Report NEP-OPM-2026-07-27

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:

• Broner, Fernando & Martín, Alberto & Meyer, Josefin & Trebesch, Christoph, 2025, "Hegemonic Globalization," CEPR Discussion Papers, Centre for Economic Policy Research, number 20339, Jun.
• Bacchetta, Philippe & Davis, J. Scott & van Wincoop, Eric, 2025, "Dollar Funding Fragility and non-US Global Banks," CEPR Discussion Papers, Centre for Economic Policy Research, number 20497, Jul.
• Javier Bianchi & Sebastian Horn & Giovanni Rosso & César Sosa-Padilla, 2026, "International Risk-Sharing in a Fragmented World," NBER Working Papers, National Bureau of Economic Research, Inc, number 35389, Jun.
• Eichengreen, Barry & Razo-Garcia, Raul, 2025, "The International Monetary System in the Last and Next 20 Years Redux," CEPR Discussion Papers, Centre for Economic Policy Research, number 20763, Oct.
• Lewis, Vivien & Puangjit, Sirikorn, 2025, "A Simple Model of Geopolitical Risk and Sanctions," CEPR Discussion Papers, Centre for Economic Policy Research, number 20724, Oct.
• Kiyoung Jeon & Zeynep Yom, 2026, "Wage Rigidity, Working Capital, and the Cost of Sovereign Default," Villanova School of Business Department of Economics and Statistics Working Paper Series, Villanova School of Business Department of Economics and Statistics, number 68, Jul.
• Balatti, Mirco & Kose, M. Ayhan & Mckinnon, Kate Frances & Palombo, Edoardo & Sugawara, Naotaka & Verduzco-Bustos, Guillermo & Vorisek, Dana, 2025, "From Tailwinds to Headwinds: Emerging and Developing Economies in the Twenty-First Century," CEPR Discussion Papers, Centre for Economic Policy Research, number 20558, Aug.
• Diodato, Dario & Hausmann, Ricardo & Schetter, Ulrich, 2025, "A Simple Theory of Economic Development at the Extensive Industry Margin," CEPR Discussion Papers, Centre for Economic Policy Research, number 20576, Aug.
• Ostry, Daniel & Lloyd, Simon & Corsetti, Giancarlo, 2025, "Trading Blows: The Exchange-Rate Response to Tariffs and Retaliations," CEPR Discussion Papers, Centre for Economic Policy Research, number 20452, Jul.
• Becko, John & Grossman, Gene M. & Helpman, Elhanan, 2025, "Optimal Tariffs with Geopolitical Alignment," CEPR Discussion Papers, Centre for Economic Policy Research, number 20571, Aug.
• Giovanni Donato & Emmanouil Kitsios, 2026, "ASEAN’s Trade and Investment in a Fragmented World," IMF Working Papers, International Monetary Fund, number 2026/118, Jun.
• Charles Nolan, 2026, "A Simple Prudential-Effort Foundation for the Financial Trilemma," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-51, Jul.
• Giuseppe Fiori & Colleen Lipa & Erik Nuenninghoff, 2026, "Technology Shocks, the AI Boom, and the U.S. Current Account," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2026-07-14, Jul, DOI: 10.17016/2380-7172.4106.
• David Borner & Heiko Sorg, 2026, "CIP violations as functional components of the dynamic cross-currency basis curve," Working Papers, Swiss National Bank, number 2026-09.
• Alice Albonico & Guido Ascari & Qazi Haque & Kostas Mavromatis & Andra Smadu, 2026, "Energy and Monetary Policy in the Euro Area," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-55, Jul.
• Corsetti, Giancarlo & Lloyd, Simon & Marin, Emile & Ostry, Daniel, 2025, "U.S. Risk and Treasury Convenience," CEPR Discussion Papers, Centre for Economic Policy Research, number 20657, Sep.
• Sai Ma & Viktors Stebunovs & Judit Temesvary, 2026, "Transmission Growth-at-Risk: How Foreign Financial Vulnerabilities Shape U.S. Growth Prospects," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.), number 1442, Jul, DOI: 10.17016/IFDP.2026.1442.
