Working Papers

Gross Labor Market Flows, Self-Employment, and Unemployment Insurance, with Sumudu Kankanamge (TSE), January 2023. [online appendix]

  • In short: We examine the effects of relative risk across occupations on the dynamics of the employment, unemployment, and self-employment rates using variations in unemployment insurance (UI) generosity as a means of altering relative risk. Our findings indicate that differences in insurance coverage between occupations play a significant role in determining how gross flows respond to changes in UI generosity, ultimately shaping the overall employment rate.

Inequality, Business Cycles, and Growth: A Unified Approach to Stabilization Policies, with Philipp Wangner (TSE), December 2022. [online appendix, SSRN]

  • In short: We develop a unified heterogenous agent New Keynesian growth framework. In this environment, the efficacy of stabilization policies fundamentally changes relative to the conventional wisdom that either neglects household heterogeneity, nominal rigidities, or long-run effects on technology growth. Our analysis supports the use of government debt issuance and/or shifting the tax burden to middle-class households to finance stabilizers.

Wealth, Returns, and Taxation: A Tale of Two Dependencies, with Philipp Wangner (TSE), August 2022. [online appendix, NBER slides, SSRN]

  • In short: We study wealth taxation when individual portfolio choices and associated returns are correlated with wealth through: (i) type dependence, i.e. investment skills drive return differences and (ii) scale dependence, i.e. wealth itself triggers returns. The macro and welfare implications of wealth taxation depend on the right tail of the wealth distribution, the degree of scale and type dependence, and the extent to which returns reflect investment productivity.

Value Added and Productivity Linkages Across Countries, with François de Soyres (FRB), August 2021, R&R at AEJ: Macro. [online appendix, slides, voxEU]

  • In short: International real business cycle models typically find a weak relationship between trade and cross-country real GDP correlations, which contradicts empirical evidence. We address this puzzle by demonstrating that when the base period price of imported inputs does not reflect their marginal revenue product, real GDP movements become mechanically linked to fluctuations in imported inputs.

Buying and Selling Entrepreneurial Assets, with Sumudu Kankanamge (TSE), June 2020. TSE Working paper, SED 2019 Meeting, Slides.

  • In short: This study investigates the significance of the options to buy and sell a business for entrepreneurs. We develop a theory of entrepreneurial assets transfer that aligns with empirical evidence and assess the impact of the market for businesses in the US.


Global Trade and GDP Comovement, with François de Soyres (FRB), May 2022, Journal of Economic Dynamics and Control. [WP version]

  • In short: This paper presents new empirical evidence on the relationship between trade and cross-country GDP correlations using a large sample of countries. We introduce two measures of trade linkages: (i) a direct bilateral trade index and (ii) common exposure to "third" countries, which captures the role of trade networks.

Work In Progress

Housing-market Matching, Regional Mobility and Unemployment Insurance [Slides], with Christophe Bruneel (KU-Leuven).

    • Use a unique dataset comprising the whole universe of US housing transactions (105 million of housing units). Information on history of sales and price change, property tax change, and housing characteristics.

Facts on Business Transfers: Liquidity and Price Dynamics, with Sumudu Kankanamge (TSE).

    • ~100000 Business transactions (Small and Middle Sized Entreprises), with information in panel on reasons to sell, asking and selling price, capital (tangible & intangible), firm age.