Intertemporal preferences are difficult to measure. We estimate time preferences using a structural buffer stock consumption model and the Method of Simulated Moments. The model includes stochastic labor income, liquidity constraints, child and adult dependents, liquid and illiquid assets,...

The aim of this article is twofold. First, we show that despite students' disadvantaged backgrounds and despite not having more financial resources than similar schools, there are schools in Chile that serve low-income students and that obtain superior academic outcomes. Second, we present...

This paper estimates the impact of private education on the academic achievement of low-income students in Chile. To deal with selection bias, we use propensity score matching to compare the test scores of reduced-fee paying, low-income students in fee-charging private voucher schools to those...

Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a link between aggregate growth and plant dynamics through its effect on productivity: the entry and...

Over 60% of US households with credit cards are currently borrowing -- i.e., paying interest -- on those cards. We attempt to reconcile the high rate of credit card borrowing with observed levels of life cycle wealth accumulation. We simulate a lifecycle model with five properties that create...