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  1. Research & Outlook

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

FEATURED RESEARCH

Joint IFC-World Bank Report March 2025
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Purchasing Prosperity new

Purchasing Prosperity: The Economics of Government Procurement

Policy Research Talk, January 28, 2025
Event Information |   |  More about Manuel Garc¨ªa-Santana
2023 Tax Conference on The Political Economy of Public Finances

6th World Bank/IFS/ODI Public Finance Conference: Driving Progress: Public Finance and Structural Transformation

Washington, DC and Online, September 26-27, 2024
5th World Bank/IFS/ODI Tax Conference: The Political Economy of Public Finances |  4th World Bank Tax Conference: Global Tax Equity
datax logo

DaTax: A Lab to Study Taxes, Firms and Jobs using Micro Data

Data Lab, May 2024
 |   | 
Two men looking at a document together in a grain storage area

Taxation for Development: Rethinking Fair and Efficient Tax Systems for the Next Decade

Policy Research Talk, May 7, 2024
Event Information |  More about Pierre Bachas
Partial view of the Long Term Growth Model book cover. It depicts the Trappen van Strada Reale in Valetta, Malta. 1900-1910

The Long Term Growth Model: Fundamentals, Extensions, and Applications

Policy Research Talk, Mar 21, 2023
 |  Video |  Event Information |  The Long Term Growth Model |   |  More about Steven Pennings |  Policy Research Talk, Long Term Growth in Developing Countries, December 14, 2021
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Improving the Multilateral Pandemic Response

Policy Research Talk, June 13, 2022
Presentation |  Video |  Event Information |  More about Tristan Reed

January 2021
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From Micro to Macro: Entry Barriers, Misallocation, and Aggregate Productivity

Policy Research Talk, February 23, 2021
 |  Video |   |  Event Information |  About Robert Fattal Jaef |   |  e-Seminar, Chile Research and Development Center, May 7, 2021

LATEST WORKING PAPERS


Gaurav Chiplunkar, Tatjana Kleineberg 
World Bank Policy Research Working Paper 11083, March 2025


Tatiana Flores, Guillermo Cruces, Jose Carlo Berm¨²dez, Thiago Scot, Juan Luis Schiavoni, Dario Tortarolo
World Bank Policy Research Working Paper 11060, February 2025


Guillermo Cruces, Dario Tortarolo, Gonzalo Vazquez-Bare
World Bank Policy Research Working Paper 11059, February 2025


Federico Huneeus, Joseph P. Kaboski, Mauricio Larrain, Sergio L. Schmukler, Mario Vera
World Bank Policy Research Working Paper 10958, October 2024


Ana P. Cusolito, Roberto N. Fattal-Jaef, Fausto Pati?o, Pe?a Akshat V. Singh
World Bank Policy Research Working Paper 10929, September 2024

World Bank Policy Research Working Paper 

LATEST JOURNAL ARTICLES

Jenny Guardado, Steven Pennings
Conflict Management and Peace Science, vol. 42, January 2025 

Tristan Reed
Journal of Economic Perspectives, vol. 38, Fall 2024

Pierre Bachas, Lucie Gadenne, Anders Jensen
The Review of Economic Studies, vol. 91, October 2024

Pierre Bachas, Anders Jensen, Lucie Gadenne
Journal of Economic Perspectives, vol. 38, Winter 2024

Philip Keefer, Stuti Khemani
Economic Development and Cultural Change, vol. 72, July 2024

BOOKS AND REPORTS 

Trust in institutions - a representative image with a school in Maseru, Africa.

Book Chapter by Stuti Khemani in Economics and Literature: A Novel Approach, June 2025

 

nighttime city view with digital lines connecting buildings and lighted highway
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.

