Front Matter


  • Adieu to Maury

  • Frontiers of Monetary Policy: Interview with Doug Laxton on the new book Advancing the Frontiers of Monetary Policy with Tobias Adrian and Maurice Obstfeld

  • Housing Strikes Back: Remaining Attuned to Risks

  • Tariffs in a Globalized World

  • Policymaking: New Frontiers Using Big Data

  • A World with Central Bank Digital Currencies

  • The 19th Jacques Polak Annual Research Conference: A Note from the Organizer

IMF RESEARCH perspectives


Deniz Igan

Chris Papageorgiou

Guest Editor

Marika Santoro

Assistant Editor

Patricia Loo

Editorial Assistant

Tracey Lookadoo


Anil Ari

Emine Boz

Lucia Buono

Eugenio Cerutti

Swarnali Hannan

Zoltan Jakab

Marika Santoro

Cover, design, and layout

Creative Corporate Services and Facilities

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Note from the guest editor

In the Spring/Summer 2018 issue, we highlighted how the period after the global financial crisis saw a recovery in housing markets, but also a surge in populism and the revolution brought about by big data. Here, we go one step farther. Future challenges will encompass going from a recovery in the housing sector to a new boom. This would not only pose new threats to macroeconomic and financial stability that central banks will have to tackle, but might also contribute to an even wider gap between young renters and wealthier homeowners.

Populism has spun off into a new wave of protectionism. As technology and the wave of big data advance, so will the economy and policymaking. New policy measures will have to be supported by more complex sets of data with availability beyond traditional official sources and by new communication strategies. The large repository of data available throughout the digitalized domain provides vast, unexplored opportunities for policymaking. And new opportunities and challenges in the digital era can arise with the possible digitalization of money as we know it.

Marika Santoro