Raphael Espinoza's Books

The State as Financier of Last Resort

By: Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh

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The State as Financier of Last Resort

By: Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh

During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. This Staff Discussion Note argues that such FSMs prevented bankruptcies and attenuated the recession by increasing firms’ liquidity, reducing risk premiums, and boosting confidence. But FSMs also carry large and long-lasting fiscal costs and risks. The note presents recommendations for managing the legacies of the COVID-19 programs and preparing for future crises. Ideally, FSMs should be assessed and included in budget plans, though a balance needs to be struck between speed and scrutiny.

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International Monetary Fund

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ISBN 13

9798400220692

Monetary Transaction Costs and the Term Premium

By: Mr.Raphael A. Espinoza,Mr.Dimitrios P. Tsomocos

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Monetary Transaction Costs and the Term Premium

By: Mr.Raphael A. Espinoza,Mr.Dimitrios P. Tsomocos

We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of monetary policy. We also show asset prices are higher in liquidity-constrained states of nature. This generates a term premium even in absence of aggregate uncertainty. These results hold in any monetary economy with heterogeneous agents and short-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified.

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International Monetary Fund

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ISBN 10

1484392337

ISBN 13

9781484392331

When Should Public Debt Be Reduced?

By: Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Raphael A. Espinoza

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When Should Public Debt Be Reduced?

By: Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Raphael A. Espinoza

What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment push, or should the existing debt be serviced forever? We argue that, for countries with ample fiscal space (little risk of encountering a fiscal crisis), raising distortive taxes merely to bring the debt down is a treatment cure that is worse than the disease. High public debt of course is costly, but it is a sunk cost only made worse by efforts to pay down the debt through distortionary taxation. Living with the debt is the welfare-maximizing policy. In decisions vis-à-vis the big push for public investment, golden-rule considerations remain salient, with due account taken of the additional servicing costs (and associated distortive taxation) from the resulting buildup of public debt.

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International Monetary Fund

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ISBN 10

1513505319

ISBN 13

9781513505312

As You sow so Shall You Reap

Public Investment Surges, Growth, and Debt Sustainability in togo

By: Michal Andrle,Mr.Antonio David,Mr.Raphael A. Espinoza,Marshall Mills,Luis-Felipe Zanna

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As You sow so Shall You Reap

Public Investment Surges, Growth, and Debt Sustainability in togo

By: Michal Andrle,Mr.Antonio David,Mr.Raphael A. Espinoza,Marshall Mills,Luis-Felipe Zanna

This paper presents an analysis of the public investment scaling-up strategy for Togo using a dynamic macroeconomic model that explicitly analyzes the links between public investment, economic growth, and debt sustainability. In the model, public capital is productive and complementary to private capital, generating positive medium and long-run effects to increases in public investment. The model application indicates that a very large increase in public investment would have positive macroeconomic effects in the long-run, but would require unrealistic increases in the tax burden to cover recurrent costs and ensure debt sustainability. More modest increases in public investment would require more feasible increases in the tax burden, particularly if the efficiency of tax collection is improved. The model simulations also emphasize the importance of improvements in the efficiency of public investment to reap welfare gains. However, even if the macroeconomic implications of public investment scaling-up can be favorable in the long-run under certain assumptions on rates of return and efficiency of investment, the transition period is challenging and exposes the country to increased risk of unsustainable debt dynamics. The model was also used to assess the growth projections underlying the standard Excel-based debt sustainability analysis for Togo.

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International Monetary Fund

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ISBN 10

147558184X

ISBN 13

9781475581843

Wage Moderation in Crises

Policy Considerations and Applications to the Euro Area

By: Mr.Jörg Decressin,Mr.Raphael A. Espinoza,Mr.Ioannis Halikias,Mr.Michael Kumhof,Mr.Daniel Leigh,Mr.Prakash Loungani,Mr.Paulo A. Medas,Susanna Mursula,Mr.Antonio Spilimbergo,TengTeng Xu

