Robert Townsend

Department of Economics, E52-538
50 Memorial Drive
Cambridge, MA 02142
Tel: 617/452-3722
Fax: 617/253-1330

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: DEV , EFG
NBER Affiliation: Research Associate
Institutional Affiliation: Massachusetts Institute of Technology

NBER Working Papers and Publications

May 2019Rise of Bank Competition: Evidence from Banking Deregulation in China
with Haoyu Gao, Hong Ru, Xiaoguang Yang: w25795
March 2018Financial Centrality and Liquidity Provision
with Arun G. Chandrasekhar, Juan Pablo Xandri: w24406
May 2016Curbing Shocks to Corporate Liquidity: The Role of Trade Credit
with Niklas Amberg, Tor Jacobson, Erik von Schedvin: w22286
April 2016The Economics of Bank Supervision
with Thomas M. Eisenbach, David O. Lucca: w22201
March 2016A Market Based Solution for Fire Sales and Other Pecuniary Externalities
with Weerachart T. Kilenthong: w22056
January 2015Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income
with Era Dabla-Norris, Yan Ji, D. Filiz Unsal: w20821

Published: Era Dabla-Norris & Yan Ji & Robert M. Townsend & D. Filiz Unsal, 2020. "Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income," Journal of Monetary Economics, .

July 2014A Market Based Solution to Price Externalities: A Generalized Framework
with Weerachart T. Kilenthong: w20275
May 2014Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
with Weerachart Kilenthong: w20086
December 2013Risk and Return in Village Economies
with Krislert Samphantharak: w19738

Published: Krislert Samphantharak & Robert M. Townsend, 2018. "Risk and Return in Village Economies," American Economic Journal: Microeconomics, vol 10(1), pages 1-40. citation courtesy of

November 2013Dynamic Financial Constraints: Distinguishing Mechanism Design from Exogenously Incomplete Regimes
with Alexander Karaivanov: w19617

Published: Alexander Karaivanov & Robert M. Townsend, 2014. "Dynamic Financial Constraints: Distinguishing Mechanism Design From Exogenously Incomplete Regimes," Econometrica, Econometric Society, vol. 82(3), pages 887-959, 05. citation courtesy of

Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions
with Benjamin Moll, Victor Zhorin: w19618

Published: Benjamin Moll & Robert M. Townsend & Victor Zhorin, 2017. "Economic development, flow of funds, and the equilibrium interaction of financial frictions," Proceedings of the National Academy of Sciences, vol 114(24), pages 6176-6184.

January 2012Demand and Reimbursement Effects of Healthcare Reform: Health Care Utilization and Infant Mortality in Thailand
with Jonathan Gruber, Nathaniel Hendren: w17739

Published: The Great Equalizer: Health Care Access and Infant Mortality in Thailand (with Jonathan Gruber and Robert M. Townsend), American Economic Journal: Applied Economics. 2014; 6(1): 91-107

January 2011Heterogeneity and Risk Sharing in Village Economies
with Pierre-André Chiappori, Krislert Samphantharak, Sam Schulhofer-Wohl: w16696

Published: Pierre‐André Chiappori & Krislert Samphantharak & Sam Schulhofer‐Wohl & Robert M. Townsend, 2014. "Heterogeneity and risk sharing in village economies," Quantitative Economics, Econometric Society, vol. 5, pages 1-27, 03. citation courtesy of

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