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 joining the IMF in Fall 2025.

Research

Working Papers

• Firm Subsidies and Entrepreneurship in A Production Network (Job Market Paper)
  Abstract: I develop a quantitative framework to study the effect of a direct subsidy program for firms in an environment featuring a production network and entrepreneurship. The combination of a network structure and sectoral financial constraints can propagate shocks from upstream to downstream and affect the transition path of the aggregate economy. Quantitatively, the recent firm subsidy program during COVID-19 increased aggregate consumption and induced excessive firm creation. Redesigning the distribution of funds across sectors could lead to improvements in aggregate outcomes.

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

Work in Progress

• Who Benefits From Debt Covenant Violations? Slides (Draft Upon Request)
  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.

• Homeownership Dynamics and the Lock-In Effect — Evidence from the Federal Reserve’s Monetary Policy Tightening (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.

Teaching

Teaching Assistant, University of Southern California

• Undergrad Special Topics in Data Science
• Undergrad Money, Credit, and Banking
• Undergrad International Economics
• Undergrad Financial Economics
• Ph.D Microeconomics

Instructor, Tufts University

• Stata Session