PhD Job Market Candidates

Job Market Papers 

Job Market Candidates

2021-2022

Placement Director:
Professor Kajal Lahiri 
Email: [email protected]
Phone: 518-442-4735


Liang Fu

Liang Fu

CV

Email: [email protected]
Website: https://liang-fu-econ.github.io/website/
Primary Fields: Monetary economics, International economics
Secondary Fields: Macroeconomics, Chinese economics
Job Market Paper: Monetary Policy Surprises and Interest Rates under China's Evolving Monetary Policy Framework

References: Chun-Yu Ho (advisor, [email protected]), Betty Daniel ([email protected]), Zhongwen Liang ([email protected])

 


Sai Sindhura Gundavarapu

Sai Sindhura Gundavarapu

CV

Email: [email protected]
Primary Fields: Health Economics
Secondary Fields: Health Policy, Applied Microeconomics
Job Market Paper: The Role of Physician Human Capital in Prescribing Behavior: A Case Study using Benzodiazepines

References: Pinka Chatterji ([email protected],) Gerald Marschke ([email protected]), Chun-Yu Ho ([email protected])

 


Min Jang

Min Jang

CV

Email: [email protected]
Website: https://www.minjang.net/
Primary Fields: Health Economics, Public Policy
Secondary Fields: Labor Economics, Applied Microeconomics
Job Market Paper: Does Medicare Part D Reduce Disparities in Health?

References: Pinka Chatterji ([email protected]), Kajal Lahiri ([email protected]), Gerald Marschke ([email protected])

 


Nayoung Kim

Nayoung Kim

CV

Email: [email protected]
Website: https://sites.google.com/view/nayoungkim
Primary Fields: Macroeconomics, Labor economics, Search theory
Secondary Fields: Public finance, Econometrics
Job Market Paper: Choosing a Job When the Wage is Not a Deciding Factor: Intensive Margin for Minimum Wage Workers

References: Adrian Masters ([email protected]), Chun-Yu Ho ([email protected]), Ben Griffy ([email protected])

 


Soonhong Min

Soonhong Min        

CV 

Email: [email protected]
Primary Fields: Labor economics, Search theory, Macroeconomics 
Secondary Fields: Applied econometrics 
Job Market Paper: The Interaction of Technological Advances and Skill and the Effects of the Rising Supply of High Skills

References: Adrian Masters ([email protected]), Michael Sattinger ([email protected]), Ben Griffy ([email protected])

 


 

Won Sung

Won Sung        

CV 

Email[email protected]
Website: https://www.wonsung.info/
Primary Fields: Industrial Organization, Innovation and Technological Change
Secondary Fields: Financial Economics, International Economics
Job Market Paper: Inventor Mobility and Value Creation in Mergers and Acquisitions

References: Chun-Yu Ho ([email protected]), Gerald Marschke ([email protected]), Haruka Takayama ([email protected])

 

Job Market Papers 2021-2022
Liang Fu - Monetary Policy Surprises and Interest Rates under China's Evolving Monetary Policy Framework

Abstract: The monetary policy in China has evolved considerably in the past two decades, increasingly moving from using quantity-based instruments and targets to using price-based ones. The monetary policy in China traditionally focused on quantity-based intermediate targets such as growth rates of monetary and credit aggregate (for example, M2). Since 2013, the central bank in China has introduced a range of lending facilities to develop an interest rate corridor, shifting the focus of the monetary policy toward price-based targets such as short-term market interest rates. This paper assesses the effectiveness of monetary policy in China by examining the influence of monetary policy on market interest rates using a high-frequency event-study approach. We find that the effectiveness of price-based instruments in impacting market interest rates increases over time, and that price-based instruments are as effective as quantity instruments during the period since the completion of interest rates liberalization. Furthermore, central bank communications, an increasingly important aspect of monetary policy, affect medium- and long-term market interest rates. Our findings provide preliminary evidence on the effective transmission of the price-based monetary policy in China.

Sai Sindhura Gundavarapu - The Role of Physician Human Capital in Prescribing Behavior: A Case Study using Benzodiazepines

Abstract: Using national physician-drug level data on Medicare claims, this paper examines the link between physician human capital and prescribing behavior. Focusing on benzodiazepines-- a class of drugs that has been the subject of a growing body of literature as well as two FDA warnings (in 2016 and 2020) due to their potentially harmful effects-- this paper studies the responses to research and risk communications by physicians with differing human capital. Human capital is measured in various ways: (i) using the ranking of the medical school where physicians received their initial degree, (ii) based on whether physicians are working in teaching hospitals, and (iii) based on whether physicians have obtained certifications in multiple specialties. Results show that, even controlling for specialty and location, physicians with higher human capital appear to have more initial awareness regarding research findings on benzodiazepines (prescribing significantly fewer of these drugs than physicians with lower human capital), while those with lower human capital only become aware of potential adverse effects of benzodiazepines and reduce prescriptions following the issue of a FDA Black Box Warning. These findings imply that physicians with higher human capital stay abreast of contemporary publications and research, adjusting their treatment choices accordingly. Meanwhile, physicians with lower human capital take longer to become aware of research, requiring safety communications-- from entities such as the FDA-- to be issued before they respond.

