This paper puts in perspective the recent research on the macroeconomics of poverty reduction. It begins by arguing that research on poverty was, and continues to be, distorted by an excessive focus on micro and measurement issues. The debate on "pro-poor growth" is used to illustrate the extent...

Recent literature has uncovered asymmetries in the response of real output to monetary policy variables. Nevertheless, it remains unclear whether such asymmetries relate to different responses to monetary policy or to the business cycle. This paper uses nonlinear models to examine the issues in...