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Mr. Romain A Duval, Yi Ji, Mr. Chris Papageorgiou, Mr. Ippei Shibata, and Mr. Antonio Spilimbergo
Are preferences for reforms driven by individuals’ own endowments or beliefs? To address this question, we conducted a cross-country survey on people’s opinions on employment protection legislation—an area where reform has proven to be difficult and personal interests are at stake. We find that individuals’ beliefs matter more than their own endowments and personal pay-offs. A randomized information treatment confirms that beliefs explain views about reform, but beliefs can change with new information. Our results are robust to several robustness tests, including to alternative estimation techniques and samples.
Mr. Romain A Duval, Yi Ji, Mr. Chris Papageorgiou, Mr. Ippei Shibata, and Mr. Antonio Spilimbergo

rationalize the tighter job protection legislation observed in Southern European countries vis-à-vis their Northern European counterparts, for example. However, this vast literature leaves unsettled the question of which factors matter most for people’s views on labor market regulation and reform. Our paper makes progress on this front by identifying the respective roles of individual economic interests and beliefs in the context of a novel multi-country survey. Finally, some papers show that endowments can shape individual beliefs. Di Tella et al. (2007) find that a

Ms. Era Dabla-Norris, Hibah Khan, and Frederico Lima
The health and economic consequences of COVID-19 are closely tied to individual compliance with recommended protective behaviors. We examine the determinants of this compliance using survey data from the COVID Behavior Tracker for 29 advanced and emerging market economies between March and December 2020. Social distancing behaviors vary significantly by age, gender, occupation, and individual beliefs about COVID-19. In addition, those who trust their government’s response to COVID-19 are significantly more likely to adopt recommended behaviors and to self-isolate if advised, highlighting the need for well-coordinated actions on the health and economic fronts. We also find that mobility restrictions, such as stay-at-home orders, and mask mandates are associated with reduced social interactions and persistent increases in compliance. Together, these drivers account for over two-thirds of the regional differences in compliance, confirming their important role in increasing social distancing and containing the pandemic.
Ms. Era Dabla-Norris, Hibah Khan, and Frederico Lima

factors, including personal beliefs and attitudes towards COVID-19, and then examine how compliance responds to government policies such as mobility restrictions and mask mandates in section V. IV. Individual Determinants of Social Distancing Empirical specification In this section, we examine how compliance differs across socioeconomic groups and how it is impacted by individual beliefs and attitudes towards COVID-19, and confidence in the government’s response. Our analysis starts from the following linear probability model specification: C o m p l i a

Mr. Romain A Duval, Yi Ji, Mr. Chris Papageorgiou, Mr. Ippei Shibata, and Mr. Antonio Spilimbergo

Executive Board, or IMF management. ABSTRACT: Are preferences for reforms driven by individuals’ own endowments or beliefs? To address this question, we conducted a cross-country survey on people’s opinions on employment protection legislation—an area where reform has proven to be difficult and personal interests are at stake. We find that individualsbeliefs matter more than their own endowments and personal pay-offs. A randomized information treatment confirms that beliefs explain views about reform, but beliefs can change with new information. Our results are robust

Ms. Era Dabla-Norris, Hibah Khan, and Frederico Lima

management. Abstract The health and economic consequences of COVID-19 are closely tied to individual compliance with recommended protective behaviors. We examine the determinants of this compliance using survey data from the COVID Behavior Tracker for 29 advanced and emerging market economies between March and December 2020. Social distancing behaviors vary significantly by age, gender, occupation, and individual beliefs about COVID-19. In addition, those who trust their government’s response to COVID-19 are significantly more likely to adopt recommended behaviors and

Mr. Jerome Vandenbussche
The move from individual decision making to committee decision making is widely seen as a major evolution in contemporary central banking. This paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design. While the preference aggregation literature points to the effect of committee structure on the extent of the time inconsistency problem and its associated costs, the belief aggregation literature analyzes how different committee structures affect the efficiency of information pooling, the process of social influence, and collective accuracy. In conclusion, we highlight the main tradeoffs that the analysis has brought to light and point to directions for future research.
Mr. Jerome Vandenbussche

on MPCs are likely to be motivated by a sense of the public good and a spirit of cooperation, to be concerned by the quality of the atmosphere within the committee, and to respect the authority of the chairman. It is highly plausible that these considerations have a first-order influence on the elaboration of individual “strategies” in a real world MPC although they are typically omitted in game-theoretical models. Regarding the learning process and the evolution of individual beliefs, Issing et al. ( 2001 , p.132) insist that “[monetary policy] decisions are the

Lone Christiansen, Ms. Huidan Huidan Lin, Ms. Joana Pereira, Petia Topalova, and Turk Rima

countries. The ISSP data provide detailed measurement of individualsbeliefs concerning the relative roles of men and women in society. These beliefs include, among others, whether working mothers can ensure a warm and secure relationship with their children, whether family life and children suffer when mothers are employed outside the home, and whether women find work in the domestic sphere more fulfilling than work outside the home. With an exclusively European focus, the analysis takes advantage of these micro-level data to disentangle the effects of individual choice

Mr. Vincent Bodart
The paper explores the inflationary implications of exchange rate regime reforms in a small open economy model combining the public finance view of inflation with multiple exchange markets. To account for the experience of many developing countries, the analysis focuses on transitions to multiple official exchange markets. In those countries, multiple exchange rates were often announced as temporary. The paper shows that the dynamic response of inflation to the reform markedly differ whether the announcement is credible or not. The paper also compares the response of inflation under a fixed crawl of nominal official rates and under the presence of policy rules aimed at reducing the spread between the official and parallel exchange rates.