I am an Assistant Professor at the University of Chicago Kenneth C. Griffin Department of Economics, and a Faculty Research Fellow at the National Bureau of Economic Research.

I received my PhD in Economics from New York University in 2017 and was a Junior Scholar at the Federal Reserve Bank of Minneapolis in 2017/18.
Publications
Aggregate recruiting intensity - Slides, Paper,  Appendix
​- with Alessandro Gavazza (LSE), Gianluca Violante (Princeton)  ​​
American Economic Review, Vol. 108, No. 8, August 2018
​We develop an equilibrium model of firm dynamics with random search in the labor market where hiring firms exert recruiting effort by spending resources to fill vacancies faster. Consistent with microevidence, fast-growing firms invest more in recruiting activities and achieve higher job-filling rates. These hiring decisions of firms aggregate into an index of economywide recruiting intensity. We study how aggregate shocks transmit to recruiting intensity, and whether this channel can account for the dynamics of aggregate matching efficiency during the Great Recession. Productivity and financial shocks lead to sizable procyclical fluctuations in matching efficiency through recruiting effort. Quantitatively, the main mechanism is that firms attain their employment targets by adjusting their recruiting effort in response to movements in labor market slackness.
Working papers
Labor market power  -  Slides, Paper 
​- with David Berger  (Northwestern), Kyle Herkenhoff  (UMN). NBER Working Paper 25719 , IZA Discussion Paper 12276
What are the welfare implications of labor market power? We provide an answer to this question in two steps: (i) we develop a tractable quantitative, general equilibrium, oligopsony model of the labor market, (ii) we estimate key parameters using within-firm-state, across-market differences in wage and employment responses to state corporate tax changes in U.S. Census data. We validate the model against recent evidence on productivity-wage pass through, and new measurements of the distribution of local market concentration. The model implies welfare losses from labor market power that range from 2.9 to 8.0 percent of lifetime consumption. However, despite large contemporaneous losses, labor market power has not contributed to the declining labor share. Finally, we show that minimum wages can deliver moderate, and limited, welfare gains by reallocating workers from smaller to larger, more productive firms.​
Macro recruiting intensity from micro data  -    Paper
​- with Gianluca Violante  (Princeton).
Presented: (2018) Goethe 'Firms in the Labor Market', CSEF-IGIER (Capri), (2019) Montreal - Frictional Markets Workshop, Bureau of Labor Statistics

We merge QCEW and JOLTS microdata to study the recruiting intensity of firms in the cross-section and over time. Vast establishment-level heterogeneity in vacancy filling rates is entirely explained by differences in gross hiring rates. Through the lens of standard theory, we aggregate firm-level decisions into an measure of aggregate recruiting intensity (ARI). Procyclicality of ARI is primarily due to cutting recruiting effort in slack labor markets. Given this we provide an ARI index easily computable from publicly available macroeconomic data. Declining ARI in the Great Recession accounted for much of the increase in unemployment, but little of its persistence.
Assets and job choice: Student debt, wages and amenities - Slides,  Paper 
​- with Mi Luo  (Emory University), NBER Working Paper 25801
If consumption and non-wage amenities of work enter utility, holding few assets may induce a trade-off between wages and amenities when searching for a job. We establish this in a model of search with asset accumulation, extended to accommodate amenities. We then provide empirical evidence of this trade-off in the context of student debt, finding that higher debt causes graduates to accept jobs with higher wages and lower job satisfaction. In a representative sample of college graduates, we infer causality by exploiting within-college, across cohort changes in financial aid. A quantitative extension of our theoretical framework that explicitly models student debt accounts well for our empirical results. Identifying the utility value of amenities through observed search behavior, we find that high satisfaction jobs are valued at 6 percent of lifetime consumption relative to low satisfaction jobs. This trade-off is economically significant; a policy maker using only wage data to assess the welfare effects of with an income-based repayment policy would mistakenly conclude that graduates prefer a fixed repayment policy.
Market structure and monetary non-neutrality - Slides, Paper
Updated May, 2019
I study a general equilibrium menu cost model with a continuum of sectors, with the novel feature that each sector consists of strategically engaged firms. Compared to an economy with monopolistically competitive sectors-- separately parameterized to match the same microdata on price flexibility---the oligopoly economy features a smaller inflationary response to monetary shocks and output responses that are more than twice as large. The model also (i) requires smaller menu costs and idiosyncratic shocks to match the data, addressing a well-known challenge for mechanisms that generate non-neutrality via strategic complementarities, (ii) implies four times larger welfare losses from nominal rigidities, and (iii) that firms prefer some nominal rigidity to completely flexible prices. When evaluated under the same parameters prices adjust half as much in the oligopoly economy. Barcode-level data supports this finding. There is a negative within-good, across-region relationship between wholesale-firm market concentration and price flexibility.
Firm dispersion and business cycles: Estimating aggregate shocks using panel data - Slides, Paper
​- with Jerome Williams  (Cornerstone)
Updated January, 2016  
Are fluctuations in firm-level dispersion a cause or effect of business cycles? To answer this question, we estimate general equilibrium model rich enough to jointly explain characteristics of the firm distribution and the dynamics of macroeconomic aggregates. The model includes frictions that generate movements in dispersion following standard macroeconomic shocks such as aggregate productivity, as well as a direct shock to the dispersion of firm level productivity growth. This type of general equilibrium model with heterogeneous agents and aggregate shocks is computationally difficult to solve, which typically keeps likelihood-based estimation out of reach. We exploit recent advances in solution techniques to obtain a characterization for which estimation is feasible. To answer our question we estimate the model using time series of both macroeconomic aggregates and newly constructed cross-sectional time series, which reflect movements in the firm distribution over time. Now able to account for firm dispersion and the business cycle, we find that (i) standard macroeconomic aggregate shocks explain almost all of the variation in macroeconomic aggregates, (ii) an uncertainty shock explains almost all of the variation in firm-level dispersion.
Presenting
Firm and worker dynamics in a frictional labor market -  Slides
​- with Adrien Bilal  (PhD student, Princeton), Niklas Engbom (Federal Reserve Bank of Minneapolis),  Gianluca Violante  (Princeton).  
Presented: (2018) SF Fed Micro/Macro Labor, Toronto Search and Matching,  (2019) NBER EFMPL Spring meeting, Carnegie-Mellon, Essex Search and Matching.
Quantifying market power and business dynamism -  Slides
​- with Jan De Loecker  (KU Leuven), Jan Eeckhout  (UCL).
Presented: (2019) AEA  (Atlanta), UC Santa Barbara, RBA, Richmond Fed 'Market Structure and Macroeconomy' workshop, Princeton, UC Berkeley, Essex, PSE, TSE
Unbundling labor -  Slides 
​- with Chris Edmond  (University of Melbourne)
Presented: (2019) University of Melbourne, SED, SITE