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Steven Pennings is a Senior Economist in the Macroeconomics and Growth Team of the ÐÓ°ÉÂÛ̳ Development Research Group. His research interests include fiscal policy (especially fiscal transfers), economic growth, political economy, exchange rate pass-through, and monetary policy. He also a co-leads the ÐÓ°ÉÂÛ̳¡¯s Long Term Growth Model Project. He has published in a number of academic journals, including the American Economic Review, the Journal of International Economics and the European Economic Review. Prior to joining the ÐÓ°ÉÂÛ̳, he worked at the Reserve Bank of Australia and Save the Children (Vietnam). He holds a PhD in Economics from New York University and a Bachelor of Economics (Hons.) from the Australian National University.