In a chapter entitled, "International Migration, Remittances, and the Impacts of the Great Recession in Rural Mexico," within Professor J Ed. Taylor's book, Taylor, Diane Charlton, and Justin Kagin use a local economy-wide model to evaluate impacts of the 2008–9 global recession in rural Mexico. The recession’s immediate effects get transmitted to rural Mexico through migrant remittances, which fall by an estimated 45%. Their research show that declines in consumption prices partially mitigate welfare losses in the short run. In the long run, lower savings and investment compound the recession’s negative impacts and lead to a convergence of incomes between households with and without migrants.