🏃About Me
I am an Assistant Professor of Finance at the Wharton School. My research focuses on how household and firm heterogeneity shape macroeconomic outcomes and affect economic policy.
I am part of the team behind The Global Repository of Income Dynamics (GRID). To join, contact me or Serdar Ozkan.
I am also an avid marathon runner trying to break 2:38 in Chicago 2026
Interests
- Macroeconomics
- Labor Economics
- Public Economics
Education
PhD in Economics, 2019
University of Minnesota
MA in Economics, 2014
University of Minnesota
MSc in Economics, 2010
University of Chile
BSc in Economics, 2005
University of Santiago of Chile
Publications
(2026).
Heterogeneous Passthrough from TFP to Wages.
Journal of Labor Economics (Accepted).
We estimate how firms’ productivity shocks pass through to hourly wages, finding an average passthrough of 0.08 that is twice as large for negative shocks, consistent with labor market power.
(2025).
Why Are the Wealthiest So Wealthy?.
Econometrica (Forthcoming).
We decompose the excess wealth of the top 0.1% into saving rates, inheritances, returns, and labor income using Norwegian administrative data, revealing distinct “New Money” and “Old Money” dynamics.
(2022).
Earnings Dynamics and Its Intergenerational Transmission: Evidence from Norway.
Quantitative Economics, 2022.
We characterize Norwegian earnings dynamics and their intergenerational transmission, showing that children of high-income fathers face more volatile but positively skewed income paths, while children of poorer fathers face higher downside risk.
Working Papers
(2026).
Dynamic Wage Setting: The Role of Monopsony Power and Employment Costs.
Working Paper.
Submitted.
Submitted.
We decompose wage markdowns into a static monopsony wedge and a dynamic cost wedge, finding that nearly all cross-sectional dispersion in markdowns arises from employment costs, not market power.
(2026).
Markup Accounting.
Working Paper.
Submitted.
Submitted.
We document new facts of markup dispersion using firms in India, the US, and 10 European countries, and develop an oligopolistic model with demand elasticity shifters that accounts for the joint distribution of markups and firm size.
(2026).
Skewed Business Cycles.
Working Paper.
Submitted.
Submitted.
We show that the skewness of firm-level growth rates is robustly procyclical across the U.S. and over 60 countries, and argue that recessions combine negative mean, positive uncertainty, and negative skewness shocks.
(2026).
Monopsony Power and the Transmission of Monetary Policy.
Working Paper.
Submitted.
Submitted.
We show that firms with high monopsony power respond less to monetary policy and that the decline in labor market power since the 1980s has amplified the output effects of monetary policy.
(2025).
Identifying Uncertainty, Learning about Productivity, and Human Capital Acquisition.
Working Paper.
First Draft.
First Draft.
We prove identification of labor market models with human capital acquisition, learning, and sorting, and show that differences in learning opportunities help explain low measured sorting despite high firm-worker complementarity.
Work in Progress
(2025).
Taxing the Rich? A Theory of Income and Wealth Inequality.
We show that wealth taxes distort entrepreneurial effort and depress output, and that increasing income tax progressivity achieves similar redistribution at a much lower aggregate cost.
Discussions