Min Jang - Does Medicare Part D Reduce Disparities in Health?

Abstract: Over the past three decades an influx of new prescription drugs has transformed the treatment of chronic disease in the US and endowed the nation with a wide range of effective medications. However, historic progress in reducing mortality rates was recently reversed (from 2014 to 2017), education and race disparities in mortality persist, and gaps in life expectancy by education have widened in recent years. Attempting to shed light on these discordant facts, we examine whether Medicare Part D – a prescription drug benefit program for all Medicare beneficiaries - reduces education-related disparities in outcomes related to chronic diseases. Specifically, we investigate the effect of Part D on drug insurance coverage, medical utilization, and management of chronic diseases, while also exploring these effects by education. We find that the Medicare program is associated with increased drug insurance rates, greater utilization of prescription drugs, and decreased out-of-pocket spending. These improvements are magnified among low-educated individuals. Part D is associated with a mixed pattern of healthcare utilization that varies by education. Among low-educated individuals, the program increases outpatient care utilization, while among higher-educated individuals, it is associated with reductions in inpatient stays. Part D is also associated with health benefits, including increased recognition of chronic disease and improvements in biomarkers for hypertension and hyperlipidemia. Our findings show that Medicare Part D increases medical utilization and improves control of chronic diseases among the elderly, especially for groups such as the low-educated elderly, who would otherwise lack drug insurance coverage.

Nayoung Kim - Choosing a Job When the Wage is Not a Deciding Factor: Intensive Margin for Minimum Wage Workers

Abstract: While the effect of minimum wage on the extensive margin of employment has been long-debated, the literature about the effect on the intensive margin remains sparse. In this paper we present the evidence of positive effect of minimum wage increases on work hours using difference-in-difference approach. We contextualize this finding by building a directed search model where the wage is fixed, and heterogeneous workers choose a combination of work hours and work environment. Physical work demands and intensity of interpersonal activity characterize the work environment and are drawn from the O*Net data. The model permits us exploration of the job search mechanism among minimum wage workers and measurement of the response of work hours to increases in minimum wage. Simulation exercises with the model calibrated to the recent U.S. data imply a positive work hours elasticity of 1.9. It is of the same sign, though an order of magnitude larger, as our empirical elasticity of 0.16. The model also predicts that minimum wage increases will negatively affect the work environment as firms attempt to compensate their increased labor cost.

Soonhong Min - The Interaction of Technological Advances and Skill and the Effects of the Rising Supply of High Skills

Abstract: This paper studies the interaction of technological advances and skills together with the effects of the rising supply of high skills on workers. I build a direct search model of the labor market with two-side heterogeneity. Workers are heterogeneous in skills, while heterogeneity of firms results from task type: manual, routine, or cognitive. The model features the productivity effect of labor-augmenting technology and allows the replacement of workers with automation technology. I first show how two types of technologies affect workers in terms of job selection and the value of employment. The positive relation among skills, the complexity of tasks, and labor-augmenting technology raises wages and assigns more workers into more complex tasks. Automation technology destroys the most favorable jobs of the middle-skilled workers and, as a result, reduces the employment value of middle-skilled workers. Secondly, I also show the increasing supply of high skills can negatively affect workers if the demand is relatively stable. When firms control job openings by imposing skill requirements or through a price adjustment process, it decreases the benefits of technological advances.

Won Sung - Inventor Mobility and Value Creation in Mergers and Acquisitions

Abstract: This paper examines the impacts of inventor mobility in value creation in mergers and acquisitions (M&As). We employ a two-sided matching model for acquirers and targets that allows them to choose whom to merge with. Applying this model, we examine how inventor mobility affects value creation in M&As. Inventors exchanged between inventing firms have been interpreted as a mechanism of knowledge transfer. For firms in the M&A market, it can be seen as (1) vetting compatibility/reconnoitering between possible M&A partners, (2) an indicator of compatibility and therefore a predictor of M&A (3) laying the groundwork. We measure inventor mobility by the turnover of inventors between acquirer and target before the merger. Based on a sample of 348 mergers of the U.S. manufacturing firms during 1980-2015, we find that mergers between firms that exchange inventors increase the value of a merger, which in turn increases their merger likelihood. Since inventor mobility contributes a large part of merger value, we then explore how the merger value affects post-merger innovation. Interestingly, inventor mobility between merging firms increases post-merger R&D team collaborations and originality of patents but hampers innovation quantity and quality. Finally, our empirical results are robust to alternative extensions of the structural model, alternative measures of technology, and alternative market definition.