IMF RESEARCHER

Rui C. Mano is a deputy division chief in the IMF’s Research Department. He previously worked in the Research, Asia Pacific, Strategy, Policy and Review, and Western Hemisphere Departments. He contributed to the Fund's framework on external sector assessments, contributed to several country teams (China, DR Congo, Eastern Caribbean Currency Union, Grenada, Hong Kong SAR, Jamaica, Korea, Mongolia, the Philippines, and the United States), and participated in the formulation and review of fund-wide policies (notably the Integrated Policy Framework and Comprehensive Surveillance Review). He holds a PhD in economics from the University of Chicago. His research interests are exchange rate risk, foreign exchange intervention, monetary policy, and cross-border spillovers, among others.

Email: RMANO@imf.org

Personal WebPage: https://sites.google.com/site/ruimano/

Fluent In: Portuguese, Spanish.

Previous Experience:

Senior Economist, Western Hemisphere Department, North America Division.

Senior Economist, Strategy Policy and Review Department, Macro Policies Division.

Economist, Strategy, Policy and Review Department, Macro Policies Division.

Economist, Asia Pacific Department, China Division.

Economist, Asia Pacific Department, Korea Division.

Economist, Research Department, Open-Economy Division.

Current Position:

Deputy Division Chief, Research Department, Macro-Financial Division.

Country work or Mission Assignment:

China, Democratic Republic of Congo, ECCU, Grenada, Hong Kong SAR, Jamaica, Korea, Mongolia, Philippines and the United States.

Field of Expertise:

Open Economy Macroeconomics

International Trade

International Finance

Economic Modeling

Monetary Policy

IMF Books and Working Papers:

Sizing Up the Effects of Technological Decoupling , Working Paper No. 2021/069 , March 12, 2021

Foreign Exchange Intervention: A Dataset of Public Data and Proxies , Working Paper No. 2021/047 , February 19, 2021

China’s Rebalancing: Opportunities and Challenges for LAC Exporters , Working Paper No. 2020/239 , November 13, 2020

Do FX Interventions Lead to Higher Debt? Evidence from Firm-Level Data , Working Paper No. 20/197 , September 25, 2020

Should Inequality Factor into Central Banks' Decisions? , Working Paper No. 20/196 , September 25, 2020

One Shock, Many Policy Responses , Working Paper No. 20/10 , January 17, 2020

The Level REER model in the External Balance Assessment (EBA) Methodology , Working Paper No. 19/192 , September 13, 2019

Trade Wars and Trade Deals: Estimated Effects using a Multi-Sector Model , Working Paper No. 19/143 , July 03, 2019

China’s High Savings: Drivers, Prospects, and Policies , Working Paper No. 18/277 , December 11, 2018

China’s Rebalancing: Recent Progress, Prospects and Policies , Working Paper No. 18/243 , November 12, 2018

China’s Capacity Reduction Reform and Its Impact on Producer Prices , Working Paper No. 18/216 , September 28, 2018

Inequality in China – Trends, Drivers and Policy Remedies , Working Paper No. 18/127 , June 05, 2018

Reassessing the Perimeter of Government Accounts in China , Working Paper No. 17/272 , December 08, 2017

Default Premium , Working Paper No. 15/167 , July 21, 2015

Default Premium , Working Paper No. 15/167 , July 21, 2015

Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach , Working Paper No. 15/130 , June 23, 2015

The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries , Working Paper No. 15/48 , February 27, 2015

IMF Country Reports

ECCU: 2022 Article IV Consultation Staff Report

United States: 2022 Article IV Consultation Staff Report

Grenada: 2022 Article IV Consultation Staff Report

United States: 2021 Article IV Consultation Staff Report

Democratic Republic of the Congo: Request for Disbursement Under the Rapid Credit Facility Staff Report

Jamaica: Sixth Review Under the Stand-By Arrangements Staff Report

Jamaica: Fifth Review Under the Stand-By Arrangement Staff Report

People’s Republic of China: 2018 Article IV Consultation Staff Report

People's Republic of China: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2018 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2016 Article IV Consultation-Press Release and Staff Report

Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility Staff Report

Republic of Korea: 2016 Article IV Consultation Staff Report

Republic of Korea: 2015 Article IV Consultation Staff Report

Philippines: 2016 Article IV Consultation Staff Report

Philippines: 2015 Article IV Consultation Staff Report

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks

F&D articles

To Pay the Piper

Selected Issue

PHILIPPINES: REAL AND FINANCIAL CYCLES

ARE PHILIPPINES NONFINANCIAL FIRMS VULNERABLE TO TIGHTER FINANCIAL CONDITIONS?—FIRM-LEVEL ANALYSIS AND STRESS TESTING

CHINA’S HIGH SAVINGS: DRIVERS, PROSPECTS, AND POLICIES

CHINA: REASSESSING THE PERIMETER OF GOVERNMENT AND IMPLICATIONS FOR FISCAL SPACE

INEQUALITY IN CHINA – TRENDS, DRIVERS AND POLICY REMEDIES

HONG KONG SAR: MEDIUM-TERM FISCAL PROSPECTS AND IMPLICATIONS

INCOME INEQUALITY IN HONG KONG SAR

Other Published Materials

World Economic Outlook, April 2024; Chapter 2

World Economic Outlook, April 2023, Chapter 4, Box 4.2

Regional Economic Outlook, October 2022, Asia Pacific, Chapter 3, "Asia and the Growing Risk of Geoeconomic Fragmentation"