• Bernstein, Martin & Meyer, Josefin & O'Rourke, Kevin & Schularick, Moritz, 2025, "Economic Insecurity: Trade Dependencies and Their Weaponization in History," CEPR Discussion Papers, Centre for Economic Policy Research, number 20457, Jul.
• Bayer, Christian & Kriwoluzky, Alexander & Müller, Gernot & Seyrich, Fabian, 2025, "Being and Consciousness: Fiscal Attitudes according to HANK," CEPR Discussion Papers, Centre for Economic Policy Research, number 20473, Jul.
• Baslandze, Salomé & Fuchs, Simon, 2025, "The Price of Delay: Supply Chain Disruptions and Pricing Dynamics," CEPR Discussion Papers, Centre for Economic Policy Research, number 20589, Aug.
• Bertaut, Carol & Faia, Ester & Kalemli-Ozcan, Sebnem & Marchesini, Camilo & Paetzold, Simon & Schmitz, Martin, 2025, "Asset Elasticities and Currency Risk Transfer," CEPR Discussion Papers, Centre for Economic Policy Research, number 20665, Sep.
• Manger, Mark & Mihalyi, David & Panizza, Ugo & Rescia, Niccolò & Trebesch, Christoph & Wong, Ka Lok, 2025, "Africa's Domestic Debt Boom: Evidence from the African Debt Database," CEPR Discussion Papers, Centre for Economic Policy Research, number 20747, Oct.
• Goldberg, Pinelopi Koujianou & Ruta, Michele, 2025, "The Changing Nature of International Trade and its Implications for Development," CEPR Discussion Papers, Centre for Economic Policy Research, number 20648, Sep.
• Yassine kirat, 2024, "Revisiting the resource curse: Does volatility matter?," Working Papers, FAERE - French Association of Environmental and Resource Economists, number 2019.NN, Oct.
• António Afonso & José Alves & Periklis Gogas & Theophilos Papadimitriou, 2026, "Sovereign Ratings and Risk Pricing, Agency Divergences in the European Union," CESifo Working Paper Series, CESifo, number 12832.
• Davide Del Prete & Aminur Rahman & Edoardo Tolva, 2026, "Transport Mode and the Geography of Exchange Rate Pass-Through," CESifo Working Paper Series, CESifo, number 12834.
• Budnik, Katarzyna, 2026, "How do economies with open labour markets work? The role of temporary migration in the European Union," Working Paper Series, European Central Bank, number 3251, Jul.
• Aldasoro, Inaki & Hördahl, Peter & Schrimpf, Andreas & Zhu, Sonya, 2025, "Predicting Financial Market Stress with Machine Learning," CEPR Discussion Papers, Centre for Economic Policy Research, number 20439, Jul.
• Gonon, Morgane & Godin, Antoine & Daumas, Louis & Althouse, Jeffrey & Svartzman, Romain, 2025, "Chronicle of a Debt Foretold: Sovereign Debt Management Strategies for Colombia’s Climate and Biodiversity Transition," CEPR Discussion Papers, Centre for Economic Policy Research, number 20443, Jul.
• Forbes, Kristin & Ha, Jongrim & Kose, M. Ayhan, 2025, "Tradeoffs over Rate Cycles: Activity, Inflation and the Price Level," CEPR Discussion Papers, Centre for Economic Policy Research, number 20240, May.
• Alvarez, Jorge & Benatiya Andaloussi, Mehdi & Maggi, Chiara & Sollaci, Alexandre & Stuermer, Martin & Topalova, Petia, 2025, "Geoeconomic Fragmentation and Commodity Markets," CEPR Discussion Papers, Centre for Economic Policy Research, number 20451, Jul.
• Benny Kleinman & Ernest Liu & Stephen J. Redding & David Xu, 2026, "International trade in an uncertain world," CEP Discussion Papers, Centre for Economic Performance, LSE, number dp2196, Jun.
