Rafael Portillo is Chief of the Economic Modelling Division in the Research Department of the IMF. He has also worked in the Western Hemisphere, Monetary and Capital Markets, and African Departments, and at the Joint Vienna Institute. His work has focused on macroeconomic modelling and monetary policy issues through surveillance, research, and technical assistance. Mr. Portillo has co-authored numerous IMF policy papers, working papers, and academic publications. Mr. Portillo also co-edited “