1.      Plant Behavior & Equal Pay: The Effect on Female Employment, Capital Investments & Productivity -- A Difference-in-Discontinuity Design” (Job Market Paper)

AbstractEqual pay regulation can influence plant behavior and strategy. This paper uses a recently extended database of Chilean manufacturing plants to provide new evidence on how equal pay transparency disclosure requirements and penalty levels impact female employment, labor compensation, capital investments and plant productivity. The identification comes from an extension of the regression discontinuity design, the difference-in-discontinuity, which exploits the quasi-experimental properties around the policy cutoff. The results show that large plants with transparency requirements and more substantial penalties increase female employment across occupations compared to the control group. However, the female percentage increases only for executives and white collar workers. This finding is consistent with imperfect competition models in the female labor market that predict occupations with wider gender wage gaps would see the most substantial improvements in relative female employment when equal pay is implemented. Plant average compensation package and new capital investments increase, but total factor productivity declines. Sales, gross profit, markup, and net value of production show no significant differences from the control group. The effects differ for medium size plants around the 50-permanent-employees policy cutoff that face no transparency requirements but have higher penalties relative to their control group.

2.      “Employment Effects of Removing Export Subsidies – Evidence from a Quasi-Natural Experiment” (with Ricardo Lopez).

Abstract: This paper uses manufacturing plant-level data from Chile to study the effects of eliminating export subsidies on employment, distinguishing between male and female workers with different skill levels. The identification strategy exploits a quasi-natural experiment provided by a change in government policy that eliminated export subsidies in order to comply with WTO regulations. A difference-in-difference analysis shows that the policy change increased the share of female workers in total employment while it reduced the share of male workers on plants eligible to receive the export subsidy relative to plants that never received the subsidy. The paper explores two possible mechanisms that can explain these findings: technology adoption effects on gender composition, and changes in the gender composition of labor in the presence of a wage gender gap.


1.      “Contrarian Strategies: Mutual Fund Managers and the Election of Trump” (with Anna Scherbina and Yang Sun)

2.      “Export Decision, Exchange Rate Volatility, and Financial Development” (with Ricardo A. Lopez)

3.      “How Do Export Market Fixed Costs Affect Plant Labor Structure, Gender Composition and Productivity?”

4.      “Social Network Platforms: Complements or Substitutes? The Impact of Multi-homing on Advertising Revenue and Platform Valuation”

5.       “The Macroeconomic Impact of Remittances on Unemployment and Productivity in Small Open Economies”


[1] “The Rise of Brazil in Global Trade," with Ricardo Lopez (2015). In: O. Morrisey, R. A. Lopez, and K. Sharma, Eds, Handbook on Trade and Development. Cheltenham, UK: Edward Elgar Publishing.

[2] “Remittances: Stimulating Human Prosperity through Micro-Enterprises in El Salvador” (2009), Fifth Summit of the Americas: Third Essay Contest, Organization of American States, 9 March 2009.

o   Winner of the OAS Third Annual Essay Contest