Report NEP-OPM-2026-07-20

This is the archive for NEP-OPM, a report on new working papers in the area of Open Economy Macroeconomics. Martin Berka issued this report. It is usually issued weekly.

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Other reports in NEP-OPM

The following items were announced in this report:

• Stéphane Auray & Michael B. Devereux & Aurélien Eyquem, 2026, "The Pass-through of Tariffs and Exchange Rates," NBER Working Papers, National Bureau of Economic Research, Inc, number 35398, Jul.
• Gorodnichenko, Yuriy & Obstfeld, Maurice, 2026, "You Only Live Twice: Financial Inflows and Growth in a Westward-Facing Ukraine," CEPR Discussion Papers, Centre for Economic Policy Research, number 21000, Jan.
• Chen Lian & Dmitry Mukhin & Christian K. Wolf, 2026, "Importing Aggregate Demand," NBER Working Papers, National Bureau of Economic Research, Inc, number 35402, Jul.
• Bongers, Anelí & Canova, Fabio & Luintel, Kul & Torres, José Luis, 2026, "Remittances, Trade Deficit, and Output Dynamics in Nepal," CEPR Discussion Papers, Centre for Economic Policy Research, number 21204, Feb.
• Acharya, Sushant & Challe, Edouard & Corsetti, Giancarlo, 2026, "Monetary Stabilization of Export Shocks, Revisited," CEPR Discussion Papers, Centre for Economic Policy Research, number 21138, Feb.
• J. Scott Davis & Lillian Derr, 2026, "The Interest Rate Effects of Government Debt and Deficits: Does Domestic Borrowing Have a Different Impact Than Foreign Borrowing?," Working Papers, Federal Reserve Bank of Dallas, number 2614, Jun, revised 10 Jul 2026, DOI: 10.24149/wp2614r1.
• Kalemli-Ozcan, Sebnem & Unsal, Filiz, 2026, "Global Transmission of Fed Hikes: The Role of Policy Credibility and Balance Sheets," CEPR Discussion Papers, Centre for Economic Policy Research, number 21041, Jan.
• Bolhuis, Marijn & Grigoli, Francesco & Kolasa, Marcin & Meeks, Roland & Presbitero, Andrea & Zhang, Zhao, 2025, "Emerging Market Resilience: Good Luck or Good Policies?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20857, Nov.
• Broadbent, Ben & Di Pace, Federico & Drechsel, Thomas & Harrison, Richard & Tenreyro, Silvana, 2026, "The Brexit Vote, Productivity Growth and Macroeconomic Adjustments in the United Kingdom," CEPR Discussion Papers, Centre for Economic Policy Research, number 21019, Jan.
• McLeay, Michael & Tenreyro, Silvana, 2026, "Dollar Dominance and the Transmission of Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 21020, Jan.
• Luttini, Emiliano & Mekonnen, Dawit & Mercer-Blackman, Valerie Anne & Sørensen, Bent E, 2026, "Not All Shocks Are Shared Equally: Commodity Exporters and International Risk Sharing," CEPR Discussion Papers, Centre for Economic Policy Research, number 21100, Jan.
• Wong, Ka Lok & Manger, Mark & Panizza, Ugo, 2026, "Determinants of Sovereign Bond Issuance in Emerging Markets," CEPR Discussion Papers, Centre for Economic Policy Research, number 21251, Mar.
• Ferrari, Alessandro & Freitag, Andreas & Kammerlander, Eric & Lein, Sarah & Pisch, Frank, 2026, "Exchange-Rate Pass-Through and Invoicing Currency Choice in International Production Networks," CEPR Discussion Papers, Centre for Economic Policy Research, number 21144, Feb.
• Kim, Dohan & Milesi-Ferretti, Gian Maria, 2026, "External Finance in Emerging Markets and Developing Economies: A Tale of Differences in Vulnerabilities," CEPR Discussion Papers, Centre for Economic Policy Research, number 21015, Jan.
• Bassetto, Marco & Galli, Carlo & Hall, Jason, 2025, "The Role of Dispersed Information in Maintaining Low Interest Rates," CEPR Discussion Papers, Centre for Economic Policy Research, number 20947, Dec.
