Financial Integration and the Exchange Rate Disconnect, with Gustavo Adler and Igor Cesarec
Compliance with the Stability and Growth Pact: Counterfactual Scenarios, with Nathaniel Arnold
Policy Contributions
Blog: "Industrial Policy is Not a Magic Cure for Slow Growth"
China: 2023 Article IV Consultation Staff Report, IMF, 2024
October 2023 Fiscal Monitor, Chapter 1, "Climate Crossroads: Fiscal Policies in a Warming World", IMF, 2023
April 2023 Fiscal Monitor, Chapter 2, "Inflation and Disinflation: What Role for Fiscal Policy?", IMF, 2023
Costa Rica: Technical Assistance Report - Upgrading the Rule-Based Fiscal Framework, IMF Country Report 23/97
April 2022 Fiscal Monitor, Chapter 1, "Fiscal Policy from Pandemic to War", IMF, 2022
United Kingdom: 2021 Article IV Consultation Staff Report, IMF, 2022
United Kingdom: 2020 Article IV Consultation Staff Report, IMF, 2020
EU Climate Mitigation Policy, IMF Departmental Paper 20/13
Sectoral Policies for Climate Change Mitigation in the EU, IMF Departmental Paper 20/14
Italy: 2020 Article IV Consultation Staff Report, IMF, 2020
Euro Area Policies: 2019 Article IV Consultation Staff Report, IMF, 2019
Strengthening the Euro Area: The Role of National Structural Reforms in Building Resilience, IMF Staff Discussion Note 19/05
Italy: 2018 Article IV Consultation Staff Report, IMF, 2019
The External Balance Assessment Methodology: 2018 Update, IMF Working Paper 19/65
2018 Refinements to the External Balance Assessment Methodology, Technical Supplement, IMF, 2018
2017 External Sector Report, IMF, 2017
2015 Refinements to the External Balance Assessment (EBA) Methodology, Technical Background Note, IMF, 2017
Non-Refereed Publications
An Open-Economy Neoclassical Growth Model with a Two-Party System, with Pau Roldan & Peter Zorn, Addenda Review, 3, Spring 2012.