When prices spike in international grain markets, national governments often reduce the extent to which that spike affects their domestic food markets. Those actions exacerbate the price spike and international welfare transfer associated with the terms of trade change. Several recent analyses...

Cash transfer programs may generate significant general equilibrium effects that can detract from the anti-poverty goals of the program. Data from a randomized evaluation of a Philippine cash transfer program targeted to poor households show that a 9 percent increase in village income...