We evaluate the aggregate effects of expansions of credit supply in environments where subsistence self-employment is prevalent. We extend a standard macro development model to include unemployment risk, which becomes a key driver of selection into self-employment. The model is consistent with...

We analyze consumer demand behavior using Dynamic Random Utility Model (DRUM). Under DRUM, a consumer draws a utility function from a stochastic utility process in each period and maximizes this utility subject to her budget constraint. DRUM allows unrestricted time correlation and cross-section...

How does wealth taxation differ from capital income taxation? When the return on investment is equal across individuals, a well-known result is that the two tax systems are equivalent. Motivated by recent empirical evidence documenting persistent return heterogeneity, we revisit this question....

Over the past 20 years, considerable progress has been made in reducing poverty worldwide, with the expansion of social protection coverage and uptake playing a key role. To strengthen and expand the public provision of social protection, countries have been investing in the development of...

The closed fishing season, known in Brazil as Defeso, is one of the measures of the National Policy for Sustainable Development of Aquaculture and Fishing. However, most normative acts of Defeso are out of date, largely due to a lack of data on fishing, which has become an obstacle to implement...

The closed fishing season, known in Brazil as Defeso, is one of the measures of the National Policy for Sustainable Development of Aquaculture and Fishing. However, most normative acts of Defeso are out of date, largely due to a lack of data on fishing, which has become an obstacle to implement...