🏃About Me
I am an Assistant Professor of Finance at the Wharton School at the University of Pennsylvania. My research focuses on how household and firm heterogeneity shape macroeconomic outcomes and affect economic policy
I am part of the technical team behind The Global Repository of Income Dynamics (GRID) which harmonizes individual information on labor income dynamics using administrative data. If you want to join the GRID, 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
MSc in Economics, 2010
University of Chile
BSc in Economics, 2005
University of Santiago of Chile
Research
(2026).
Heterogeneous Passthrough from TFP to Wages.
Working Paper.
Journal of Labor Economics (Accepted).
UPDATED DRAFT.
Journal of Labor Economics (Accepted).
UPDATED DRAFT.
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?.
Working Paper.
Econometrica (Conditionally Accepted).
UPDATED DRAFT.
Econometrica (Conditionally Accepted).
UPDATED DRAFT.
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.
(2025).
Monopsony Power and the Transmission of Monetary Policy.
Working Paper.
FIRST DRAFT.
FIRST DRAFT.
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).
Characterizing Income Risk in Chile and the Role of Labor Market Flows.
Working Paper.
Journal of Macroeconomics (Revise and Resubmit).
FIRST DRAFT.
Journal of Macroeconomics (Revise and Resubmit).
FIRST DRAFT.
We characterize Chilean income dynamics using 21 years of administrative data, finding declining inequality but rising volatility and negative skewness driven by within-job and between-employer earnings fluctuations.
(2025).
Are Minimum Wages and Income Taxes Complements or Substitutes in Addressing Rising Skill Premia?.
Working Paper.
We study the interaction between minimum wages and income taxes during rising wage inequality and show that their correlation is tied to skill premia, rationalized by a model with private productivity information.
Work in Progress
(2026).
Markup Accounting.
We show that markup dispersion is concentrated among similarly-sized firms and develop an oligopolistic model with demand elasticity shifters that accounts for the full joint distribution of markups and firm size.
(2025).
Monetary Shocks and Labor Income Risk with a Billion Observations.
We show that monetary policy shocks reduce the skewness of earnings growth—not by increasing wage cuts, but by making positive earnings changes less likely—with effects concentrated among high earners.
(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.
(2024).
On the Identification of Models of Uncertainty, Learning, and Human Capital Acquisition with Sorting.
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.
Discussions