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Journal Article
Global Value Chains and U.S. Economic Activity During COVID-19
We investigate the role of global value chains in the declines of manufacturing employment and output in the U.S. during COVID-19. Specifically, we identify the role of global value chains by exploiting heterogeneity across industries in cross-country sourcing patterns and its interaction with exogenous cross-country variation in the containment policies introduced to combat the virus. We find that global value chains played a significant role in the decline of output and employment across U.S. manufactures. Moreover, we find a modest impact of diversifying or renationalizing global value ...
Journal Article
The Economic and Epidemiological Impact of COVID-19 and Government Policies: Part 2
Health and containment policies were effective at curbing the spread of COVID-19, but at a significant economic cost. State-level economic support policies were effective at mitigating this cost and helped further curb the spread of the virus.
Journal Article
Finance and Development: Evidence from Firm-Level Data
An analysis of cross-country data sheds light on the link between finance and economic development.
Journal Article
COVID-19 Containment Measures, Health and the Economy
While COVID-19-related restrictions in 2020 spurred short-term rises in unemployment, states with stricter measures saw faster labor market recoveries.
Journal Article
The Allocation of Immigrant Talent Across Countries
Immigrants are not only overrepresented in lower-paying jobs but are also paid less on average than native counterparts.
Journal Article
Trade Liberalization and Economic Development
This essay investigates the extent to which trade liberalization affects developed and developing countries differently. In particular, we examine whether exports respond differently to changes in trade barriers in rich and poor countries.
Protectionism and Dependence on Imports of Essential Medical Equipment
The COVID-19 global pandemic has led to a surge in protectionism, which poses challenges to countries dependent on imports of essential medical equipment.
Journal Article
How Open to Trade Is the U.S. Economy?
The U.S. had very low tariffs overall in 2016, but there were exceptions.
Social Distancing and Contact-Intensive Occupations
Some jobs certainly require more close interaction with other folks than other jobs. Which occupations are the most interactive, and which states have higher shares of these jobs?
Working Paper
Financial Development and International Trade
This paper studies the industry-level and aggregate implications of financial development on international trade. I set up a multi-industry general equilibrium model of international trade with input-output linkages and heterogeneous firms subject to financial frictions. Industries differ in capital-intensity, which leads to differences in external finance dependence. The model is parameterized to match key features of firm-level data. Financial development leads to substantial reallocation of international trade shares from labor- to capital-intensive industries, with minor effects at the ...