1 “... increases or spending cuts requires sharp macroeconomic adjustments, crowding out private investment...”

2 “... of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic...”

3 “... stand out. Excessive focus on hitting money targets can result in undesirable changes in the policy...”

4 “...-out the private sector. In the medium term, the negative impact on competitiveness—resulting from...”

5 “...-term real GDP effects, through private sector crowding out. When aid is very inefficiently invested...”

6 “... (international food prices, monetary policy) driving inflation. Third, we perform an out-of-sample forecast...”