University at Albany
 

Ph.D. Job Market Candidates

Placement Director:
Professor Kajal Lahiri
E-mail: klahiri@albany.edu
Phone: (518) 442-4735

Job Market Candidates (2017-2018)

Amalia Jerison       CV | E-mail | Homepage


Primary Fields: Macroeconomics
Secondary Fields: Econometrics
Job Market Paper: The effects of uncertainty shocks in a model with firm entry and exit

References: John Bailey Jones (Advisor), Yue Li, Michael Sattinger, Illoong Kwon




Gusang Kang        CV | E-mail | Homepage


Primary Fields: Industrial Organization
Secondary Fields: Applied Microeconomics,Applied Econometrics
Job Market Paper: Technology Spillover, Product Market Synergies and Value Creation in Mergers

References: Gerald R. Marschke (Advisor), Pinka Chatterji, Chun-Yu Ho


Minhee Kim       CV | E-mail | Homepage


Primary Fields: Labor economics
Secondary Fields: Empirical Macroeconomics and Econometrics
Job Market Paper: A dynamic model of labor supply and fertility with Ben-Porath human capital accumulation

References: John Bailey Jones (Advisor), Gerald R. Marschke, Michael Sattinger, Byoung Gun Park


Xiangshi Liu       CV | E-mail


Primary Fields: Health Economics, Labor Economics
Secondary Fields: Applied Econometrics
Job Market Paper: Health Insurance and the Boomerang Generation: Did the 2010 ACA dependent care provision affect geographic mobility and living arrangements among young adults?

References: Pinka Chatterji (Advisor), Kajal Lahiri, Barış K. Yörük



Duong Ngotran        CV | E-mail | Homepage


Primary Fields: Monetary Economics
Secondary Fields: Quantitative Macroeconomics,Applied Econometrics
Job Market Paper: Interest on Reserves and Monetary Policy of Targeting Both Interest Rate and Money Supply

References: Adrian Masters (Advisor), Michael Sattinger, Michael Jerison



Wuwei Wang        CV | E-mail | Homepage


Primary Fields: Forecasting
Secondary Fields: Applied Econometrics
Job Market Paper: Estimating Macroeconomic Uncertainty Using Information Measures from SPF Density Forecasts

References: Kajal Lahiri (Advisor), Huaming Peng, Michael J. Sattinger



Linna Xu        CV | E-mail | Homepage


Primary Fields: Health Economics
Secondary Fields: Applied Econometrics, Public Economics
Job Market Paper: Keg registration laws, alcohol consumption, and alcohol-involved traffic fatalities among adolescents

References: Barış K. Yörük (Advisor), Pinka Chatterji, Zhongwen Liang, Rui Zhao


Huifeng Yu        CV | E-mail | Homepage


Primary Fields: Labor Economics, Economics of Science and Innovation
Secondary Fields: Applied Econometrics
Job Market Paper: Quantity Versus Quality Over the Career: Evidence from Big Data on Biomedical Scientists

References: Gerald R. Marschke (Advisor), Bruce A. Weinberg, Byoung Gun Park





Job Market Papers (2017-2018)

Amalia S. Jerison

Title: The effects of uncertainty shocks in a model with firm entry and exit
Abstract: Uncertainty has been shown to act on economic variables through various types of frictions, including adjustment costs, price stickiness and financial frictions. The sunk costs involved in firm entry and exit in many industries constitute another kind of friction. This paper studies the interactions between uncertainty and economic outcomes in a dynamic stochastic general equilibrium model in which firms enter and exit endogenously, facing a barrier to entry in the form of a fixed entry cost, in addition to convex and non-convex capital adjustment costs for incumbent firms. I find that the incorporation of entry and exit causes an uncertainty shock to be followed by a long period of lower-than-usual aggregate output. This occurs partly through a decline in the total number of firms, with disproportionately negative effects on potential entering firms and young firms. The effect is similar to the "missing generation effect" of a negative first-moment productivity shock discussed in Clementi and Palazzo (2016) and Clementi et al. (2015), though its cause is different. In addition to a decline in the number of firms, the misallocation of resources becomes worse after an uncertainty shock, both because of a wait-and-see effect on incumbent firms as in Bloom et al. (2014) and because some potential firms stay out even though they could have been more productive than some firms in the market.

Gusang Kang

Title: Technology Spillover, Product Market Synergies and Value Creation in Mergers
Abstract: This paper examines the effects of technology spillover and product market synergies on value creation in mergers. Using a sample of 224 mergers between public firms in U.S. manufacturing industries over the period 1996-2006, we estimate a structural model of two-sided matching between acquirer and target with transferable utility to examine value creation in mergers. Our model not only includes the choice of whom to merge with, but also the decision of being acquirer or target. We find that a merger between firms with similar technologies and products creates value, which suggests mutual benefits for both merging firms from assortative matching in similar technologies and products. The similarities in technology and product contribute a substantial portion of value creation from mergers and improve the predictive power of our model. Further, we find an increase in Tobin's Q from a merger between firms with similar technologies and products. In particular, mergers between firms with similar technologies create value by increasing innovation quantity, quality, originality, and risk, which shows the economic impacts of technology spillover in mergers. Finally, our results are robust to the inclusion of a set of control variables in the merger value function, the use of an alternative market definition and the relaxation of model assumptions to allow firms staying independent.

