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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



The Sovereign Spread Compressing Effect of Fiscal Rules during Global Crises
Ergys Islamaj, Agustin Samano Penaloza, Scott James Sommers
World Bank Policy Research Working Paper 10741, March 2024

Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
Matías Moretti, Lorenzo Pandolfi, Sergio L. Schmukler, Germán Villegas Bauer, Tomás Williams
World Bank Policy Research Working Paper 10735, March 2024

Lives, Livelihoods, and Learning: A Global Perspective on the Well-Being Impacts of the COVID-19 Pandemic
Benoit Decerf, Jed Friedman, Arthur Mendes, Steven Pennings, Nishant Yonzan
World Bank Policy Research Working Paper 10728, March 2024

How Large Are the Economic Dividends from Closing Gender Employment Gaps in the Middle East and North Africa?
Federico Ivan Fiuratti, Steven Michael Pennings, Jesica Torres Coronado
World Bank Policy Research Working Paper 10706, February 2024

Are Regional Fiscal Multipliers on EU Structural and Investment Fund Spending Large? A Reassessment of the Evidence
Federico Ivan Fiuratti, Desislava Enikova Nikolova, Steven Michael Pennings, Marc Tobias Schiffbauer
World Bank Policy Research Working Paper 10658, January 2024

More Working Papers


Tax Equity in Low-and Middle-Income Countries
Pierre Bachas, Anders Jensen, Lucie Gadenne
Journal of Economic Perspectives vol. 38, Winter 2024

The Internationalization of China’s Equity Markets
Juan J. Cortina, Maria Soledad Martinez Peria, Sergio L. Schmukler, Jasmine Xiao
IMF Economic Review, January 2024

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


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