CHICAGO - University of Chicago Department of Economics

THE UNIVERSITY OF
CHICAGO
DEPARTMENT OF ECONOMICS
Placement Packet:
2008-2009 Job Market Candidates
October 2008
(revised 12/05/08)

PRIMARY/SECONDARY FIELDS
2008-2009
Job Market Candidates
by Field
Applied Econometrics
Applied Microeconomics / Price Theory
Computational Economics
Contract Theory
Corporate Finance
Development
Econometrics
Economic History
AKKUS, Oktay S S S P X X X
BASU, Karna P P P X X X
BRUZE, Gustaf S S P X X X
DAMRAKS, Tanapoom S S S P P P X X X
DECAROLIS, Francesco S P S S P S S X X X
GARCIA-VERDU, Santiago S S P P X X X
GETE, Pedro S S P P X X X
GORRY, Aspen S S S P S X X X
HONG, Sok Chul P P P P X X X
KIM, Kun-Ho P P S S X X X
MOON, Seong Hyeok P S S P X X X
NAVA, Francesco S P P P S S X X X
NISHIDA, Mitsukuni S S P P P S X X X
OZDAGLI, Ali K. P S P X X
RIVADENEYRA, Francisco S P X X
WAGNER, Mathis P S S P S X X
WANG, Yong P P P S P P S X X X
Economic Theory / Mathematical Econ
Environmental/ Natural Resource/ Urban Economics
Experimental Economics
Finance / Financial Economics
Growth
Health Economics
Industrial Organization / Theory of the Firm
International Economics
Labor / Human Capital
Law & Economics / Political Economy
Macroeconomics / Money & Banking
Population Economics / Demography
Public Finance / Public Sector
Other
Private Sector
Public Sector
Academic Sector
revised 12/05/08 - jal
Page 1

Oktay Akkus
1215 E. Hyde Park Blvd. Apt. 410 akkus@uchicago.edu
Chicago, IL 60615
http://home.uchicago.edu/~akkus
Cell: (773) 620-0455
Education Ph.D. Economics University of Chicago (expected June 2009)
M.A. Economics University of Chicago 2004
M.A. Economics Sabanci University, Turkey 2002
B.S. Industrial Engineering Marmara University, Turkey 2000
Fields
Primary: Industrial Organization
Secondary: Corporate Finance, Applied Econometrics, Computational Economics
Job Market “Endogenous Matching and the Determinants of Underpricing in IPO Markets” 2008
Paper Underpricing of initial public offerings, defined by the first-day closing price being higher than the
issue price, is a well-documented phenomenon that has been studied extensively in the finance
literature. These prior studies have analyzed underpricing only through reduced form regressions
on the observed characteristics of the issuer firms and the underwriters. Such an approach,
however, yields biased estimates if some of the characteristics are not perfectly observed and there
is endogenous matching between the issuers and the underwriters based on both the observed and
unobserved characteristics. This paper solves the biased estimation problem by putting the IPO
process into a two-sided matching framework, and using a novel econometric method to control
for the endogenous matching. This methodological improvement brings computational ease and
flexibility that allows the use of bank-specific fixed effects to analyze the preferences of match
partners rigorously; which, in turn, enables the separation of the market equilibrium sorting effect
and the direct influence of the match partners’ characteristics on underpricing. The analysis of the
matching shows that underwriters’ total and industry-specific experiences are the most significant
factors in issuer firms’ preferences, while the underwriters prefer bigger and venture-backed firms.
According to the resulting decomposition, only two-thirds of the underwriter reputation effect,
which is among the most emphasized determinants of underpricing in the literature, is accounted
for by the direct influence.
Secondary “Determinants of Bank Mergers: A Revealed Preference Analysis”, with Ali Hortacsu 2007
Paper This paper analyzes bank mergers in a two-sided matching framework with endogenous transfers,
where the two sides are formed by buyers and targets. When a buyer is matched with a target,
there is a value created by this match. We impose a functional form for this value and estimate it
by employing two maximum score estimators: one that uses transfer data, and one that does not.
Our semi-parametric estimates show that the relative sizes of both assets and branches for each
side of the match do matter. The closer these values for a matching pair are, the higher the value
created. Secondly, geographical proximity, such as the buyer's and the target's branches being in
the same markets or in neighboring markets, increases the value. Moreover, same market mergers
obtain higher values than neighboring market mergers. Finally, at the time of the announcement of
the merger, mergers resulting in Antitrust violation of the post-merger local market concentration
have lower values.
Academic RA for Prof. Ali Hortacsu
Experience TA: Industrial Organization, Microeconomics, Game Theory, Public Finance 2005-2008
Presentations Midwest Economic Association Conference, Minneapolis March 2007
International Industrial Organization Conference, Savannah April 2007
University of Chicago, Industrial Organization Seminar August 2006, November 2007
November 2008 (scheduled)
Referee
International Journal of Industrial Organization
Honors & Esther and T. W. Schultz Dissertation Fellowship 2007-2008
Awards Social Sciences Division Fellowship 2002-2006
Top-ranking graduate among all engineering students in Marmara University 2000
References Ali Hortacsu (Chair) (773) 702-8250 hortacsu@uchicago.edu
Jeremy Fox (773) 702-7587 fox@uchicago.edu
Chad Syverson (773) 702-7815 chad.syverson@chicagogsb.edu

KARNA BASU
Department of Economics
The University of Chicago
1126 E. 59th St.
Chicago, IL 60637
karna@uchicago.edu
http://home.uchicago.edu/~karna
(c) 1-617-642-4918 (w) 1-773-702-9014
CURRENT EMPLOYMENT
UNIVERSITY OF CHICAGO, Chicago, IL, USA
Postdoctoral Fellow & Instructor, Department of Economics, 2006-2009
EDUCATION
MASSACHUSETTS INSTITUTE OF TECHNOLOGY, Cambridge, MA, USA
Ph.D., Economics, 2006
YALE UNIVERSITY, New Haven, CT, USA
B.A., Economics and Mathematics, cum laude, 2000
RESEARCH AND TEACHING AREAS
Development Economics, Behavioral Economics, Applied Microeconomic Theory
PAPERS (abstracts and full papers available on my website)
• “Renegotiating with One’s Self”
• “The Provision of Commitment in Informal Banking Markets: Implications for Takeup and
Welfare”
• “Hyperbolic Discounting and the Sustainability of Rotational Savings Arrangements” (under
review)
• “A Behavioral Model of Simultaneous Borrowing and Saving” (under review)
• “Seasonality in Consumption: Evidence from a Field Experiment in Eastern Indonesia” (in
progress, with Maisy Wong)
• “Social Networks and Microfinance” (in progress, with Abhijit Banerjee, Esther Duflo, and
Matthew Jackson)
TEACHING EXPERIENCE
University of Chicago: Theoretical Models of Development (Graduate, joint with Roger Myerson)
Intermediate Microeconomics (Undergraduate)
Topics in Development and Economic Growth (Undergraduate)
MIT:
Introductory and Intermediate Microeconomics (Undergraduate)
Applied Economics for Managers (Sloan School of Management, Tutor)
Environmental Policy and Economics (Undergraduate, Teaching Assistant)
HONORS, SCHOLARSHIPS, AND FELLOWSHIPS
2006 – present: Short Term Consultant, The World Bank
2008: NSF research grant (with Abhijit Banerjee, Esther Duflo, and Matthew Jackson)
2007: Research grant from “Japanese Social Development Fund” (with Maisy Wong)
Summer 2004: Selected Participant, Summer Institute in Behavioral Economics, Trento, Italy
2000 – 2002: MIT Department of Economics Fellowship
2000: Distinction in Economics and Mathematics, Yale University
REFERENCES
Abhijit Banerjee Dept. of Economics, MIT banerjee@mit.edu 617-253-8855
Xavier Gabaix Stern School of Business, NYU xgabaix@stern.nyu.edu 212-998-0257
Roger Myerson Dept. of Economics, U. Chicago myerson@uchicago.edu 773-834-9071

