Details about Robert M. Townsend
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Short-id: pto99
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Working Papers
2024
- Incentive-Compatible Unemployment Reinsurance for the Euro Area
NBER Working Papers, National Bureau of Economic Research, Inc
2022
- Liquidity, Financial Centrality, and the Value of Key Players
NBER Working Papers, National Bureau of Economic Research, Inc
2021
- Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality
NBER Working Papers, National Bureau of Economic Research, Inc
- From Micro to Macro Development
NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
2020
- Propagation and Insurance in Village Networks
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
- The Economics of Platforms in a Walrasian Framework
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
2019
- Rise of Bank Competition: Evidence from Banking Deregulation in China
NBER Working Papers, National Bureau of Economic Research, Inc View citations (40)
- Who Sees the Trades? The Effect of Information on Liquidity in Inter-Dealer Markets
Staff Reports, Federal Reserve Bank of New York
2018
- Financial Centrality and Liquidity Provision
NBER Working Papers, National Bureau of Economic Research, Inc
2017
- Integrated household surveys: an assessment of U.S. methods and an innovation
Working Papers, Federal Reserve Bank of Boston
2016
- A Market Based Solution for Fire Sales and Other Pecuniary Externalities
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
- Curbing Shocks to Corporate Liquidity: The Role of Trade Credit
NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
- Resource Allocation in Bank Supervision: Trade-offs and Outcomes
Staff Reports, Federal Reserve Bank of New York View citations (15)
- The Economics of Bank Supervision
NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
- The Economics of Bank Supervision: So Much to Do, So Little Time
Liberty Street Economics, Federal Reserve Bank of New York View citations (10)
2015
- Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income
NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
2014
- A Market Based Solution to Price Externalities: A Generalized Framework
NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
- Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
2013
- Dynamic Financial Constraints: Distinguishing Mechanism Design from Exogenously Incomplete Regimes
NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
- Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions
NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
- Heterogeneity and risk sharking in village economies
Staff Report, Federal Reserve Bank of Minneapolis 
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (9)
- Portfolio choices and risk preferences in village economies
Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
- Risk and Return in Village Economies
NBER Working Papers, National Bureau of Economic Research, Inc
2012
- Demand and Reimbursement Effects of Healthcare Reform: Health Care Utilization and Infant Mortality in Thailand
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
2011
- Barriers to Household Risk Management: Evidence from India
Working Papers, eSocialSciences View citations (5)
Also in Staff Reports, Federal Reserve Bank of New York (2009) View citations (41) Policy Research Working Paper Series, The World Bank (2010) View citations (22)
See also Journal Article Barriers to Household Risk Management: Evidence from India, American Economic Journal: Applied Economics, American Economic Association (2013) View citations (342) (2013)
2010
- Computing Multi-Period, Information Constrained Optima
Levine's Working Paper Archive, David K. Levine View citations (4)
Also in University of Chicago - Economics Research Center, Chicago - Economics Research Center (1990) View citations (73)
- Information-Constrained Optima with Retrading: An Externality and Its Market-Based Solution
MPRA Paper, University Library of Munich, Germany View citations (1)
See also Journal Article Information-constrained optima with retrading: An externality and its market-based solution, Journal of Economic Theory, Elsevier (2011) View citations (14) (2011)
- Microinsurance: a case study of the Indian rainfall index insurance market
Policy Research Working Paper Series, The World Bank View citations (26)
- No Bank, One Bank, Several Banks: Does It Matter for Investment?
