学术论文

Unprecedented balance sheet expansion in recent years has resulted in heightened financial risk for central banks, reflected initially in higher profits and subsequently in significant losses. Combining data on central bank balance sheets with mar...

We exploit a randomized controlled trial conducted between 2007 and 2011 to identify the effect of Afghanistan’s largest local governance and development program on the strength of the insurgency. We find that the program reduced violence, improve...

This paper investigates how multinational enterprises (MNEs) adapted their global operations in the post COVID-19 period. Using the pandemic as a natural experiment, we analyze how MNEs adjusted employment across their foreign and domestic affilia...

Does the maturity of the relevant risk-free rate influence the strength of monetary policy pass-through to interest rates on new loans? To address this question, we present novel empirical evidence on lending practices across all euro area countri...

The Republic of Congo, a country with extensive tropical forests and low deforestation rates, needs to balance exportdriven development, especially through timber production, and sustainable forest management. Despite national commitments to conse...

This paper studies the effect of government issuance on firm issuance during banking crises using transaction-level bond and loan data from 66 countries between 1991 and 2017. Governments rarely issue loans, preferring to issue in bond markets. In...

The Asian Development Bank financed the Gender-Inclusive Dairy Value Chain Investment Project in Mongolia from 2019 to 2023 to support the investment plan of Milko Limited Liability Company (Milko) aimed at expanding the company’s milk collection ...

This paper introduces a new Monetary Policy Conditions Index (MCI) that integrates conventional and unconventional monetary policy tools into a unified measure. The MCI is a weighted average of short-term interest rate and central bank balance she...

This paper provides novel empirical evidence on the impact of monetary policy on innovation investment using unique firm-level data. First, we document the effect of a large, systematic monetary tightening (ECB rate increases from 0% to 4.5% durin...

We examine the link between the diffusion of artificial intelligence (AI) enabled technologies and changes in the female employment share in 16 European countries over the period 2011-2019. Using data for occupations at the 3-digit level, we find ...

This paper empirically studies the relationship between industrial policies (IPs) and firm performance, showing it varies by instrument, firm and industry characteristics, value chain position, and time horizon. Consistent with the trade literat...

The effectiveness of macroprudential policy framework depends to a large extent on how the process of monitoring and assessing systemic risks and the calibration of macroprudential policy tools are operationalized in practice. This paper has two m...

Recently announced and enacted US tariffs reduce partners’ access to the US market and lead to trade diversion. Impacted countries may respond in (at least) three ways: imposing retaliatory tariffs on the US, resorting to industrial policy to supp...

This paper evaluates the policy implications of changing the methodology for calculating the cost of owner-occupied housing in the CPI from a “user cost” approach to “rental equivalence” approach. A synthetic historical CPI series based on the new...

This paper investigates the relationship between energy prices and inflation dynamics in the context of the global inflation surge during the COVID-19 pandemic. Using a comprehensive sector-level dataset covering over 30 countries and a local proj...

Using the World Bank’s Enterprise Surveys (ES) data, this paper sheds light on the relationship between total factor productivity (TFP) and the business environment in Tanzania. It finds statistically significant evidence that cumbersome tax admin...