Minhee Kim

Title: A dynamic model of labor supply and fertility with Ben-Porath human capital accumulation
Abstract: The aim of this study is to explain two remarkable changes that occurred in the female labor market between the 1970s and the 1990s using a human capital investment model: (1) labor supply of married women has been more compatible with having children and (2) married women have faced higher wage growth rates as a result of higher participation. To this end, this paper constructs a dynamic stochastic labor supply model in which fertility and investment decisions are choice variables. I incorporate the Ben-Porath human capital accumulation into the model to link the expected intermittency caused by having children to women's human capital. Specifically, women who expect to work less during child-rearing ages invest less in their human capital and face lower wages. After calibrating the model to match the 1970s cohort in the PSID data, which has lower participation and lower wages, I examine factors that might contribute to the observed changes over the two decades. From the numerical experiments, the main findings are as follows: (1) the decrease in childcare costs is the sole factor that accounts for the simultaneous increase in the labor participation and fertility rates and (2) the increased returns to experience generate higher wage growth through higher human capital investment. I emphasize the role of investment to shed light on the observed changes by comparing the model with no investment.

Xiangshi Liu

Title: Health Insurance and the Boomerang Generation: Did the 2010 ACA dependent care provision affect geographic mobility and living arrangements among young adults?
Abstract: We test whether the ACA dependent care provision is associated with young adults' propensity to live with/near parents and to receive food assistance. Data come from the 2008 Survey of Income and Program Participation. Findings indicate that the provision is associated with a 3.0 percentage point increase in young adults' living with parents during the period in which the ACA had been passed but the provision was not effective, and a 6.0 percentage point increase during the time between the provision becoming effective and the end of 2013. In some specifications, the provision is associated with reduced use of food assistance.

Duong Nogtran

Title: Interest on Reserves and Monetary Policy of Targeting Both Interest Rate and Money Supply
Abstract: We build a dynamic model with currency, demand deposits and bank reserves. The monetary base is controlled by the central bank, while the money supply is determined by the interactions between the central bank, banks and public. In banking crises when banks cut loans, a Taylor rule is not efficient. Negative interest on reserves or forward guidance is effective, but deflation is still likely to be persistent. If the central bank simultaneously targets both the interest rate and the money supply by a Taylor rule and a Friedman's k-percent rule, inflation and output are stabilized.

Wuwei Wang

Title: Estimating Macroeconomic Uncertainty Using Information Measures from SPF Density Forecasts
Abstract: Information theory such as measures of entropy is applied into the framework of uncertainty decomposition. We apply generalized beta and triangular distributions to histograms from the SPF and obtain aggregate variance, average variance and disagreement, as well as aggregate entropy, average entropy and information measures. We find these two sets of measures are largely analogous to each other, except in cases where the underlying densities deviate significantly from normality. We find that aggregate uncertainty fell precipitously after 1992, whereas the disagreement between respondents was high before 1981. Our information measures suggest a more permanent reduction in overall uncertainty since the great moderation compared to other parallel studies. Using entropy measures, we find uncertainty affects the economy negatively. We find insignificant price puzzle in the inflation VAR framework. Information theory can be applied to capture the common shock and "news" in the density forecasts. We find that common shock accounts for the bulk of the individual uncertainty, it decreases as horizon falls and "news" is countercyclical.

Linna Xu

Title: Keg registration laws, alcohol consumption, and alcohol-involved traffic fatalities among adolescents
Abstract: This paper identifies the causal treatment effect of keg registration (KR) laws on underage alcohol consumption and related outcomes: alcohol-involved traffic fatalities, by exploiting the substantial variation in the timing of the introduction of these laws across different states at different dates. KR laws require alcohol retailers or wholesalers attach a registered label to the beer kegs that they sell. These laws aim to reduce underage illegal alcohol consumption by imposing liability on adults who purchase beer kegs or host keg parties. Although, in recent years, an increasing number of states have adopted the KR laws to control underage alcohol use and abuse, empirical evidence of the effectiveness of this policy is quite limited. To correct for selection bias and policy endogeneity problem, we matched our treatment observations with comparable control observations using propensity score matching method. Using the matched sample, we conducted difference-in-difference analysis and suggest that the introduction of the KR laws is associated with up to a 2.3 percentage point reduction in binge drinking among minors. This statistical significant reduction is mainly driven by male minors. Furthermore, our results show that strict KR laws can significantly decrease the number of alcohol-involved traffic fatalities by 0.292 among 17-year-old minors and 0.319 among 15-17 year-old minors. Our results are robust to alternative model specifications.

Huifeng Yu

Title: Quantity Versus Quality Over the Career: Evidence from Big Data on Biomedical Scientists
Abstract: We study the effect of researcher age on the scientific impact of the research articles they write and examine how this effect varies by the researcher's role within authorship teams. Our study uses meta data on 6.69 million articles published in biomedical science between 1980 and 2009. "Big data" methods, including natural language processing, permit a richer characterization of the quality of the publications and the persons writing them than have been possible in the past. We are able to control for fixed individual differences and distinguish many dimensions of the quality of articles from the quantity of articles published. We also distinguish the roles that researchers play on papers.