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Wage Moderation in Crises

Policy Considerations and Applications to the Euro Area

By: Mr.Jörg Decressin,Mr.Raphael A. Espinoza,Mr.Ioannis Halikias,Mr.Michael Kumhof,Mr.Daniel Leigh,Mr.Prakash Loungani,Mr.Paulo A. Medas,Susanna Mursula,Mr.Antonio Spilimbergo,TengTeng Xu

The paper studies the impacts of wage moderation in the euro area. Simulation results show that if a single euro area crisis-hit economy undertakes wage moderation, the impact on output is positive for that economy and for the entire euro area. If all crisis-hit economies undertake wage moderation together, their output still expands, albeit to a lesser degree. If the wage moderation is accompanied by cuts in policy interest rates by the central bank—and by quantitative easing once interest rates hit the zero lower bound—then output for the entire euro area expands as well.

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International Monetary Fund

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ISBN 10

1513580221

ISBN 13

9781513580227

Systemic Risk Modeling: How Theory Can Meet Statistics

By: Mr.Raphael A Espinoza,Miguel A. Segoviano,Ji Yan

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Systemic Risk Modeling: How Theory Can Meet Statistics

By: Mr.Raphael A Espinoza,Miguel A. Segoviano,Ji Yan

We propose a framework to link empirical models of systemic risk to theoretical network/ general equilibrium models used to understand the channels of transmission of systemic risk. The theoretical model allows for systemic risk due to interbank counterparty risk, common asset exposures/fire sales, and a “Minsky" cycle of optimism. The empirical model uses stock market and CDS spreads data to estimate a multivariate density of equity returns and to compute the expected equity return for each bank, conditional on a bad macro-outcome. Theses “cross-sectional" moments are used to re-calibrate the theoretical model and estimate the importance of the Minsky cycle of optimism in driving systemic risk.

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International Monetary Fund

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ISBN 10

1513536176

ISBN 13

9781513536170

Estimating The Inflation–Growth Nexus—A Smooth Transition Model

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad,Mr.Gene L. Leon

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Estimating The Inflation–Growth Nexus—A Smooth Transition Model

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad,Mr.Gene L. Leon

Motivated by the global inflation episode of 2007-08 and concern that high levels of inflation could undermine growth, this paper uses a panel of 165 countries and data for 1960-2007 to revisit the nexus between inflation and growth. We use a smooth transition model to investigate the speed at which inflation beyond a threshold becomes harmful to growth, an important consideration in the policy response to rising inflation as the world economy recovers. We estimate that for all country groups (except for advanced countries) inflation above a threshold of about 10 percent quickly becomes harmful to growth, suggesting the need for a prompt policy response to inflation at or above the relevant threshold. For the advanced economies, the threshold is much lower. For oil exporting countries, the estimates are less robust, possibly reflecting heterogeneity among oil producers, but the effect of higher inflation for oil producers is found to be stronger.

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International Monetary Fund

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ISBN 10

1451982194

ISBN 13

9781451982190

Labor Tax Cuts and Employment

A General Equilibrium Approach for France

By: Mr.Raphael A. Espinoza,Mrs.Esther Perez Ruiz

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Labor Tax Cuts and Employment

A General Equilibrium Approach for France

By: Mr.Raphael A. Espinoza,Mrs.Esther Perez Ruiz

The paper presents a simple supply side, general equilibrium model to estimate the macroeconomic effects of labor tax cuts. The model assumes that output is produced using capital, unskilled and skilled workers, and public servants. Wage formation for skilled workers features a Blanchflower-Oswald wage curve, while the labor supply for unskilled workers is very elastic around the minimum wage for small changes in employment. The model is calibrated for France and used to estimate the output and employment effects induced by two recent tax reforms: the Crédit d’Impôt pour la Compétitivité et l’Emploi (CICE) and the Pacte de Solidarité Responsabilité (RSP). We find that the tax cuts, if not offset by other fiscal measures, would contribute overall to creating around 200,000 jobs in the short run (600,000 jobs in the long run). Since the model abstracts from demand side effects, the results should be interpreted as providing estimates of the effect of tax measures on potential output and potential employment.