• Shaghil Ahmed & Ozge Akinci & Albert Queraltó, 2026, "How Resilient Were Emerging Market Economies Through the 2022‑23 U.S. Monetary Tightening Cycle?," Liberty Street Economics, Federal Reserve Bank of New York, number 20260626, Jun, DOI: 10.59576/lse.20260626.
• Bertaut, Carol & Curcuru, Stephanie E. & Faia, Ester & Gourinchas, Pierre-Olivier, 2025, "The Global (Mis)Allocation of Capital," CEPR Discussion Papers, Centre for Economic Policy Research, number 20979, Dec.
• Reis, Ricardo, 2026, "Financial Repression in the XXIst Century," CEPR Discussion Papers, Centre for Economic Policy Research, number 21072, Jan.
• Benhima, Kenza & Bolliger, Elio & Davenport, Margaret, 2026, "Granular Portfolios, Expectations, and International Capital Flows," CEPR Discussion Papers, Centre for Economic Policy Research, number 21134, Feb.
• Cristi, José & Kalemli-Ozcan, Sebnem & Sans, Mariana & Unsal, Filiz, 2026, "Global Spillovers from Fed Hikes and a Strong Dollar: The Risk Channel," CEPR Discussion Papers, Centre for Economic Policy Research, number 21042, Jan.
• Mitchener, Kris James & Pedemonte, Mathieu, 2026, "The Price of Protection: Tariff Incidence and Import Collapse under the Infamous Smoot-Hawley Tariff," IDB Publications (Working Papers), Inter-American Development Bank, number 14631, Jun, DOI: http://dx.doi.org/10.18235/0014083.
• Acosta-Henao, Miguel & Fernández Martin, Andrés & Gomez-Gonzalez, Patricia & Kalemli-Ozcan, Sebnem, 2026, "Firm Financing During Sudden Stops: Can Governments Substitute Markets?," CEPR Discussion Papers, Centre for Economic Policy Research, number 21040, Jan.
• Schmidt, Sebastian, 2026, "Fiscal Seigniorage and Price Level Determination in a Currency Union," CEPR Discussion Papers, Centre for Economic Policy Research, number 21001, Jan.
• BBVA Research, 2026, "Global | Geopolítica, geoeconomía y riesgo soberano: diferentes shocks, diferentes canales
  [Global | Geopolitics, geoeconomics and sovereign risk: different shocks,different channels]," Working Papers, BBVA Bank, Economic Research Department, number 26/04, Mar.
• Ambrosino, Maria Ludovica & Chan, Jenny & Tenreyro, Silvana, 2026, "Trade Fragmentation, Inflationary Pressures and Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 21024, Jan.
• Dao, Mai Chi & Gourinchas, Pierre-Olivier, 2025, "Covered Interest Parity in Emerging Markets: Measurement and Drivers," CEPR Discussion Papers, Centre for Economic Policy Research, number 20927, Dec.
• Kremens, Lukas & Varela, Liliana, 2026, "Sticking to Their Guns: Short-Horizon Exchange Rate Expectations," CEPR Discussion Papers, Centre for Economic Policy Research, number 21258, Mar.
• Brian Fabo & Juraj Falath, 2026, "Macroeconomic Impact of Tariffs on the US and the Euro Area: A Structured Modelling Approaches Review," Working and Discussion Papers, Research Department, National Bank of Slovakia, number OP 3/2026, Jul.
• Kalemli-Ozcan, Sebnem & Soylu, Can & Yıldırım, Muhammed A., 2026, "Global Trade, Tariff Uncertainty and the U.S. Dollar," CEPR Discussion Papers, Centre for Economic Policy Research, number 21062, Jan.
• Bergant, Katharina & Fernández Martin, Andrés & Teoh, Ken & Uribe, Martín, 2026, "Expanding the Landscape of Cross-Border Flow Restrictions: Modern Tools and Historical Perspectives," CEPR Discussion Papers, Centre for Economic Policy Research, number 21045, Jan.
• Copestake, Alexander & Firat, Melih & Furceri, Davide & Redl, Chris, 2026, "China Spillovers: Aggregate and Firm-Level Evidence," CEPR Discussion Papers, Centre for Economic Policy Research, number 21111, Feb.
