The Long Term Growth Model: Fundamentals, Extensions, and Applications

Steven Pennings is a Senior Economist in the Macroeconomics and Growth Team of the World Bank Development Research Group. His research interests include fiscal policy (especially fiscal transfers), economic growth, political economy, exchange rate pass-through, and monetary policy. He also a co-leads the World Bank’s Long Term Growth Model Project. He has published in a number of academic journals, including the American Economic Review, the Journal of International Economics and the European Economic Review. Prior to joining the World Bank, he worked at the Reserve Bank of Australia and Save the Children (Vietnam). He holds a PhD in Economics from New York University and a Bachelor of Economics (Hons.) from the Australian National University.

Norman Loayza is Director of the Global Indicators Group at the World Bank. Previously, he was a Lead Economist in the Development Research Group and managed the Asia hub of the Research Group, based in Malaysia. He was director of the World Development Report 2014, Risk and Opportunity: Managing Risk for Development. His research has dealt with various areas of economic and social development, including macroeconomic management, economic growth, microeconomic flexibility, private and public saving, financial depth and stability, natural disasters, and crime and violence. His advisory experience at the World Bank has also ranged across different topics in various regions and countries.

Manuela Francisco is the Global Director for the Macroeconomics and Investment (MTI) Global Practice in the Equitable Growth, Finance, and Institutions Practice Group (GGEVP), a position she started on 1 January 2023. Ms. Francisco, a Portuguese national, joined the World Bank in 2005 as Country Economist in the Africa Department. She has since held various positions of responsibility in the Bank. Prior to her current position, she was the Director of Credit Risk, in the Chief Risk Officer Vice Presidency, and before that, she was the Practice Manager for MTI in the South Asia Region.

Deon Filmer is Director of the Development Research Group at the World Bank. He has previously served as Acting Research Manager in the Research Group, Co-Director of the World Development Report 2018: Learning to Realize Education’s Promise, and Lead Economist in the Human Development department of the Africa Region of the World Bank. He works on issues of human capital and skills, service delivery, and the impact of policies and programs to improve human development outcomes—with research spanning the areas of education, health, social protection, and poverty and inequality. He has published widely in refereed journals, including studies of the impact of demand-side programs on schooling and learning; the roles of poverty, gender, orphanhood, and disability in explaining education inequalities; and the determinants of effective service delivery.