Publications

“Security Design without Verifiable Retention” March 2022, Journal of Economic Theory.

“The Demographic Consequences of Sex-Selection Technology” (with Juan Pantano) January 2023, Quantitative Economics.

Working Papers

“Monetary Policy and Racial Inequality in Housing Markets: A Study of 140 US Metropolitan Areas” (with Xu Zhang) September 2023

“Unpacking Moving” (with Elisa Giannone, Nuno Paixao, Xinle Pang) December 2023.

Work in Progress

“Learning in Meetings: Adverse Selection and Information Acquisition in Competitive Search Market” with Robert Shimer

We study adverse selection in competitive search markets where principals can partially learn about agents' types via bilateral contacts. Bilateral contacts are scarce due to search and matching frictions and occur after potential trading pairs agree on trading terms. In a meeting, an uninformed principal acquires a noisy signal about an agent's type (good or bad) before deciding whether to accept the trade. The principal can choose between unconditional or conditional acceptance. Conditioning acceptance on the signal has two effects: it allows the principal to reward a good agent with a higher trading probability, but it also reduces the trading probability for the principal. The equilibrium of the model depends on which of the two effects dominates. Fixing the severity of search frictions, pooling arises if the signal is sufficiently accurate. Otherwise, principals will simply discard the signal, leading to a fully separating equilibrium. We also analyze the scenario where principals differ (exogenously) in the amount of information they acquire in meetings. In this case, principals with superior information will specialize in the market segments of dispersed quality, while principals with inferior information will serve segments that are more homogeneous. (JEL D82, G12, G32)

“Workforce Aging and Manufacturing Decline” with Ying Zhou

“STEM Workers and Regional Growth” with Jin Zhou

“Social Security Benefits, Life Expectancy and Early Retirement” with M. Casanova, D. He, and J. Pantano