GUSTAF BRUZE
5330 S. Blackstone Avenue gustaf@uchicago.edu
Chicago, IL 60615 Home phone: (773) 752 2578
NATIONALITY
Swedish
EDUCATION Ph.D. Economics University of Chicago Expected June 2009
B. Sc. Mathematics Stockholm University 2001
M. Sc. Economics Stockholm School of Economics 2000
FIELDS Primary: Labor / Human Capital
Secondary: Growth, Development
JOB MARKET
PAPER
“Schooling, Marriage, and Male and Female Consumption”
A marriage matching model is estimated to quantify the share of returns to
education that is realized through marriage. In the model, more educated agents
earn higher wages in the labor market, and are more productive in housework.
Men and women who marry benefit from the presence of household public goods,
complementarities in household production, and the division of labor between
spouses. The predictions of the model are matched with 1980 census data on
sorting in marriage, and data on the allocation of time from a time use study.
Counterfactual analysis for men and women, suggests that better marital
outcomes generate 65 percent of the return to education for women around middle
age and 20 percent of the corresponding return for men.
OTHER PAPERS “What Causes Positive Sorting on Education in Marriage? Evidence from a Social
Experiment”
TEACHING TA, Undergraduate Macroeconomics Chad Syverson 2003
EXPERIENCE TA, Undergraduate Microeconomics Omar Al-Ubaydli 2004
TA, Undergraduate Microeconomics Vicor Lima 2006
TA, American Economic History David Galenson 2004-07
REFERENCES Casey Mulligan (joint chairman) (773) 702 9017 c-mulligan@uchicago.edu
Ali Hortaçsu (joint chairman) (773) 702 5841 hortacsu@uchicago.edu
Jeremy Fox
(773) 702 4862 fox@uchicago.edu

TANAPOOM DAMRAKS
5500 S Shore Dr Apt 1508, Chicago, IL 60637 Tel. (773) 733-1395
tanapoom@uchicago.edu
EDUCATION
Ph.D. in Economics UNIVERSITY OF CHICAGO (expected) June 2009
M.A. in Economics UNIVERSITY OF CHICAGO 2006
M.S. in Computer Networks UNIVERSITY OF TOKYO, Japan 2004
B.S. in Electrical Engineering, Summa Cum Laude CHULALONGKORN UNIVERSITY, Thailand 2001
CFA Level III candidate
FIELDS
Primary: Finance/Asset Pricing, Industrial Organization, Macroeconomics
Secondary: Computational Economics, Contract Theory
PAPERS
“Corporate Investment Structures in Dynamic Mechanism Design” (dissertation)
This paper analyzes how an optimal business organizational structure can be formed. Using mechanism design and
contract theory framework, I compare two types of organizations, hierarchical structure and distributional structure.
Hierarchical structure benefits by mutual monitoring among agents, while distributional structure can avoid collusive
strategies among agents. Optimal structure and contract are found by solving this model numerically with Matlab.
“Bank Lending and Relative Performance” joint with Jose M. Liberti and Robert M. Townsend
We study supply side of money lending business of a large international bank in Argentina. By disentangling the
macroeconomic/industry-wide aggregate shock, we prove whether the bank makes decision about lending based on
individual basis or by comparing performance of two firms. Both theoretical and empirical models are implemented.
“Liquidity Premium in Fixed Income Securities”
I constructed a measure of market-wide liquidity and utilized factor model to predict return of fixed income
securities based on sensitivity of return to market-wide liquidity. Result suggests that liquidity is an important factor in
pricing of fixed income securities.
WORK EXPERIENCES
• MERRILL LYNCH & CO., INC., New York, Associate, Global Fixed-Income & Equity-Linked Research 2008
-Global Derivatives & Commodities Research: developed econometric model and analyzed fundamental market and
macroeconomic data to predict petroleum product prices and volatility.
-US Rates & Structured Credit Research: analyzed past delinquency and fundamental data to predict default rate in
Mortgage-Backed Securities (MBS) and Asset-Backed Securities (ABS) market.
-Credit Derivatives Research: developed model to improve pricing of CDX & iTraxx tranches. Solved problems of
Gaussian Copula model such as negative delta & high base correlation of senior tranches.
• UNIVERSITY OF CHICAGO, Research Assistant for Professor Robert M. Townsend 2005-2008
-Developed financial models to predict the effect of Moral Hazard and Agency problems in financial markets. Simulated
and solved models using MATLAB.
• J.P. MORGAN SECURITIES, Tokyo, Japan, Associate, Quantitative Research/Trading 2007
-Derivatives Research: developed and tested Tree/Finite Difference/Monte Carlo pricing models for new products in
equity/rate exotics and hybrids.
-Equity Derivatives Quantitative Strategy: designed and tested automated trading system and market timing strategies.
Constructed trading strategies that outperform market index for 14% on average during the last 7 years.
• UNIVERSITY OF TOKYO, Japan , Researcher, Advanced Information and Networking Lab 2001-2002
-Developed algorithms for efficient data transfer. Constructed models using C language. Simulated data network models.
• SIEMENS LTD., Bangkok, Thailand, Project Engineer 2000
-Project Engineer of the Skytrain Project: designed and installed the fire alarm system of 3 stations.
AWARDS AND HONORS
-Henry Morgenthau Jr. Memorial Fund Dissertation Fellowship 2008-2009
-University of Chicago, Department of Economics Scholarship (full tuition + stipend) 2004-2008
-Best Paper Award, Institute of Electronics, Information and Communication Engineers (IEICE) 2003
-Japanese Government Scholarship (full tuition + stipend) 2001-2003
-Excellent Academic Record Awards (eight times consecutively), Chulalongkorn University 1997-2001
OTHER PUBLICATION
“Mobility Support for IEEE 802.11 Power Saving Terminal across Access Points Running TCP Proxy,” Institute of
Electronics, Information and Communication Engineers (IEICE), September 2003. Winner of the Best Paper Award.
SELECTED SKILLS
Languages : Fluent in Japanese and Thai.
Computer : Simulation using MATLAB, VBA, STATA. Microsoft Word, Excel, PowerPoint. Basic knowledge of C.
REFERENCES
Robert M. Townsend (chair) MIT, Economics (617) 452-3722 rtownsen@mit.edu
Roger B. Myerson University of Chicago, Economics (773) 702-6576 myerson@uchicago.edu
Milton Harris University of Chicago, GSB (773) 702-2549 fmharris@chicagogsb.edu