World Economic Outlook, April 2022, Chapter 3, Box 3.1

World Economic Outlook, October 2021, Chapter 1, Study of Macro-Effects of COVID Vaccines

Regional Economic Outlook, October 2021, Asia Pacific, Chapter 4, "Reigniting Asia’s Growth Engine through Trade Liberalization"

Policy Advice to Asia in the Times of COVID-19

World Economic Outlook, October 2019, Chapter 1, Scenario Box 1.2

World Economic Outlook, April 2019, Chapter 4, Box 4.4

Regional Economic Outlook, October 2018, Asia Pacific, Chapter 3, "The Evolving Role of Trade in Asia: Opening a New Chapter"

Monetary and Exchange Rate Policy Responses, chapter in book ASEAN Way, October 2018

Regional Economic Outlook, April 2018, Asia Pacific, Chapter 2, Box 2.1

Regional Economic Outlook, April 2016, Asia and Pacific, Chapter 3, "China’s Evolving Trade with Advanced Upstream Economies and Commodity Exporters"

External Sector Report 2015

Publications in Journals (Refereed)

Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data (with Minsuk Kim and Mico Mrkaic), Journal of International Money and Finance, 2024, Volume 148, 103160

Foreign Exchange Intervention: A Dataset of Public Data and Proxies (with G. Adler, K. S. Chang and Y. Shao), Journal of Money, Credit and Banking, 2024

Mask Mandates Save Lives (with N-J. Hansen), Journal of Health Economics, 2023, Volume 88, 102721

COVID-19 Vaccines: A Shot in Arm for the Economy (with Niels-Jakob Hansen), IMF Economic Review, 2022, Volume 71, pp. 148-169.

The Cost of FX intervention: Concepts and Measurement (with Gustavo Adler), Journal of Macroeconomics, 2021, Volume 67, March, 103045.

Real Exchange Rate and External Balance: How Important Are Price Deflators? (with JaeBin Ahn and Jing Zhou), Journal of Money, Credit and Banking, 2020, Volume 52(8), December.

Unveiling the Effect of Foreign Exchange Intervention: A Panel Approach (with Gustavo Adler and Noemie Lisack), Emerging Markets Review, 2019, Volume 40, September, 100620.

Forward and Spot Exchange Rates in a Multi-Currency World (with Tarek Hassan), The Quarterly Journal of Economics, 2019, Volume 134, Issue 1, February, pp. 397–450.

Default Premium (with Luís Catão) Journal of International Economics, 2017, Volume 107, July, pp. 91–110.

Publications in Journals (Referred)

The Wage Phillips Curve under Labor Market Power (with A. Burya, Y. Timmer and A. Weber), 2023, AEA Papers and Proceedings, Volume 113, pp. 110-13

Publications in Books and Conference Volumes

Sizing Up the Effects of Technological Decoupling (with D. Cerdeiro, J. Eugster, D. Muir and J. Peiris) Chapter 7 in Geoeconomic Fragmentation The Economic Risks from a Fractured World Economy, CEPR, 2023

Do Foreign Exchange Interventions Lead to Higher Foreign Exchange Debt? Evidence from Firm-Level Data (with Minsuk Kim, and Mico Mrkaic) Chapter 15 in Shocks and Capital Flows, October 2023

Foreign Exchange Intervention: A Data Set of Public Data and Proxies (with Gustavo Adler and Kyun Suk Chang) Chapter 13 in Shocks and Capital Flows, October 2023

One Shock, Many Policy Responses (with Silvia Sgherri) Chapter 2 in Shocks and Capital Flows, October 2023

Distributional Effects of Monetary Policy (with V. Bonifacio, L. Brandao-Marques, N. T. Budina, B. Csonto, C. Fratto, P. Engler, D. Furceri, D. O. Igan, M. Narita, M. Omoev, G. Pasricha and H. Ward) in Economic Challenges for Europe After the Pandemic Proceedings of the XXXII Villa Mondragone International Economic Seminar, Rome, Italy, 2021

Rui C. Mano is a deputy division chief in the IMF’s Research Department. He previously worked in the Research, Asia Pacific, Strategy, Policy and Review, and Western Hemisphere Departments. He contributed to the Fund's framework on external sector assessments, contributed to several country teams (China, DR Congo, Eastern Caribbean Currency Union, Grenada, Hong Kong SAR, Jamaica, Korea, Mongolia, the Philippines, and the United States), and participated in the formulation and review of fund-wide policies (notably the Integrated Policy Framework and Comprehensive Surveillance Review). He holds a PhD in economics from the University of Chicago. His research interests are exchange rate risk, foreign exchange intervention, monetary policy, and cross-border spillovers, among others.

