How to Achieve Inclusive Growth

Valerie Cerra, Assistant Director, IMF,Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley,Asmaa El-Ganainy, Deputy Division Chief, IMF,Martin Schindler, Deputy Division Chief, IMF

Valerie Cerra is Assistant Director and Division Chief of the Inclusive Growth and Structural Policies Division in the International Monetary Fund's Institute for Capacity Development. She has been involved in policy advice, lending, and capacity development in the IMF's Western Hemisphere, African, European, and Asia and Pacific departments, and the IMF Institute. She obtained undergraduate degrees in finance and engineering from the University of Pennsylvania, and a Ph.D. in Economics from the University of Washington. She has published widely in leading economics journals on topics related to international macroeconomics, financial crises, economic scarring, and inclusive growth.

Barry Eichengreen is George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley; Research Associate of the National Bureau of Economic Research; and Research Fellow of the Centre for Economic Policy Research.


Asmaa El-Ganainy is a Deputy Division Chief at the IMF's Institute for Capacity Development. Previously, she worked in the European and Fiscal Affairs Departments, contributing to IMF's surveillance, lending, research and capacity development work across a range of countries. Her research interests are in the fields of public finance, sovereign debt, inequality, labor economics, and capital flows.

Martin Schindler is a Deputy Division Chief at the IMF. He has contributed to the IMF's surveillance, lending, and analytical work, covering low-income, emerging and advanced economies on four continents, as well as to capacity development, including as deputy director of the Joint Vienna Institute. He is the lead editor of the IMF book on Jobs and Growth: Supporting the European Recovery and has published in leading economic journals, including the Journal of Monetary Economics, the Journal of International Economics, and the European Economic Review, among others. He holds a Ph.D. in economics from the University of Pennsylvania.

Khaled Abdel-Kader, Deputy Director, IMF-Middle East Center for Economics and Finance.

Philippe Aghion, Professor, College de France and London School of Economics.

Marc Bacchetta, Chief of Section in the Economic Research and Statistics Division of the World Trade Organization.

Bénédicte Baduel, Senior Economist, World Bank, South Africa Country Office.

Sriram Balasubramanian, Senior Research Officer, Independent Evaluation Office, IMF.

Adolfo Barajas, Senior Economist, Monetary and Capital Markets Department, IMF.

Thorsten Beck, Professor of Banking and Finance, The Business School, London.

Mohamed Belhaj, Senior Economist, IMF Center for Economics and Finance, Kuwait.

Sami Ben Naceur, Acting Division Chief, African Division at the IMF's Institute for Capacity Development (ICD).

Amar Bhattacharya, Senior Fellow, Center for Sustainable Development, Brookings.

Lahcen Bounader, Economist, IMF.

Jana Bricco, Desk Economist for Sweden and Denmark, European Department, IMF.

Valerie Cerra, Assistant Director and Division Chief, Inclusive Growth and Structural Policies Division, Institute for Capacity Development, IMF.

Reda Cherif, Senior Economist, IMF.

Balazs Csonto, Economist, African Department, IMF.

Hamid Davoodi, Senior Economist, IMF.

Ruud De Mooij, Advisor, Fiscal Affairs Department, IMF.

Barbara Dutzler, Senior Economist, Joint Vienna Institute.

Barry Eichengreen, George C. Pardee & Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley.

Asmaa El-Ganainy, Deputy Division Chief, Institute for Capacity Development, IMF.

Drilona Emrullahu, Research Analyst, Institute for Capacity Development, IMF.

Ekkehard Ernst, Chief of the Macroeconomic Policies and Jobs Unit, International Labour Organization.

Raquel Fernández, Silver Professor, Department of Economics, NYU.

Deon Filmer, Director, Research Group, World Bank.

Holger Floerkemeier, Deputy Director, Joint Vienna Institute.

Roberta Gatti, Chief Economist, Middle East and North Africa Region, World Bank.

Fuad Hasanov, Senior Economist, IMF.

Asel Isakova, Economist, African Department, IMF.

Maksym Ivanyna, Economist, IMF.

Jon Jellema, former Deputy Director for the Commitment to Equity Project, GDN.

Simon Johnson, Ronald A. Kurtz Professor of Entrepreneurship and head of the Global Economics and Management group, MIT Sloan School of Management.

Zsoka Koczan, Associate Director and Senior Economist, Office of the Chief Economist, European Bank for Reconstruction and Development.

Anton Korinek, Professor, Department of Economics and Darden School of Business, University of Virginia.

Ruy Lama, Senior Economist, Institute of Capacity Development, IMF.

Norman Loayza, Director of the Global Indicators Group, Development Economics Vicepresidency, World Bank.

Francesco Luna, Senior Economist, Institute for Capacity Development, IMF.

Nora Lustig, Samuel Z. Stone Professor of Latin American Economics, and Founding Director of the Commitment to Equity Institute, Tulane University.

