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The study delivers one-time cash transfers of about USD 1000 to over 10,500 poor households across 653 randomized villages in rural Kenya, generating a fiscal shock exceeding 15% of local GDP. Recipients experience large gains in consumption and assets, alongside positive spillovers for nonrecipient households and firms, with minimal inflation. A local transfer multiplier of 2.4 is estimated and welfare effects are interpreted via a household optimization framework.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/general-equilibrium-effects-of-cash-transfers-experimental-evidence-from-kenya/296739/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/general-equilibrium-effects-of-cash-transfers-experimental-evidence-from-kenya/296739.png","ImageObject",300,407,{"name":92,"@type":93},"Himbo","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-09-18",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What experiment setting and scale does the paper use for cash transfers?","Question",{"text":112,"@type":113},"It provides one-time cash transfers of about USD 1000 to over 10,500 poor households across 653 randomized villages in rural Kenya.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What main consumption and asset effects are found for recipients?",{"text":117,"@type":113},"Recipients show large positive impacts on consumption and on assets.",{"name":119,"@type":110,"acceptedAnswer":120},"Are there spillovers to nonrecipient households and firms, and what about inflation?",{"text":121,"@type":113},"The paper documents large positive spillovers on nonrecipient households and firms, while price inflation is minimal.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},296739,1789736205,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":31,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":143,"preview_page_count":4},687197100911,"https://ap-avatar.wpscdn.com/avatar/a000239b6f1da00475?x-image-process=image/resize,m_fixed,w_180,h_180&k=1785132997149421697","NBER WORKING PAPER SERIES  \nGENERAL EQUILIBRIUM EFFECTS OF CASH TRANSFERS:  \nEXPERIMENTAL EVIDENCE FROM KENYA  \nDennis Egger  \nJohannes Haushofer  \nEdward Miguel  \nPaul Niehaus  \nMichael W. Walker  \nWorking Paper 26600  \n[http://www.nber.org/papers/w26600](http://www.nber.org/papers/w26600)  \nNATIONAL BUREAU OF ECONOMIC RESEARCH  \n1050 Massachusetts Avenue  \nCambridge, MA 02138  \nDecember 2019, Revised October 2021  \nNiehaus is a co-founder, former president (2012-2017) and chairman (without compensation) of the board of GiveDirectly. Haushofer is the founder and a board member (uncompensated) of the Busara Center for Behavioral Economics. We thank the study participants for generously giving their time; Justin Abraham, Aakash Bhalothia, Christina Brown, Genevieve Deneoux, Tilman Graff, Max Lauletta, Michelle Layvant, Layna Lowe, Anya Marchenko, Gwyneth Miner, Max Mueller, Priscilla de Oliviera, Robert On, Rachel Pizatella-Haswell, Emaan Siddique, Zenan Wang, Francis Wong and Kejian Zhao for excellent research assistance; Innovations for Poverty Action for data collection fieldwork; the Busara Center for Behavioral Economics for piloting work; GiveDirectly for fruitful collaboration; and Martin Aragoneses, Vittorio Bassi, Abhijit Banerjee, Chris Blattman, Giacomo DiGiorgi, Esther Duflo, Yuriy Gorodnichenko, Seema Jayachandran, Adriana Lleras-Muney, Atif Mian, Emi Nakamura, Ben Olken, Jon Steinsson, numerous conference and seminar participants, and three anonymous referees and the Editor (D. Donaldson) for comments. This research was supported by grants from the National Science Foundation, International Growth Centre, CEPR/Private Enterprise Development in Low-Income Countries (PEDL), the Weiss Family Foundation, and an anonymous donor. The GiveDirectly program was supported by The Pershing Square Foundation. Walker gratefully acknowledges financial support from the NSF Graduate Research Fellowship (Grant No. DGE 1106400) . The study received IRB approval from Maseno University and the Univ. of California, Berkeley. AEA Trial Registry RCT ID: AEARCTR-0000505 .  \nNBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.  \n© 2019 by Dennis Egger, Johannes Haushofer, Edward Miguel, Paul Niehaus, and Michael W. Walker. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.  \nGeneral Equilibrium Effects of Cash Transfers: Experimental Evidence from Kenya Dennis Egger, Johannes Haushofer, Edward Miguel, Paul Niehaus, and Michael W. Walker NBER Working Paper No. 26600  \nDecember 2019  \nJEL No. E62,H3,O12,O23,R13  \nABSTRACT  \nHow 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 nonrecipient households and firms, and minimal price inflation. We estimate a local transfer multiplier of 2.4. We interpret welfare implications through the lens of a simple household optimization framework.  \nDennis Egger  \nUniversity of California, Berkeley Department of Economics  \n530 Evans Hall \\#3880 Berkeley, CA 94720-3880  \n[dennistegger@berkeley.edu](dennistegger@berkeley.edu)  \nJohannes Haushofer Department of Economics Stockholm University Universitetsvägen 10 A Stockholm 106 91 Sweden  \nand Busara Center for Behavioral Economics,  \nNairobi, Kenya  \nand also NBER [johannes.haushofer@ne.su.se](johannes.haushofer@ne.su.se)  \nEdward Miguel  \nDepartment of Economics University","cbCaimETkvUYaaCJ","https://ap.wps.com/l/cbCaimETkvUYaaCJ","pdf",573495,"English","# Abstract\n# Introduction","[{\"question\":\"What experiment setting and scale does the paper use for cash transfers?\",\"answer\":\"It provides one-time cash transfers of about USD 1000 to over 10,500 poor households across 653 randomized villages in rural Kenya.\"},{\"question\":\"What main consumption and asset effects are found for recipients?\",\"answer\":\"Recipients show large positive impacts on consumption and on assets.\"},{\"question\":\"Are there spillovers to nonrecipient households and firms, and what about inflation?\",\"answer\":\"The paper documents large positive spillovers on nonrecipient households and firms, while price inflation is minimal.\"}]","GENERAL EQUILIBRIUM EFFECTS OF CASH TRANSFERS - EXPERIMENTAL EVIDENCE FROM KENYA | PDF",126]