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Little is known about the evolution and persistence of the effects of one-time cash transfers, especially
in rural agricultural settings with limited productive investment opportunities. We use bi-monthly
phone surveys to estimate dynamic impacts for cash transfer recipients in Liberia and Malawi. We
find immediate increases in food security that attenuate over time but do not entirely dissipate
even 1.5-2 years later, driven by increased farm investments and production. We find increases in
farm profits, reductions in casual off-farm labor, improvements in psychological well-being, and, in
Liberia, a reduction in IPV.
