Front Matter

Front Matter

Roberto Cardarelli, and Lusine Lusinyan
Published Date:
November 2015
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    Power Play

    Energy and Manufacturing in North America


    Roberto Cardarelli and Lusine Lusinyan

    © 2016 International Monetary Fund

    Cover design: IMF Multimedia Services Division

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Power play: energy and manufacturing in North America / editors: Roberto Cardarelli and Lusine Lusinyan. – Washington, D.C.: International Monetary Fund, 2015.

    • pages; cm

    Includes bibliographical references and index.

    ISBN: 978-1-49836-479-9 (paper)

    ISBN: 978-1-51356-580-4 (ePub)

    ISBN: 978-1-51359-336-4 (Mobi)

    ISBN: 978-1-51351-709-4 (PDF)

    1. Power resources – North America. 2. Manufacturing industries – North America. I. Cardarelli, R. (Roberto). II. Lusinyan, Lusine. III. International Monetary Fund.

    HD9502.N72 P688 2015

    Disclaimer: The views expressed in this book are those of the authors and do not necessarily represent the views of the International Monetary Fund, its Executive Board, or its management.

    Please send orders to:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, DC 20090, U.S.A.

    Tel.: (202) 623-7430 Fax: (202) 623-7201




    This book is based on research done by the International Monetary Fund’s Western Hemisphere Department’s North American Division, in collaboration with the Research Department. Earlier versions of some of the chapters were published as part of IMF’s surveillance work on Canada, Mexico, and the United States between 2013 and 2015.

    The authors are grateful for helpful comments and valuable feedback from colleagues in the Western Hemisphere Department, in other IMF departments, seminar participants, and staff in central banks, departments of treasury and finance, and other government agencies in Canada, Mexico, and the United States.

    We would like to thank our colleagues in the Communications Department for managing the production of the book and their support throughout the entire process, particularly Gemma Diaz and Linda Kean.



    Roberto Cardarelli is Division Chief of the Southern 2 Division in the IMF’s Western Hemisphere Department. He previously headed the department’s North American Division and the Regional Studies Division in the Asia and Pacific Department. Before that, he was in the Research Department, where he worked on several editions of the IMF’s flagship publication, the World Economic Outlook.

    Lusine Lusinyan is a Senior Economist in the IMF’s Western Hemisphere Department, working on the Argentina desk and, prior to this, on the country desks for Canada and the United States. She was previously in the European Department, working on the Italy desk, and the Fiscal Affairs Department. Her recent research has focused on structural reforms, productivity, energy issues, and fiscal decentralization.


    Jorge Alvarez is a PhD candidate in Economics at Princeton University, focusing on macroeconomic theory and development economics. He holds a BA in Economics from Harvard University and is a former director of CEIDAL, a public policy think tank in Guatemala City. His academic research covers labor markets, inequality, agricultural productivity, and economic growth.

    Oya Celasun is a Deputy Division Chief in the World Economic Studies Division of the IMF’s Research Department. She has worked on the country desks for Uruguay, the United States, and Canada in the Western Hemisphere Department.

    Yuwen Dai participated in this research project while she was a summer intern at the IMF and a PhD student at the University of York.

    Phil de Imus is a Senior Financial Sector Expert in the IMF’s Strategy, Policy, and Review Department. He was previously a Financial Sector Expert in the Monetary and Capital Markets Department (2007–10), working with the team that produced the IMF’s Global Financial Stability Report during the height of the global financial crisis. Prior to that, he spent several years at the Federal Reserve Bank of New York, and he also worked in the private sector, including the energy industry in Houston.

    Gabriel Di Bella is the IMF’s Resident Representative in the Russian Federation. He was mission chief for Haiti (2013–15) and worked on the United States desk (2012–13). Prior to that, he was the IMF’s Resident Representative in Nicaragua and worked on the desks of a number of emerging and low-income countries. Before joining the IMF, he worked for an economic and financial consulting firm in Buenos Aires. Some of his work has focused on issues related to public debt sustainability, real exchange rates, energy subsidies, and program design issues in low-income countries.

