Susanna Mursula’s research while affiliated with International Monetary Fund and other places

... Regarding the short run, the NAT consumption equation includes a link from current income to consumption, which is important in this study in modelling the stimulus to household consumption from the government payments to households and businesses made under COVID. This link can also be present in DSGE models when their pure intertemporal optimisation approach to modelling consumption is modified in certain ways, for example, by assuming that some households instead live 'hand-to-mouth' (Coenen et al., 2012). ...

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Fiscal Policy in the COVID ‐19 Era 1

... We differentiate from papers that have exclusively focused on China (Chang et al., 2015;Dai et al., 2015;Gu et al., 2014;Li & Liu, 2017;Zhang, 2020) by developing a two-country DSGE model in order to capture the cross-country spillovers. This type of modelling has gained popularity especially among policy institutions like central banks and IMF (Coenen et al., 2018;De Walque et al., 2017;Kumhof et al., 2010). In particular, we incorporate in the model a trade link between China and its trading partners, which allows us to provide a theoretical explanation for the empirical findings. ...

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Re-examining international spillovers: An Asian perspective

... In his second study, Dullien (2013) determined a macroeconomic multiplier of unemployment benefits paid from the European system. Its value was set at 1. Generally, a higher multiplier can be expected from unemployment reinsurance payments, as documented by the Congressional Budget Office (2012) and Zandi (2008), and it can also be reflected in the International Monetary Fund, in a multi-country macroeconomic model (Freedman et al., 2009). However, for the European system, the proposed multiplier would work in a slightly different way. ...

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"An Introduction to the European Union Unemployment Reinsurance System as Automatic Economic Stabilizer: Economic Policy and Management Recommendations"

... Details of the model can be pursued inAndrle et al. (2015). 3 At the normative level, there are two distinct approaches for modeling UIP deviations, with differing implications for policy, one based on risk premiums and the other on intermediary frictions. ...

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Demand for Safe Assets and Spillovers from the Global Dollar Cycle

... For more details on GIMF, seeKumhof et al. (2010) for the theoretical structure, andAnderson et al. (2013) for standard model properties. ...

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Emissions Reduction, Fiscal Costs, and Macro Effects: A Model-based Assessment of IRA Climate Measures and Complementary Policies

... The energy sector will confront energy security, climate change, and poverty in the forthcoming decades [1]. The initial two problems have undergone thorough analysis, e.g., [2][3][4][5], whereas the third has received comparatively less focus in research, e.g., [6][7][8][9][10]. The extant literature presents several perspectives on energy poverty, e.g., [6][7][8][9][10][11]; nonetheless, this study is conducted to facilitate the identification of the most critical parts of the issue in developed countries. ...

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Energy Ladder, Decarbonisation and Energy Poverty: The European Union Inside

... Despite their appeal, static MCMS models lack a deeper understanding of the dynamic effects of TFS and how they affect variables, including inflation, that are of interest to central banks. As a result, other studies(Hunt et al., 2020;Ahn et al., 2023) have employed dynamic stochastic general equilibrium (DSGE) models for the analysis of TFS, thus illustrating the usefulness of a comprehensive modelling toolkit. model featuring trade barriers) (see Box 2 for a more extensive discussion). ...

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Navigating a fragmenting global trading system: insights for central banks

... However, this reliance exposed the economy to risks associated with fluctuating Chinese demand [42]. Similarly, South Africa faced declining demand for its mineral exports due to slower global growth, highlighting the vulnerabilities of resource-dependent economies [43]. Table 3 summarizes the key policy responses and economic adjustments made by Europe and emerging markets during the trade war. ...

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Economic Policies, Financial Markets, and Global Currency Dynamics Shaped by US Trade Tensions

... The research has been carried out to predict the future state of energy, which indicates we will face three challenges. They are in relation to the future of climate change, security of energy, and poverty of energy [3,4]. The poverty of energy or fuel was first defined in 1991 by Boardman, "If the total cost of family energy carriers exceeds 10% of household income, that family would suffer from fuel poverty [5]. ...

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Reducing energy vulnerability based on energy services in the residential homes: a decision-making framework using multi-criteria satisfaction analysis

... Imperfect exchange rate pass-through, however, is ensured via nominal rigidities in the imported sector. As discussed in Coenen et al. (2012) the empirical evidence appears to be in favor of the chosen specification, implying that the degree of pass-through is partial in the short-run but complete in the long-run, as demonstrated, for example, by Campa and Goldberg (2005). which as previously, yields the following optimality conditions: ...

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EU Sanctions on Russia and Implications for a Small Open Economy: The Case of Cyprus