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International Monetary Fund

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ISBN 10

1498328199

ISBN 13

9781498328197

Regional Financial Integration in the GCC

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad,Mr.Oral Williams

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Regional Financial Integration in the GCC

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad,Mr.Oral Williams

We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development of stock markets in the region will also improve the extent of financial integration. Interest rate data shows that convergence exists and that interest rate differentials are relatively short-lived-especially compared to the ECCU, another emerging market region sharing a common currency. Equities data using cross-listed stocks confirms that stock markets are fairly integrated compared to other emerging market regions, although financial integration is hampered by market illiquidity.

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International Monetary Fund

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ISBN 10

1451982585

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9781451982589

Monetary Policy Transmission in the GCC Countries

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad

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Monetary Policy Transmission in the GCC Countries

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad

The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates to retail rates is on the low side, reflecting the shallowness of money markets and the manner in which GCC central banks operate. In addition to policy rates, the GCC monetary authorities use reserve requirements, loan-to-deposit ratios, and other macroprudential tools to affect liquidity and credit. Nonetheless, a panel vector auto regression model suggests that U.S. monetary policy has a strong and statistically significant impact on broad money, non-oil activity, and inflation in the GCC region. Unanticipated shocks to broad money also affect prices but do not stimulate growth. Continued efforts to develop the domestic financial markets will increase interest rate pass-through and strengthen monetary policy transmission.

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International Monetary Fund

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ISBN 10

1475505094

ISBN 13

9781475505092

Economic Gains From Gender Inclusion

New Mechanisms, New Evidence

By: Mr.Jonathan David Ostry,Jorge Alvarez,Mr.Raphael A Espinoza,Mr.Chris Papageorgiou

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Economic Gains From Gender Inclusion

New Mechanisms, New Evidence

By: Mr.Jonathan David Ostry,Jorge Alvarez,Mr.Raphael A Espinoza,Mr.Chris Papageorgiou

While progress has been made in increasing female labor force participation (FLFP) in the last 20 years, large gaps remain. The latest Fund research shows that improving gender diversity can result in larger economic gains than previously thought. Indeed, gender diversity brings benefits all its own. Women bring new skills to the workplace. This may reflect social norms and their impact on upbringing and social interactions, or underlying differences in risk preference and response to incentives for example. As such, there is an economic benefit from diversity, that is from bringing women into the labor force, over and above the benefit resulting from more (male) workers. The study finds that male and female labor are imperfect substitutes in production, and therefore gender differences in the labor force matter. The results also imply that standard models, which ignore such differences, understate the favorable impact of gender inclusion on growth, and misattribute to technology a part of growth that is actually caused by women’s participation. The study further suggests that narrowing gender gaps benefits both men and women, because of a boost to male wages from higher FLFP. The paper also examines the role of women in the process of sectoral reallocation from traditional agriculture to services and the resulting effect on productivity and growth. Because FLFP is relatively high in services, sectoral reallocation along development paths serves to boost gender parity and productivity.

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International Monetary Fund

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ISBN 10

1484337123

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9781484337127

Optimal Oil Production and the World Supply of Oil

By: Mr.Nikolay Aleksandrov,Mr.lajos Gyurko,Mr.Raphael A. Espinoza

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Optimal Oil Production and the World Supply of Oil

By: Mr.Nikolay Aleksandrov,Mr.lajos Gyurko,Mr.Raphael A. Espinoza

We study the optimal oil extraction strategy and the value of an oil field using a multiple real option approach. The numerical method is flexible enough to solve a model with several state variables, to discuss the effect of risk aversion, and to take into account uncertainty in the size of reserves. Optimal extraction in the baseline model is found to be volatile. If the oil producer is risk averse, production is more stable, but spare capacity is much higher than what is typically observed. We show that decisions are very sensitive to expectations on the equilibrium oil price using a mean reverting model of the oil price where the equilibrium price is also a random variable. Oil production was cut during the 2008–2009 crisis, and we find that the cut in production was larger for OPEC, for countries facing a lower discount rate, as predicted by the model, and for countries whose governments’ finances are less dependent on oil revenues. However, the net present value of a country’s oil reserves would be increased significantly (by 100 percent, in the most extreme case) if production was cut completely when prices fall below the country's threshold price. If several producers were to adopt such strategies, world oil prices would be higher but more stable.

