NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Dennis Egger

University of California, Berkeley
Department of Economics
530 Evans Hall #3880
Berkeley, CA 94720-3880

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University of California, Berkeley

NBER Working Papers and Publications

December 2019General Equilibrium Effects of Cash Transfers: Experimental Evidence from Kenya
with Johannes Haushofer, Edward Miguel, Paul Niehaus, Michael W. Walker: w26600
How large economic stimuli generate individual and aggregate responses is a central question in economics, but has not been studied experimentally. We provided one-time cash transfers of about USD 1000 to over 10,500 poor households across 653 randomized villages in rural Kenya. The implied fiscal shock was over 15 percent of local GDP. We find large impacts on consumption and assets for recipients. Importantly, we document large positive spillovers on non-recipient households and firms, and minimal price inflation. We estimate a local fiscal multiplier of 2.7. We interpret welfare implications through the lens of a simple household optimization framework.
 
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