According to Lucas (1981) understanding business cycles is the first step in designing appropriate stabilization policies. In this paper, we demonstrate a series of ways in which developing countries differ from their developed counterparts when focus is on the nature and characteristics of...

There is a widespread perception among academic researchers and aid practitioners alike that empirical cross-country analysis fails to find any significant link between aid flows and growth, and that aid is successful only when associated with good policies in the recipient countries. These...

This paper examines the relationship between foreign aid and growth in real GDP per capita as it emerges from simple augmentations of popular cross-country growth specifications. It is shown that aid in all likelihood increases the growth rate, and this result is not conditional on "good"...

Japan has an impressive history when it comes to aid, industrial policy, and infrastructure development, both as a country that saw meteoric development of its own, and as a country that has been one of the world's largest donors for decades. Looking towards an uncertain future in which...

The COVID-19 pandemic represents an unprecedented global crisis. The task for economic policy is to help keep people alive, enterprises afloat, and households out of poverty. The pandemic has macroeconomic dimensions. First, it affects macroeconomic stability and growth. Second, the tools of...