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

 


Guillermo Beylis, Roberto Fattal Jaef, Michael Morris, Ashwini Rekha Sebastian, and Rishabh Sinha, Washington, DC: World Bank, September 2020

 

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

 

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Making Politics Work for Development: Harnessing Transparency and Citizen Engagement

Stuti Khemani, Ernesto Dal B¨®, Claudio Ferraz, Frederico Finan, Corinne Stephenson, Adesinaola Odugbemi, Dikshya Thapa, and Scott Abrahams, Policy Research Report, Washington, DC: World Bank, 2016

Last Updated: Mar 17, 2025

TEAM MEMBERS

Pierre Bachas
Economist

Roberto N. Fattal Jaef
Senior Economist

Manuel Garc¨ªa-Santana
Senior Economist

Stuti Khemani
Senior Economist

Tatjana Kleineberg
Economist

Steven Pennings
Senior Economist

Tristan Reed
Economist

Agustin Samano
Research Economist

Sergio Schmukler
Research Manager

Mahvish Shaukat
Economist

Dario Tortarolo
Economist

Related

Blogs | Briefs | Articles

Jose Carlo Berm¨²dez, Guillermo Cruces, Tatiana Flores, Juan Luis Schiavoni, Thiago Scot, Dario Tortarolo | Let's Talk Development?| February 27, 2025

Tristan Reed?| Let's Talk Development?|?February 4, 2025

Anne Brockmeyer, Dario Tortarolo, Thiago Scot, Mahvish Shaukat | Data Blog | October 15, 2024


Ana Paula Cusolito, Roberto N. Fattal Jaef, Davide S. Mare, Akshat Singh | Let's Talk Development?|?November 25, 2024


Anne Brockmeyer, Dario Tortarolo, Thiago Scot, Mahvish Shaukat | Data Blog | October 15, 2024


Hitomi Komatsu, Ceren Ozer, Mahvish Shaukat | Let's Talk Development?|?August 06, 2024


Rabah Arezki, Ana Fernandes, Federico Merchan Alvarez, Ha Nguyen,?Tristan Reed?| Let's Talk Development?| July 23, 2024


Beno?t Decerf, Jed Friedman, Arthur Mendes, Steven Pennings, Nishant Yonzan?| Let's Talk Development?|?June 26, 2024


Pierre Bachas, Ruth Hill, Mariano Ernesto Sosa, Matthew Wai-Poi?| Let's Talk Development?| May 4, 2023

Fernando Broner, Sergio L. Schmukler, Goetz von Peter | VoxEU Column | March 28, 2024


Manuel Garc¨ªa-Santana | Let's Talk Development?| March 12, 2024


Tristan Reed, Rafael Munoz Moreno | Latin America and Caribbean | February 23, 2024

Tristan Reed?| Let's Talk Development?| Feburary 14, 2024

Juan J. Cortina, Maria Soledad Mart¨ªnez Per¨ªa, Sergio L. Schmukler, Jasmine Xiao | CEPR | July 23, 2023


Pierre Bachas, Ruth Hill, Mariano Ernesto Sosa, Matthew Wai-Poi | Let¡¯s Talk Development | May 4, 2023


Pierre Bachas, Anne Brockmeyer, Roel Dom, Camille Semelet | Let¡¯s Talk Development | April 12, 2023

Tristan Reed, Rafael Munoz Moreno| Latin America and Caribbean | February 23, 2023

Kaleb Abreha, Xavier Cirera, Elwyn Davies, Roberto N. Fattal Jaef, Hibret Maemir| Let's Talk Development?| January 12, 2023

Rishabh Sinha | Let's Talk Development?| November 08, 2022

Pierre Bachas, Chiara Bronchi, Thiago Scot, Claudia Vargas| Let's Talk Development?| October 18, 2022

Tristan Reed?| Let's Talk Development | June 16, 2022


Tristan Reed?| Development Impact | May 30, 2022


Steven Pennings | Let's Talk Development | March 4, 2022


Pierre Bachas, Matthew Fisher-Post, Anders Jensen, Gabriel Zucman | Let's Talk Development | March 24, 2022


Mamta Murthi,?Tristan Reed |Investing in Health | September 24, 2021


Juan Jose Cortina Lorente, Tatiana Didier, Sergio Schmukler | VoxEU | June 18, 2021


Pierre Bachas, Florence Kondylis, John Loeser | Development Impact | April 4, 2021


Pierre Bachas, Research & Policy Brief 45, April 2, 2021