We 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 efficiency (determined by a monitoring cost). We find that the...

Governments often prohibit resale of the benefits-in-kind provided by antipoverty programs. Yet the personal gains from those benefits are likely to vary and to be known privately, so there can be gains to poor people from trading their assignments. We know very little about those gains. To help...

In a rare example of an explicit national goal for income distribution besides reducing poverty, China's leadership has recently committed to expanding the middle-income share--moving to a less polarized "olive-shaped" distribution. Recognizing the potential trade-offs, the paper asks whether...

Conservation programs in low-income countries often have dual goals of protecting the environment and reducing poverty. This article discusses the tension between these two goals in payments for ecosystem services (PES) programs. Participants who undertake a pro-environment behavior receive a...

We estimate the longer-run effects of minimum wages, the Earned Income Tax Credit, and welfare on key economic indicators of economic self-sufficiency in disadvantaged neighborhoods. Our strongest findings are twofold. First, the longer-run effects of the EITC are to increase employment and to...

All redistributive and social insurance programs trade off the potential benefits of transfers with the disincentives these programs generate. We investigate this trade-off using newly collected lifetime data for 16,000 women who applied to the Mothers' Pension Program, the first cash transfer...

What is the pathway to development in a world with less international integration? We answer this question within a model that emphasizes the role of demand-side constraints on national development, which we identify with sustained poverty reduction. In this framework, development is linked to...