Consumption Smoothing and Frequency of Benefit Payments of Cash Transfer Programs
研究墨西哥两种非缴费型养老金项目，发现每月支付比每两月支付更能平滑食品支出、增加就医并减少饥饿，表明支付频率影响社会项目效果。
We analyze two noncontributory Mexican pension programs for the elderly. Both paid similar amounts, but one paid monthly while the other paid every two months. The Life Cycle Hypothesis suggests frequency of benefits payments should not affect consumption smoothing, but we find the monthly program was more effective in smoothing food expenditure. It also increased doctor visits and reduced the incidence of hunger spells. Under the bimonthly program, expenditures on food significantly decline between paychecks but ownership of durable goods increased. This suggests the importance of payment frequency in social programs.