In 1977, reorganization of the Department of Health, Education, and Welfare brought together in the Social Security Administration three major income-maintenance system--old age, survivors, and disability insurance; supplemental security income; and aid to families with dependent children. These are distinct and separate programs differing in purpose and in methods of financing and administrati...

This paper presents an integrated analysis of production and financing decisions. We construct a model in which a cash storage unit is installed to manage the cash flows associated with production activities such as raw material procurement, process operating setup, inventory holding costs and finished product sales. Temporary financial investments are allowed to increase profit. The production...

We study optimal monetary policy at the zero lower bound. The macroeconomy we study has considerable income inequality which gives rise to a large private sector credit market. Households participating in this market use non-state contingent nominal contracts (NSCNC). A second, small group of households only uses cash and cannot participate in the credit market. The monetary authority supplies ...

In this paper, we estimate a collective model of household consumption and test the restrictions of collective rationality using z-conditional demands in the context of a large Conditional Cash Transfer programme in rural Mexico. We show that the model is able to explain the impacts the programme has on the structure of food consumption. We use two plausible and novel distribution factors, that...

This systematic review synthesizes evidence on the impact of conditional and unconditional cash transfers (CCT and UCT) on contraception in low- and middle-income countries. Scientific and gray literature databases were searched from 1994 to 2016 and 11 papers from ten studies were included. Most of the studies had low risk of bias. Cash transfers were used for increasing school attendance or i...

This paper considers the optimal market entry timing of a firm facing price uncertainty and investment irreversibility. When the entry decision is made, the firm has to pay the necessary investment costs and from then onwards will receive the expected future cash-flows. The total expected income of the investment is given by the sum over time of the expected discounted future cash-flows. For th...

In this paper I present a dynamic structural model of girls’ schooling choices and estimate it using the Mexican PROGRESA database. This structural approach allows evaluating the effectiveness of several policies to increase school reentry rates for girls in low-income households. To increase school attendance among poor children in developing countries, policy makers have implemented condition...