The role of remittances in development and economic growth is not well understood. This is partly because the literatures on the causes and effects of remittances remain separate. We develop a framework that links the motivation for remittances with their effect on economic activity. Because...

Previous work on the effects of private income transfers has been confined to intra-family interactions. One implication of this work is that such transfers benefit recipients by insuring against labor market risks. Allowing for equilibrium labor market responses, however, one would expect the...

Previous work on the effects of private income transfers has been confined to intra-family interactions. One implication of this work is that such transfers benefit recipients by insuring against labor market risks. Allowing for equilibrium labor market responses, however, one would expect the...

The paper introduces labor supply considerations and labor earnings uncertainty into a parent-child framework in the presence of Becker's (1991) "merit goods." I investigate the implications of various parental bequest rules on the effort decisions of the offspring, where the parent cannot...

This paper introduces labor supply considerations and labor earnings uncertainty into a parent-child framework in the presence of "merit goods". I investigate the implications of various parental bequest rules on the effort decisions of the offspring, where the parent cannot perfectly observe...

We examine the role of borrower concerns about future credit availability in mitigating the effects of adverse selection and income misrepresentation in the mortgage market. We show that the majority of additional risk associated with "low-doc'' mortgages originated prior to the Great Recession...