Pawel Zabczyk

PUBLICATIONS | WORK IN PROGRESS | BLOG POSTS AND PERMANENT WORKING PAPERS

			PAWEL ZABCZYK @IDEAS/REPEC @RESEARCH GATE @SSRN www.zabczyk.com pawel[at]zabczyk.com CV last updated 15-Jul-2025

PUBLICATIONS
“New Perspectives on Quantitative Easing and Central Bank Capital Policies” (with Tobias Adrian, Christopher Erceg, Marcin Kolasa, Jesper Linde, Roger McLeod, and Romain Veyrune), in Central Bank Capital in Turbulent Times: The Risk Management Dimension of Novel Monetary Policy Instruments, Eds. D. Broeders, A. Houben, M. Bonetti, Springer, 2025 (Forthcoming). “Monetary policy and exchange rate dynamics in a behavioral open economy model” (with Marcin Kolasa and Sahil Ravgotra), Journal of International Economics, 2025, Vol. 155, May, pp. 104087. “A Sunspot-Based Theory of Unconventional Monetary Policy” (with Roger E. A. Farmer), Macroeconomic Dynamics, 2022, Vol. 26(1), pp. 186-217. “NKV: A New Keynesian Model with Vulnerability” (with Tobias Adrian, Fernando Duarte and Nellie Liang), AEA Papers and Proceedings, 2020, Vol.110, May, pp. 470-476. “The Household Fallacy” (with Roger E. A. Farmer), Economics Letters, 2018, Vol. 169(C), pp. 83-86. “Efficient Bond Price Approximations in Non-Linear Equilibrium-Based Term Structure Models” (with Martin Andreasen), Studies in Nonlinear Dynamics and Econometrics, 2015, Vol.19(1), pp. 1–33. “What Lies Beneath? A Time-Varying FAVAR Model for the UK Transmission Mechanism” (with Colin Ellis and Haroon Mumtaz), The Economic Journal, 2014, Vol. 124(576), pp. 668–699. “The Business Cycle Implications of Banks’ Maturity Transformation” (with Martin Andreasen and Marcelo Ferman), Review of Economic Dynamics, 2013, Vol. 16(4), pp. 581–600. “Cyclical Risk Aversion, Precautionary Saving and Monetary Policy” (with Bianca De Paoli), Journal of Money Credit and Banking, 2013, Vol. 45(1), pp. 1–36. “Policy Design in a Model with Swings in Risk Appetite” (with Bianca De Paoli), Oxford Economic Papers, 2013, Vol. 65(S1), pp. i146–i169. “Why do Risk Premia Vary Over Time? A Theoretical Investigation Under Habit Formation” (with Bianca De Paoli), Macroeconomic Dynamics, 2012, Vol. 16(S2), pp. 252–266. “Cyclical Precautionary Saving and Monetary Policy” (with Bianca De Paoli), European Central Bank Research Bulletin, 2012, No. 16, pp. 7–9.
WORK SUBMITTED AND UNDER REVISION
“Central Bank Exit Strategies: Domestic Transmission and International Spillovers” (with Christopher Erceg, Marcin Kolasa, Jesper Linde and Haroon Mumtaz), IMF Working Paper, No. 24/73, April 2024. “An Estimated DSGE Model for Integrated Policy Analysis” (with Kaili Chen, Marcin Kolasa, Jesper Linde, Hou Wang, and Jianping Zhou), IMF Working Paper, No. 23/135, June 2023. “Managing Monetary Tradeoffs in Vulnerable Open Economies” (with Tobias Adrian, Christopher Erceg, Marcin Kolasa and Jesper Linde), CEPR Discussion Paper, No. 16972, January 2022. “Monetary and Fiscal Policy When People Have Finite Lives” (with Roger E. A. Farmer), NBER Working Paper, No. 25445, May 2019.
BLOG POSTS AND PERMANENT WORKING PAPERS
“ECB Spillovers to Emerging Europe: The Past and Current Experience” (with Philipp Engler, Gianluigi Ferrucci and Tianxiao Zheng), IMF Working Paper, No. 24/170, August 2024. “The Philippines Quantitative Integrated Policy Pilot: Increasing Analysis Scope and Depth” (with Tristan Hennig, Marcin Kolasa, Jesper Linde and Shanaka J. Peiris), Philippines: Selected Issues, IMF Country Reports 23/415, December 2023. “A Quantitative Microfounded Model for the Integrated Policy Framework” (with Tobias Adrian, Chris Erceg, Marcin Kolasa and Jesper Linde), IMF Working Paper, No. 21/292, December 2021. “Measuring Central Bank Credibility” (with Kaili Chen), mimeo IMF, 2021. “A Quantitative Model for the Integrated Policy Framework” (with Tobias Adrian, Christopher J. Erceg, Jesper Linde and Jianping Zhou), IMF Working Paper, No. 20/122, July 2020. “Monetary and Macroprudential Policy with Endogenous Risk” (with Tobias Adrian, Fernando Duarte and Nellie Liang), CEPR Discussion Paper, No. 14435, February 2020. “The Dynamics of Corporate Bond Default” (with Colin Ellis and Haroon Mumtaz), mimeo IMF, 2019. “Why Unconventional Monetary Policy Works in Theory” (with Roger E. A. Farmer), Vox, October 2016 and Bank Underground, September 2016. “The Evolving Effectiveness of UK’s Monetary Policy” (with Colin Ellis and Haroon Mumtaz), Vox, August 2014. “Risk Aversion and the Natural Interest Rate” (with Bianca De Paoli), Liberty Street Economics, July 2014. “Global Rebalancing: The Macroeconomic Impact on the United Kingdom” (with Alex Haberis, Bojan Markovic and Karen Mayhew), Bank of England Working Paper, No. 421, April 2011. “Sterling Implications of a US Current Account Reversal” (with Morten Spange), Bank of England Working Paper, No. 296, June 2006.