Rossana Merola, Economist, Research Department, International Labour Organization (ILO).

Peter Montiel, Farleigh S. Dickinson Jr. '41 Professor of Economics, Williams College.

Priscilla Muthoora, Senior Economist, Middle East and Central Asia Department, IMF.

William Oman, Economist, IMF.

Giovanni Peri, Professor of Economics, UC Davis; and Director of the Global Migration Center.

Roberta Piermartini, Chief of Trade Costs Analysis, WTO.

Magali Pinat, Economist, European Department, IMF.

Nathalie Pouokam, Economist, Institute for Capacity Development, IMF.

Barbara Rambousek, Director for Gender and Economic Inclusion, EBRD.

Halsey Rogers, Lead Economist, World Bank's Education Global Practice.

Richard Rogerson, Charles and Marie Robertson Professor of Economics and Public Affairs, Princeton University.

Dmitriy Rozhkov, Senior Economist, Fiscal Affairs Department, IMF.

Andrea Salerno, IMF.

Martin Schindler, Deputy Division Chief at the IMF

Maarten Smeets, Associate Professor, St Petersburg State University, and Shanghai University of International Business and Economics.

Nikola Spatafora, Senior Economist, Institute for Capacity Development, IMF.

Nicholas Stern, IG Patel Professor of Economics and Government and Chair of the Grantham Research Institute on Climate Change and the Environment, LSE.

Joseph Stiglitz, Professor, Columbia University.

Anna Ter-Martirosyan, Senior Economist, Institute for Capacity Development, IMF.

Mohamed Trabelsi, Senior Economist, Middle East Center for Economics and Finance, IMF, Kuwait.

Dmitry Vasilyev, Economist, Western Hemisphere Department, IMF.

Tony Venables, Professor of Economics and Research Director, The Productivity Institute, University of Manchester.

Younes Zouhar, Resident Representative to Benin, IMF.

"THE go-to book to translate the goal of inclusive growth into specific policy actions. Impressive array of authors, and a long list of practical ideas." -- Olivier Blanchard, Senior Fellow at Peterson Institute for International Economics and former Chief Economist of the IMF

"Inclusive, broadly-shared, growth has been an aspiration for many policymakers and commentators, but also turned out to be rather elusive in the age of globalization, automation, and mega corporations. This collection of essays by leading academics and practitioners explains why and provides guidelines for how we can tackle labor market, technology, financial market, and international challenges to make growth more inclusive. Anybody who wants to tackle the problem of inequality and poverty today will find this collection to be an invaluable guide." -- Daron Acemoglu, MIT Institute Professor and John Bates Clark Medalist

"Rising inequality is widely lamented, but lucid plans for addressing it are scarce. This volume offers an intellectual framework and policy agenda for achieving inclusive growth--and a ton of rigorous research and concrete examples, crafted by the leading scholars of our day, demonstrating the viability of that agenda. Policymakers and practitioners worldwide will find tremendous value in these pages." -- David Autor, Ford Professor of Economics at MIT and Co-Director of MIT School Effectiveness and Inequality Initiative

"Global trade, growth and technological progress have lifted billions of people out poverty over the past several decades. However, especially over the past two decades, growth has not always been a force for economic convergence, both within countries, and even more so across countries where by far the biggest gaps lie. How to Achieve Inclusive Growth brings together an impressive body of academic research both on best practices and on unsolved challenges. The book takes an admirably global perspective on a problem where altogether too many studies view inequality as mainly a national issue, as if other citizens of the world did not matter. There are no easy answers, but as this book demonstrates, the starting point has to be in asking the right questions." -- Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University and former Chief Economist of the IMF

"This edited volume by the IMF and academic experts provides a foundation to define and achieve inclusive growth, that is growth widely shared and sustainable. A clear marker that the IMF thinks deeply beyond narrow economic growth and a reference for a better future." -- Emmanual Saez, Chancellor's Professorship of Tax Policy and Public Finance and Director of the Center for Equitable Growth at UC Berkeley

"As the world faces multiple crises, this volume is a timely necessity for scholars and policymakers. We can only hope that they will heed its lessons. Climate change, COVID-19, technological change, financial instability, and globalization (among other disruptive developments) have all raised the need for multilateral governmental action on global public goods. At the same time, failures of policy response have sapped the domestic political cohesion that allows countries to work together. With an all-star cast of authors and a breathtaking scope across policy areas, this book outlines a path to the inclusive growth that is a prerequisite for solving the century's existential challenges." -- Maurice Obstfeld, Class of 1958 Professor of Economics at UC Berkeley and former Chief Economist of the IMF

"Rising inequality is the defining challenge of our time. This volume brings together renowned experts to present a wide range of potential remedies, reconciling growth with a more sustainable distribution of economic resources." -- Gabriel Zucman, Associate Professor of Economics and Director of the Stone Center on Wealth and Income Inequality at UC Berkeley