• Bonadio, Barthelemy & Huo, Zhen & Kang, Elliot & Levchenko, Andrei & Pandalai-Nayar, Nitya & Toma, Hiroshi & Topalova, Petia, 2025, "Playing with Blocs: Quantifying Decoupling," CEPR Discussion Papers, Centre for Economic Policy Research, number 20664, Sep.
• Mavus Kutuk, Merve & van Wijnbergen, Sweder, 2025, "Carry Trade and Currency Crash Risk," CEPR Discussion Papers, Centre for Economic Policy Research, number 20745, Oct.
• Gelpern, Anna & Haddad, Omar & Horn, Sebastian & Kintzinger, Paulina & Parks, Brad & Trebesch, Christoph, 2025, "How China Collateralizes," CEPR Discussion Papers, Centre for Economic Policy Research, number 20379, Jun.
• Reuter, Marco & Agur, Itai & Copestake, Alexander & Martínez Pería, Maria Soledad & Teoh, Ken, 2025, "Payment Frictions, Capital Flows, and Exchange Rates," CEPR Discussion Papers, Centre for Economic Policy Research, number 20722, Oct.
• Carmen L Avila-Yiptong & Georges Hatcherian & Mahamoud Islam, 2026, "Peer Pressure: How Relative Debt Drives Emerging Market Sovereign Spreads," IMF Working Papers, International Monetary Fund, number 2026/110, Jun.
• Rey, Hélène & Stavrakeva, Vania, 2025, "Interpreting Turbulent Episodes in International Finance," CEPR Discussion Papers, Centre for Economic Policy Research, number 20799, Oct.
• Li, Junye & Sarno, Lucio & Zinna, Gabriele, 2025, "Skewness Risk Premia and the Cross-Section of Currency Returns," CEPR Discussion Papers, Centre for Economic Policy Research, number 20587, Aug.
• Fernando Garcia & Ricardo Hausmann, 2026, "A Change of Denomination: The Case for CPI-Indexed World Bank Lending," Growth Lab Working Papers, Harvard's Growth Lab, number 271, Jul.
• Arteaga-Garavito, María José & Colacito, Ric & Croce, Mariano & Yang, Biao, 2025, "International Climate News," CEPR Discussion Papers, Centre for Economic Policy Research, number 20607, Sep.
• Imam, Patrick & Temple, Jonathan, 2025, "Growth, Interrupted: How Crises Delay Global Convergence," CEPR Discussion Papers, Centre for Economic Policy Research, number 20733, Oct.
• Stavrakeva, Vania & Tang, Jenny, 2025, "Individual Beliefs, Demand for Currency, and Exchange Rate Dynamics," CEPR Discussion Papers, Centre for Economic Policy Research, number 20321, Jun.
• Allen, Cian & Bems, Rudolfs & Boer, Lukas & Moussa, Racha, 2025, "Demand for Safe Assets and Spillovers from the Global Dollar Cycle," CEPR Discussion Papers, Centre for Economic Policy Research, number 20371, Jun.
• Zhou, Sili & Ma, Chang & Rebucci, Alessandro, 2025, "A Nascent International Financial Channel of China’s Monetary Policy Transmission," CEPR Discussion Papers, Centre for Economic Policy Research, number 20672, Sep.
• Pappadà , Francesco & Zylberberg, Yanos, 2025, "The Dynamics of Informality and Fiscal Policy under Sovereign Risk," CEPR Discussion Papers, Centre for Economic Policy Research, number 20604, Aug.
• Mayer, Thierry & Mejean, Isabelle & Thoenig, Mathias, 2025, "The Fragmentation Paradox: De-Risking Trade and Global Safety," CEPR Discussion Papers, Centre for Economic Policy Research, number 20564, Aug.
• Anne Michels & Valeria Ferreira & Paola Annoni & Julien Burton & Luis Pedauga & José Manuel Rueda Cantuche & Maja Kušen & Gábor Kátay, 2026, "Digital Measures under the Recovery and Resilience Facility Economic Impacts at Macro, Sectoral and Country Levels," European Economy - Discussion Papers, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, number 249, Jun.
