This page lists my academic research.


Best Practices for Differentiated Products Demand Estimation with PyBLP [RAND Version] [Appendix]
with Chris Conlon, November 2020, RAND Journal of Economics, 51(4), 1108-1161

Abstract Differentiated products demand systems are a workhorse for understanding the price effects of mergers, the value of new goods, and the contribution of products to seller networks. Berry, Levinsohn, and Pakes (1995) provide a flexible random coefficients logit model which accounts for the endogeneity of prices. This article reviews and combines several recent advances related to the estimation of BLP-type problems and implements an extensible generic interface via the PyBLP package. Monte Carlo experiments and replications suggest different conclusions than the prior literature: multiple local optima appear to be rare in well-identified problems; good performance is possible even in small samples, particularly when "optimal instruments" are employed along with supply-side restrictions.

Working Papers

Labor Reactions to Credit Deterioration: Evidence from LinkedIn Activity
with Jessica Jeffers and Michael Lee

Abstract We examine worker reactions to firms' credit deterioration using anonymized networking activity on LinkedIn. In the weeks immediately following a negative credit event, connection activity increases at affected firms across the credit rating distribution, pointing to costs beyond those originating from bankruptcy. Heightened networking activity is associated with contemporaneous and future departures, especially at highly-rated firms. Other negative events like missed earnings and equity sell recommendations do not trigger similar reactions. Overall, our results indicate that the latent build-up of connections triggered by credit deterioration represents a source of fragility for firms.

Other Writing

Monetary Policy Transmission and the Size of the Money Market Fund Industry
with Marco Cipriani and Gabriele La Spada

Summary In this Liberty Street Economics blog post, we compare the transmission of monetary policy via money market funds (MMFs) to the transmission via bank deposits and study the impact of the differential pass-through on the size of the MMF industry. To this purpose, we focus on rates on certificates of deposit (CDs) offered to banks' retail customers and compare their response to monetary policy with that of retail MMF yields.

The Transmission of Monetary Policy and the Sophistication of Money Market Fund Investors
with Marco Cipriani and Gabriele La Spada

Summary In this Liberty Street Economics blog post, we describe the impact of recent rate increases on the yield paid by money market funds (MMFs) to their investors and show that the impact varies depending on investors' sophistication.