Email: RMANO@imf.org

Personal WebPage: https://sites.google.com/site/ruimano/

Fluent In: Portuguese, Spanish.

Previous Experience:

Senior Economist, Western Hemisphere Department, North America Division.

Senior Economist, Strategy Policy and Review Department, Macro Policies Division.

Economist, Strategy, Policy and Review Department, Macro Policies Division.

Economist, Asia Pacific Department, China Division.

Economist, Asia Pacific Department, Korea Division.

Economist, Research Department, Open-Economy Division.

Current Position:

Deputy Division Chief, Research Department, Macro-Financial Division.

Country work or Mission Assignment:

China, Democratic Republic of Congo, ECCU, Grenada, Hong Kong SAR, Jamaica, Korea, Mongolia, Philippines and the United States.

Field of Expertise:

Open Economy Macroeconomics

International Trade

International Finance

Economic Modeling

Monetary Policy

IMF Books and Working Papers:

Sizing Up the Effects of Technological Decoupling , Working Paper No. 2021/069 , March 12, 2021

Foreign Exchange Intervention: A Dataset of Public Data and Proxies , Working Paper No. 2021/047 , February 19, 2021

China’s Rebalancing: Opportunities and Challenges for LAC Exporters , Working Paper No. 2020/239 , November 13, 2020

Do FX Interventions Lead to Higher Debt? Evidence from Firm-Level Data , Working Paper No. 20/197 , September 25, 2020

Should Inequality Factor into Central Banks' Decisions? , Working Paper No. 20/196 , September 25, 2020

One Shock, Many Policy Responses , Working Paper No. 20/10 , January 17, 2020

The Level REER model in the External Balance Assessment (EBA) Methodology , Working Paper No. 19/192 , September 13, 2019

Trade Wars and Trade Deals: Estimated Effects using a Multi-Sector Model , Working Paper No. 19/143 , July 03, 2019

China’s High Savings: Drivers, Prospects, and Policies , Working Paper No. 18/277 , December 11, 2018

China’s Rebalancing: Recent Progress, Prospects and Policies , Working Paper No. 18/243 , November 12, 2018

China’s Capacity Reduction Reform and Its Impact on Producer Prices , Working Paper No. 18/216 , September 28, 2018

Inequality in China – Trends, Drivers and Policy Remedies , Working Paper No. 18/127 , June 05, 2018

Reassessing the Perimeter of Government Accounts in China , Working Paper No. 17/272 , December 08, 2017

Default Premium , Working Paper No. 15/167 , July 21, 2015

Default Premium , Working Paper No. 15/167 , July 21, 2015

Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach , Working Paper No. 15/130 , June 23, 2015

The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries , Working Paper No. 15/48 , February 27, 2015

IMF Country Reports

ECCU: 2022 Article IV Consultation Staff Report

United States: 2022 Article IV Consultation Staff Report

Grenada: 2022 Article IV Consultation Staff Report

United States: 2021 Article IV Consultation Staff Report

Democratic Republic of the Congo: Request for Disbursement Under the Rapid Credit Facility Staff Report

Jamaica: Sixth Review Under the Stand-By Arrangements Staff Report

Jamaica: Fifth Review Under the Stand-By Arrangement Staff Report

People’s Republic of China: 2018 Article IV Consultation Staff Report

People's Republic of China: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2018 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2017 Article IV Consultation Staff Report

People's Republic of China-Hong Kong SAR: 2016 Article IV Consultation-Press Release and Staff Report

Mongolia: 2017 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility Staff Report

Republic of Korea: 2016 Article IV Consultation Staff Report

Republic of Korea: 2015 Article IV Consultation Staff Report

Philippines: 2016 Article IV Consultation Staff Report

Philippines: 2015 Article IV Consultation Staff Report

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Asean-5 Cluster Report : Evolution of Monetary Policy Frameworks

