The College warmly congratulates Dr Dennis Egger and his co-authors who have been been awarded the Frisch Medal for the best Applied Economics paper published in Econometrica in the last four years for their paper: ‘General Equilibrium Effects of Cash Transfers: Experimental Evidence from Kenya’.

Dr Egger and his team conducted a large-scale randomised controlled trial involving over 10,500 households in Kenya. The study, which provided around $1,000 in transfers to each household, aimed to evaluate the effects of these cash transfers. By analysing randomised variations in transfer distribution, the research uncovered significant effects on both recipient and non-recipient households, as well as local businesses.

Key findings include:

  • The cash transfers significantly boosted consumption of durable assets (such as furniture and appliances) among recipient households.
  • They were a stimulus for business growth, with businesses in transfer-receiving areas experiencing substantial revenue and profit increases.
  • Non-recipient households also enjoyed significant spending gains, comparable to those experienced by recipient households.
  • Importantly, the study also found minimal economic impact on prices.

The award of the Frisch Medal highlights the importance of understanding the economic dynamics of cash transfer programmes and their potential to alleviate poverty and stimulate growth in low-income regions.

Access the paper here: General Equilibrium Effects of Cash Transfers: Experimental Evidence from Kenya.

Dr Egger will be presenting the next Department of Economics ‘What Economists Really Do’ webinar on 20th May 2024. His talk, entitled ‘The Economics of Refugees and Migration’, is free, online, and open to all. Register to attend here: ‘What Economists Really Do’ | Department of Economics (

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