FRANCESCO DECAROLIS
5633 South Kenwood Ave. fdc@uchicago.edu
Chicago, IL 60637
http://home.uchicago.edu/~fdc
Citizenship: Italy (F1 Visa) Tel. 773 - 6271075 / 6677455
EDUCATION
PhD in Economics, The University of Chicago Expected June 2009
Thesis advisor: Professor Ali Hortacsu. Thesis title: “Essays on Public Procurement”
M.A. in Economics, The University of Chicago 2004
B.A. in Economics, Università Bocconi (Italy) 2002
Undergraduate thesis advisor: Professor Guido Tabellini. Final grade of 110/110 summa cum laude
RESEARCH AND TEACHING INTERESTS
Industrial organization (Empirical and Theoretical), Economic Theory, Political Economy
JOB MARKET PAPER: “When the Highest Bidder Loses the Auction: Theory and Evidence from Public Procurement”
When bids do not represent binding commitments, the use of a first price sealed bid auction favours those bidders that are less
penalized from reneging their bid. These bidders are the most likely to win but also to default on their bid. In this paper I analyze
two methods often used in public procurement to deal with this problem: (1) augmenting the first price auction with an ex-post
verification of the responsiveness of the bids and (2) using an average bid auction in which the winner is the bidder whose bid is
the closest to the simple average of all the bids. The average bid auction is new to Economics but has been proposed by the Civil
Engineering literature. I show that when bidders are asymmetric in their penalty for defaulting and their valuations have a
predominant common component, the average bid auction is preferred over the standard first price by an auctioneer who bears a
high enough cost due to the winner's insolvency. Depending on the cost of the ex-post verification, the average bid auction can be
dominated by the augmented first price. I use a new dataset of Italian public procurement auctions, run alternately using a form of
the average bid auction or the augmented first price, to estimate semiparametrically the firms’ costs and use them to compute the
firms’ mark up, the auctioneers’ implied verification cost and the inefficiency generated by the average bid auctions.
WORKING PAPERS & RESEARCH IN PROGRESS
“An Analysis of Collusion in Average Bid Auctions”
(In progress)
“The effects of the Emissions Trading Scheme on Electricity Price in Three European Countries”
(In progress)
“Homotopy Continuation Methods: An Algorithm for the Fixed Point and Newton Homotopy Methods with 2005
Some Examples”. Joint with R. Mayer and M. Santamaria. Downloadable Code: http://home.uchicago.edu/~fdc/decarolis-research.htm
PUBLICATIONS
“Economic Effects of Democracy. An Empirical Analysis”. Rivista di Politica Economica, Dec, 2003, pp. 69 - 116.
Winning paper: - Young Economist Award, European Economic Association
- Angelo Costa Award, Rivista di Politica Economica (Best Italian BA thesis in Economics)
FELLOWSHIPS & SCHOLARSHIPS
Economic Research Fellowship, Bank of Italy 2008-2009
Henry Morgenthau, Memorial Fund, University of Chicago, Economics Dept. Dissertation Fellowship 2007-2008
University Unendowed Fellowship/Scholarship, University of Chicago 2003-2007
Felice Gianani Scholarship, Associazione Bancaria Italiana 2005-2006
Post-Graduate Scholarship, Univesità Bocconi 2003-2005
TEACHING & REFEREE EXPERIENCE
Competitive Strategy. (Chicago GSB) Teaching assistant for Professor Marianne Bertrand 2007
Game Theory and Economic Applications. (College) Teaching assistant for Professor Roger Myerson 2006
Referee for: International Journal of Industrial Organization, Rivista di Politica Economica
PROFESSIONAL EXPERIENCE
NERA Economic Consulting, Italy. Internship. 2007
Italian Public Procurement Agency (Consip s.p.a), Italy. Internship. 2006
Organisation for Economic Co-operation and Development (OECD), France. Trainee. 2003
PRESENTATIONS
CONFERENCES: Econometric Society Summer Meeting (2008), European Economic Association Annual Congress (2004,
2008), International Industrial Organization Conference (2008), European Association for Research in Industrial Economics
(2008). WORKSHOPS (Chicago): Applications of Economics, IO Lunch Seminar, Economic Theory Working Group
SKILLS
Languages: Italian (Mother Tongue). English (Excellent). French (Good Knowledge). Spanish (Basic Knowledge)
Computing: Windows; Microsoft Office; Internet; HTML; EViews; STATA; MATLAB; LaTeX; Ruby
THESIS COMMITTEE
Prof. Ali Hortacsu (Chair) hortacsu@uchicago.edu 773-702-8250
Prof. Roger B. Myerson myerson@uchicago.edu 773-702-6576
Prof. Philip J. Reny preny@uchicago.edu 773-702-2417
Prof. Timothy G. Conley tim.conley@chicagogsb.edu 773-702-7281

Santiago Garcia-Verdu
63 E Lake St Apt 802 Chicago, IL 60601
Tel. (773) 684-0362 · E-mail: sgarciav@uchicago.edu
http://home.uchicago.edu/~sgarciav/
Education
Fields
Ph.D., Economics, University of Chicago, 2009 (expected)
M.E., Financial Engineering, Princeton University, 2001
M.A., Economics (highest honors), Instituto Tecnológico Autónomo de México (ITAM), 2000
B.Sc., Applied Mathematics (honors), ITAM 1999
Primary: Financial Economics and Monetary Economics
Secondary: Computational Economics and Econometrics
Job Market Paper
Equilibrium Yield Curves Under Regime Switching
An unexpected increase in inflation affects yields in two ways. Directly, by decreasing the real component of the yields.
Indirectly, by changing the yields as a risk-compensation to the extent it is a prelude of bad times. Thus, distinguishing
between transient and long lasting changes in inflation and consumption growth is central to assess their effects on the
yield curve. I develop, estimate and test a consumption-based asset pricing model to obtain yields under different
specifications of a state-space model capturing consumption growth and inflation dynamics. To draw a distinction
between the temporality of changes, I introduce unobservable components and regimes switching in the state-space
model. Epstein-Zin preferences in turn capture the intertemporal distribution of risk. These two are key elements to
introduce variability in the stochastic discount factor. I find that the implied yields with a coefficient of risk aversion
between 5 to 30, depending on the exact specification, and a subjective discount factor of around 0.998 can capture
central stylized facts including a consistent principal component decomposition and key features on yields' predictability.
Work Experience Banco de México (Central Bank of Mexico), Visiting Economist, August 2008-September 2008
Pemex, Deputy Manager, Mexico City, Mexico, July 2002-August 2003
Algorithmics Incorporated, Associate Consultant, Mexico City, Mexico, August 2001-June 2002
Academic Experience ITAM, Lecturer, M.Sc. in Finance, April 2003-June 2003
Center for Economics Research (CIE), ITAM, Research and teaching assistant for Professor
Alejandro Hernandez Delgado, January 1999-June 2000
Presentations
Awards
Working Papers
Languages
References
Economic Dynamics Working Group, University of Chicago (2006-2008), Instituto
Tecnológico Autónomo de México, (ITAM) (2008), Central Bank of Mexico (2008), The 3rd
Mexican Energy Roundtable Business Meeting (2003), N.Y.
Homer and Alice Hanson Jones Fellowship, University of Chicago, 2008-2009, Graduate
Scholarship, Fulbright-Garcia-Robles, Comexus, 2003 –2006, Graduate Scholarship,
CONACYT, Mexico, 2003 – 2008, Graduate Fellowship, Central Bank of Mexico, 2003 – 2008,
CONSAR 3rd Best paper on Pension Fund Research, 2006
Real returns and the inflation risk premium, Central Bank of Mexico, Working Paper
Computational results for Cash-in-Advance Monetary Models
Monetary Policy and the Term structure of interest rates: the case of Mexico
Exogenous shocks to income and consumption-risk sharing
Spanish (native), English (proficient), and basic French and Italian
Professor Lars P. Hansen, (chair), (773) 702-8170, l-hansen@uchicago.edu,
Department of Economics, University of Chicago
Professor Monika Piazzesi, (650) 723-9289, piazzesi@stanford.edu,
Department of Economics, Stanford University
Professor Fernando Alvarez, (773) 702-4412, f-alvarez1@uchicago.edu,
Department of Economics, University of Chicago

