Hi, I am a Ph.D candidate in Economics at the University of Southern California. My research interests are macroeconomics, macro-finance and urban economics. I will be on the AY 2024-2025 job market.

Research

Working Papers

• The Zero-Beta Interest Rate (with Sebastian Di Tella, Benjamin Hébert, and Pablo Kurlat)
  Revise and Resubmit at Journal of Political Economy
• Abandoned by Coal, Swallowed by Opioids? (with Gilbert E. Metcalf)
  NBER working paper No. 26551

Work in Progress

• Network, Entrepreneurship and Industrial Policy (Job Market Paper)
  Abstract: I study the effect of firm subsidy program during economic crisis in a dynamic general equilibrium model with production network, firm dynamics, and financial friction. Financial friction distorts intratemporal resource allocation and intertemporal supply of capital. Quantitatively, the recent subsidy program during Covid-19 increases aggregate consumption and speeds up recovery by alleviating these distortions. While redesigned subsidy programs yield limited improvements in aggregate outcomes due to the magnitude of the COVID-19 shock, they produce significant distributional effects across sectors.

• Monetary Policy Tightening and Housing Market Frictions (with Emiliano Harris, Amine Ouazad, and Romain Ranciere)
  Abstract: This paper develops, solves, and identifies a dynamic disaggregated search and matching model of the housing market with endogenously bargained prices and mortgage credit, and use the estimated model to assess the impact of large major macro shocks on city dynamics. The model provides various mechanisms to reconcile the discrepancy between strong housing price indices and low transaction volume and decreasing mortgate origination.

• Markup, Technological Competition, and Stock Returns
  Abstract: I purpose a model where firms compete for higher markups by innovation. This mecha- nism generates higher expected stock returns for firms with high markup and high R&D investment in the cross-section. I document the empirical evidences on this relationship and compare it with the ones generated by the model.

• What Happens After Covenant Violation?
  Abstract: I revisit the impact of covenant violation on firm decisions and market outcomes with state-of-the-art regression discontinuity design (RD), and self constructed credit spread data. I found that covenant violation increases the values of the creditors and equity holders at the same time. The estimation shows mixed results on investment, which suggests the benefits of the new empirical methodology.

Teaching

University of Southern California

• Ph.D Microeconomics I
• Undergrad Money, Credit, and Banking
• Undergrad International Economics
• Undergrad Financial Economics