Women work disproportionately in low-hours jobs, which pay lower wages and are more exposed to minimum-wage policies. We estimate an equilibrium search model with worker and firm heterogeneity, jobs ...

We study why US college graduation gaps by gender and race widened across cohorts. We develop a dynamic life-cycle model with endogenous education, labor supply, marriage, fertility, and welfare part...

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Are firms risk averse? We propose a dynamic model of firm investment under uncertainty that captures firms' risk attitudes through quantile preferences. The firm maximizes its present value, defined ...

The paper shows that population aging can reduce the welfare cost to individuals of a persistent negative local shock, because slower out-migration restrains forward-looking capital disinvestment and....

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This paper examines the effect of idiosyncratic uncertainty on trade elasticities in a canonical heterogeneous-firm model. We identify two channels through which uncertainty affects elasticities: a s...

This paper studies aggregate markup cyclicality through firm-level heterogeneity, reallocation, and aggregation. Using the U.S. firm data for 1990–2016, we find that markups are procyclical for young...

Hospital payment schemes designed to control expenditure could also influence the medical resource allocation. We study hospital responses to the introduction of a blended payment scheme—a diagnosis-...

To study how college-admissions competition shapes parental investment and child-development policies, we develop a heterogeneous-agent life-cycle model in which parents invest in children's human ca...

How does infrastructure shape rural development? Using household panel data from a nationally representative sample of Chinese villages, matched to high-resolution highway maps, we find that road exp....

We present a model showing that when the demand for labor services is inelastic and individual behavior is imperfectly monitored, a firm's employees may prefer to protect its shirkers and conceal inf...

We develop a growth model that endogenizes the occupational choice of workers with different ability levels to study how digitalization affects labor income inequality. The framework incorporates dig....

This paper studies how population aging shapes regional adjustment to local shocks. I develop a dynamic spatial general equilibrium model that incorporates aggregate demographic change, life-cycle va...

The gradual rise in temperatures motivates conceptualizing climate change as a phenomenon shaping the propagation of macroeconomic shocks, rather than as an independent shock. We formalize this in a ...

This study proposes a novel methodology to measure the stringency of building height regulations. This measure gauges the difference in building heights with and without regulations. The primary chal...

We study the impact of techies—engineers and other technically trained workers—on firm-level productivity. We first report new facts on techies in the firm using French administrative data. Techies a...

We study the distributional implications of uncertainty shocks by developing a model that links macroeconomic aggregates to the US distribution of earnings and consumption. Our findings suggest that ....

Larger firms feature (i) longer hours worked, (ii) higher wages, and (iii) smaller (larger) wage penalties for working long (short) hours. We reconcile these patterns in a general equilibrium model, ...

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