5330 S. Blackstone Av. Apt.311
Chicago, IL 60615
773-273-0127
PEDRO GETE
pgete@uchicago.edu
http://home.uchicago.edu/~pgete
Education Ph.D. in Economics University of Chicago Expected June 2009
M.A. in Economics University of Chicago June 2004
J.D. Universidad Carlos III, Madrid, Spain June 2002
B.A. in Economics Universidad Carlos III, Madrid, Spain June 2002
Fields
Job market
paper
Working paper
Macroeconomics, International Finance, Monetary economics
“Housing Markets and Current Account Dynamics”
I model global imbalances as arising from changes in preferences for housing relative to tradable goods. The key
ingredients in the model are labor reallocation across sectors and consumption smoothing between housing and
tradable goods. Countries import goods during periods when more domestic labor is devoted to housing
construction. Housing booms are larger and more persistent in countries that can run trade deficits. This occurs
despite the absence of wealth effects, and even if trade is not primarily concentrated in capital goods. I provide
several types of evidence to support the theory: First, over the last decade housing variables have decoupled from
the business cycle while consumption and consumer durables have not. Second, for the same period there is a
strong cross country correlation between housing variables and current account dynamics. Third, a parameterized
version of the model generates cross section correlation between the labor share employed in construction (or
value added from the construction sector) and the trade balance which is consistent with recent global imbalances.
Fourth, I use sign restrictions implied by the model to estimate a vector autoregression and identify the effects of
housing specific shocks on the U.S. trade deficit. The results imply that housing shocks are an important driving
force of current account dynamics.
“Savings, Investment and Endogenous Fertility under Uncertainty” (work in progress)
Presentations Macro/International Workshop, University of Chicago-GSB. October 2008
Board of Governors of the Federal Reserve. Washington D.C. July 2008
Economic Dynamics, Capital Theory Working groups, The University of Chicago. 2006, 2007, 2008
Research
experience
Teaching
experience
Dissertation Internship. Board of Governors of the Federal Reserve. Summer 2008
Internship. Bank of Spain. Madrid, Spain. Summer 2006
Research Assistant for Anil Kashyap, The University of Chicago. 2006, 2007 and 2008
Research Assistant for Monika Piazzesi, The University of Chicago. 2005 and 2006
MBA courses at University of Chicago Graduate School of Business:
Understanding Central Banking (Assistant for Anil Kashyap). Spring 2006 and 2008, Fall 2007
Macroeconomics (Assistant for Veronica Guerrieri). Winter 2008
College Courses at Universidad Carlos III de Madrid, Spain:
Macroeconomics I and II (Assistant for Silvio Rendon and Juan Ruiz). 2002- 2003
Microeconomics (Assistant for Pedro Albarran). 2002- 2003
Awards Harper Dissertation Fellowship. Social Sciences Division. University of Chicago. 2008-09
Margaret Reid Dissertation Fellowship. Department of Economics. University of Chicago. 2007-08
NBER Summer Institute Monetary Economics, invited graduate student (Doolittle grant). 2007
Bank of Spain Fellowship. 2005-2007
La Caixa Foundation Fellowship. 2003-2005
Middlebury College French School Fellowship. Summer 1999
Languages and
Computer skills
Spanish (native language), English and French (fluent)
AMPL, Dynare, E-Views, Matlab, Stata
References Anil Kashyap (Co-chair), University of Chicago-GSB 773 702 1235
Monika Piazzesi (Co-chair), Stanford University 650 723 9289
Samuel Kortum, University of Chicago 773 702 8251
anil.kashyap@chicagogsb.edu
piazzesi@stanford.edu
kortum@uchicago.edu

