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Macroeconomics and Growth

The following big questions guide the Macroeconomics and Growth Research work program:

1) What are the determinants of macroeconomic outcomes (especially growth)? How are those outcomes linked to institutions and resource allocation at the micro level?

2) What is the role of governments in raising and allocating resources? What should governments do over the long run and in response to shocks?

The work program is organized around the following interrelated areas:

  • Growth: Macro, regional (local), sectoral, firm growth; labor markets and human capital
  • Firms and Aggregate Outcomes: Allocation of production and finance; competition
  • Public economics/public finance: Domestic revenue mobilization, taxation, debt; government spending (fiscal policy, infrastructure, procurement); governance and institutions
  • International economics: International and domestic financial markets; exchange rates and monetary policy; globalization


Buy Big or Buy Small? Procurement Policies, Firms’ Financing, and the Macroeconomy
Julian di Giovanni, Manuel García-Santana, Priit Jeenas, Enrique Moral-Benito, Josep Pijoan-Mas
World Bank Policy Research Working Paper 10522, July 2023

The Internationalization of China’s Equity Markets
Juan J. Cortina, Maria Soledad Martinez Peria, Sergio L. Schmukler, Jasmine Xiao
World Bank Policy Research Working Paper 10513, June 2023

Is the Global Economy Deglobalizing? And If So, Why? And What Is Next?
Pinelopi Koujianou Goldberg, Tristan Reed
World Bank Policy Research Working Paper 10392, April 2023

On the Welfare Costs of Premature Deindustrialization
Roberto N. Fattal Jaef
World Bank Policy Research Working Paper 10344, March 2023

Effective Tax Rates and Firm Size
Pierre Bachas, Anne Brockmeyer, Roel Dom, Camille Semelet
World Bank Policy Research Working Paper 10312, February 2023

More Working Papers


The Internationalization of China’s Equity Markets
Juan J. Cortina, Maria Soledad Martinez Peria, Sergio L. Schmukler, Jasmine Xiao
IMF Economic Review, 2023

Bilateral international investments: The big sur?
Fernando Broner, Tatiana Didier, Sergio L. Schmukler, Goetz von Peter
Journal of International Economics, 103795, July 2023

Media's Influence on Citizen Demand for Public Goods
Philip Keefer, Stuti Khemani
Economic Development and Cultural Change, 2023

The Importance of Political Selection for Bureaucratic Effectiveness
James Habyarimana, Stuti Khemani, Thiago Scot
Economica, vol. 90, April 2023

Financing vaccine equity: funding for day-zero of the next pandemic
Ruchir AgarwalTristan Reed
Oxford Review of Economic Policy, vol. 38, December 2022

International reserves and central bank independence
Agustin Samano
Journal of International Economics vol. 139, November 2022

Using Individual-Level Randomized Treatment to Learn about Market Structure
Tristan Reed
American Economic Journal: Applied Economics vol. 14, no. 4, October 2022


nighttime city view with digital lines connecting buildings and lighted highway
Realizing the Promise of (Partial) Decentralization
Shanta Devarajan, Stuti Khemani, September 2023



Aerial view of Bargny. Inhabitants say in the last couple of decades, the water eroded more than 200 meters of coast.
Strengthening Personal Income Taxation in Senegal - Case Study

Pierre Bachas, Leo Czajka, Aissatou Diallo, Justine Knebelmann, Anaelle Toure, June 2023


Water Scarcity in MENA 2023
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, April 2023


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


The Rise of Domestic Capital Markets for Corporate Financing

Facundo Abraham, Juan J. Cortina, and Sergio L. Schmukler, Washington, DC: World Bank, June 2019


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


More Books and Reports »


Pierre Bachas

Roberto N. Fattal Jaef
Senior Economist

Manuel García-Santana
Senior Economist

Stuti Khemani
Senior Economist

Tatjana Kleineberg

Steven Pennings
Senior Economist

Tristan Reed

Agustin Samano
Research Economist

Sergio Schmukler
Research Manager

Mahvish Shaukat

Dario Tortarolo