Matteo Ghilardi

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia

Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key...

Capital Flows, Financial Intermediation and Macroprudential Policies

This paper develops an open-economy DSGE model with an optimizing banking sector to assess the role of capital flows, macro-financial linkages, and ma...

Investment Scaling-up and the Role of Government

the Case of Benin

This paper studies the fiscal implications for the Beninese economy of scaling up of public investment when the government is subject to inefficiencie...

Make Investment Scaling-Up Work in Benin

A Macro-Fiscal Analysis

This paper conducts a systematic growth and fiscal analysis to determine: (1) the growth potential of Benin’s ambitious scaling-up of investment, an...

Public Investment in a Developing Country Facing Resource Depletion

This paper analyzes the tradeoffs between savings, debt and public investment in the Republic of Congo, a developing country with looming oil exhausti...

Aggregate Stability and Balanced-Budget Rules

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy a...

Sustaining more Inclusive Growth in the Republic of Congo

The Republic of Congo has seen dramatic improvement in its debt situation since 2010, following debt relief through the IMF and World Bank Heavily Ind...

Macroeconomic Effects of Dividend Taxation with Investment Credit Limits

We analyze the effects of dividend taxation in a general equilibrium business cycle model with an occasionally-binding investment credit limit. Perman...