I am a PhD candidate in Economics at the University of Pennsylvania.
My research focuses on Macroeconomics, Labor Economics, and Macro-Finance.
I am on the 2022/2023 Economics Job Market and will be available for interviews before the AEA/AFA meetings in January.
Abstract: This paper studies the macroeconomic implications of the rise in participation and attachment to the labor force of women and secondary earners. I develop a business cycle model of couples that features labor market frictions, endogenous labor supply, and human capital accumulation. Households face unemployment risk over the business cycle, and secondary earners adjust their labor supply to respond to this risk, so that they are more likely to participate when primary earners face a high risk of job loss. I validate the model using novel empirical evidence on added worker effect heterogeneity by previous labor market experience and income. A large mass of marginal secondary earners will dampen fluctuations in aggregate employment if in downturns the income effect induced by unemployment is greater than the substitution effect due to lower wages. The magnitude of the counter-cyclical effect is proportional to the distance from the participation frontier of secondary earners, which in turn depends on the gap in net wages between partners. For values of the wage gap smaller than 20%, women's aggregate labor supply elasticity converges to men's, and the dampening effect wanes.
Presentations: CU Boulder (scheduled), University of Pennsylvania (2021, 2022), Federal Reserve Board (2021).
Abstract: Since 1996, the number of listed firms in the U.S. has decreased by around 50%. Using U.S. Compustat and earnings surprises from I/B/E/S data, we document that the financial reports of listed firms required by the U.S. Securities and Exchange Commission’s (SEC) regulation have become significantly less transparent over the same period. To theoretically and quantitatively analyze these secular trends, we develop a heterogenous-firm equilibrium model where the endogenous choice to go public or private and the distribution of the firm-level allocations are characterized by closed-form solutions. In the model, each listed firm’s publicly disclosed intangible is diffused to other firms’ productivity as an externality. In the estimated model, the increased intangible share has substantially decreased the average transparency of the financial disclosure and the number of listed firms. This leads to significant losses in welfare and productivity due to reduced technology diffusion. Finally, we characterize a policy maker’s dilemma between maximizing welfare and productivity. According to the estimation, the recent stricter SEC disclosure requirement has significantly mitigated the welfare cost induced by rising intangibles at the cost of productivity loss.
Presentations: Federal Reserve Board* , Midwest Macroeconomics Conference, Lisbon Macro Workshop, ITAM-PIER Conference on Macroeconomics and Finance*, Hitotsubashi University*, BIS-CEPR WE_ARE_IN Macroeconomics and Finance Conference (2022)
Presentations: Midwest Macro Fall (2022).