- Fields: Asset Pricing, Macro Finance
- Job market paper: Demographics and Technology Adoption
I document a technology-driven wage gap between recent labor market entrants and incumbent workers, which comoves with productivity growth, innovation intensity, and dispersion in valuation ratios. Accordingly, I build a dynamic growth model with technological waves arriving at random times, and a labor cohort effect capturing heterogeneity in labor-technology complementarity. In equilibrium, the wage gap affects expected profits, which drive directed R&D investments and technology adoption. Through the labor cohort effect, structural declines in the supply of entrant cohorts imply a larger wage gap, slower technology adoption, lower per capita economic growth and interest rates, and higher valuation ratios.
Research
Department of Finance
The Department of Finance has a strong international orientation, with faculty from leading schools in finance and economics. Our research is published in top journals and covers all areas of finance.