Curriculum Vitae
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Experience

  1. Assistant Professor of Finance

    The Wharton School, University of Pennsylvania

  2. Visiting Researcher

    Stanford University

  3. Graduate Research Assistant

    University of Minnesota & Federal Reserve Bank of Minneapolis

  4. Economist

    Central Bank of Chile

  5. Research Assistant

    University of Chile

  6. Economist

    EMG Consultores

Education

  1. PhD in Economics, 2019

    University of Minnesota

  2. MA in Economics, 2014

    University of Minnesota

  3. MSc in Economics, 2010

    University of Chile

  4. BSc in Economics, 2005

    University of Santiago of Chile
Publications
Mons Chan, Sergio Salgado, Ming Xu (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.
PDF
Joachim Hubmer, Elin Halvorsen, Sergio Salgado, Serdar Ozkan (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.
PDF journal version review k@w
Elin Halvorsen, Serdar Ozkan, Sergio Salgado (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.
PDF journal version
Working Papers
Mons Chan, Elena Mattana, Sergio Salgado, Ming Xu (2026). Dynamic Wage Setting: The Role of Monopsony Power and Employment Costs. Working Paper.
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.
PDF
Juan Holguín, Sergio Ocampo, Sergio Salgado (2026). Markup Accounting. Working Paper.
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.
PDF
Nicholas Bloom, Fatih Guvenen, Sergio Salgado (2026). Skewed Business Cycles. Working Paper.
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.
PDF NBER WP review in VoxEU.org
Bence Bardoczy, Gideon Bornstein, Sergio Salgado (2026). Monopsony Power and the Transmission of Monetary Policy. Working Paper.
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.
PDF NBER WP review k@w
Sergio Salgado (2026). Technical Change and Entrepreneurship. Working Paper.
Revise & resubmit - American Economic Review.
I argue that skill-biased technical change and falling capital prices explain three-quarters of the decline in U.S. entrepreneurship by raising the returns to high-skill wage employment.
PDF
See all
Work in Progress
V.V. Chari, Patrick Kehoe, Pierlauro Lopez, Elena Pastorino, Sergio Salgado (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.
Slides
Teaching
  • FNCE 101 — Monetary Economics and the Global Economy
  • FNCE 9370 — PhD Level Macro Topics
PhD Advising
  • Yoshiki Ando (Department of Economics)
  • Guanyu Zhou (Wharton)
  • Ellen Wu (Wharton)
Referee Service
American Economic Review • Econometrica • Journal of Political Economy • Quarterly Journal of Economics • Review of Economic Studies • American Economic Review: Insights • Journal of Monetary Economics • Review of Economic Dynamics • Journal of Economic Dynamics and Control • Journal of the European Economic Association • European Economic Review • Economic Journal • Quantitative Economics • American Economic Journal: Macroeconomics • International Economic Review • Journal of Finance • Review of Financial Studies • Journal of Financial Economics • Journal of Labor Economics • Journal of Public Economics • Review of Economics and Statistics • Journal of Economic Theory • Journal of Human Resources • Labour Economics • Canadian Journal of Economics • Scandinavian Journal of Economics
Other Service
  • Program Committee: Society for Economic Dynamics (SED), 2021, 2022, 2023, 2026; European Finance Association (EFA), 2022–2026
  • Technical Team: The Global Repository of Income Dynamics (GRID) — Technical Research Coordinator since 2021
Languages
100%
Spanish
100%
English