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    General Equilibrium Effects of Cash Transfers: Experimental Evidence from Kenya

    Egger, Dennis
    Haushofer, Johannes
    Miguel, Edward
    Niehaus, Paul
    Walker, Michael
    2019-12
    National Bureau of Economic Research

    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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    https://resources.equityinitiative.org/handle/ei/250
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    GE-Cash Transfer - Paper_2019-12-18.pdf

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