Aspen Gorry
1530 East 59 th Street • Chicago, IL 60637
aspen@uchicago.edu • http://home.uchicago.edu/~aspen • Phone: (602) 885-8856
EDUCATION Ph.D. Economics, University of Chicago (Expected) 2009
M.A. Economics, University of Chicago 2006
B.S. Economics and B.S. Mathematics, Arizona State University, Summa Cum Laude 2004
FIELDS
Primary: Macroeconomics / Money and Banking
Secondary: Economic Growth, International Trade, Public Finance, Labor / Human Capital
JOB MARKET “Experience and Labor Market Flows” 2008
PAPER
This paper presents a model of learning where labor market experience provides information
about the quality of future job matches. While previous models of learning focus on the effects
of workers' productivity while employed, learning is also important to understand workers'
search behavior while unemployed. When past experience provides a signal about job quality,
the model can explain the decline in both job finding and separation rates found in the data.
Models without learning cannot account for any decline in finding rates. Beyond accounting
for labor market flows, the model gives predictions that are consistent with observed empirical
wage distributions. Finally, I evaluate the effects of minimum wages on labor outcomes and
find that the endogenous decline in job finding rates is essential to understand high
unemployment rates for young workers subjected to minimum wages.
WORKING “Labor Market Connections, Minimum Wages, and Youth Employment” 2008
PAPERS “Optimal Taxation over the Life Cycle” (with Ezra Oberfield) 2008
TEACHING Teaching Assistant, Theory of Income III (graduate), Robert Shimer, University of Chicago 2007
EXPERIENCE Teaching Assistant, Theory of Income II (graduate), Thomas Sargent, University of Chicago 2007
Teaching Assistant, Theory of Income I (graduate), Fernando Alvarez, University of Chicago 2006
Teaching Assistant, Theory of Income III (graduate), Robert Shimer, University of Chicago 2006
Teaching Assistant, Theory of Income II (graduate), Nancy Stokey, University of Chicago 2006
Supplemental Instruction Leader (undergraduate), Macroeconomics, Arizona State University 2002
Teaching Assistant, Various Courses (undergraduate), Arizona State University 2001-2003
RESEARCH Research Assistant, Marco Bassetto, Federal Reserve Bank of Chicago and NBER 2007-2008
EXPERIENCE Research Assistant, Robert Shimer, University of Chicago 2004-2005
Research Assistant, Richard Rogerson, Arizona State University 2003-2004
PRESENTATIONS Society for Economic Dynamics Annual Meeting, Cambridge, MA 2008
North American Summer Meeting of the Econometric Society, Carnegie Mellon University 2008
Money and Banking Workshop, University of Chicago 2008
Capital Theory Working Group, University of Chicago 2007 & 2008
AWARDS & Esther and T.W. Schultz Endowment Fund Dissertation Fellowship, University of Chicago 2008-2009
FELLOWSHIPS Martin and Margaret Lee Prize in Economics, Price Theory Core Exam, University of Chicago 2005
Martin and Margaret Lee Prize in Economics, Macro Core Exam, University of Chicago 2005
National Science Foundation Graduate Research Fellowship 2004-2007
Century Fellowship, Department of Economics, University of Chicago 2004-2008
Omicron Delta Epsilon Award, Outstanding Graduating Economics Major, Arizona State University 2004
Phi Beta Kappa 2004
Rondthaler Prize for Outstanding Junior Major in Economics, Arizona State University 2002
REFEREE
Journal of Political Economy
REFERENCES Robert Shimer (Chair) (773) 702-9015 shimer@uchicago.edu
Fernando Alvarez (773) 702-4412 f-alvarez1@uchicago.edu
Derek Neal (773) 702-8166 d-neal@uchicago.edu
Nancy Stokey (773) 702-0915 nstokey@uchicago.edu

Center for Population Economics
University of Chicago Graduate School of Business
5807 South Woodlawn Avenue
Chicago, IL 60637
SOK CHUL HONG
Phone: 773-470-6445
Fax: 773-702-2901
E-mail: hongs@uchicago.edu
Webpage: home.uchicago.edu/~hongs
CURRENT
POSITION AND
AFFILIATIONS
EDUCATION
RESEARCH
INTERESTS
BOOK
AND
PAPERS
TEACHING
EXPERIENCES,
RESEARCH,
AND GRANTS
Senior Research Associate, Center for Population Economics, University of Chicago, July 2007-present
Affiliated Research Associate, Center on Demography and Economics of Aging, NORC, 2008-present
University of Chicago
Ph.D. in Economics, June 2007
Dissertation: The Health and Economic Burdens of Malaria: The American Case
Seoul National University
M.A. in Economics, 2002 / B.A. in Economics, 2000
Health Economics, Economic History, Economic Development
• Economic evaluation of health care, and changes in the demand and supply of health care
• Evaluation of the significance of the environment in human capital accumulation over the life cycle
• Long-term trends in nutritional status, public health intervention, and economic productivity
• Impact of disease on economic development
• The Changing Body: Health, Nutrition, and Human Development in the Western World since 1700.
Cambridge: Cambridge University Press. Forthcoming. (with Robert Fogel, Roderick Floud, and Bernard
Harris)
• The Burden of Early Exposure to Malaria in the United States, 1850-1860: Malnutrition and Immune
Disorders. The Journal of Economic History 67(4): 1001-35. 2007
• Malaria and Economic Productivity: The American Case.
Revise-and-resubmit, Journal of Human Capital
• Survival in 19th Century Cities: The Larger the City, the Smaller Your Chances. (with Louis Cain)
Under review, Explorations in Economic History
• Can Technology and Income Reduce the Burden of Obesity? (Working paper)
• Climate and Historical U.S. Farm Productivity: Relation to the Changing Disease Environment
(with Hoyt Bleakley, Working paper)
• Malaria: An Early Indicator of Later Disease (Working paper)
• Lecturer, Loyola University Chicago: Principles of Microeconomics, Spring 2008
(Course Evaluation: 4.53 out of 5.0)
• Research Assistant to Robert Fogel (2004-2007) and Hoyt Bleakley (2006-2007), University of Chicago
• Senior Research Associate, Early Indicators of Later Work Levels, Disease and Death
(NIH/NIA P01 AG10120, Robert Fogel, Principal Investigator), 2007-present
CONFERENCE
AND SEMINAR
PRESENTATIONS
2008: NBER Cohort Studies Group, NBER Universities’ Research Conference, University of Chicago,
Canadian Network for Economic History, Northwestern University, World Cliometrics, Illinois Economics
Association Meetings
2007: Northwestern University, University of Chicago, Michigan State University, Economic History
Association Meeting, Illinois Economic Association Meetings, Social Science History Association Meetings
2006: University of Chicago, Economic History Association Meetings
2005: Seoul National University, University of Chicago
CONFERENCES
ATTENDED
Lindau Nobel Laureates Meetings (2006, 2008), U.S. Cliometrics Conference (2007), Conference on the
Economic Causes and Consequences of Population Aging (2006), RAND Summer Institute (2006)
REFERENCES
Robert Fogel
Gary Becker
Hoyt Bleakley
Louis Cain
Mine Cinar
(773) 702-7709
(773) 702-8191
(773) 834-2192
(847) 491-8225
(312) 915-6066
rwf@cpe.uchicago.edu
gbecker@uchicago.edu
bleakley@chicagogsb.edu
lcain@northwestern.edu
mcinar@luc.edu