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International Monetary Fund

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ISBN 10

1616354836

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9781616354831

Financial Conditions in Europe: Dynamics, Drivers, and Macroeconomic Implications

By: Giovanni Borraccia,Mr. Raphael A Espinoza,Vincenzo Guzzo,Romain Lafarguette,Fuda Jiang,Vina Nguyen,Miguel A. Segoviano,Mr. Philippe Wingender

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Financial Conditions in Europe: Dynamics, Drivers, and Macroeconomic Implications

By: Giovanni Borraccia,Mr. Raphael A Espinoza,Vincenzo Guzzo,Romain Lafarguette,Fuda Jiang,Vina Nguyen,Miguel A. Segoviano,Mr. Philippe Wingender

We develop a new measure of financial conditions (FCs) that targets the growth of financial liabilities using the partial least square methodology. We then estimate financial condition indexes (FCIs) across European economies, both at the aggregate and sectoral levels. We decompose the changes in FCs into several factors including credit availability and costs, price of risk, policy stance, and funding constraints. Our results show that FCs loosened during the pandemic thanks to policy support but started to tighten significantly since mid-2021. Using the inverse probability weighting method over the sample period from 2000 to 2023, we find that a shift from a neutral to a tight FCI regime such as the ongoing episode for most European countries will on average lower output and inflation by 2.2 percent and 0.7 percentage points respectively and increase unemployment by 0.3 percentage points over a three-year horizon.

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International Monetary Fund

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ISBN 13

9798400254789

Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad

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Nonperforming Loans in the GCC Banking System and their Macroeconomic Effects

By: Mr.Raphael A. Espinoza,Ananthakrishnan Prasad

According to a dynamic panel estimated over 1995 - 2008 on around 80 banks in the GCC region, the NPL ratio worsens as economic growth becomes lower and interest rates and risk aversion increase. Our model implies that the cumulative effect of macroeconomic shocks over a three year horizon is indeed large. Firm-specific factors related to risk-taking and efficiency are also related to future NPLs. The paper finally investigates the feedback effect of increasing NPLs on growth using a VAR model. According to the panel VAR, there could be a strong, albeit short-lived feedback effect from losses in banks’ balance sheets on economic activity, with a semi-elasticity of around 0.4.

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International Monetary Fund

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ISBN 10

1455208892

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9781455208890

Recent Credit Stagnation in the Mena Region

What to Expect? What Can Be Done?

By: Mr.Heiko Hesse,Mr.Raphael A. Espinoza,Mr.Adolfo Barajas,Mr.Ralph Chami

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Recent Credit Stagnation in the Mena Region

What to Expect? What Can Be Done?

By: Mr.Heiko Hesse,Mr.Raphael A. Espinoza,Mr.Adolfo Barajas,Mr.Ralph Chami

This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds that, similar to other regions and to its past history, a credit boom preceded the current slowdown, and that a protracted period of sluggish growth is likely going forward. Second, it uncovers a key role played by bank funding (deposit growth and external borrowing slowed considerably) but whose effect was frequently dampened by expansionary monetary policy. Third, bank-level fundamentals - capitalization and loan quality - helped to explain differences in credit growth across banks and countries.

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International Monetary Fund

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ISBN 10

1455208841

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9781455208845

Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses

By: Zineddine Alla,Mr.Raphael A Espinoza,Qiaoluan H. Li,Miguel A. Segoviano Basurto

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Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses

By: Zineddine Alla,Mr.Raphael A Espinoza,Qiaoluan H. Li,Miguel A. Segoviano Basurto

We present a novel approach that incorporates individual entity stress testing and losses from systemic risk effects (SE losses) into macroprudential stress testing. SE losses are measured using a reduced-form model to value financial entity assets, conditional on macroeconomic stress and the distress of other entities in the system. This valuation is made possible by a multivariate density which characterizes the asset values of the financial entities making up the system. In this paper this density is estimated using CIMDO, a statistical approach, which infers densities that are consistent with entities’ probabilities of default, which in this case are estimated using market-based data. Hence, SE losses capture the effects of interconnectedness structures that are consistent with markets’ perceptions of risk. We then show how SE losses can be decomposed into the likelihood of distress and the magnitude of losses, thereby quantifying the contribution of specific entities to systemic contagion. To illustrate the approach, we quantify SE losses due to Lehman Brothers’ default.

