This paper develops a dynamic model of competitive equilibrium in electricity markets with thermal, hydro and intermittent power sources. Thermal generators have positive and increasing costs and use a marketable input. Hydro generators use a free and uncertain input, but one that is storable....

This study looks at the performance of livestock production in Uruguay and Paraguay, analyzing two situations with different implications for development: the displacement of livestock by soybean production as occurred in Uruguay and in the Eastern region of Paraguay, and the expansion of the...

Energy subsidies account for about 7% of Ecuador's yearly public spending, or two thirds of the fiscal deficit. Removing these subsidies would yield clear economic and environmental benefits and help implement climate targets set in the Paris Agreement. However, expected adverse effects on...

This paper evaluates the impacts of a public program that introduced access to part-time childcare centers for children younger than four years of age in poor urban areas in Nicaragua. We explore the effects of this program on several measures of children's and parental outcomes. Our...

This paper evaluates if the excitement about school-based financial education is warranted. First, relying on recent experimental evidence, the paper takes stock of the impact of financial education programs aimed at reaching children and youth. Second, it complements existing studies by...

Voters would be better off if they removed politicians offering low-quality government by pursuing populist policies and re-elected those who improved government quality with sustainable policies. In many political contexts, including those with free and fair elections, voters do the opposite....

Exploiting a unique empirical setting, 1,000 vendors in 90 traditional food markets in Lima, we document that historic social ties among market founders are associated, decades later, with stricter formal (third party) enforcement of market rules, more collective action, and the greater...

This paper shows that there is substantial comovement between prices of primary commodities such as oil, aluminum, maize, or copper and real exchange rates between developed economies such as Germany, Japan, and the United Kingdom against the US dollar. The production of commodities is then...

Decreases in labor supply among cash-transfer recipients are often cited as potential drawbacks of social-assistance programs. However, cash transfers can also increase employment. Using variation across cohorts and over time in the eligibility criteria of a nationwide conditional cash-transfer...