Mandatory contributions to retirement savings accounts may tighten existing borrowing constraints, forcing individuals to forgo profitable investment options. This welfare-detrimental effect can be offset if retirement savings are allowed to serve as collateral. Moreover, some credit market...

This paper shows how taking a job in the informal economy may help to circumvent the borrowing constraints activated by mandatory retirement savings. Agents with present bias may choose to work informally to avoid the mandatory contributions and increase their present consumption, even if they...

A rolling blackout in Colombia in the early 1990s led to a rise in unplanned births, according to research by Amar Shanghavi and colleagues. What's more, young women who became mothers after the blackout had worse outcomes in later life. The impact of power outages on fertility is an important...

Una tecnología, a diferencia de la mayoría de bienes y servicios, tiene el potencial para ser usada por un número ilimitado de personas. No obstante, al asumir ausencia de rivalidad en el uso de tecnologías, los modelos de crecimiento endógeno tienden a generar trayectorias de crecimiento...