The paper suggests an econometric methodology for testing the effectiveness of reforms implemented in one major step, i.e., discrete reforms. The methodology is based on the exogeneity properties of variables in an econometric model. The paper specifies the preconditions for setting up an...

We estimate the impacts of climate on economic growth using Gross Regional Product (GRP) for more than 1,500 regions in 77 countries. In temperate and tropical climates, annual temperature shocks reduce GRP whereas they increase GRP in cold climates. With respect to long-term climate conditions,...

This is the supplemental material to the paper titled "Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and The Distribution of Income." It includes additional theoretical and quantitative results. It also includes illustration for the numerical algorithm for our...

A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...

Local weather shocks have been shown to affect local economic output, however, little is known about their propagation through production networks. Using a six-sector global dataset over the past fifty years, this paper examines the effect of weather fluctuations and extreme weather events on...

India's decelerating wheat- and rice-yield growth rates have led to questions of whether India's agricultural sector will be able to meet future food demands. To explore this issue, ERS researchers measure sector-level agricultural total factor productivity (TFP) growth and evaluate how public...

The paper extends the work of Deaton (2021) by exploring the period of post-crisis recovery in 2021-2024. The paper documents per-capita income divergence during the period of post-shock recovery, with countries at the bottom of the income distribution falling significantly behind. Findings...