• Ana Fostel & John Geanakoplos & Gregory Phelan, 2026, "Capital Flows and the Global Collateral Cycle," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University, number 2521, Apr.
• Lutz Kilian & Michael D. Plante & Alexander W. Richter, 2026, "How Times Have Changed: The Impact of the 2026 Iran War on the U.S. Economy," Working Papers, Federal Reserve Bank of Dallas, number 2615, Jun, DOI: 10.24149/wp2615.
• Erdal Yalcin, 2026, "Trade, Risk, and Resilience in General Equilibrium," CESifo Working Paper Series, CESifo, number 12797.
• Dao, Mai Chi & Gourinchas, Pierre-Olivier & Itskhoki, Oleg, 2025, "Breaking Parity: Equilibrium Exchange Rates and Currency Premia," CEPR Discussion Papers, Centre for Economic Policy Research, number 20792, Oct.
• Cosimo Petracchi & Luca Riva & Marco Stenborg Petterson, 2026, "Exchange-Rate Regimes and the Behaviour of Exporters," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, number 789, Jul.
• Miranda-Agrippino, Silvia & Nenova, Tsvetelina & Rey, Hélène, 2025, "The Ins & Outs of Chinese Monetary Policy Transmission," CEPR Discussion Papers, Centre for Economic Policy Research, number 20958, Dec.
• Bacchetta, Philippe & van Wincoop, Eric, 2026, "Cross-Country CIP Deviations," CEPR Discussion Papers, Centre for Economic Policy Research, number 21327, Mar.
• Aguilar, Pablo & Darracq Pariès, Matthieu & Dieppe, Alistair & Domínguez-Díaz, Rubén & Gallegos, José-Elías & Quintana, Javier & Eugenelo, Antonio, 2026, "Tariffs, production networks, and spillovers: the case of a US-China trade war," Working Paper Series, European Central Bank, number 3254, Jul.
• Forbes, Kristin & Ha, Jongrim & Kose, M. Ayhan, 2026, "Heaven or Earth? The Evolving Role of Global Shocks for Domestic Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 21109, Feb.
• Boyarchenko, Nina & Elias, Leonardo, 2026, "The Global Credit Cycle," CEPR Discussion Papers, Centre for Economic Policy Research, number 21268, Mar.
• HacıoÄŸlu Hoke, Sinem & Ostry, Daniel & Rey, Hélène & Rousset Planat, Adrien & Stavrakeva, Vania & Tang, Jenny, 2025, "Topography of the FX Derivatives Market: A View from London," CEPR Discussion Papers, Centre for Economic Policy Research, number 20978, Dec.
• Corsetti, Giancarlo, 2026, "An FTPL Approach to International Reserve Accumulation," CEPR Discussion Papers, Centre for Economic Policy Research, number 21113, Feb.
• Tarek Alexander Hassan & Thomas M. Mertens & Jingye Wang & Tony Zhang, 2026, "Openness, Integration, and the International Monetary Order," NBER Working Papers, National Bureau of Economic Research, Inc, number 35386, Jun.
• Bergant, Katharina & Mishra, Prachi & Rajan, Raghuram & Pinzon-Puerto, Freddy, 2026, "Cross-Border Spillovers: How U.S. Monetary Conditions Affect M&As Around the World," CEPR Discussion Papers, Centre for Economic Policy Research, number 21198, Feb.
• Sushant Acharya & Edouard Challe & Louphou Coulibaly, 2026, "The International RBC Model Finally Works!," Staff Reports, Federal Reserve Bank of New York, number 1197, Jul, DOI: 10.59576/sr.1197.
• Fornaro, Luca & Wolf, Martin, 2025, "Tariffs and Technological Hegemony," CEPR Discussion Papers, Centre for Economic Policy Research, number 20826, Nov.
• Chari, Anusha & Dilts Stedman, Karlye & Lundblad, Christian, 2025, "Risk-On Risk-Off: A Multifaceted Approach to Measuring Global Investor Risk Aversion," CEPR Discussion Papers, Centre for Economic Policy Research, number 20932, Dec.
• Francisco Roch & Juan Urquiza & Alejandro Vicondoa, 2026, "U.S. Fiscal Volatility Spillovers to Emerging Economies," Working Papers, Red Nacional de Investigadores en Economía (RedNIE), number 400, Jul.