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Understanding DSGE models: Theory and Applications

by Celso Jose Costa Junior

While the theoretical development of DSGE models is not overly difficult to understand, practical application remains somewhat complex. The literature on this subject has some significant obscure points. This...

The Upside of Inequality: How Good Intentions Undermine the Middle Class

by Edward Conard

The scourge of America’s economy isn't the success of the 1 percent—quite the opposite. The real problem is the government’s well-meaning but misguided attempt to reduce the payoffs for success.



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Challenges for Central Banking

by Luis I. Jacome H. & Yan, Mr. Carriere-Swallow

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central...

Women's Opportunities and Challenges in Sub-Saharan African Job Markets

by Christine, Ms. Dieterich & Anni Huang

As labor market data is scarce in Sub-Saharan Africa (SSA), this paper uses household survey data to analyze the determinants of the gender gap in the labor market and its welfare implications for five SSA countries...

The Impact of Trade Agreements

by Swarnali Ahmed Hannan

The Trans-Pacific Partnership (TPP) has reinvigorated research on the ex-ante impact of trade agreements. The results from these ex-ante models are subject to considerable uncertainties, and needs to be complimented...

Investing in Electricity, Growth, and Debt Sustainability

by Michele Andreolli & Aidar Abdychev

This paper analyses a large public investment in a construction of a hydropower plant in Lesotho and its implications on the growth and debt sustainability. The paper employs an open economy dynamic general...

Product Market Deregulation and Growth

by Romain Bouis & Romain A, Mr. Duval

The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. It relies on a unique mapping between new annual data on reform...

The Consequences of Policy Uncertainty

by Sandile Hlatshwayo & Magnus, Mr. Saxegaard

In recent years, the link between the real effective exchange rate (REER) and exports in South Africa has weakened. While exports still rise in response to REER depreciations, the REER-export elasticity is below...

What Does Aid Do to Fiscal Policy? New Evidence

by Jean-Louis Combes

Foreign aid is a sizable source of government financing for several developing countries and its allocation matters for the conduct of fiscal policy. This paper revisits fiscal effects of shifts in aid dependency...

Inequality, Gender Gaps and Economic Growth

by Dalia S, Ms. Hakura & Mumtaz, Mr. Hussain

A growing body of empirical evidence suggests that inequality-income or gender related-can impede economic growth. Using dynamic panel regressions and new time series data, this paper finds that both income...

Chinese Imports

by Joong Shik Kang & Wei Liao

Real imports in China have decelerated significantly over the last two years to below 4 percent (yoy) from double-digit growth in previous years. Weaker investment, partly due to progress in rebalancing from...

Investing to Mitigate and Adapt to Climate Change

by Anthony Bonen & Prakash, Mr. Loungani

We propose a macroeconomic model to assess optimal public policy decisions in the the face of competing funding demands for climate change action versus traditional welfare-enhancing capital investment. How...

Fiscal Rules for Resource Windfall Allocation

by Keyra Primus

Managing resource revenues is a critical policy issue for small open resource-rich countries. This paper uses an open economy dynamic stochastic general equilibrium model to analyze the transmission of resource...

Regulating Local Government Financing Vehicles and Public-Private Partnerships in China

by Hui Jin & Isabel Rial

In this paper, we argue that there is much room for China to strengthen its regulatory framework for public-private partnerships (PPPs). We show that infrastructure projects carried out through local government...

Highways to Heaven

by Valerie, Ms. Cerra & Alfredo, Mr. Cuevas

Inadequate infrastructure has been widely viewed as a principal barrier to growth and development in Latin America and the Caribbean. This paper provides a comprehensive overview of infrastructure in the region...

Fragmented Politics and Public Debt

by Ernesto Crivelli & Sanjeev, Mr. Gupta

In this paper, we study the impact of fragmented politics on public debt-in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we...

Spatial Dependence and Data-Driven Networks of International Banks

by Ben Craig & Martín| Saldías

This paper computes data-driven correlation networks based on the stock returns of international banks and conducts a comprehensive analysis of their topological properties. We first apply spatial-dependence...

Changes in Prudential Policy Instruments - A New Cross-Country Database

by Eugenio M, Mr. Cerutti & Ricardo, Mr. Correa

This paper documents the features of a new database that focuses on changes in the intensity in the usage of several widely used prudential tools, taking into account both macro-prudential and micro-prudential...

Foreign Bank Subsidiaries' Default Risk during the Global Crisis

by Deniz Anginer & Eugenio M, Mr. Cerutti

This paper examines the association between the default risk of foreign bank subsidiaries in developing countries and their parents during the global financial crisis, with the purpose of determining the size...