Kun-Ho Kim
1401 E. Hyde Park Blvd. Tel:773-493-2501
Apt 202
kunhokim@uchicago.edu
Chicago, IL 60615
http://home.uchicago.edu/˜ kunhokim
Education
The University of Chicago: PhD in Economics June 2009
The University of Chicago: MS in Statistics June 2008
The University of Wisconsin-Madison: May 2002
BA in Economics and Mathematics (Graduation with Distinction)
Sung Kyun Kwan University: BS in Electronic Engineering August 1995
Fields of Interest
Primary: Time Series Econometrics
Secondary: Empirical Asset Pricing, Applied Macroeconomics
Job Market Paper: Time-varying Risk Aversion
We test the constancy of risk aversion. Based on the Epstein-Zin-Weil (Epstein & Zin, 1989, 1991;
Weil, 1990) recursive utility, we derive the Euler equation with time-varying risk aversion (TV-RA)
parameter. We utilize the proxy variable method to replace the unobserved return to aggregate wealth
in the Euler equation. The estimation of the preference parameter is carried out based on the two-stage
local linear regression method. Given the estimates, we employ the wild bootstrap procedures to test
the constancy of the risk aversion parameter. The empirical findings strongly support the time variation
in the parameter under the proxy variable approach.
Working Papers
Density Estimation for Nonlinear Time Series (with W.B. Wu)
Improvement in Prediction through Disaggregation
Non-stationary Structural Model with Time-varying Elasticities (with W.B. Wu and Z. Zhou)
Semiparametric Estimation of the Marginal Density for the ARCH Process
Another Look at Macroeconomic Forecasting
Wavelet Analysis of the Dynamic Phillips Curve
Deconvolution-type Estimation of Regression Function under Measurement Error
Teaching Experience (TA)
The University of Chicago:
Statistical Theory/Method-2: Winter 2006, A Course for MS students in Statistics
Statistical Methods and Applications: Spring 2006/Spring 2007, A Course for Undergraduate students
Statistical Theory/Method-1: Autumn 2006/Winter 2007, A Course for MS students in Statistics
Honors and Awards
The University of Chicago:
The University Fellowship, 2002-2006: (Tuition waivers and Stipends)
The University of Wisconsin-Madison:
Phi Beta Kappa, 2001
Anna M. Ely Undergraduate Awards, 2001: Best Undergraduate Research paper in International Trade&Finance
Listed on Dean’s List 7 times, 1997-2001
Computer Skills and Languages
R, Stata, Matlab, Minitab, and Fortran
Korean(native), English(fluent), German(basic)
References
Professor Robert McCulloch: Graduate School of Business, (708)707-7174, robert.mcculloch1@gmail.com
Professor Susanne Schennach: Department of Economics, (773)702-6576, smschenn@uchicago.edu
Professor Harald Uhlig: Department of Economics, (773)702-3702, huhlig@uchicago.edu
Professor Arnold Zellner: Graduate School of Business, (773)702-7145, arnold.zellner@chicagogsb.edu

Seong Hyeok Moon
1155 E. 60th St. Suite 225 moon@uchicago.edu
Chicago, Illinois 60637
http://home.uchicago.edu/~moon
Office: (773) 702 4686 / Cellular: (773) 241 4692
EDUCATION Ph.D. Economics University of Chicago Expected, June 2009
M.A. Economics University of Chicago June 2004
M.A. Economics Seoul National University August 2001
B.A. History Seoul National University February 1999
FIELDS Primary: Labor Economics, Applied Econometrics
Secondary: Applied Microeconomics, Development Economics
JOB MARKET
PAPER
“Multi-dimensional Human Skill Formation with Multi-dimensional Parental Investment”
“Parental Investment” has been proposed as a key determinant of human skill. Accounting for its multidimensional
nature allows more nuanced understanding of the skill formation process. Human skill itself
is also multi-dimensional. This paper provides a consolidated framework to analyze a multi-dimensional
skill formation process with multi-dimensional parental investment. A dynamic factor model is
employed as the main workhorse and empirical results from Children of the National Longitudinal
Survey of Youth 1979 (C-NLSY79) are presented for various demographic groups. The results suggest
that different kinds of parental investment contribute to the formation of different types of skill at
different developmental stages. Implications for policy design and inter-generational transmission of
inequality also are discussed.
OTHER PAPERS “The Rate of Return to the Perry Preschool Program,” (with J. Heckman, R. Pinto, and A. Yavitz), 2008,
submitted.
“Reanalysis of the Perry Preschool Program: Multiple-Hypothesis and Permutation Tests Applied to a
Quasi-Randomized Experiment,” (with J. Heckman, P. Savelyev, R. Pinto, and A. Yavitz), 2008.
“Sibling Interactions and Human Skill Formation,” 2007.
“Reconsidering Black-White Skill Convergence,” 2006.
“The Skill Wage Differential in Korea after 1980s: Effects of International Trade, Labor Supply and
Demand,” 2001.
RESEARCH & Research Assistant for
TEACHING James J. Heckman, Economic Research Center at University of Chicago 2006-present
EXPERIENCES Researcher for
Korea Development Institute 2001-2002
Korea Labor Institute 1999-2001
Teaching Assistant for
James J. Heckman, Empirical Labor Economics, University of Chicago Spring 2008
James J. Heckman, Longitudinal Data Analysis, University of Chicago Winter 2008
Min Sok Lee, Intermediate Microeconomics, University of Chicago 2005-2006
Dae-Il Kim, Labor Economics, Seoul National University Fall 2000
PRESENTATIONS Institute for Research on Poverty Summer Research Workshop, University of
Wisconsin, Madison, WI.
Inaugural Conference on Non-cognitive Skills, Center for European Economic
Research (ZEW), Mannheim, Germany.
Workshop on Long-run Impact of Early Life Events, National Poverty Center, Ann
Arbor, MI.
National Conference of the Early Childhood Research Collaborative, Federal Reserve
Bank of Minneapolis, Minneapolis, MN.
June 2008
May 2008
December 2007
December 2007
FELLOWSHIPS University of Chicago Tuition Award 2005-2007
REFERENCES James J. Heckman (Chair) jheckman@uchicago.edu 773-702-3478 University of Chicago
Flavio Cunha fcunha@sas.upenn.edu 215-898-5652 University of Pennsylvania
Azeem Shaikh amshaikh@uchicago.edu 773-702-3621 University of Chicago

