Research

Working Papers

[JMP] Gambling for Ascension (Draft coming soon)

The Long Wait: A Theory of Youth Unemployment, joint with Kaushik Basu, Submitted

Abstract:  We incorporate a novel feature, prestige, in a rational expectations model to explain the incidence of high youth unemployment stemming from youngsters applying for government jobs year after year. This phenomenon is prevalent across countries like India and China. Incorporating prestige-- defined as the intrinsic value of getting a government job that many covet but very few succeed in getting-- gives rise to multiple equilibria with some exhibiting staggeringly high levels of youth unemployment. A novel policy insight emerges: traditional macroeconomic interventions like increasing number of available government jobs to spur employment can instead backfire and raise youth unemployment. 

Work in Progress

The Price of Merit: Sunk Cost and Corruption in Competitive Selection, joint with Ashutosh Thakur , ( Draft coming soon)

Returns to Experience and the Child Penalty, joint with Gabrielle Penrose 

Can Competition Harm Innovation? A Model of Product Market Innovation with credit-constrained firms, joint with Rohan Pitchford