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International Monetary Fund

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ISBN 10

1484346874

ISBN 13

9781484346877

Unconventional Policy Instruments in the New Keynesian Model

By: Zineddine Alla,Mr.Raphael A. Espinoza,Mr.Atish R. Ghosh

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Unconventional Policy Instruments in the New Keynesian Model

By: Zineddine Alla,Mr.Raphael A. Espinoza,Mr.Atish R. Ghosh

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence’ breaks down. The paper discusses the role of a second instrument and its coordination with conventional interest rate policy, and presents theoretical results on equilibrium determinacy, the inflation bias, the stabilization bias, and the optimal central banker’s preferences when both instruments are available. We show that the use of an unconventional instrument can help reduce the zone of equilibrium indeterminacy and the volatility of the economy. However, in some circumstances, committing not to use the second instrument may be welfare improving (a result akin to Rogoff (1985a) example of counterproductive coordination). We further show that the optimal central banker should be both aggressive against inflation, and interventionist in using the unconventional policy instrument. As long as price setting depends on expectations about the future, there are gains from establishing credibility by using any instrument that affects these expectations.

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International Monetary Fund

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ISBN 10

1513573071

ISBN 13

9781513573076

How Do Fiscal and Labor Policies in France Affect Inequality?

By: Mr.Raphael A. Espinoza,Mrs.Esther Perez Ruiz

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How Do Fiscal and Labor Policies in France Affect Inequality?

By: Mr.Raphael A. Espinoza,Mrs.Esther Perez Ruiz

This paper explores the impact of fiscal and labor market policies on efficiency, inequality, and fiscal outcomes in France. We extend the general equilibrium model calibrated for France by Alla and others (2015), with measures of labor and capital income for different groups in the economy (the unemployed, unskilled workers, skilled workers, public servants). For each of these groups we combine data on the income distribution with the outcomes of policy simulations to assess the impact of a suite of stylized policies on output, the fiscal balance, the Gini coefficient, and the shape of the Lorenz curve. We find that most types of fiscal expansions, while adding to the deficit and debt in the near term, generally reduce inequality, the main exception being capital income tax cuts. A reduction of the minimum wage has an ambiguous impact on the income distribution: the Gini coefficient increases, but the lowest income quintile improves its relative position in the income distribution thanks to positive employment effects. The paper also finds scope for “win-win” policy packages that could improve overall efficiency, inequality, and fiscal outcomes, for instance if targeted labor tax reductions are offset by cuts in the public wage bill.

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International Monetary Fund

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ISBN 10

1513515969

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9781513515960

Spillovers to Low-Income Countries

Importance of Systemic Emerging Markets

By: Ms.Era Dabla-Norris,Mr.Raphael A. Espinoza,Mrs.Sarwat Jahan

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Spillovers to Low-Income Countries

Importance of Systemic Emerging Markets

By: Ms.Era Dabla-Norris,Mr.Raphael A. Espinoza,Mrs.Sarwat Jahan

This paper documents the expanding economic linkages between low-income countries (LICs) and a narrow group of "Emerging Market leaders" that have become major players in regional and global trade and financial flows. VAR models show that these linkages have increased the share of growth volatility that can be attributed to foreign shocks in LICs. Dynamic panel models further analyze the impact of LIC trade orientation and production structure on the sensitivity to foreign shocks. The empirical results demonstrate that the elasticity of growth to trading partners' growth is high for LICs in Asia, Latin America and the Caribbean, and Europe and Central Asia. However, for commodity-exporting LICs in Sub-Saharan Africa and the Middle East, terms of trade shocks and demand from the emerging market leaders are the main channels of transmission of foreign shocks.