Francesco Nava
franava@uchicago.edu
5631 S. Kenwood Ave
home.uchicago.edu/~franava Chicago, IL 60637
Cell: 773-209-3671
[US Green Card]
EDUCATION PhD in Economics, University of Chicago Now
MA in Economics, University of Chicago 2005
Laurea in Economics, Università Bocconi, Milan, Italy 2002
FIELDS
Economic Theory, Contract Theory, Political Economy, IO, Money and Banking & Computational Economics
JOB MAKET Quantity Competition in Networked Markets: Outflow & Inflow Competition 2008
PAPER This analysis investigates how economies in which trades can occur only amongst individuals that know each other
operate. Two general equilibrium models of oligopolistic Cournot competition are discussed. In the first individuals
choose outflows to neighbors and net-demands determine prices to clear each local markets. While in the second inflows
are chosen and net-supplies clear each local market. Sufficient conditions for the existence of a pure strategy equilibrium
in the flow competition models are provided. In such economies changes in flows, affect both inflow and outflow prices.
Moreover price distortions do not disappear as the changes in flows vanish. Suppliers price discriminate across buyers
connected to them, but compete in each local market. Flows and prices in the economy are characterized. Equilibrium
retrade with positive markups occurs even if the economy is fully connected. But neighbors with different marginal rates
of substitution do not necessarily trade. Adding trading relationship in such environments can reduce social welfare.
Moreover increasing the set of trading partners of an individual may cause him to suffer a loss. Sufficient conditions on
the connectedness of the network are provided for the networked economy to converge to a competitive outcome as it
grows large. In this simple setup it is proven that resale must vanish for an economy to become competitive as it grows
large, since the gross margin of retail never vanishes. Prices and flows of the limiting economy are fully characterized.
SECONDARY Joint Commitment: Implementation without Public Randomization 2007
PAPER This paper investigates how the ability to jointly rule out actions affects behavior in a game. If players can voluntarily
sign contracts that commit them to jointly rule out some of their actions, mutually beneficial bargains can often be found.
The set of allocations implemented if players have a single opportunity to sign contracts that deterministically rule out
some actions is characterized. Because players are not allowed to sign random contracts, it may appear that such subset
of contracts does not in general implement all efficient allocations. The analysis however shows that if players have
sufficiently many opportunities in which to sign such deterministic contracts, any individually rational allocation is
approximately implementable. Therefore the implementation of any efficient and individually rational allocation does
not require any randomness in the mechanism used if players have several opportunities in which to reach an agreement.
WORKING Strategic Voting in Quorum Rules with Information Disclosure: Theory & Evidence 2007
PAPERS Games of Independent Commitment 2007
When to Produce? Optimal Timing of Production for Durable Goods 2006
Sequential Equilibria in Infinite Games 2004
Public Finance and Tax Evasion: the Dynamic Effect of Public Expenditure on Evasion 2004
TEACHING Auction Theory Lecturer BA 2008 & 2009
EXPERIENCE Price Theory III TA PhD Myerson, Sonnenschein & Reny 2005 & 2007
Price Theory TA MBA Topel 2006
Price Theory II TA PhD Sonnenschein 2005
Game Theory TA BA Sonnenschein 2004 & 2005
SELECTED Workshop in Economic Theory, University of Chicago 2007 & 2008
PRESENTATIONS Econometric Society European Summer Meeting, Università Bocconi 2008
Econometric Society North American Summer Meeting, Carnegie Mellon 2008
Working Group in Economic Theory, University of Chicago 2006 & 2007
FELLOWSHIPS Henry Morgenthau Jr. Memorial Fund Dissertation Fellowship 2007
Irwin Rosen Fellowship, University of Chicago 2006
University of Chicago Scholarship 2005
REFEREE Journal of Public Economics 2008
LANGUAGES
COMPUTER
English (fluent), Italian (native), French (fluent), German (fluent), Spanish (fair)
Matlab, Stata, Maple, SWP, WinEdt, Spss, LaTex, Office, Matematica (basic), Fortran (basic)
REFERENCES Roger Myerson 773- 702-6576 myerson@uchicago.edu
Hugo Sonnenschein 773- 834-5960 h-sonnenschein@uchicago.edu
Balazs Szentes 773- 702- 9127 szentes@uchicago.edu
Phil Reny 773- 702-8192 preny@uchicago.edu

MITSUKUNI NISHIDA
5547 S. Blackstone Ave., Apt 204 nishida@uchicago.edu
Chicago, IL 60637
http://home.uchicago.edu/~nishida
Cellular: 312-513-3077
EDUCATION Ph.D. Economics University of Chicago Expected June 2008
B.A. International Relations Kyoto University March 1999
FIELDS Primary: Industrial Organization
Secondary: Computational Economics, Econometrics
JOB MARKET
PAPER
WORKING PAPERS
“Estimating a Model of Strategic Store Network Choice with Policy Simulation”
Competition among multi-store chains is common in the retail industry. This paper proposes a method
for estimating a model of strategic store network choices by two chains. In contrast to previous studies, I
allow chains to not only choose which markets to enter but also how many stores to open in each of
those markets. To deal with the huge number of possible network choices, I use lattice-theoretical
results. I show that a chain's net trade-off between costs and benefits from clustering their stores in a
market can be either positive or negative while still ensuring the existence of an equilibrium, thereby
providing a way to freely estimate this within-market effect from the data. By integrating the model with
revenue data, I show that one is able to decompose the within-market effect into cost savings from
economies of density and lost revenues from competition with one’s own stores. I apply the technique to
a unique cross-sectional data set from the convenience store industry in Okinawa, Japan, to obtain cost
and demand parameters. The estimates imply a strong business stealing effect among own stores. I then
use the estimated structural model to perform two counterfactual analyses. First, I evaluate the impacts
of a hypothetical merger of two chains. I find that post-merger total surplus is expected to decrease due
to reduction in the number of stores and total sales. Second, I consider how significantly the zoning
regulation introduced in Japan in 1968 affects store network choices. Eliminating the regulation would
increase the number of stores, but the magnitude of the increase is limited.
“Estimating Aggregate Productivity Growth with Plant Level Data when Markets Are Not Competitive,”
joint with Amil Petrin
“Why Does a First-Mover Get Benefits? Evidence from the Convenience Store Industry”
RESEARCH & Research Assistant for Prof. Amil Petrin at Chicago GSB 2005-2006
TEACHING Teaching Assistant: Undergraduate Econometrics A (Prof. Jeremy Fox) Winter 2008
EXPERIENCE Microeconomics (Prof. Sebastian Ludmer) Winter 2006
GRANTS, FELLOW- NET Institute Research Grant (www.NETinst.org) 2008
SHIPS & AWARDS Dissertation Fellowship, the Center of East Asian Studies, University of Chicago 2008-2009
The Joint Japan/ World Bank Scholarship 2005-2007
Endowed Scholarship, University of Chicago 2004-2005
1 out of 122 in Economics, National Personnel Authority of Japan 1998
CONFERENCE European Association for Research in Industrial Economics (EARIE), France 2008
PRESENTATIONS Econometric Society Far Eastern and South Asian Meeting, Singapore 2008
Midwest Economics Association Annual Meeting, Chicago 2008
SEMINAR University of Chicago Industrial Organization seminar; micro lunch seminar 2008
PRESENTATIONS Kyoto; Tokyo; Yokohama National; Hitotsubashi; Tsukuba; IDE-JETRO 2008
EMPLOYMENT Overseas Researcher, National Personnel Authority of Japan 2002-2004
Economist, Division for Economic Outlook, Cabinet Office, Japan 2001-2002
Section Chief, Ministry of Economy, Trade and Industry, Japan 1999-2001
REFEREE International Journal of Industrial Organization 2008
REFERENCES Jeremy Fox (chair) University of Chicago 773-702-4862 fox@uchicago.edu
Ali Hortacsu University of Chicago 773-702-5841 hortacsu@uchicago.edu
Chad Syverson University of Chicago, GSB 773-702-7815 syverson@uchicago.edu
Jean-Pierre Dubé University of Chicago, GSB 773-834-5377 jdube@chicagogsb.edu