2010 Meeting Papers, Society for Economic Dynamics View citations (5)
Also in Working Papers, Banco de España (2010) View citations (6)
- Pareto Optima and Competitive Equilibria With Adverse Selection and Moral Hazard
Levine's Working Paper Archive, David K. Levine View citations (31)
See also Journal Article Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard, Econometrica, Econometric Society (1984) View citations (348) (1984)
2009
- A Structural Evaluation of a Large-Scale Quasi-Experimental Microfinance Initiative
2009 Meeting Papers, Society for Economic Dynamics View citations (1)
See also Journal Article A Structural Evaluation of a Large‐Scale Quasi‐Experimental Microfinance Initiative, Econometrica, Econometric Society (2011) View citations (92) (2011)
- Market Based, Segregated Exchanges with Default Risk
MPRA Paper, University Library of Munich, Germany View citations (6)
2008
- Enterprise Dynamics and Finance: Distinguishing Mechanism Design from Exogenously Incomplete Markets Models
2008 Meeting Papers, Society for Economic Dynamics View citations (2)
2007
- Patterns of rainfall insurance participation in rural India
Staff Reports, Federal Reserve Bank of New York View citations (59)
Also in Policy Research Working Paper Series, The World Bank (2007) View citations (7)
See also Journal Article Patterns of Rainfall Insurance Participation in Rural India, The World Bank Economic Review, World Bank (2008) View citations (217) (2008)
- Sources of TFP Growth: Occupational Choice and Financial Deepening
2007 Meeting Papers, Society for Economic Dynamics View citations (110)
Also in IEPR Working Papers, Institute of Economic Policy Research (IEPR) (2005) View citations (36)
See also Journal Article Sources of TFP growth: occupational choice and financial deepening, Economic Theory, Springer (2007) View citations (124) (2007)
- Statistical analysis of rainfall insurance payouts in southern India
Policy Research Working Paper Series, The World Bank View citations (48)
See also Journal Article Statistical Analysis of Rainfall Insurance Payouts in Southern India, American Journal of Agricultural Economics, Agricultural and Applied Economics Association (2007) View citations (46) (2007)
2006
- Welfare Gain of Financial Liberalization
2006 Meeting Papers, Society for Economic Dynamics View citations (1)
2005
- Discovering the Sources of TFP Growth: Occupational Choice and Financial Deepening
IEPR Working Papers, Institute of Economic Policy Research (IEPR) View citations (17)
- Firm Entry and Finance: Distinguishing Information Regimes
2005 Meeting Papers, Society for Economic Dynamics
- Firms as clubs in Walrasian markets with private information: technical appendix
Working Paper, Federal Reserve Bank of Richmond View citations (7)
2004
- Discovering the Sources of TFP Growth: Occupation Choice, Capital Heterogeneity, and Financial Deepening
Econometric Society 2004 North American Summer Meetings, Econometric Society View citations (3)
- Dynamic Mechanism Design with Hidden Income and Hidden Auctions
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
Also in UCLA Economics Working Papers, UCLA Department of Economics (2002) View citations (16)
See also Journal Article Dynamic mechanism design with hidden income and hidden actions, Journal of Economic Theory, Elsevier (2006) View citations (76) (2006)
2003
- Distinguishing limited commitment from moral hazard in models of growth with inequality
Working Paper Series, Federal Reserve Bank of Chicago View citations (1)
- Evaluation of financial liberalization: a general equilibrium model with constrained occupation choice
Policy Research Working Paper Series, The World Bank View citations (14)
See also Journal Article Evaluation of financial liberalization: a general equilibrium model with constrained occupation choice, Journal of Development Economics, Elsevier (2004) View citations (136) (2004)
- Growth and Inequality: Model Evaluation Based on an Estimation-Calibration Strategy
IEPR Working Papers, Institute of Economic Policy Research (IEPR) View citations (5)
See also Journal Article GROWTH AND INEQUALITY: MODEL EVALUATION BASED ON AN ESTIMATION-CALIBRATION STRATEGY, Macroeconomic Dynamics, Cambridge University Press (2008) View citations (34) (2008)
- Mechanism design and assignment models
Working Paper, Federal Reserve Bank of Richmond View citations (1)
- Selection into and across Credit Contracts: Theory and Field Research
Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics View citations (2)
See also Journal Article Selection into and across credit contracts: Theory and field research, Journal of Econometrics, Elsevier (2007) View citations (26) (2007)
2002
- Dynamic Mecanism Design with Hidden Income and Hidden Actions: Technical Appendix
UCLA Economics Working Papers, UCLA Department of Economics View citations (1)
- Using Repayment Data to Test Across Models of Joint Liability Lending
Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics View citations (4)
See also Journal Article Using Repayment Data to Test Across Models of Joint Liability Lending, Economic Journal, Royal Economic Society (2007) View citations (143) (2007)
2000
- Firms as clubs in Walrasian markets with private information
Working Paper, Federal Reserve Bank of Richmond View citations (12)
