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Spatial Competition among Financial Service Providers and Optimal Contract Design

In this working paper Townsend and Zhorin (2014) present a contract-based model of industrial organization that allows us to consider in a unified way both different information frictions (moral hazard, adverse selection, both) and a variety of market structures (monopoly, imperfect competition, var

Working Paper
9 Dec 2016

Risk and Return in Village Economies

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

Working Paper
9 Dec 2016

Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions

In this working paper Townsend, Moll and Zhorin (2016) use a variety of different data sets from Thailand to study not only the extremes of micro and macro variables but also within-country flow of funds and labor migration.

Working Paper
9 Dec 2016

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and Inequality

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

Working Paper
9 Dec 2016

The Economics of Platforms in a Walrasian Framework

In this working paper Townsend and Jain (2016) present a tractable model of platform competition in a general equilibrium setting, allowing multiple platforms to emerge.

Working Paper
9 Dec 2016

A Market Based Solution for Fire Sales and Other Pecuniary Externalities

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.

Working Paper
9 Dec 2016

Earnings Inequality and the Minimum Wage: Evidence from Brazil

In this working paper Moser and Engbom (2016) assess the extent to which a rise in the minimum wage can account for three facts characterizing a large decline in earnings inequality in Brazil from 1996–2012: (i) the decline is more pronounced towards the bottom of the distribution; (ii) one quarter

Working Paper
9 Dec 2016

Business Practices in Small Firms in Developing Countries

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?

Working Paper
6 Dec 2016

An Introduction to the Manpower Survey Data

In this report Andrew Kerr (2015) describes the Manpower Surveys (MS).

Working Paper
5 Dec 2016

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