Education Policy with Heterogenous Majors
Paper (last updated: April 2026), Slides
Abstract: This paper studies the long-run general equilibrium effects of college aid policies in an environment with heterogenous majors. I build a dynastic, incomplete markets, general equilibrium model augmented with early investments in childhood human capital, intergenerational transfers, and a college major decision. The granular major decision is informed by the microeconomic literature on the determinants of college major choice and is able to quantify the relative importance of these determinants. The model predicts modest welfare gains from policies that expand student aid. On the other hand, the model predicts that these policies, even when targeted to favor certain majors over others, do not have strong impact on major choice on the intensive margin. The major preferences of marginal college attendees most influenced by policy and of the average college attendee are not substantially different. Policies that restrict student aid to majors with above-average monetary returns reduce long-run welfare and output, discourage early investment in children, and do not induce significant uptake of these majors.
Chronic Pain Risk over the Life Cycle: Implications for Retirement Policy
Joint with Maryam Yavas
Awards: JPGI Summer Fellowship (2025)
Early Health Production and Lifetime Inequality
Awards: JPGI Summer Fellowship (2026)
Joint with Andrew Foerster and Pierre-Daniel Sarte
Richmond Fed Economic Brief, December 2021