See also Journal Article Firms as Clubs in Walrasian Markets with Private Information, Journal of Political Economy, University of Chicago Press (2006) View citations (32) (2006)
- Small business access to trade credit: some evidence of ethnic differences
Proceedings, Federal Reserve Bank of Chicago View citations (1)
Also in Consumer and Community Affairs Policy Studies, Federal Reserve Bank of Chicago (2000) View citations (1)
- Supplier relationships and small business use of trade credit
Working Paper Series, Federal Reserve Bank of Chicago View citations (1)
See also Journal Article Supplier relationships and small business use of trade credit, Journal of Urban Economics, Elsevier (2004) View citations (17) (2004)
1999
- A comparison of small business finance in two Chicago minority neighborhoods
Proceedings, Federal Reserve Bank of Chicago View citations (6)
1997
- General Competitive Analysis in an Economy with Private Information
Levine's Working Paper Archive, David K. Levine View citations (18)
See also Journal Article General Competitive Analysis in an Economy with Private Information, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (1984) View citations (136) (1984)
- General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies
Working Papers, Centro de Estudios Monetarios Y Financieros- View citations (8)
See also Journal Article General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (1998) View citations (55) (1998)
1996
- Micro Enterprise and Macro Policy
Working Papers, Banca Italia - Servizio di Studi View citations (2)
- Theory of the firm: applied mechanism design
Working Paper, Federal Reserve Bank of Richmond View citations (5)
1994
- Community development banking and Financial Institutions Act: a critique with recommendations
Proceedings, Federal Reserve Bank of Chicago View citations (3)
1991
- Risk and Insurance in Village India
University of Chicago - Economics Research Center, Chicago - Economics Research Center View citations (23)
Also in University of Chicago - Population Research Center, Chicago - Population Research Center View citations (5)
See also Journal Article Risk and Insurance in Village India, Econometrica, Econometric Society (1994) View citations (1374) (1994)
1990
- Understanding the Structure of Village and Regional Economies
University of Chicago - Economics Research Center, Chicago - Economics Research Center
Also in University of Chicago - Population Research Center, Chicago - Population Research Center
1982
- A model of circulating private debt
Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
1979
- Optimal contracts and competitive markets with costly state verification
Staff Report, Federal Reserve Bank of Minneapolis View citations (1769)
See also Journal Article Optimal contracts and competitive markets with costly state verification, Journal of Economic Theory, Elsevier (1979) View citations (1781) (1979)
Undated
- Introduction (Chapter1), "Key Elements and Patterns in Theory and Early European History"
University of Chicago - Population Research Center, Chicago - Population Research Center
Journal Articles
2017
- Human Capital Acquisition and Occupational Choice: Implications for Economic Development
Review of Economic Dynamics, 2017, 25, 151-186 View citations (7)
2013
- Barriers to Household Risk Management: Evidence from India
American Economic Journal: Applied Economics, 2013, 5, (1), 104-35 View citations (342)
See also Working Paper Barriers to Household Risk Management: Evidence from India, Working Papers (2011) View citations (5) (2011)
2012
- Kinship and Financial Networks, Formal Financial Access, and Risk Reduction
American Economic Review, 2012, 102, (3), 289-93 View citations (94)
- Measuring the return on household enterprise: What matters most for whom?
Journal of Development Economics, 2012, 98, (1), 58-70 View citations (7)
- The Impact of Credit on Village Economies
American Economic Journal: Applied Economics, 2012, 4, (2), 98-133 View citations (109)
- Village Economic Accounts: Real and Financial Intertwined
American Economic Review, 2012, 102, (3), 441-46 View citations (2)
2011
- A Structural Evaluation of a Large‐Scale Quasi‐Experimental Microfinance Initiative
Econometrica, 2011, 79, (5), 1357-1406 View citations (92)
See also Working Paper A Structural Evaluation of a Large-Scale Quasi-Experimental Microfinance Initiative, 2009 Meeting Papers (2009) View citations (1) (2009)
- Information-constrained optima with retrading: An externality and its market-based solution
Journal of Economic Theory, 2011, 146, (3), 1042-1077 View citations (14)
See also Working Paper Information-Constrained Optima with Retrading: An Externality and Its Market-Based Solution, MPRA Paper (2010) View citations (1) (2010)
- The Geographic Concentration of Enterprise in Developing Countries
The Quarterly Journal of Economics, 2011, 126, (4), 2005-2061 View citations (31)
- Wealth accumulation and factors accounting for success
Journal of Econometrics, 2011, 161, (1), 56-81 View citations (17)
2010
- Financial Structure and Economic Welfare: Applied General Equilibrium Development Economics
Annual Review of Economics, 2010, 2, (1), 507-546 View citations (12)
- Monetary theory and electronic money: reflections on the Kenyan experience
Economic Quarterly, 2010, 96, (1Q), 83-122 View citations (24)
- WELFARE GAINS FROM FINANCIAL LIBERALIZATION
International Economic Review, 2010, 51, (3), 553-597 View citations (25)
2009
