Targeting the Poor: A Macroeconomic Analysis of Cash Transfer Programs

This paper introduces cash transfers targeting the poor in an incomplete marketsmodel with heterogeneous agents facing idiosyncratic risk. These transfers change thedegree of insurance in the economy and a ect precautionary motives asymmetrically,leading the poorest households to decrease savings proportionally more than theirricher counterparts. In a model economy calibrated to Brazil, once the cash transferprogram is adopted, wealth inequality and social welfare increase, poverty decreases,while employment and income inequality remain about the same. Imperfect access to nancial markets is important for these results, whereas whether the program is fundedwith lump sum or distortive taxes is not.

On the origins of scaling corrections in ballistic growth models

We study the ballistic deposition and the grain deposition models on two-dimensional substrates. Using the Kardar-Parisi-Zhang (KPZ) ansatz for height fluctuations, we show that the main contribution to the intrinsic width, which causes strong corrections to the scaling, comes from the fluctuations in the height increments along deposition events. Accounting for this correction in the scaling analysis, we obtained scaling exponents in excellent agreement with the KPZ class. We also propose a method to suppress these corrections, which consists in divide the surface in bins of size $\varepsilon$ and use only the maximal height inside each bin to do the statistics. Again, scaling exponents in remarkable agreement with the KPZ class were found. The binning method allowed the accurate determination of the height distributions of the ballistic models in both growth and steady state regimes, providing the universal underlying fluctuations foreseen for KPZ class in 2+1 dimensions. Our results provide complete and conclusive evidences that the ballistic model belongs to the KPZ universality class in $2+1$ dimensions. Potential applications of the methods developed here, in both numerics and experiments, are discussed.Comment: 8 pages, 7 figure

Tunneling spectra of layered strongly correlated d-wave superconductors

Tunneling conductance experiments on cuprate superconductors exhibit a large diversity of spectra that appear in different nano-sized regions of inhomogeneous samples. In this letter, we use a mean-field approach to the tt't''J model in order to address the features in these spectra that deviate from the BCS paradigm, namely, the bias sign asymmetry at high bias, the generic lack of evidence for the Van Hove singularity, and the occasional absence of coherence peaks. We conclude that these features can be reproduced in homogeneous layered d-wave superconductors solely due to a proximate Mott insulating transition. We also establish the connection between the above tunneling spectral features and the strong renormalization of the electron dispersion around (0,pi) and (pi,0) and the momentum space anisotropy of electronic states observed in ARPES experiments.Comment: 4 pages, 3 figures. Added comment on the role of sample inhomogeneity. Published version. Homepage http://dao.mit.edu/~wen

Static and dynamic properties of vortices in anisotropic magnetic disks

We investigate the effect of the magnetic anisotropy ($K_z$) on the static and dynamic properties of magnetic vortices in small disks. Our micromagnetic calculations reveal that for a range of $K_z$ there is an enlargement of the vortex core. We analyze the influence of $K_z$ on the dynamics of the vortex core magnetization reversal under the excitation of a pulsed field. The presence of $K_z$, which leads to better resolved vortex structures, allows us to discuss in more details the role played by the in-plane and perpendicular components of the gyrotropic field during the vortex-antivortex nucleation and annihilation.Comment: 4 pages, 4 figure