We examine the properties of alternative monetary policy rules in response to large aid surges in low-income countries characterized by incomplete capital market integration and currency substitution. Using a dynamic stochastic general equilibrium model, we show that simple monetary rules that...

This paper investigates the macroeconomic challenges created by a surge in aid inflows. It develops an analytical framework for examining possible policy responses to increased aid, in terms of absorption and spending of aid - where the central bank controls absorption through monetary policy...

This paper addresses the economic impact of forest management on gender and food security of rural poor in Africa. The analyses reveal that deforestation places major demands on women and children’s time, limiting their opportunities to obtain an education or undertake income-generating...