- Impact of Climate Change on Rice Production in Thailand
American Economic Review, 2009, 99, (2), 205-10 View citations (23)
- MEASURING THE IMPACT OF FINANCIAL INTERMEDIATION: LINKING CONTRACT THEORY TO ECONOMETRIC POLICY EVALUATION
Macroeconomic Dynamics, 2009, 13, (S2), 268-316 View citations (8)
2008
- Endogenous groups and dynamic selection in mechanism design
Journal of Economic Theory, 2008, 142, (1), 259-293 View citations (8)
- GROWTH AND INEQUALITY: MODEL EVALUATION BASED ON AN ESTIMATION-CALIBRATION STRATEGY
Macroeconomic Dynamics, 2008, 12, (S2), 231-284 View citations (34)
See also Working Paper Growth and Inequality: Model Evaluation Based on an Estimation-Calibration Strategy, IEPR Working Papers (2003) View citations (5) (2003)
- INTRODUCTION TO MACROECONOMIC DYNAMICS SPECIAL ISSUE: INEQUALITY
Macroeconomic Dynamics, 2008, 12, (S2), 149-153
- Patterns of Rainfall Insurance Participation in Rural India
The World Bank Economic Review, 2008, 22, (3), 539-566 View citations (217)
See also Working Paper Patterns of rainfall insurance participation in rural India, Staff Reports (2007) View citations (59) (2007)
2007
- Selection into and across credit contracts: Theory and field research
Journal of Econometrics, 2007, 136, (2), 665-698 View citations (26)
See also Working Paper Selection into and across Credit Contracts: Theory and Field Research, Vanderbilt University Department of Economics Working Papers (2003) View citations (2) (2003)
- Sources of TFP growth: occupational choice and financial deepening
Economic Theory, 2007, 32, (1), 179-221 View citations (124)
See also Working Paper Sources of TFP Growth: Occupational Choice and Financial Deepening, 2007 Meeting Papers (2007) View citations (110) (2007)
- Statistical Analysis of Rainfall Insurance Payouts in Southern India
American Journal of Agricultural Economics, 2007, 89, (5), 1248-1254 View citations (46)
See also Working Paper Statistical analysis of rainfall insurance payouts in southern India, Policy Research Working Paper Series (2007) View citations (48) (2007)
- Using Repayment Data to Test Across Models of Joint Liability Lending
Economic Journal, 2007, 117, (517), F11-F51 View citations (143)
See also Working Paper Using Repayment Data to Test Across Models of Joint Liability Lending, Vanderbilt University Department of Economics Working Papers (2002) View citations (4) (2002)
2006
- Distinguishing Limited Liability from Moral Hazard in a Model of Entrepreneurship
Journal of Political Economy, 2006, 114, (1), 100-144 View citations (96)
- Dynamic mechanism design with hidden income and hidden actions
Journal of Economic Theory, 2006, 126, (1), 235-285 View citations (76)
See also Working Paper Dynamic Mechanism Design with Hidden Income and Hidden Auctions, CEPR Discussion Papers (2004) View citations (5) (2004)
- Firms as Clubs in Walrasian Markets with Private Information
Journal of Political Economy, 2006, 114, (4), 644-671 View citations (32)
See also Working Paper Firms as clubs in Walrasian markets with private information, Working Paper (2000) View citations (12) (2000)
2005
- Policies and Impact: An Analysis of Village-Level Microfinance Institutions
Journal of the European Economic Association, 2005, 3, (1), 1-50 View citations (95)
2004
- Entrepreneurship and financial constraints in Thailand
Journal of Corporate Finance, 2004, 10, (2), 229-262 View citations (143)
- Evaluation of financial liberalization: a general equilibrium model with constrained occupation choice
Journal of Development Economics, 2004, 74, (2), 269-307 View citations (136)
See also Working Paper Evaluation of financial liberalization: a general equilibrium model with constrained occupation choice, Policy Research Working Paper Series (2003) View citations (14) (2003)
- Supplier relationships and small business use of trade credit
Journal of Urban Economics, 2004, 55, (1), 46-67 View citations (17)
See also Working Paper Supplier relationships and small business use of trade credit, Working Paper Series (2000) View citations (1) (2000)
2003
- Microcredit And Mechanism Design
Journal of the European Economic Association, 2003, 1, (2-3), 468-477 View citations (13)
2002
- Collective Organizations versus Relative Performance Contracts: Inequality, Risk Sharing, and Moral Hazard
Journal of Economic Theory, 2002, 103, (2), 282-310 View citations (25)
2001
- The credit risk-contingency system of an Asian development bank
Economic Perspectives, 2001, 25, (Q III), 31-48 View citations (23)
1999
- How do minorities fund small business start-ups? Two Chicago neighborhoods offer insight
The Region, 1999, 13, (Sep), 10-13,26 View citations (2)
- LIQUIDITY CONSTRAINTS AND INCENTIVE CONTRACTS
Macroeconomic Dynamics, 1999, 3, (1), 1-47 View citations (18)
- Small business finance in two Chicago minority neighborhoods
Economic Perspectives, 1999, 23, (Q II), 46-62 View citations (8)
1998
- General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies
Review of Economic Dynamics, 1998, 1, (1), 59-118 View citations (55)
See also Working Paper General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies, Working Papers (1997) View citations (8) (1997)
- Mechanism Design and Village Economies: From Credit, to Tenancy, to Cropping Groups
Review of Economic Dynamics, 1998, 1, (1), 119-172 View citations (11)
1997
- Discrimination in Financial Services: How Should We Proceed?