• Kalina Manova & Dennis Novy & Thomas Sampson & Aaron Tang, 2026, "Tariff confusion," CEP Discussion Papers, Centre for Economic Performance, LSE, number dp2195, Jun.
• Benhima, Kenza & Blengini, Isabella & Merrouche, Ouarda, 2025, "Foreign Currency Debt and Disagreement," CEPR Discussion Papers, Centre for Economic Policy Research, number 20580, Aug.
• Castillo-Martinez, Laura, 2025, "Sudden Stops, Productivity, and the Exchange Rate," CEPR Discussion Papers, Centre for Economic Policy Research, number 20555, Aug.
• Benigno, Gianluca & Rebucci, Alessandro & Zaretski, Aliaksandr, 2025, "Managing Financial Crises," CEPR Discussion Papers, Centre for Economic Policy Research, number 20778, Oct.
• Clausing, Kimberly & Obstfeld, Maurice, 2025, "Tariffs as Fiscal Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 20677, Sep.
• Maurice Obstfeld, 2026, "Argentina: The challenge and the opportunity," Working Paper Series, Peterson Institute for International Economics, number WP26-12, Jul.
• Carvalho, Cecilia & Monte, Daniel & Ornelas, Emanuel, 2025, "Equilibrium Trade Regimes: Power- vs. Rules-Based," CEPR Discussion Papers, Centre for Economic Policy Research, number 20751, Oct.
• Ifrim, Adrian & Kollmann, Robert & Pfeiffer, Philipp & Ratto, Marco & Roeger, Werner, 2025, "Persistent Global Growth Differences and Euro Area Adjustment: Real Activity, Trade and the Real Exchange Rate," CEPR Discussion Papers, Centre for Economic Policy Research, number 20476, Jul.
• Chupilkin, Maxim & Javorcik, Beata & Peeva, Aleksandra & Plekhanov, Alexander, 2025, "Exorbitant Privilege and Economic Sanctions," CEPR Discussion Papers, Centre for Economic Policy Research, number 20471, Jul.
• Kara, A. Hakan & Simsek, Alp, 2025, "Türkiye's Homemade Crises," CEPR Discussion Papers, Centre for Economic Policy Research, number 20647, Sep.
• Matthieu Bellon & Matthias Gnewuch & Luca Zavalloni, 2026, "Too much of a good thing? Safe assets, spillovers, and fiscal policy coordination," Working Papers, European Stability Mechanism, number 78, Jul, revised 17 Jul 2026.
• Biermann, Marcus & Huber, Kilian, 2025, "Tracing the International Transmission of a Crisis through Multinational Firms," CEPR Discussion Papers, Centre for Economic Policy Research, number 20336, Jun.
• Mateus Maquiadi, 2026, "Inflation Responses to FX Demand and Supply Shocks under Exchange Rate Segmentation: Evidence from Angola," Working Papers REM, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa, number 2026/0421, Jun.
• Arifovic, Jasmina & Salle, Isabelle & Schilling, Linda, 2025, "Losing Grip? The Quantity Theory of Money under Currency Competition," CEPR Discussion Papers, Centre for Economic Policy Research, number 20529, Aug.
• Bergholt, Drago & Røisland, Øistein & Sveen, Tommy & Torvik, Ragnar, 2025, "Should Monetary and Fiscal Policy Pull in the Same Direction?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20391, Jul.
• João Tovar Jalles, 2026, "Revisiting the External Imbalance Effects of EMU Membership: Identification Fragility and the Limits of Synthetic Control Inference," Working Papers REM, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa, number 2026/0422, Jul.
• KONAN, Estelle & SOPOUDE, Anne-Marie & DADAKPETE, David, 2024, "Financial Integration and Financial Development in Africa," MPRA Paper, University Library of Munich, Germany, number 128121, Sep.