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September 22, 2022

Macroeconomics and Growth

Growth is the essential ingredient for sustained poverty reduction. The Macroeconomics and Growth Research Program focuses on identifying the contribution of policies and institutional changes to the diversity in growth and aggregate economic performance around the world. Studies are organized around three themes: foundations of growth, macroeconomic stability and international finance, and governance and political economy.



Improving the Multilateral Pandemic Response

Policy Research Talk, June 13, 2022

The world is transitioning out of the crisis phase of the COVID-19 outbreak, aided by immunity from vaccination and prior infection. In this Policy Research Talk, World Bank economist Tristan Reed assessed the merit of this criticism, highlighting successes, misunderstandings, and lessons learned about how multilateral institutions can more effectively respond to future public health emergencies of international concern.


Long-Term Growth in Developing Countries

Policy Research Talk, December 14, 2021

In this Policy Research Talk, World Bank economist Steven Pennings presented the Long-Term Growth Model (LTGM) and a suite of papers and tools with various extensions to simulate and analyze future long-term growth scenarios in developing countries with sufficiently low data requirements, and which can be readily applied to almost every country.


The Human Capital Index 2020 Update: Human Capital in the Time of COVID-19

January 2021

This report updates the Human Capital Index launched in 2018 using health and education data available as of March 2020. It documents new evidence on trends, examples of successes, and analytical work on the utilization of human capital using new data collected before the global onset of COVID-19.


From Micro to Macro: Using Micro Data to Understand Macroeconomics and Public Policy

e-Seminar, May 7, 2021, Chile Research and Development Center

In this online seminar, Marcela Eslava, Roberto Fattal Jaef, Federico Huneeus provided examples of how firm data can shed light on macroeconomic issues such as growth, inequality, market structure, misallocation of capital, production networks, and productivity.Jose de Gregorio led the discussion. This event was held in Spanish with a focus on Latin America.


From Micro to Macro: Entry Barriers, Misallocation, and Aggregate Productivity

Policy Research Talk, February 23, 2021

In this talk, World Bank economist Roberto Fattal Jaef discussed the role of distortions in firms’ business environment that reduce competition, innovation, and allocative efficiency.


Financing Vaccine Equity: Funding for Day-Zero of the Next Pandemic
Ruchir Agarwal, Tristan Reed
World Bank Policy Research Working Paper 10067, May 2022

Globalization and Factor Income Taxation
Pierre Bachas, Matthew Fisher-Post, Anders Jensen, Gabriel Zucman
World Bank Policy Research Working Paper 9973, March 2022

Assessing the Effects of Natural Resources on Long-Term Growth: An Extension of the World Bank Long Term Growth Model
Norman V. Loayza, Arthur Galego Mendes, Fabian Mendez Ramos, Steven Pennings
World Bank Policy Research Working Paper 9965, March 2022

More Working Papers


Large international corporate bonds: Investor behavior and firm responses
Charles Calomiris, Mauricio Larrain, Sergio Schmukler, Tomas Williams
Journal of International Economics vol. 137, July 2022

Entry Barriers, Idiosyncratic Distortions, and the Firm Size Distribution
Roberto N. Fattal-Jaef
American Economic Journal: Macroeconomics vol. 14, no. 2, April 2022

Conflict and the nature of precautionary wealth
Rishabh Sinha, Leila Aghabarari, Ahmed Rostom
Oxford Economic Papers vol. 74, issue 2, April 2022

Locally financed and outside financed regional fiscal multipliers
Steven Pennings
Economics Letters vol. 213, April 2022


The Economics of Water Scarcity in The Midde East and North Africa: Institutional Solutions
Dominick de Waal, Stuti Khemani, Andrea Barone, Edoardo Borgomeo, Amal Talbi, Rajesh Advani, Sally Zgheib, Mili Varughese, Mohamad Hamid, Luke Gates, Elvira Broeks Motta, October 2022

The Middle East and North Africa (MENA) region is facing an acute lack of water for life and livelihoods. Despite significant infrastructure investments over decades, countries in the region are grappling with unprecedented, ever-worsening water scarcity due to population growth, climate change and socioeconomic development. By 2030, average annual per capita water resource availability across MENA will fall below the absolute water scarcity threshold of 500 cubic meters per person per year.

Going Viral: COVID-19 and the Accelerated Transformation of Jobs in Latin America and the Caribbean
Guillermo Beylis, Roberto Fattal Jaef, Michael Morris, Ashwini Rekha Sebastian, and Rishabh Sinha, Washington, DC: World Bank, September 2020

This book focuses on three important pre-pandemic trends observed in the labor market in the region—premature deindustrialization, servicification of the economy, and task automation—that have been accelerated by the crisis.

The Rise of Domestic Capital Markets for Corporate Financing
Facundo Abraham, Juan J. Cortina, and Sergio L. Schmukler, Washington, DC: World Bank, June 2019

The case of East Asia shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. 

Making Politics Work for Development: Harnessing Transparency and Citizen Engagement
Stuti Khemani, Ernesto Dal Bó, Claudio Ferraz, Frederico Finan, Corinne Stephenson, Adesinaola Odugbemi, Dikshya Thapa, and Scott Abrahams, Policy Research Report, Washington, DC: World Bank, 2016

The forces of transparency and citizen political engagement are on the rise, and together hold the potential to make politics work for rather than against economic development.

More Books and Reports »


Sergio Schmukler

Research Manager, Macroeconomics and Growth

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