consumers at or below median cognitive abilities barely react when their incentives to spend or borrow change, even if they earn … the incentives to consume, save, and borrow change over time. Cognitive constraints limit the effectiveness of policies …

discontent related to liberalization and globalization. What is needed are reform mechanisms that give incentives and comfort to …

/informal sector choice and saving decisions under the rules of Chile's canonical privatized pension system. The parameters governing …. Our policy experiments show that Chile could achieve a reduction of 23% of minimum pension costs, while guaranteeing the …

Saving behavior at the household level in Chile has not been analyzed in recent decades. Based on 1988 and 1996 …

I study the employment effects of a 2008 policy reform in the Chilean pension system. The reform i) increased pension … benefits, ii) changed the accrual rates, iii) relaxed eligibility criteria for low-savings retirees. I estimate the labor …. Using a Difference in Differences (DID) approach with multiple time periods, I find that, on average, the reform increased …

Mexico, Chile and Israel. Credit from the banking sector to the private sector expanded very rapidly following the … banks. For Chile, the most important channel is the remonetization of the economy, whereas in Israel, it is the crowding in …