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International Monetary Fund

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ISBN 10

1463937105

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9781463937102

On Jewish Folklore

By: Raphael Patai

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On Jewish Folklore

By: Raphael Patai

The essays collected in this volume, some of which are presented for the first time in English translation, provide a rich harvest of Jewish customs and traditional beliefs, gathered from all over the world and from ancient to modern times. On Jewish Folklore spans a half-century of scholarly inquiry by the noted anthropologist and biblical scholar Raphael Patai. He essays collected in this volume, some of which are presented for the first time in English translation, provide a rich harvest of Jewish customs and traditional beliefs, gathered from all over the world and from ancient to modern times. Among the subjects Dr. Patai investigated and recorded are the history and oral traditions of the now-vanished Marrano community of Meshhed, Iran; cultural change among the so-called Jewish Indians of Mexico; beliefs and customs in connection with birth, the rainbow, and the color blue; Jewish variants of the widespread custom of earth-eating; and the remarkable parallels between the rituals connected with enthroning a new king as described in the Bible and as practiced among certain African tribes.

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530

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Wayne State University Press

Published Date

ISBN 10

0814344208

ISBN 13

9780814344200

Effective Fiscal-Monetary Interactions in Severe Recessions

By: Mr. Jiaqian Chen,Mr. Raphael A Espinoza,Carlos Goncalves,Tryggvi Gudmundsson,Martina Hengge,Zoltan Jakab,Jesper Lindé

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Effective Fiscal-Monetary Interactions in Severe Recessions

By: Mr. Jiaqian Chen,Mr. Raphael A Espinoza,Carlos Goncalves,Tryggvi Gudmundsson,Martina Hengge,Zoltan Jakab,Jesper Lindé

The COVID-19 pandemic and the subsequent need for policy support have called the traditional separation between fiscal and monetary policies into question. Based on simulations of an open economy DSGE model calibrated to emerging and advance economies and case study evidence, the analysis shows when constraints are binding a more integrated approach of looking at policies can lead to a better policy mix and ultimately better macroeconomic outcomes under certain circumstances. Nonetheless, such an approach entails risks, necessitating a clear assessment of each country’s circumstances as well as safeguards to protect the credibility of the existing institutional framework.

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International Monetary Fund

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ISBN 13

9798400218880

Mandell, Douglas, and Bennett's Principles and Practice of Infectious Diseases

2-Volume Set

By: John E. Bennett, MD, MACP,Raphael Dolin, MD,Martin J. Blaser, MD

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Mandell, Douglas, and Bennett's Principles and Practice of Infectious Diseases

2-Volume Set

By: John E. Bennett, MD, MACP,Raphael Dolin, MD,Martin J. Blaser, MD

After thirty five years, Mandell, Douglas, and Bennett’s Principles and Practice of Infectious Diseases, 8th Edition is still the reference of choice for comprehensive, global guidance on diagnosing and treating the most challenging infectious diseases. Drs. John E. Bennett and Raphael Dolin along with new editorial team member Dr. Martin Blaser have meticulously updated this latest edition to save you time and to ensure you have the latest clinical and scientific knowledge at your fingertips. With new chapters, expanded and updated coverage, increased worldwide perspectives, and many new contributors, Mandell, Douglas, and Bennett’s Principles and Practice of Infectious Diseases, 8th Edition helps you identify and treat whatever infectious disease you see. Get the answers to questions you have with more in-depth coverage of epidemiology, etiology, pathology, microbiology, immunology, and treatment of infectious agents than you'll find in any other infectious disease resource. Find the latest diagnoses and treatments for currently recognized and newly emerging infectious diseases, such as those caused by avian and swine influenza viruses. Put the latest knowledge to work in your practice with new or completely revised chapters on influenza (new pandemic strains); new Middle East respiratory syndrome (MERS) virus; probiotics; antibiotics for resistant bacteria; antifungal drugs; new antivirals for hepatitis B and C; Clostridium difficile treatment; sepsis; advances in HIV prevention and treatment; viral gastroenteritis; Lyme disease; Helicobacter pylori; malaria; infections in immunocompromised hosts; immunization (new vaccines and new recommendations); and microbiome. Benefit from fresh perspectives and global insights from an expanded team of international contributors. Find and grasp the information you need easily and rapidly with newly added chapter summaries. These bulleted templates include diagnosis, therapy, and prevention and are designed as a quick summary of the chapter and to enhance relevancy in search and retrieval on Expert Consult. Stay current on Expert Consult with a thorough and regularly scheduled update program that ensures access to new developments in the field, advances in therapy, and timely information. Access the information you need easily and rapidly with new succinct chapter summaries that include diagnosis, therapy, and prevention. Experience clinical scenarios with vivid clarity through a richly illustrated, full-color format that includes 1500 photographs for enhanced visual guidance.

