Administrative failures in anti-poverty programmes are widespread in developing countries. We focus on one such administrative failure - the persistent delay in paying beneficiaries on time in India’s iconic anti-poverty programme, the National Rural Employment Guarantee Act (NREGA). Using a...

A prominent feature of US data is the lack of cointegration between nominal interest rates and M1 velocity. Yet, most general-equilibrium monetary models that have been used for empirical analysis have imposed cointegration between these two series. This paper presents as an alternative a...