- Market power of financial institutions
- Labor market risk and implications for asset prices
- How institutions use information & models to invest and lend
- All things Bayes!
Research Projects
Winners and Losers: Competition, Creative Destruction, and Labor Income Risk
Status: New Draft Coming Soon!
Joint with Lawrence D.W. Schmidt, Dimitris Papanikolaou, Leonid Kogan
Using U.S. administrative data, we find that creative destruction in the product market passes through to worker earnings. This passthrough is both asymmetric and concentrated: profit drops from rival innovations lead to proportionally greater earning declines than profit gains from their own firm’s innovations due to job destruction, while top workers are significantly more exposed than the average worker. We interpret the implications for worker welfare using a structural model featuring creative destruction in the product market. Our estimates imply significant welfare losses and demand for insurance for creative destruction.
Software
baggr (ctb)
R package making it easy to run Bayesian meta-analysis models with Stan on the back-end.
quantspace (aut)
Implements the quantile spacings approach of Schmidt and Zhu, modeling the log distance between quantiles via quantile regression rather than a linear quantile model as a simple way to prevent quantile crossing.
Education
Massachussetts Institute of Technology
Cambridge, MA
Degree: PhD
Subject: Finance
(Current)
University of Texas at Austin
Austin, TX
Degree: MA
Subject: Economics
Graduated 2019
Williams College
Williamstown, MA
Degree: BA
Subject: Music, Economics
Graduated 2015
Skills
Software: R, Python, C++, Stan
Music: piano, saxophone, guitar (kind of), arranging & composition