This paper considers the effect of currency union on exchange rate volatility. At a theoretical level, a simple framework is developed for thinking about volatility and exchange rate arrangements and some inferences are drawn from it. Empirically, the interaction between currency areas and...

This paper estimates the impact of a postgraduate merit-based financial aid program in Colombia. Exploiting a regression discontinuity design using rich survey and administrative data, we find three main results by. First, credit constraints are binding and important even for talented...