I am an economist interested in firm dyanamics and their relevance for aggregate economic questions. My research is in the fields of macroeconomics, international trade and entrepreneurship. I received my PhD from NYU in 2018 and am currently a Research Economist at the Bank of Portugal and a member of the Business and Economics Research Unit at Católica-Lisbon.
Covid-19 had a cleansing effect on the intensive margin, with higher-productivity firms being more successful at maintaining employment. But the exit rate of low productivity firms did not increase, and government support disproportionately went to these firms.
Macro volatility on its own can generate realistic fluctuations in a range of commonly used, and seemingly distinct, uncertainty measures: micro dispersion (cross-sectional variance of firm-level outcomes), higher-order uncertainty (disagreement) and macro uncertainty (uncertainty about macro outcomes).
This paper documents new facts about the decline in entrepreneurship in the US and interprets them with an occupational choice model. Skill-biased technical change can account for much of the decline in the relative entrepreneurship rate of more educated people, but cannot explain the decline in the aggregate level of entrepreneurship. The major factors driving the aggregate changes are rising entry costs and outsized productivity gains by large non-entrepreneur firms.
Work in progress
Demand Learning, Customer Capital and Exporter Dynamics (with Spencer Lyon)
A general equilibrium model with a customer accumulation friction and learning about demand can match moments of exporter dynamics well. Accounting for these makes the effects of trade liberalization and protectionism far more non-linear.