Samuel Pienknagura

Happy to see my paper titled “Inflated Concerns: Exposure to past Inflationary episodes and Preferences for Price Stability” (joint with Nicolas Magud) published at the JIE.

New at JIE: "Inflated concerns: Exposure to past inflationary episodes and preferences for price stability" by Nicolás E. Magud, Samuel Pienknagura doi.org/10.1016/j.jint…

Sharing my paper "Central bank independence and inflation tail risks—Evidence from emerging markets" (with @LuisIJacome1), which studies the link between central bank independence and episodes of unusually high inflation --i.e inflation tail risks. nam10.safelinks.protection.outlook.com/?url=https%3A%…

The paper, published at the JIMF, finds that, in addition to the negative association between CBI and inflation, central bank independence reduces the likelihood of high inflation episodes and the benefits of CBI in reducing unusually high inflation accumulate over time.

Finally, we show that the effectiveness of fiscal consolidation in limiting realized inflation depends greatly on the response of expectations to announcements. Results show that fiscal policy is crucial to anchor inflation expectations and key to credible disinflations.

The inflation anchoring role of consolidations is enhanced by the strength of a country's fiscal and monetary frameworks, and when fiscal and monetary policy work in tandem. Initial conditions matter, as the anchoring role of consolidations is larger in high inflation countries

Can Consolidations Announcements Help Anchor Inflation Expectations? In a paper with Antonio David and Juan Yépez, recently published at the JIMF, we find they do in the medium-term (3 and 5-years ahead), but not in the short-term (one-year ahead). sciencedirect.com/science/articl…

Delighted to share that my paper titled “Central Bank Independence and Inflation in Latin America—Through the Lens of History” (with @LuisIJacome1) is now available online at the JMCB. Link: onlinelibrary.wiley.com/doi/10.1111/jm…

@JulianP_Diaz Lamento mucho la partida de tu mamá, Julián. Un abrazo

Today my mom would have turned 79. Fate had other plans, and she passed away two months ago after ferociously battling a cruel disease. She is not with us anymore, but we think of her every day. Miss you and love you.

The accepted paper is a streamlined version of the WP of the same name (link here): imf.org/en/Publication…

The paper benefited from extremely useful comments from conference participants and, especially, from the referees. It is the culmination of project that started during the pandemic and was a great way to keep myself busy and engaged through my regular conversations with Luis.

I am happy to share that my paper "Central Bank Independence and Inflation in Latin America—Through the Lens of History" (co-authored with the great @LuisIJacome1 ) was accepted for publication in the Journal of Money, Credit and Banking.

Green innovation helps the #environment while also increasing economic activity in the short-to-medium term, thereby mitigating the costs of compliance with climate policies. @HasnaZeina, Florence Jaumotte, Jaden Kim, @spienk80 & Gregor Schwerhoff @IMFNews ow.ly/us3l50R91A7

Leveraging detailed cross-border, project-level information, the paper identifies “green” FDI and finds that a higher number of active climate policies is associated with higher levels of green FDI inflows. For more details, check out the paper!

The deployment of low-carbon technologies (LCTs), especially to EMDEs, is a crucial ingredient in the fight against climate change. In a recent IMF WP I assess the role of climate policies as a catalyst of LCT deployment through foreign direct investment. imf.org/en/Publication…

We show that the effectiveness of fiscal consolidation in controlling realized inflation depends greatly on the response of inflation expectations to consolidation announcements. Results highlight the key role that fiscal policy plays in credible disinflationary processes.

The anchoring role of fiscal announcements is enhanced by strong fiscal and monetary frameworks, and when fiscal and monetary policy work in tandem. Initial conditions matter—inflation expectation’s response to consolidation announcements is larger in periods of high inflation.

Check out my new working paper (joint with Antonio David and Juan Yepez Albornoz) titled "Can Fiscal Consolidation Announcements Anchor Inflation Expectations?" imf.org/en/Publication…