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Prior to the New Deal almost all public social welfare spending, or what contemporaries called “relief,” was provided by local governments. The administration of local public relief had long been as...
We develop a framework to study the effects of policies of uncertain duration on consumption dynamics under both complete and incomplete markets. We focus on the dynamic implications of market incompl...
There has been substantial interest in whether welfare reform affected the ability of women, particularly single mothers, to obtain health insurance coverage. We examine the assumptions used in most o...
Although the current account deficit of the United States—and its mirror image the current account surplus of the rest of the world—had been increasing steadily through the 1990s, international econ...
The Policy Support Instrument: A Key Component of the Recent IMF Reform Movement.
Recently, we evaluated a fiscal consolidation strategy for the United States that would bring the government budget into balance by gradually reducing government spending relative to GDP to the rati...
Before 1992 mortgage interests in Italy were fully tax deductible up to 3500 Euro (7000 for two cosigners). In 1992–1994 the government implemented a series of tax reforms whose ultimate effect was ...
A growing literature on trade and finance has established that credit constraints are an important determinant of global trade patterns. This paper surveys the recent theoretical and empirical dev...
This paper examines the indirect effect of land reform and demographic changes on land inequality operating through induced household divisions and land market transactions. We develop an intra-househ...
This paper studies how land reform and population growth affect land inequality and landlessness, focusing particularly on indirect effects owing to their influence on household divisions and land mar...
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using individual-level micro data from Denmark. The reform allows us to disentangle the ro...
U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S. MMFs proved to be a source of consi...
Th e paper aims to assess the impact of the Common Agricultural Policy reform (post 2014) in the environmental vulnerable areas from Romania. It proposes a bio-economic dynamic farm model calibrated...
Th e postcommunist Russian state inherited a large social sector. Much of the population depended on that sector for social services and subsidies, while state-bureaucratic welfare stakeholders relied...
This paper examines why governments in underdeveloped countries systematically pursue policies that prevent long-term economic growth. Focusing on the design and implementation of Mexico's massive lan...

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