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5094

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Elsevier Health Sciences

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ISBN 10

1455748013

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9781455748013

Mandell, Douglas, and Bennett's Principles and Practice of Infectious Diseases E-Book

By: John E. Bennett,Raphael Dolin,Martin J. Blaser,Gerald L. Mandell

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Mandell, Douglas, and Bennett's Principles and Practice of Infectious Diseases E-Book

By: John E. Bennett,Raphael Dolin,Martin J. Blaser,Gerald L. Mandell

After thirty years, PPID is still the reference of choice for comprehensive, global guidance on diagnosing and treating the most challenging infectious diseases. Drs. Mandell, Bennett, and Dolin have substantially revised and meticulously updated, this new edition to save you time and to ensure you have the latest clinical and scientific knowledge at your fingertips. With new chapters, expanded and updated coverage, increased worldwide perspectives, and many new contributors, Mandell, Douglas, and Bennett’s Principles and Practice of Infectious Diseases, 7th Edition helps you identify and treat whatever infectious disease you see. Consult this title on your favorite e-reader, conduct rapid searches, and adjust font sizes for optimal readability. Compatible with Kindle®, nook®, and other popular devices. Get the answers to questions you have with more in-depth coverage of epidemiology, etiology, pathology, microbiology, immunology, and treatment of infectious agents than you’ll find in any other infectious disease resource. Find the latest diagnoses and treatments for currently recognized and newly emerging infectious diseases, such as those caused by avian and swine influenza viruses. Put the latest knowledge to work in your practice with new or completely revised chapters on influenza (new pandemic strains); new Middle East respiratory syndrome (MERS) virus; probiotics; antibiotics for resistant bacteria; antifungal drugs; new antivirals for hepatitis B and C; Clostridium difficile treatment; sepsis; advances in HIV prevention and treatment; viral gastroenteritis; Lyme disease; Helicobacter pylori; malaria; infections in immunocompromised hosts; immunization (new vaccines and new recommendations); and microbiome. Benefit from fresh perspectives and global insights from an expanded team of international contributors. Find and grasp the information you need easily and rapidly with newly added chapter summaries. These bulleted templates include diagnosis, therapy, and prevention and are designed as a quick summary of the chapter and to enhance relevancy in search and retrieval on Expert Consult. Stay current on Expert Consult with a thorough and regularly scheduled update program that ensures access to new developments in the field, advances in therapy, and timely information. Access the information you need easily and rapidly with new succinct chapter summaries that include diagnosis, therapy, and prevention. Experience clinical scenarios with vivid clarity through a richly illustrated, full-color format that includes 1500 photographs for enhanced visual guidance.

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4306

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Elsevier Health Sciences

Published Date

ISBN 10

1437720609

ISBN 13

9781437720600

The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia

By: International Monetary Fund

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The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia

By: International Monetary Fund

In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first analyze aggregate data and find large and significant multipliers and strong crowding-in of private investment. Our main findings show that positive shocks to ESI Funds are followed by an increase in output that ranges from 1.2 percent on impact, to 1.8 percent after 1 year, and by an increase in private investment between 0.7 and 0.8 percent of GDP. We address country heterogeneity by dividing countries according to key characteristics that have been known to affect multipliers. In particular, we find higher multipliers in a group of CEE countries that are important recipients of European funds and are characterized by fixed exchange rate regimes and sound public investment governance (e.g. Croatia and Slovenia). We also complement the aggregate analysis by estimating the effect of different types of public investment and the effect of public investment on different sectors of the economy.