    Serge Dupont is the IMF’s Executive Director for Canada, Ireland, and the Caribbean, a post held since August 2014. He was previously Deputy Minister, Natural Resources Canada. In that capacity, he was the principal policy advisor to the Minister of Natural Resources and the Government of Canada for energy, mining, forestry, and earth sciences, as well as executive head of Natural Resources Canada and its 4,000 science, policy, and administrative staff. In his career in government, he also served in the Privy Council Office, Finance Canada, and Industry Canada.

    Benjamin Hunt is Assistant Director in the IMF’s Research Department working closely with the division responsible for building, maintaining, and applying the global macroeconomic models used to support multilateral and bilateral surveillance. He previously worked in the Asia and Pacific Department and the European Department, doing bilateral surveillance work.

    Tim Mahedy is an Economic Analyst at the Federal Reserve Bank of San Francisco and contributes to economic forecasts and Beige Book. He previously worked at the IMF monitoring macroeconomic developments and energy issues throughout the Western Hemisphere. He holds an MA in Economics from San Diego State University and completed his undergraduate work in International Affairs and Economics at George Washington University.

    Paulo Medas is a Deputy Division Chief in the IMF’s Fiscal Affairs Department. He has recently worked on the October 2015 Fiscal Monitor that focuses on macro-fiscal management in resource-rich economies. He previously worked on several country teams, including Canada and Spain, and was the IMF’s Resident Representative in Brazil (2008–11).

    Dirk Muir is a Senior Economist in the Economic Modeling Division of the IMF’s Research Department. He has worked at the Bank of Canada, Norges Bank, and Deutsche Bank London. He focuses on the development of large-scale modern macroeconomic models for policy analysis and forecasting. His applied work has included global imbalances, pension reform, oil sector issues, and structural reform in euro area countries.

    Chris Papageorgiou is a Deputy Unit Chief in the Low-Income Countries Strategy Unit of the IMF’s Strategy, Policy, and Review Department. Since joining the IMF in 2006, he has worked on Uganda, Tanzania, and the United States desks, and has led IMF policy work on a variety of low-income-country issues. His analytical work is primarily focused on economic growth and international macroeconomics. He has published extensively and is an associate editor of the European Economic Review and the IMF Economic Review.

    Rania Papageorgiou is a Research Analyst in the IMF’s Western Hemisphere Department, having previously worked in the Strategy, Policy, and Review Department. She currently works on Canada and the United States, monitoring macroeconomic developments in both countries. She holds an MA in International Relations and International Economics from Johns Hopkins University SAIS.

    Soma Patra is a PhD candidate at the Southern Methodist University, focusing primarily on macroeconomic theory, energy economics, and international economics. She participated in this project as a summer intern at the IMF.

    Andrea Pescatori is an Economist in the IMF’s Western Hemisphere Department in the North American Division. He has published in top peer-reviewed journals on a wide range of topics, including monetary and fiscal policy and commodity prices. Prior to joining the IMF, he was an economist at the Federal Reserve Bank of Cleveland and at the Board of Governors of the Federal Reserve System.

    Julien Reynaud is a Senior Economist on the IMF’s Eastern Caribbean Currency Union desk. Before joining the Caribbean 1 Division of the Western Hemisphere Department, he worked as a desk economist on Canada in the North American Division. Previously, he served as an Advisor to the IMF Executive Director for France and worked at the European Central Bank.

    Martin Sommer is a Deputy Chief of the Regional Studies Division in the IMF’s Middle East and Central Asia Department and mission chief for Qatar. He worked previously on the United States and Japan desks, and prepared analytical studies for the World Economic Outlook.

    Fabián Valencia is a Senior Economist in the IMF’s Western Hemisphere Department covering Mexico. Prior to that, he worked in the macro-finance group of the Research Department and in the crisis resolution group of the Monetary and Capital Markets Department. His research focuses on financial intermediation and the real economy, the capital structure of banks, and banking crises, in particular on their consequences and policy responses to resolve them.

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