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Cover -- Table of Contents -- 1. Introduction -- 2. Model Setup -- 2.1 Households -- 2.1.1 Savers -- 2.1.2 Hand-to-Mouth Households -- 2.2 Firms -- 2.2.1 Non-Traded Goods Sector -- 2.2.2 Traded Goods Sector -- 2.3 The Public Sector -- 2.4 Aggregation and Market Clearing -- 3. Solution and Calibration -- 4. Analysis -- 4.1 Optimal Spending and Reserve Accumulation Policies -- 4.1.1 The Spending of Aid Inflows -- 4.1.2 The Role of Reserve Accumulation -- 4.2 Optimal Share of Public Investment -- 5. Conclusion -- Tables -- Table 1. Baseline Calibration -- Table 2. Welfare changes of different fiscal spending and reserve accumulation policies -- Table 3. Welfare changes of different shares of public investment in total government expenditures -- Figures -- Figure 1. Impulse responses of aggregate variables for varying degrees of spending of aid, under full absorption -- Figure 2. Impulse responses of household-specific variables for varying degrees of spending of aid, under full absorption -- Figure 3. Impulse responses of aggregate variables for varying degrees of absorption (reserves accumulation) of aid, under immediate spending -- Figure 4. Impulse responses of household-specific variables for varying degrees of absorption (reserves accumulation) of aid, under immediate spending -- Figure 5. Impulse responses of aggregate variables for different shares of public investment in total government expenditures -- Figure 6. Impulse responses of household-specific variables for different shares of public investment in total government expenditures -- Figure 7. Volatility of selected variables for: (i) different degrees of spending of aid, given full absorption and (ii) varying degrees of absorption given immediate spending.