Kaboski and Townsend use a structural model to understand, predict, and evaluate the impact of an exogenous microcredit intervention program, the Thai Million Baht Village Fund. They model household decisions in the face of borrowing constraints, income uncertainty, and high-yield indivisible investment...

Townsend and Pawasutipaisit use detailed income, balance sheet, and cash flow statements constructed for households in a long monthly panel in an emerging market economy, as well as contributions in economic theory, to document and better understand the factors underlying success in achieving upward...

This review provides a common framework for researchers thinking about the next generation of micro-founded macro models of growth, inequality, and financial deepening, as well as direction for policy makers targeting microfinance programs to alleviate poverty. Townsend covers topics such as the treatment...