F&D articles

To Pay the Piper

Selected Issue

PHILIPPINES: REAL AND FINANCIAL CYCLES

ARE PHILIPPINES NONFINANCIAL FIRMS VULNERABLE TO TIGHTER FINANCIAL CONDITIONS?—FIRM-LEVEL ANALYSIS AND STRESS TESTING

CHINA’S HIGH SAVINGS: DRIVERS, PROSPECTS, AND POLICIES

CHINA: REASSESSING THE PERIMETER OF GOVERNMENT AND IMPLICATIONS FOR FISCAL SPACE

INEQUALITY IN CHINA – TRENDS, DRIVERS AND POLICY REMEDIES

HONG KONG SAR: MEDIUM-TERM FISCAL PROSPECTS AND IMPLICATIONS

INCOME INEQUALITY IN HONG KONG SAR

Other Published Materials

World Economic Outlook, April 2024; Chapter 2

World Economic Outlook, April 2023, Chapter 4, Box 4.2

Regional Economic Outlook, October 2022, Asia Pacific, Chapter 3, "Asia and the Growing Risk of Geoeconomic Fragmentation"

World Economic Outlook, April 2022, Chapter 3, Box 3.1

World Economic Outlook, October 2021, Chapter 1, Study of Macro-Effects of COVID Vaccines

Regional Economic Outlook, October 2021, Asia Pacific, Chapter 4, "Reigniting Asia’s Growth Engine through Trade Liberalization"

Policy Advice to Asia in the Times of COVID-19

World Economic Outlook, October 2019, Chapter 1, Scenario Box 1.2

World Economic Outlook, April 2019, Chapter 4, Box 4.4

Regional Economic Outlook, October 2018, Asia Pacific, Chapter 3, "The Evolving Role of Trade in Asia: Opening a New Chapter"

Monetary and Exchange Rate Policy Responses, chapter in book ASEAN Way, October 2018

Regional Economic Outlook, April 2018, Asia Pacific, Chapter 2, Box 2.1

Regional Economic Outlook, April 2016, Asia and Pacific, Chapter 3, "China’s Evolving Trade with Advanced Upstream Economies and Commodity Exporters"

External Sector Report 2015

Publications in Journals (Refereed)

Do FX Interventions Lead to Higher FX Debt? Evidence from Firm-Level Data (with Minsuk Kim and Mico Mrkaic), Journal of International Money and Finance, 2024, Volume 148, 103160

Foreign Exchange Intervention: A Dataset of Public Data and Proxies (with G. Adler, K. S. Chang and Y. Shao), Journal of Money, Credit and Banking, 2024

Mask Mandates Save Lives (with N-J. Hansen), Journal of Health Economics, 2023, Volume 88, 102721

COVID-19 Vaccines: A Shot in Arm for the Economy (with Niels-Jakob Hansen), IMF Economic Review, 2022, Volume 71, pp. 148-169.

The Cost of FX intervention: Concepts and Measurement (with Gustavo Adler), Journal of Macroeconomics, 2021, Volume 67, March, 103045.

Real Exchange Rate and External Balance: How Important Are Price Deflators? (with JaeBin Ahn and Jing Zhou), Journal of Money, Credit and Banking, 2020, Volume 52(8), December.

Unveiling the Effect of Foreign Exchange Intervention: A Panel Approach (with Gustavo Adler and Noemie Lisack), Emerging Markets Review, 2019, Volume 40, September, 100620.

Forward and Spot Exchange Rates in a Multi-Currency World (with Tarek Hassan), The Quarterly Journal of Economics, 2019, Volume 134, Issue 1, February, pp. 397–450.

Default Premium (with Luís Catão) Journal of International Economics, 2017, Volume 107, July, pp. 91–110.

Publications in Journals (Referred)

The Wage Phillips Curve under Labor Market Power (with A. Burya, Y. Timmer and A. Weber), 2023, AEA Papers and Proceedings, Volume 113, pp. 110-13

Publications in Books and Conference Volumes

Sizing Up the Effects of Technological Decoupling (with D. Cerdeiro, J. Eugster, D. Muir and J. Peiris) Chapter 7 in Geoeconomic Fragmentation The Economic Risks from a Fractured World Economy, CEPR, 2023

Do Foreign Exchange Interventions Lead to Higher Foreign Exchange Debt? Evidence from Firm-Level Data (with Minsuk Kim, and Mico Mrkaic) Chapter 15 in Shocks and Capital Flows, October 2023

Foreign Exchange Intervention: A Data Set of Public Data and Proxies (with Gustavo Adler and Kyun Suk Chang) Chapter 13 in Shocks and Capital Flows, October 2023

One Shock, Many Policy Responses (with Silvia Sgherri) Chapter 2 in Shocks and Capital Flows, October 2023

Distributional Effects of Monetary Policy (with V. Bonifacio, L. Brandao-Marques, N. T. Budina, B. Csonto, C. Fratto, P. Engler, D. Furceri, D. O. Igan, M. Narita, M. Omoev, G. Pasricha and H. Ward) in Economic Challenges for Europe After the Pandemic Proceedings of the XXXII Villa Mondragone International Economic Seminar, Rome, Italy, 2021