Working Papers

This paper by Townsend and Samphantharak (2018), published in the American Economic Journal: Microeconomics, provides a theory-based empirical framework for understanding the risk and return on productive capital assets and their allocation across activities in an economy characterized by idiosyncra

In this working paper Townsend, Dabla-Norris, Ji and Unsal (2015) develop a micro-founded general equilibrium model with heterogeneous agents and three dimensions of financial inclusion: access (determined by a participation cost), depth (determined by a borrowing constraint), and intermediation eff

In this working paper Townsend and Kilenthong (2016) show how bundling, exclusivity and additional markets internalize fire sale and other pecuniary externalities. Ex ante competition can achieve a constrained efficient allocation.

Management has a large effect on the productivity of medium and large firms. But does management matter in micro and small firms, where the majority of the labor force in developing countries works?