This paper assesses the landmark Tax Cuts and Jobs Act (TCJA), from the perspective of both the U.S. itself and the wider world. The reform has many positive aspects including steps to broaden the base of, and reduce marginal rates under, the personal income tax (PIT), reduce distortions to...

Global imbalances have been a central theme of the international economic policy debate for much of the last decade, prompted by large and sustained current account deficits in the U.S. and counterpart surpluses in China, Germany, and among many of the oil producers. This paper focuses on the...

The main purpose of this paper is to provide an overview of approaches to assessing fiscal sustainability. It summarizes the general analytical background, focusing on the present value budget constraint, which is the benchmark against which solvency is determined, tests of sustainability...

What policy space does a country have for a short-term response to a catastrophic event? To quantify this space, the paper proposes a policy space index. The index combines a quantitative, albeit relatively limited and narrow, fiscal space concept with the indicators of nominal monetary space...

The paper suggests an operationally usable framework for the evaluation of growthinclusiveness-the inclusive growth framework (IGF). Based on the data on growth, poverty,and inequality, the framework allows for the quantitative assessment of growth inclusiveness.The assessment relies on the...

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors. The overall macreconomic impact of de-cashing would depend on the balance...

This paper reviews the significant macro-fiscal challenges posed by climate change inDjibouti and the costs of mitigation and adaptation policies. The paper concludes thatDjibouti is susceptible to climate change and related costs are potentially large. Investingnow in adaptation and mitigation...

The paper examines Senegal's growth performance from the perspective of its povertyreducingand distributional characteristics, and discusses policies that might help makegrowth more inclusive. The main findings are that poverty has fallen in the last two decades,but poverty reduction has slowed...

The paper models international spillovers from a hypothetical drop of China's imports as a result of China's rebalancing of its growth model. A network-based model used in the paper allows capturing higher round network effects of the shock, which are largely unaccounted for in the existing...

Inclusive growth, narrowly defined in this paper as growth that helps reduce inequality, is achieved if consumption of the poor increases faster than consumption of the rich. The paper presents a simple accounting framework for a per-percentile consumption diagnostics that could inform...