Mehdi El Herradi's Books

The Nexus of Climate and Monetary Policy: Evidence from the Middle East and Central Asia

By: Nordine Abidi,Mehdi El Herradi,Boriana Yontcheva,Ananta Dua

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The Nexus of Climate and Monetary Policy: Evidence from the Middle East and Central Asia

By: Nordine Abidi,Mehdi El Herradi,Boriana Yontcheva,Ananta Dua

This paper investigates the effects of climate shocks on inflation and monetary policy in the Middle East and Central Asia (ME&CA) region. We first introduce a theoretical model to understand the impact of climate risks on headline and food inflation. In particular, the model shows how climate shocks could affect the path of policy rates through food prices. We then use local projections to estimate the impact of climate shocks on headline and food inflation. The results show that price stability is more easily achievable under positive climate conditions. Overall, our findings shed new light on the importance of considering climate-related supply shocks when designing monetary policy, particularly in countries where food makes up a significant part of the CPI-basket.

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International Monetary Fund

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ISBN 13

9798400274459

Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic

By: Nordine Abidi,Mehdi El Herradi,Sahra Sakha

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Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic

By: Nordine Abidi,Mehdi El Herradi,Sahra Sakha

The COVID-19 pandemic has resulted in an unprecedented shock to firms with adverse consequences for existing productive capacities. At the same time, digitalization has increasingly been touted as a key pathway for mitigating economic losses from the pandemic, and we expect firms facing digital constraints to be less resilient to supply shocks. This paper uses firm-level data to investigate whether digitally-enabled firms have been able to mitigate economic losses arising from the pandemic better than digitally-constrained firms in the Middle East and Central Asia region using a difference-in-differences approach. Controlling for demand conditions, we find that digitally-enabled firms faced a lower decline in sales by about 4 percentage points during the pandemic compared to digitally-constrained firms, suggesting that digitalization acted as a hedge during the pandemic. Against this backdrop, our results suggest that policymakers need to close the digital gap and accelerate firms’ digital transformation. This will be essential for economies to bounce back from the pandemic, and build the foundations for future resilience.

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International Monetary Fund

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ISBN 13

9798400201073

Navigating the Well-Being Effects of Monetary Policy: Evidence from the Euro Area

By: Mehdi El Herradi,Aurélien Leroy

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Navigating the Well-Being Effects of Monetary Policy: Evidence from the Euro Area

By: Mehdi El Herradi,Aurélien Leroy

Central banks have recently adjusted their communication strategies to enhance engagement with the general public, yet there is limited understanding of public sentiment regarding monetary policy announcements. This paper investigates whether monetary policy announcements influence household (subjective) well-being in Germany over the period 2002-2018 and finds that tightening surprises reduce life satisfaction. Notably, the impact of a one standard deviation monetary policy shock on well-being is equivalent to a 4% decline in household income. This effect is particularly pronounced among middle-aged individuals and those belonging to the middle-class.

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International Monetary Fund

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9798400260674

Book's by Mehdi El Herradi

The Nexus of Climate and Monetary Policy: Evidence from the Middle East and Central Asia

The Nexus of Climate and Monetary Policy: Evidence from the Middle East and Central Asia

Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic

Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic

Navigating the Well-Being Effects of Monetary Policy: Evidence from the Euro Area

Navigating the Well-Being Effects of Monetary Policy: Evidence from the Euro Area

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