Macroeconomics and Growth

Growth is the essential ingredient for sustained poverty reduction. The 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 broad themes: foundations of growth, macroeconomic stability and international finance, and governance and political economy. About the program

Research Highlights 2008

IN FOCUS — Climate Change

	The Wrath of God: Macroecononic Costs of Natural Disasters September 2009 The process of global climate change has been associated with an increase in the frequency of climatic disasters. Yet, there is still little systematic evidence on the macroeconomic costs of these episodes. Working Paper
	The Growth Aftermath of Natural Disasters July 2009 Tracing the yearly response of gross domestic product growth - both aggregated and disaggregated into its agricultural and non-agricultural components - this paper provides a description of the macroeconomnic aftermath of four types of natural disasters - droughts, floods, earthquakes, and storms. Working Paper
	Natural Disasters and Growth – Going beyond the Averages June 2009 The effect of natural disasters on economic growth remains unclear, with some studies reporting negative, and others indicating no, or even positive effects. These seemingly contradictory findings can be reconciled by exploring the effects of natural disasters on growth separately by disaster and economic sector. Working Paper

WHAT'S NEW

	The Long and Short of Emerging Market Debt September 2009 Emerging economies have tried to promote long-term debt because it reduces maturity mismatches and the probability of crisis. Policy Research Working Paper 5056
	Comparing Apples with ..... Apples: How to Make (more) Sense of Subjective Rankings of Constraints to Business September 2009 The use of expert or qualitative surveys to rank countries business investment conditions is widespread. However, within the economic literature concerns about measurement error and endogeneity based on characteristics of the respondents raise questions... Policy Research Working Paper 5054
	Globalization and International Capital Raisings Summer 2009 - A new study explores the characteristics and behavior of firms that raise capital abroad. Research Digest
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2009/10 Macro and Growth Seminar Series

Nov. 5, 2009 How big (small?) are fiscal multipliers? E. Ilzetzki (LSE), MC8-100, 12:30-2pm

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Featured Resources

	Public Finance for a Harmonious Society (2008)
	Terrorism, Economic Development, and Political Openness (2008)
	Fiscal Policy, Stabilization, and Growth: Prudence or Abstinence? (2007)
	Emerging Capital Markets and Globalization (2007)
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Macroeconomics and Growth