Raphael A. Espinoza
Last Updated: November 11, 2019Raphael Espinoza is a Deputy Division Chief in the Fiscal Affairs Department and an external research associate at the University of Oxford. He has written on fiscal policy, monetary policy, and financial stability. He was an Assistant Professor in Economics at University College London (UCL), where he was also the Director of the Centre for Studies of Emerging Economies. At the IMF he worked on the UK desk (2018-19), on Spain during the euro area crisis, on the Dominican Republic (2009-10 IMF program), and on Qatar, Saudi Arabia and the U.A.E during the GFC (2008-10). Before joining the IMF, he was an Economist at the ECB, focusing on the US economy during the subprime crisis. He has also been a financial stability expert for the central banks of Peru and Colombia, and a consultant for the World Bank Research Department, the French Treasury and the OECD.
Email: respinoza@imf.org
Fluent In: French, Spanish.
Education:
PhD in Economics, University of Oxford, 2009
Visiting PhD student, Yale University, 2007
MSc. in Economics for Development, University of Oxford, 2004
Ingenieur des Ponts et Chaussees (MSc. in Applied Mathematics), 2004
Previous Experience:
Senior Economist, European Department, UK desk, IMF, 2018-2019
Director, Centre for Comparative Studies of Emerging Economies, UCL, 2015-2016
Assistant Professor in Economics, University College London (UCL), 2014-2016
Senior Economist/Economist, Research Department, Systemic Issues Division, IMF, 2011-2018
Economist, Strategy, Policy and Review Department, Strategy Unit for Low Income Countries, IMF, 2010-2011
Economist, Middle East and Central Asia Department, Gulf Cooperation Council Division, IMF, 2008-2010
Economist, International Environment Division, European Central Bank, 2007-2008
Field of Expertise:
Development Economics
Monetary Policy
Macro-Financial Issues
Open Economy Macroeconomics
|
Expand All
|
Collapse All
|
IMF Books and Working Papers:
Economic Gains From Gender Inclusion : New Mechanisms, New Evidence, Staff Discussion Notes No. 18/06, October 08, 2018
Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses, Working Paper No. 18/49, March 09, 2018
|
Expand All
|
Collapse All
|
Books
Macroeconomic Policy in Fragile States, forthcoming, Oxford University Press, co-edited with Ralph Chami and Peter Montiel
Publications in Journals (Refereed)
FX Intervention in the New Keynesian Model, forthcoming, Journal of Money, Credit, and Banking, with Z. Alla and A.R. Ghosh
Other Published Materials
Raphael Espinoza is a Deputy Division Chief in the Fiscal Affairs Department and an external research associate at the University of Oxford. He has written on fiscal policy, monetary policy, and financial stability. He was an Assistant Professor in Economics at University College London (UCL), where he was also the Director of the Centre for Studies of Emerging Economies. At the IMF he worked on the UK desk (2018-19), on Spain during the euro area crisis, on the Dominican Republic (2009-10 IMF program), and on Qatar, Saudi Arabia and the U.A.E during the GFC (2008-10). Before joining the IMF, he was an Economist at the ECB, focusing on the US economy during the subprime crisis. He has also been a financial stability expert for the central banks of Peru and Colombia, and a consultant for the World Bank Research Department, the French Treasury and the OECD.
Email: respinoza@imf.org
Fluent In: French, Spanish.
Education:
PhD in Economics, University of Oxford, 2009
Visiting PhD student, Yale University, 2007
MSc. in Economics for Development, University of Oxford, 2004
Ingenieur des Ponts et Chaussees (MSc. in Applied Mathematics), 2004
Previous Experience:
Senior Economist, European Department, UK desk, IMF, 2018-2019
Director, Centre for Comparative Studies of Emerging Economies, UCL, 2015-2016
Assistant Professor in Economics, University College London (UCL), 2014-2016
Senior Economist/Economist, Research Department, Systemic Issues Division, IMF, 2011-2018
Economist, Strategy, Policy and Review Department, Strategy Unit for Low Income Countries, IMF, 2010-2011
Economist, Middle East and Central Asia Department, Gulf Cooperation Council Division, IMF, 2008-2010
Economist, International Environment Division, European Central Bank, 2007-2008
Field of Expertise:
Development Economics
Monetary Policy
Macro-Financial Issues
Open Economy Macroeconomics
IMF Books and Working Papers:
Economic Gains From Gender Inclusion : New Mechanisms, New Evidence, Staff Discussion Notes No. 18/06, October 08, 2018
Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses, Working Paper No. 18/49, March 09, 2018
FX Intervention in the New Keynesian Model, Working Paper No. 17/207, September 29, 2017
How Do Fiscal and Labor Policies in France Affect Inequality?, Working Paper No. 16/41, February 29, 2016
Wage Moderation in Crises : Policy Considerations and Applications to the Euro Area, Staff Discussion Notes No. 15/22, November 17, 2015
When Should Public Debt Be Reduced?, Staff Discussion Notes No. 15/10, June 02, 2015
Labor Tax Cuts and Employment: A General Equilibrium Approach for France, Working Paper No. 14/114, July 01, 2014
The Macroeconomics of the Arab States of the Gulf, November 21, 2013
Monetary Transaction Costs and the Term Premium, Working Paper No. 13/85, April 03, 2013
Optimal Oil Production and the World Supply of Oil, Working Paper No. 12/294, December 17, 2012
As You sow so Shall You Reap : Public Investment Surges, Growth, and Debt Sustainability in togo, Working Paper No. 12/127, May 01, 2012
Monetary Policy Transmission in the GCC Countries, Working Paper No. 12/132, May 01, 2012
Spillovers to Low-Income Countries : Importance of Systemic Emerging Markets, Working Paper No. 12/49, February 01, 2012
Probabilities of Default and the Market Price of Risk in a Distressed Economy, Working Paper No. 11/75, April 01, 2011
How Strong Are Fiscal Multipliers in the GCC? An Empirical Investigation, Working Paper No. 11/61, March 01, 2011
Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects, Working Paper No. 10/224, October 01, 2010
Recent Credit Stagnation in the MENA Region: What to Expect? What Can Be Done?, Working Paper No. 10/219, September 01, 2010
Regional Financial Integration in the GCC, Working Paper No. 10/90, April 01, 2010
Estimating The Inflation-Growth Nexus - A Smooth Transition Model, Working Paper No. 10/76, March 01, 2010
The Role of Financial Variables in Predicting Economic Activity in the Euro Area, Working Paper No. 09/241, November 01, 2009
Regional Financial Integration in the Caribbean: Evidence from Financial and Macroeconomic Data, Working Paper No. 09/139, July 01, 2009
Books
Macroeconomic Policy in Fragile States, forthcoming, Oxford University Press, co-edited with Ralph Chami and Peter Montiel
Publications in Journals (Refereed)
FX Intervention in the New Keynesian Model, forthcoming, Journal of Money, Credit, and Banking, with Z. Alla and A.R. Ghosh
Monetary Transaction Costs and the Term Premium," with D. Tsomocos, Economic Theory, 2015