Working Papers
Does the Phillips Curve Lie Down as we Age? (Joint with Chad and Rob): We study the qualitative consequences of accounting for an unexplored source of heterogeneity in a model with nominal rigidities. Using micro-level data, we present evidence that older individuals are less willing to substitute across varieties of goods. In particular, we estimate the elasticity of substitution for different age groups and find that the youngest cohort (aged 25–34) exhibits a higher elasticity of substitution compared to the oldest group (65+).
The Effect of Medical Cannabis Dispensaries on Opioid and Heroin Overdose Mortality
(Joint with Vincent Pohl and Rhet Smith): We examine whether local access to medical cannabis can reduce opioid-related mortality. Using a unique data set of medical cannabis dispensaries combined with county-level mortality data, we estimate the effect of dispensaries operating in a county on the number of overdose deaths. We find that counties with dispensaries experience 6% to 8% fewer opioid-related deaths among non-Hispanic white men.
Resting Papers
Residential Mortgage and Nonrecourse Debt: Default Decision in a Dynamic Framework (New version coming soon): I develop a life-cycle model to study the effects of nonrecourse mortgages on the default decision of homeowners. In the model, the tenure decision is endogenously determined and, every period, householders decide whether to default on their mortgage in the presence of uncertainty in both income and house prices. By incorporating a riskless asset, I study the extent to which the recourse allowed to lenders can affect default rates. I find that while the size of the down payment has a noticeable impact in the default decision of homeowners in a recourse environment, the punishment that follows default does not.