Pierre-Richard Agénor

The Economics of Adjustment and Growth

Second Edition

This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustmen...

Development Macroeconomics

"Addressing an audience of policy-oriented economists and theorists, graduate students, and advanced undergraduates, Pierre-Richard Agenor and Peter M...

Public Capital, Growth and Welfare

Analytical Foundations for Public Policy

Laying a solid foundation of economic facts and ideas, this book provides a comprehensive look at the critical role of public capital in development....

Development Macroeconomics

Fourth Edition

The global financial crisis triggered severe shocks for developing countries, whose embrace of greater commercial and financial openness has increased...

Financial Sector Inefficiencies and the Debt Laffer Curve

...

Financial Sector Inefficiences and Coordination Failures

...

The Economics of Adjustment and Growth

...

Public Infrastructure and Growth

New Channels and Policy Implications

Abstract: This paper provides an overview of the various channels through which public infrastructure may affect growth. In addition to the convention...

Inflation Targeting and Financial Stability

A Perspective from the Developing World

...

Macroeconomic Fluctuations in Developing Countries

Some Stylized Facts

This paper documents the main stylized features of macroeconomic fluctuations for 12 developing countries. Cross-correlations between domestic industr...

Contracting Models of the Phillips Curve

Empirical Estimates for Middle-income Countries

This paper provides empirical estimates of contracting models of the Phillips curve for four middle-income developing economies-Chile, the Republic of...

The Credit Crunch in East Asia

What Can Bank Excess Liquid Assets Tell Us?

A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand sugges...

Labor Market Policies and Unemployment in Morocco

A Quantitative Analysis

The authors study the impact of labor market policies on unemployment in Morocco. They begin by reviewing the main features of the labor market. Then ...

Business Cycles, Economic Crises, and the Poor

...

Savings and the Terms of Trade Under Borrowing Constraints

When households face the possibility of borrowing constraints in bad times, favorable movements in the permanent component of the terms of trade may l...

Credibility and Exchange Rate Management in Developing Countries

The paper examines the role of credibility in the conduct of exchange rate policy in developing countries, The analysis is based on a model in which p...

Benefits and Costs of International Financial Integration

Theory and Facts

This literature review joins with recent studies in arguing that financial integration must be carefully prepared and managed to ensure that the benef...

The Integrated Macroeconomic Model for Poverty Analysis

A Quantitative Macroeconomic Framework for the Analysis of Poverty Reduction Strategies

Agénor, Izquierdo, and Fofack present a dynamic, quantitative macroeconomic framework designed for analyzing the impact of adjustment policies and ex...

Speculative Attacks and Models of Balance of Payments Crises

This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting...

Efficiency Wages and Labor Mobility in an Open Economy

The paper analyzes the role of labor market segmentation and relative wage rigidity in the transmission process of macroeconomic shocks in a two-secto...

Capital Inflows and the Real Exchange Rate

Analytical Framework and Econometric Evidence

This paper examines the links between capital inflows and the real exchange rate under pegged exchange rates. The analytical framework is described, a...

Achieving the Millennium Development Goals in Sub-Saharan Africa

A Macroeconomic Monitoring Framework

"The authors present an integrated macroeconomic approach to monitoring progress toward achieving the Millennium Development Goals (MDGs) in Sub-Sahar...

Contagion, Bank Lending Spreads, and Output Fluctuations

A positive historical shock to external spreads can lead to an increase in domestic spreads and a reduction in the cyclical component of output. Shock...

Linking Public Investment Programs and SPAHD Macro Models

Methodology and Application to Aid Requirements

"The authors propose a "bottom up" approach to link public investment programs with a class of macro models recently developed to quantify Strategy Pa...

Price Reform and Durable Goods in the Transition to a Market Economy

The paper examines the short- and long-term effects of price liberalization in a reforming socialist economy. The analysis is based on an optimizing f...

The Mini-integrated Macroeconomic Model for Poverty Analysis

A Framework for Analyzing the Unemployment and Poverty Effects of Fiscal and Labor Market Reforms

The author describes a specialized and less data-intensive version of the Integrated Macroeconomic Model for Poverty Analysis (IMMPA) developed by Age...

Monetary Policy Under Flexible Exchange Rates

An Introduction to Inflation Targeting

In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflatio...

Morocco

Growth Strategy for 2025 in an Evolving International Environment

The Moroccan economy is currently facing the risk of becoming caught between the rapid-growing low-income countries with abundant and cheap labor, and...

Fiscal Imbalances, Capital Inflows, and the Real Exchange Rate

The Case of Turkey

This paper examines the links between fiscal policy, capital inflows, and the real exchange rate in Turkey since the late 1980s. After an overview of ...

Does Globalization Hurt the Poor?

Agenor attempts to examine analytically and empirically the extent to which globalization affects the poor in low- and middle-income countries. He beg...

Disinflation, Fiscal Sustainability, and Labor Market Adjustment in Turkey

This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is base...

Disinflation and the Supply Side

What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs?...

Technological Change, Relative Wages, and Unemployment

This paper examines the effect of skill-biased technological change on the structure of wages, the composition of employment and the level of unemploy...

Testing for Credibility Effects

This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. An alternativ...

Contagion and Volatility with Imperfect Credit Markets

This paper interprets contagion effects as an increase in the volatility of aggregate shocks impinging on the domestic economy. The implications of th...

Linking Representative Household Models with Household Surveys for Poverty Analysis

A Comparison of Alternative Methodologies

...

The Mexican Peso Crisis

Overview and Analysis of Credibility Factors

This paper examines credibility and reputational factors in explaining the December 1994 crisis of the Mexican peso. After reviewing events leading to...

The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs

This paper examines the behavior of real interest rates in exchange-rate based stabilization programs. The analysis is based on a model with imperfect...

Macroeconomic Adjustment with Segmented Labor Markets

This paper analyzes the macroeconomic effects of fiscal and labor market policies in developing countries. The basic framework considers a small open ...

Exchange Market Reform, Inflation, and Fiscal Deficits

This paper examines the short- and long-run effects of exchange market reform in developing countries. The first part reviews the recent experience of...