Curriculum Vitae

Economic Advisor and Economist

Research Department

Federal Reserve Bank of Philadelphia

Ten Independence Mall

Philadelphia, PA 19106


Associate Editor

Review of Economic Dynamics


"Labor Market Dynamics under Long-Term Wage Contracting" 

Journal of Monetary Economics, 56, 2 (March 2009) 

Supplements: Online appendix

"Aggregate and Idiosyncratic Risk in a Frictional Labor Market"

American Economic Review, 101, 6 (October 2011)

Supplements: Online appendix, Mathematica-file on eigenvalue theorem

"Customer Capital" with Francois Gourio

Review of Economic Studies, 81, 3 (June 2014)

Supplements: Online appendix

"Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?" with Francois Gourio

American Economic Review, 104, 5 (May 2014)

"Unions in a Frictional Labor Market" with Per Krusell

Journal of Monetary Economics, 80 (June 2016)

Supplements: WP, Online appendix

"Relative Price Dispersion: Evidence and Theory" with Greg Kaplan, Guido Menzio and Nicholas Trachter

American Economic Journal: Microeconomics, 11, 3 (August 2019)

Supplements:  WP, Online appendix

"Firm Wages in a Frictional Labor Market" 

American Economic Journal: Macroeconomics, 15, 1 (January 2023)

Supplements: WP, Online appendix

Working Papers

"Price Setting with Customer Capital: Sales, Teasers, and Rigidity" 

(first version: February 2021)

Supplements: WP, Slides

"Hiring Freezes and Asymmetric Adjustment in a Frictional Labor Market"

(first version: June 2023)

Supplements: Slides

Older Unpublished Paper

"On the Implications of a Balanced Budget Rule - An Adaptive Learning Perspective" Licentiate Thesis, University of Helsinki, 2002

Other Writing

"The Value of Loyal Customers"

FRB Philadelphia Economic Insights 2017 Q2

"Is Rising Product Market Concentration a Concerning Sign of Growing Monopoly Power?" 

FRB Philadelphia Economic Insights 2021 Q2


Alder, Lagakos, Ohanian at NBER EFG meeting, San Francisco

Shi at Search and Matching Workshop, Philadelphia

Bethune, Choi, Wright at Money, Banking and Asset Markets Conference, Madison

Kaas, Kimasa at NBER Macroeconomic Perspectives meeting, Minneapolis

Dou, Ji, Reibstein, Wu at AFA meeting, Philadelphia

Shi at Conference on Advances in Frictional Markets, Princeton

Birinci, Karahan, Mercan, See at FRB SF Macroeconomics and Monetary Policy Conference

Dinlersoz, Goldschlag, Yorukoglu, Zolas at NBER Growth meeting, Cambridge

Disclaimer: The contents of this page do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System.