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International Monetary Fund

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ISBN 10

1513573764

ISBN 13

9781513573762

The Macroeconomics of the Arab States of the Gulf

By: Raphael Espinoza,Ghada Fayad,Ananthakrishnan Prasad

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The Macroeconomics of the Arab States of the Gulf

By: Raphael Espinoza,Ghada Fayad,Ananthakrishnan Prasad

The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labour force while capital inflows and financial development leveraged oil wealth to finance diversification. The collapse in real estate prices around the world followed by the global crisis slowed growth and raised questions on the appropriateness of what has been dubbed the 'GCC model'. The Gulf Cooperation Council (GCC) countries have thus far managed to leverage their large natural resource wealth to achieve economic prosperity and finance social advances, and the region also emerged as an important source of funds for the other countries in the Middle East. Nevertheless, the GCC face several challenges. Productivity growth must increase to fully reap the benefits of investment. Jobs must be created for the nationals and the growing youth population. State intervention (which is prevalent, given that oil revenues accrue to the government) must become efficient and be used to diversify and modernize the economy. In addition, the recent crisis highlighted the importance of fiscal, monetary, and financial stability policies to manage macroeconomic cycles. This book analyses these issues and combines data and econometric analysis with theoretical discussions. It concludes with a discussion of the importance of the GCC for the wider region.

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209

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OUP Oxford

Published Date

ISBN 10

0191506745

ISBN 13

9780191506741

The State as Financier of Last Resort

By: Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh

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The State as Financier of Last Resort

By: Bryn Battersby,Mr. Raphael A Espinoza,Jason Harris,Mr. Gee Hee Hong,Mrs. Sandra V Lizarazo Ruiz,Mr. Paolo Mauro,Amanda Sayegh

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International Monetary Fund

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ISBN 13

9798400220692

Effective Fiscal-Monetary Interactions in Severe Recessions

By: Mr. Jiaqian Chen,Mr. Raphael A Espinoza,Carlos Goncalves,Tryggvi Gudmundsson,Martina Hengge,Zoltan Jakab,Jesper Lindé

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Effective Fiscal-Monetary Interactions in Severe Recessions

By: Mr. Jiaqian Chen,Mr. Raphael A Espinoza,Carlos Goncalves,Tryggvi Gudmundsson,Martina Hengge,Zoltan Jakab,Jesper Lindé

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International Monetary Fund

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ISBN 13

9798400218880

The Macroeconomics of the Arab States of the Gulf

By: Raphael Espinoza,Ghada Fayad,Ananthakrishnan Prasad

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The Macroeconomics of the Arab States of the Gulf

By: Raphael Espinoza,Ghada Fayad,Ananthakrishnan Prasad

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209

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OUP Oxford

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ISBN 10

0191506745

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9780191506741

The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia

By: International Monetary Fund

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The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia

By: International Monetary Fund

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International Monetary Fund

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ISBN 10

1513573764

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9781513573762

Unconventional Policy Instruments in the New Keynesian Model

By: Zineddine Alla,Raphael A. Espinoza

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Unconventional Policy Instruments in the New Keynesian Model

By: Zineddine Alla,Raphael A. Espinoza

This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the 'divine coincidence' breaks down. The paper discusses the role of a second instrument and its coordination with conventional interest rate policy, and presents theoretical results on equilibrium determinacy, the inflation bias, the stabilization bias, and the optimal central banker's preferences when both instruments are available. We show that the use of an unconventional instrument can help reduce the zone of equilibrium indeterminacy and the volatility of the economy. However, in some circumstances, committing not to use the second instrument may be welfare improving (a result akin to Rogoff (1985a) example of counterproductive coordination). We further show that the optimal central banker should be both aggressive against inflation, and interventionist in using the unconventional policy instrument. As long as price setting depends on expectations about the future, there are gains from establishing credibility by using any instrument that affects these expectations.--Abstract.

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