Research
Research
Public finance, monetary policy, and applied econometrics.
Public finance, monetary policy, and applied econometrics.
JOB MARKET PAPER
Illinois Economics Association Best Graduate Student Paper (2024)
Abstract. Using a novel hand-collected dataset, this paper employs natural language processing and a quasi-experimental approach to investigate the determinants of speech share among members of the Federal Open Market Committee (FOMC). First, given the novelty of the data, I describe key correlations between speech share and FOMC members' gender, education, and tenure status.
The second section of the paper uses a difference-in-differences approach to examine whether the appointment of Chair Janet Yellen affected the gender gap in FOMC speech shares. I find that the baseline gender gap of 1.2 percentage points narrows to 0.4 percentage points as a result of Yellen’s appointment. Additionally, I find that the expression of opinions in FOMC members’ speeches dropped by 7.7 percentage points overall, with female members decreasing by an additional 2.5 percentage points. Despite these shifts in discourse style, I find that deviations from the Taylor Rule-implied policy rate are significantly correlated with opinion share in the following FOMC meetings. This study provides new insights into how leadership and gender influence the internal dynamics of monetary policy discussions within the FOMC.
Abstract. This paper estimates the short-term effect of Amazon fulfillment centers’ (AFCs) expansion on local employment and housing prices at the U.S. county level. It also estimates spillover effects on neighboring counties. Using a staggered difference-in-differences research design, I find that a new AFC increases the employment-to-population ratio by approximately 1.45 percentage points in the treated county and 0.7 percentage points in neighboring counties. Housing prices remain stable in treated counties, while neighboring counties experience a 1.7% increase. The results suggest positive economic returns at both the local and neighboring-county levels, helping explain why neighboring counties tend to establish their own AFC within a few years.
WORK IN PROGRESS
Joint work with Richard Funderburg and Tong Ye
Presented at the 71st North American Meetings of the Regional Science Association International · November 2024