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This Work Program (WP) translates the strategic directions and policy priorities laid out in the Spring 2018 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months.

Directors of corporations. --- Management --- Fiscal policy. --- Methodology. --- Capital movements --- Debt sustainability analysis --- Debts, External --- Diffusion Processes --- Digitalization --- Exports and Imports --- Industries: Information Technololgy --- Information technology industries --- Information technology --- Institutional View on capital flows --- International economics --- International Investment --- International Lending and Debt Problems --- Long-term Capital Movements --- Technological Change: Choices and Consequences

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This paper analyzes whether structural changes in the aftermath of the pandemic have steepened the Phillips curves in advanced economies, reversing the flattening observed in recent decades and reducing the sacrifice ratio associated with disinflation. Particularly, analysis of granular price quote data from the UK indicates that increased digitalization may have raised price flexibility, while de-globalization may have made inflation more responsive to domestic economic conditions again. Using sectoral data from 24 advanced economies in Europe, higher digitalization and lower trade intensity are shown to be associated with steeper Phillips curves. Post-pandemic Phillips curve estimates indicate some steepening in the UK, Spain, Italy and the euro area as a whole, but at magnitudes that are too small to explain the entire surge in inflation in 2021–22, suggesting an important role for outward shifts in the Phillips curve.

Currency crises --- Currency --- Deflation --- Diffusion Processes --- Digitalization --- Economic & financial crises & disasters --- Economic theory --- Economics of specific sectors --- Economics --- Economics: General --- Foreign Exchange --- Foreign exchange --- Industries: Information Technololgy --- Inflation --- Informal sector --- Information technology industries --- Information technology --- Macroeconomics --- Macroeconomics: Production --- Monetary Policy --- Open Economy Macroeconomics --- Output gap --- Price Level --- Prices --- Production and Operations Management --- Production --- Real effective exchange rates --- Technological Change: Choices and Consequences --- Technology

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Evidence from historical and epidemiological literatures show that epidemics tend to spread in the population according to a logistic pattern. We conjecture that the impact of new technologies on output follows a pattern of spread not unlike that of typical epidemics. After reaching a critical mass, rates of growth will accelerate until the marginal benefits of technology are fully utilized. We estimate spline functions using a GMM dynamic panel methodology for 79 countries. We use imports of machinery and equipment as a fraction of gross domestic product as a proxy for the process of technological adoption. Results confirm our hypothesis.

Econometrics --- Exports and Imports --- Investments: Stocks --- Industries: Information Technololgy --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Estimation --- Trade: General --- Technological Change: Choices and Consequences --- Diffusion Processes --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Technology --- general issues --- Econometrics & economic statistics --- International economics --- Information technology industries --- Investment & securities --- Estimation techniques --- Imports --- Emerging technologies --- Stocks --- Econometric analysis --- International trade --- Financial institutions --- Econometric models --- United States --- General issues

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This report discusses fiscal trends in policies aimed at reducing fiscal vulnerabilities and boosting medium-term growth, recent fiscal developments and the fiscal outlook in advanced economies, emerging markets, and low-income developing countries; recent trends in government debt and analysis of changes in fiscal balances, revenue, and spending; potential fiscal risks; and growth from the fiscal policies. It also describes how digitalization can help governments improve implementation of current policy and widen the range of policy options, and opportunities and risks for fiscal policy, including improvements in policy implementation, the design of future policy, and how digitalization can create opportunities for fraud and increase government vulnerabilities.

Finance: General --- Macroeconomics --- Public Finance --- Statistics --- Industries: Information Technololgy --- Taxation --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Technological Change: Choices and Consequences --- Diffusion Processes --- Forecasts of Budgets, Deficits, and Debt --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Information technology industries --- Finance --- Econometrics & economic statistics --- Technology --- general issues --- Public debt --- Fiscal policy --- Fiscal stance --- Revenue administration --- Digitalization --- Expenditure --- Debts, Public --- Revenue --- Information technology --- Economic forecasting --- Expenditures, Public --- United States --- General issues

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We exploit a survey data set that contains information on how 11,000 workers across advanced and emerging market economies perceive the main forces shaping the future of work. In general, workers feel more positive than negative about automation, especially in emerging markets. We find that negative perceptions about automation are prevalent among workers who are older, poorer, more exposed to job volatility, and from countries with higher levels of robot penetration. Perceptions over automation are positively viewed by workers with higher levels of job satisfaction, higher educational attainment, and from countries with stronger labor protection. Workers with positive perceptions of automation also tend to respond that re-education and retraining will be needed to adapt to rapidly evolving skill demands. These workers expect governments to have a role in shaping the future of work through protection of labor and new forms of social benefits. The demand for protection and benefits is more significant among women and workers that have suffered job volatility.

Labor --- Macroeconomics --- Industries: Information Technololgy --- Automation --- Demand and Supply of Labor: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Job, Occupational, and Intergenerational Mobility --- Promotion --- Mobility, Unemployment, and Vacancies: Public Policy --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Education: Government Policy --- Technological Change: Choices and Consequences --- Diffusion Processes --- Labor Economics: General --- Education: General --- Automatic control engineering --- Labour --- income economics --- Education --- Information technology industries --- Emerging technologies --- Labor markets --- Technology --- Labor economics --- Labor market --- United States