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This paper argues that the capacity of financial markets to aggregate information is diminished in times of distress, resulting in countercyclical economic uncertainty. I build upon a rational expectations equilibrium model that delivers this result from the combination of (i) countercyclical funding constraints faced by informed financial intermediaries,(More)
This paper provides the first real-world evidence of Giffen behavior, i.e., upward sloping demand. Subsidizing the prices of dietary staples for extremely poor households in two provinces of China, we find strong evidence of Giffen behavior for rice in Hunan, and weaker evidence for wheat in Gansu. The data provide new insight into the consumption behavior(More)
DISCLAIMER The views expressed within this paper are the authors' and do not necessarily reflect those of the organizations they are affiliated with, its members, nor any employee or persons acting on behalf of any of them. In addition, none of these make any warranty, expressed or implied, assumes any liability or responsibility for the accuracy,(More)
Zonzilos for insightful comments and helpful suggestions. I am solely responsible for the content. Abstract With the onset of the Greek crisis, Greece was dealt a huge economic shock of historical significance, resulting in losses of quantitative and qualitative significance. This paper takes a longer-run view in assessing where Greece is at in tackling the(More)
The University of Cape Town Karl Storz Head and Neck Surgery Fellowship is the only head and neck surgery fellowship in Sub-Saharan Africa. This article briefly describes this fellowship and outlines the experience and ongoing collaborative efforts of members of the American Academy of otolaryngology-head and neck surgery with graduates of this program who(More)
for excellent research assistance; to Tariq Raza, our project manager, and to Research Consultants (RCONS), our local survey firm, for tireless work in carrying out the firm surveys; and to Xu and several seminar audiences for helpful discussions. We are particularly grateful to Annalisa Guzzini, who shares credit for the invention of the new technology(More)
Lack of coordination among agencies at project level and scarce promotion of contracts at micro-scale are critical gaps widely spread in many Latin American regions. We discuss some specific and feasible mechanisms: (i) alliances for rural development and (ii) contract promoters; that may play a catalytic role to deal with the mentioned problems. Based on a(More)
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