This paper examines the rise of non-bank financial intermediaries (NBFIs) and its implications for financial stability and monetary policy transmission in the Euro Area and the United States. While the U.S. financial system has long been market-based, the Euro Area has experienced a striking...

The United States experienced an unprecedented increase in unemployment insurance (UI) claims beginning in March 2020. State UI-benefit systems were strained beyond their administrative capacity to process the dual challenge of an unprecedented increase in claims and changes to UI benefits. In...

The importance of policy coordination between fiscal and monetary policy authorities has become more apparent, in the face of unexpected economic shocks and persistent macroeconomic challenges. In this paper, we employ the Set-Theoretic Approach (STA) to explicitly measure the presence of...

The 2×2 game is the simplest non-trivial model of strategic interaction: there are two players, each has two strategies, and each has a strict preference ranking over the four possible outcomes. For models of play that depend only on the ranking of the outcomes, the catalog of 2×2 games...

This paper examines the stability of self-control over time using nationally-representative longitudinal data from Australia. We track the same individuals between 2019 and 2023, a period encompassing one of the most disruptive global crisis in recent history: the COVID-19 pandemic. Despite...

This paper focuses on the Republic of Azerbaijan's Financial Sector Assessment Program as part of Financial System Stability Assessment. Azerbaijan's economy has recovered from two downturns prompted by the collapse of global oil prices in 2015 and coronavirus disease 2019 pandemic in 2020. An...

We examine the impact of government size on economic fluctuations and the role of fiscal policy in promoting macroeconomic stability in the period 1980-2024. The results indicate that indirect taxes, capital taxes, and social security contributions (as a percentage of GDP) are associated with...

India's financial system has withstood the pandemic well and has become more resilient since the 2017 FSAP. Nonbank financial institutions (NBFIs)-especially nonbank financial companies (NBFCs) providing credit with wholesale financing-and market financing have grown, making the financial system...

This paper examines the redistributive impact of fiscal policy-specifically taxes and transfers-on poverty and inequality in eight countries in the Middle East and North Africa: the Arab Republic of Egypt, Djibouti, the Islamic Republic of Iran, Iraq, Jordan, Morocco, Tunisia, and the West Bank...

This study uses the 2021 wave of the FINRA National Financial Capability Study dataset to examine the association between large and unexpected income drops experienced by individuals during the COVID-19 pandemic and an individual's use of stimulus checks to settle debt obligations. This study...

Theoretical analysis, empirical development and case studies show that room to manoeuvre stabilising macroeconomic policies during the COVID-19 crisis in the years 2020 and 2021 were fundamentally different in the Global South and Global North. The latter used extensive discretionary fiscal and...

Governments use short-time work (STW) schemes to subsidize job preservation during crises. We study the take-up of STW and its effects on worker outcomes and firm behavior using German administrative data from 2009 to 2021. Establishments utilizing STW tend to have higher wages, be larger, and...

For over two decades, Greece's external position has been characterised by current account deficits and negative net foreign assets. The Recovery and Resilience Plan (RRP), supported by the EU's Recovery and Resilience Facility (RRF), is a large-scale investment and reform programme, which may...

Governments use short-time work (STW) schemes to subsidize job preservation during crises. We study the take-up of STW and its effects on worker outcomes and firm behavior using German administrative data from 2009 to 2021. Establishments utilizing STW tend to have higher wages, be larger, and...

The COVID-19 pandemic led to unprecedented levels of federal aid transfers to state governments. Did this funding increase benefit state incumbents electorally? Identifying the effect of revenue windfalls on economic voting is challenging because whatever conditions led to the influx of cash...