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Author:Leukhina, Oksana 

Working Paper
On the Benefits of Currency Reform

Money allows agents to achieve allocations that are not possible without it. How- ever, currency in most economies is a uniform object, and there may be incentive compatible allocations that cannot be implemented with a uniform currency. We show that currency reform, ie, changing the monetary base by replacing one currency with another, is a powerful tool that can enable a planner to achieve his desired allocation. Our monetary mechanism with currency reform is anonymous and features nonlinear pricing of consumption goods and future assets, as observed in practice. Our result suggests that ...
Working Papers , Paper 2018-21

Why Do Women Outnumber Men in College Enrollment?

Women appear to have a relatively higher financial return to college education than men, who have access to lucrative careers that require only a high school diploma.
On the Economy

Working Paper
Insurance and Inequality with Persistent Private Information

We study optimal insurance contracts for an agent with Markovian private information. Our main results characterize the implications of constrained efficiency for long-run welfare and inequality. Under minimal technical conditions, there is Absolute Immiseration: in the long run, the agent?s consumption and utility converge to their lower bounds. When types are persistent and utility is unbounded below, there is Relative Immiseration: low-type agents are immiserated at a faster rate than high-type agents, and ?pathwise welfare inequality? grows without bound. These results extend and ...
Working Papers , Paper 2018-20

The Pandemic’s Influence on U.S. Fertility Rates

The COVID-19 pandemic appears to have had a negative impact on fertility for U.S. women ages 30-34, though birth rates did increase among women ages 20-24.
On the Economy

Working Paper
Insurance and Inequality with Persistent Private Information

This paper studies the optimal tradeoff between insurance and inequality in economies with persistent private information.We consider a principal-agent model in which the principal insures the agent against privately-observed shocks to his endowment, which follows an ergodic finite-state Markov chain that may exhibit arbitrary serial correlation. The optimal contract always induces immiseration: the agent’s consumption and utility become arbitrarily negative in the long run. When the endowment is positively serially correlated, the optimal contract provides increasingly high-powered ...
Working Papers , Paper 2018-020

Analyzing How Students Pick Which College to Attend

Research Officer Oksana Leukhina discusses her economic research on the college selection process.
On the Economy

The Household Shift from Paid Work to Home Production

When U.S. workers lose their jobs or have reduced work hours, how does this affect time spent on activities like cooking and child care?
On the Economy

Working Paper
Insurance and Inequality with Persistent Private Information

This paper studies the implications of optimal insurance provision for long-run welfare and inequality in economies with persistent private information. We consider a model in which a principal insures an agent whose privately observed endowment follows an ergodic, finite Markov chain. The optimal contract always induces immiseration: the agent’s consumption and utility decrease without bound. Under positive serial correlation, the optimal contract also features backloaded high-powered incentives: the sensitivity of the agent’s utility with respect to his report increases without bound. ...
Working Papers , Paper 2018-020

Working Paper
Home Production and Leisure During the COVID-19 Recession

Between the months of February and April of 2020, average weekly market hours dropped by 6.25, meanwhile 35% of commuting workers reported switching to remote work arrangements. In this paper, we examine implications of these changes for the time allocation of different households, and on aggregate. We estimate that home production activity increased by 2.1 hours a week, or 34% of lost market hours, whereas leisure activity increased by 3.8 hours a week. The monthly value of home production increased by $30.83 billion – that is 10.5% of the concurrent $292.61 billion drop in monthly GDP. ...
Working Papers , Paper 2020-025

Journal Article
Home Production Activity during the COVID-19 Shutdown

An increase in household activities—including child care and cooking—between January and April coincides with job losses during the coronavirus pandemic.
The Regional Economist , Volume 28 , Issue 3

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