We quantitatively investigate the macroeconomic and distributional impacts of fiscal consolidations in low-income countries (LICs) through value added tax (VAT), personal income tax (PIT), and corporate income tax (CIT). We extend the standard heterogeneous agents incomplete markets model by...

Despite strong economic growth since 2000, many low-income countries (LICs) still face numerous macroeconomic challenges, even prior to the COVID-19 pandemic. Despite the deceleration in real GDP growth during the 2008 global financial crisis, LICs on average saw 4.5 percent of real GDP growth...

A necessary condition for digital transformation is ubiquitous access to high-quality communications networks, leading to the construction of communications infrastructure accessible to all citizens featuring prominently in the policy agendas of many countries. In New Zealand, this is reflected...

Under a linear approximation, a standard two-country business cycles model with incomplete markets delivers consumption and debt dynamics that are non-stationary (unit root) and a bond price that is independent of the wealth distribution. We argue that these two features are due to the local...