Journal of Financial Services Research, 1997, 11, (1), 215-217 View citations (3)
1996
- Formal and informal financing in a Chicago neighborhood
Economic Perspectives, 1996, 20, (Jul), 3-27 View citations (15)
1995
- Consumption Insurance: An Evaluation of Risk-Bearing Systems in Low-Income Economies
Journal of Economic Perspectives, 1995, 9, (3), 83-102 View citations (271)
1994
- Risk and Insurance in Village India
Econometrica, 1994, 62, (3), 539-91 View citations (1374)
See also Working Paper Risk and Insurance in Village India, University of Chicago - Economics Research Center (1991) View citations (23) (1991)
1989
- Currency and Credit in a Private Information Economy
Journal of Political Economy, 1989, 97, (6), 1323-44 View citations (64)
1988
- Information constrained insurance: The revelation principle extended
Journal of Monetary Economics, 1988, 21, (2-3), 411-450 View citations (44)
1987
- Asset-return anomalies in a monetary economy
Journal of Economic Theory, 1987, 41, (2), 219-247 View citations (29)
- Economic Organization with Limited Communication
American Economic Review, 1987, 77, (5), 954-71 View citations (124)
- Models as Economies
Economic Journal, 1987, 98, (390), 1-24 View citations (3)
1984
- General Competitive Analysis in an Economy with Private Information
International Economic Review, 1984, 25, (1), 1-20 View citations (136)
See also Working Paper General Competitive Analysis in an Economy with Private Information, Levine's Working Paper Archive (1997) View citations (18) (1997)
- Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard
Econometrica, 1984, 52, (1), 21-45 View citations (348)
See also Working Paper Pareto Optima and Competitive Equilibria With Adverse Selection and Moral Hazard, Levine's Working Paper Archive (2010) View citations (31) (2010)
1983
- Financial Structure and Economic Activity
American Economic Review, 1983, 73, (5), 895-911 View citations (31)
- Forecasting the Forecasts of Others
Journal of Political Economy, 1983, 91, (4), 546-88 View citations (267)
- Reply to John long's comments
Carnegie-Rochester Conference Series on Public Policy, 1983, 18, (1), 279-280
- Theories of intermediated structures
Carnegie-Rochester Conference Series on Public Policy, 1983, 18, (1), 221-272 View citations (16)
1982
- Optimal Multiperiod Contracts and the Gain from Enduring Relationships under Private Information
Journal of Political Economy, 1982, 90, (6), 1166-86 View citations (131)
1981
- Resource Allocation under Asymmetric Information
Econometrica, 1981, 49, (1), 33-64 View citations (149)
1979
- Optimal contracts and competitive markets with costly state verification
Journal of Economic Theory, 1979, 21, (2), 265-293 View citations (1781)
See also Working Paper Optimal contracts and competitive markets with costly state verification, Staff Report (1979) View citations (1769) (1979)
1978
- Market Anticipations, Rational Expectations, and Bayesian Analysis
International Economic Review, 1978, 19, (2), 481-94 View citations (45)
- On the Optimality of Forward Markets
American Economic Review, 1978, 68, (1), 54-66 View citations (5)
1977
- The eventual failure of price fixing schemes
Journal of Economic Theory, 1977, 14, (1), 190-199 View citations (15)
Books
2011
- Financial Systems in Developing Economies: Growth, Inequality and Policy Evaluation in Thailand
OUP Catalogue, Oxford University Press View citations (13)
2010
- Households as Corporate Firms
Cambridge Books, Cambridge University Press View citations (28)
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