I am an Economist in the Macrofinancial Unit at the IMF's Strategy, Policy, and Review Department.
1900 Pennsylvania Ave NW, Washington DC, 20431
Get in touch at: mhengge[at]imf.org
All views expressed on this site are my own and do not necessarily reflect the position of the International Monetary Fund, its Executive Board, or Management.
Papers and Work in Progress
Global Cross-Border Payments: A Quadrillion-Dollar Evolving Market? with Eugenio Cerutti and Melih Firat, IMF Working Paper 2025/120.
A Primer on Bitcoin Capital Flows: Measurement and Drivers with E. Cerutti and J. Chen, IMF Working Paper 2024/85 (R&R).
Coverage: Financial Times ; Data: LocalBitcoins
Carbon Risk and Loan Pricing: Evidence from U.S. Syndicated Loans with Y. Dong, F. Valencia, and R. Varghese (draft coming soon).
Carbon Policy Surprises and Stock Returns: Signals from Financial Markets with U. Panizza and R. Varghese, IMF Working Paper 2023/013 (submitted).
Coverage: VoxEU, speech by Catherine Mann
Capital Markets, Covid-19, and Policy Measures with K. ElFayoumi, IMF Working Paper 2021/033 (submitted).
Coverage: VoxEU
Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty with N. Biljanovska and F. Grigoli, Review of International Economics 29(2), 2021.
Working Papers
Effective Monetary-Fiscal Interactions in Severe Recessions with J. Chen, R. A. Espinoza, C. Goncalves, T. Gudmundsson, Z. Jakab and J. Lindé , IMF Working Paper 2022/170.
Uncertainty as Predictor of Economic Activity, IHEID Working Paper 19-2019.
Factor Models for Non-Stationary Series: Estimates of Monthly U.S. GDP with S. Leonard, IHEID Working Paper 13-2017.
Policy Contributions
Ukraine: 2024 Sixth Review under the Extended Arrangement under the EFF.
Chile. 2023 Review under the FCL; 2023 AIV Consultation; 2024 Request for an Arrangement under the FCL.
Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations, with FIN, MCM, SPR, and STA, IMF Policy Paper 21/59.
Zimbabwe: 2022 AIV Consultation.
Costa Rica: 2021 AIV Consultation and Request for an Extended Arrangement under the EFF; 2020 Request for Purchase Under the RFI.
El Salvador: 2020 Request for Purchase Under the RFI.
Contribution to Tourism in the Post-Pandemic World, IMF Departmental Paper 21/02.