ALI K. OZDAGLI
5403 South Harper Ave. #1, Chicago, IL 60615
+1 312 863 1127
ozdagli@uchicago.edu
http://home.uchicago.edu/~ozdagli
EDUCATION Ph.D. in Economics University of Chicago June 2009 (expected)
M.A. in Economics Humboldt University of Berlin July 2004
B.S. in Industrial Engineering Bogazici University June 2002
FIELDS
JOB MARKET
PAPER
Primary: Macroeconomics, Financial Economics
Secondary: Labor/Human Capital
Financial Leverage, Corporate Investment and Stock Returns
Recent papers claim to explain the differences in returns of value and growth stocks using production
based models. However, these papers ignore debt financing although the evidence they rely on (Fama and
French, 1992, 1995, 1996) is for the levered firms. Moreover, they assume a very high degree of capital
irreversibility to generate sufficient dispersion in cross-sectional distribution of stock returns. This paper
presents a model with limited capital irreversibility and incomplete debt contracts in order to explain the
differences of value and growth stocks. The capital structure affects stock returns directly through its
effect on risk structure a la Modigliani and Miller (1958) and indirectly through its effect on investment
decisions. The model also conforms to other empirical results about value and growth firms such as low
dispersion in the book leverage, high dispersion in the market leverage and the limited response of U.S.
corporations to counteract the influence of stock price changes on their capital structure.
WORKING “College Enrollment, Dropouts and Option Value of Education”, 2008 (with Nicholas Trachter)
PAPERS “Implications of Investment Adjustment Cost for Investment Behavior”, 2007
TEACHING Lecturer, University of Chicago
EXPERIENCE Elements of Economics Analysis 4 (Undergraduate Macroeconomics II) Spring 2009
Teaching Assistant, University of Chicago
Stochastic Economic Models of Macroeconomics (Ph.D. ECON/GSB) Lars Hansen, Winter 2008
Harald Uhlig
Elements of Economic Analysis 3 and 4 (Undergraduate) Peter Bondarenko Summer 2007
Theory of Income II (Ph.D. ECON) Thomas Sargent Winter 2007
Financial Instruments (MBA) Monika Piazzesi Winter 2007
Macroeconomics (MBA) Christian Broda Summer 2006
Theory of Income III (Ph.D. ECON) Robert Shimer Spring 2006
Theory of Income II (Ph.D. ECON) Nancy Stokey Winter 2006
RESEARCH Research Assistant, Fernando Alvarez, University of Chicago 2006-2007
EXPERIENCE Research Assistant, Ali Hortacsu, University of Chicago 2006
PRESENTATIONS Society for Economic Dynamics Annual Meeting, Cambridge, MA, 2008
Wednesday Finance Lunch, University of Chicago, 2008
Economic Dynamics Working Group, University of Chicago, 2006-2008
Capital Theory Working Group, University of Chicago, 2006-2008
Money and Banking Working Group, University of Chicago, 2008
Option Values Working Group, University of Chicago, 2008
AWARDS George J. Stigler Dissertation Fellowship, 2008-2009
AND Institute for Humane Studies Fellowship, 2008-2009
FELLOWSHIPS Provost’s Summer Research Fellowship, 2008
Lee Prize in Capital Theory/Money and Banking Field Exam, 2006
University of Chicago Unendowed Fellowship, 2004-2008
Economic Society Award, Humboldt University, 2004
REFEREE
Review of Economic Dynamics
REFERENCES Fernando Alvarez (co-chair) (773) 702-4412 f-alvarez1@uchicago.edu
Lars P. Hansen (co-chair) (773) 702-8170 l-hansen@uchicago.edu
Anil Kashyap (773) 702-7260 anil.kashyap@chicagogsb.edu
Robert E. Lucas, Jr. (773) 702-8191 relucas@uchicago.edu
OTHER Organizer of Economic Dynamics Working Group, 2006-2008

F R A N C I S C O R I V A D E N E Y R A
63 E Lake St. Apt. 309 • Chicago, Il. • 60601 • USA
+1 (773) 203 4525 • rivas@uchicago.edu
EDUCATION
The University of Chicago, Chicago Il.
• Ph.D. in Economics
January 2009 (expected)
• M.A. in Economics September 2004
Instituto Tecnológico Autónomo de México (ITAM), Mexico City
• B.A. in Economics January 2003
RESEARCH FIELDS
Monetary Economics (primary) and Asset Pricing (secondary).
BANKING AND RESEARCH EXPERIENCE
Deutsche Bank, New York, Summer Associate June - August 2007
• Worked with the US Economics Team and Emerging Markets Strategy group.
• Prepared with Chief Economist Peter Hopper the report to clients “The Secular Decrease in Long-Term
Premia.” Explained recent development in long-term rates and forecasted future trends.
• Implemented an affine model of interest rates for Mexico.
ITAM, Mexico City, Visiting Researcher September 2005
• Prepared and presented the paper “Tax Incidence in a Principal Agent Framework.”
Banco de México, Mexico City, Summer Researcher July - August 2005
• Wrote the paper “Affine Models of the Term Structure of Interest Rates in Mexico.”
• Trained a team of 5 economists on continuous-time finance techniques and principal component analysis.
Banco de México, Mexico City, Economist February 2001 - September 2003
• Co-developed and managed the Bank’s macroeconometric forecasting model.
• Produced with senior economists the Quarterly Inflation Report.
• Researched and prepared with Chief Economist policy memos for the Board of Governors’
monetary policy agenda. Topics included the optimal inflation level, the price index to target, and
the design of calendar of meetings.
PUBLICATIONS AND WORKING PAPERS
“Real Risk Premia in Segmented Asset Markets”, working paper, September 2008.
“Affine Models of the Term Structure of Interest Rates in Mexico”, working paper, October 2005.
“The Law of One Price in Mexico: an Empirical Analysis” with M. Gonzalez. Gaceta de Economía, (19) 2005.
“Trade Creation and Trade Deviation from Preferential Trade Agreements: New Estimations for NAFTA”
with J. Chavez. Gaceta de Economía, (14) 2002.
COMMUNICATION AND TEAM SKILLS
University of Chicago GSB, Teaching Assistant (Macro and Microeconomics) January 2006 – present
ITAM, Faculty Seminar Presentation September 2005
Banco de México, Macroeconomics Seminar Presentations September 2005, January 2003, March 2002
Gaceta de Economía (ITAM’s journal), Chief Editor August 2001 - July 2002
• Coordinated referees and applied the editorial policies of the journal. Managed a 10-member staff.
• Strengthened the journal’s editorial and financial position by implementing new operation manuals.
ITAM, Teaching Assistant (Microeconomics) August 1999 - May 2001
FELLOWSHIPS AND REFEREE WORK
Banco de Mexico and National Council on Science and Technology Fellowships September 2003 – current
Ministry of Education Excellency Fellowship August 1997 – July 2001
Journal of Political Economy Referee
September 2006– current
COMPUTING AND LANGUAGES
Computing: Matlab, Eviews, Stata, LaTeX and MS Office.
Languages: Spanish (native), English (fluent), French (intermediate).
REFERENCES
Fernando Alvarez University of Chicago falvare@uchicago.edu
Lars P. Hansen University of Chicago lhansen@uchicago.edu
Monika Piazzesi Stanford University piazzesi@stanford.edu

5480 S Ridgewood Ct
Chicago, IL 60615
(773) 396 7897
MATHIS WAGNER
mwagner@uchicago.edu
http://home.uchicago.edu/~mwagner
EDUCATION Ph.D. in Economics University of Chicago (expected) June 2009
M.A. in Economics University of Chicago December 2003
B.A. in Economics Cambridge University, UK June 1999
FIELDS Primary: Labor Economics, Applied Microeconomics / Price Theory
Secondary: Experimental Economics, Industrial Organization, Public Economics
JOB MARKET
PAPER
WORKING
PAPERS
“Understanding the Labor Market Impact of Immigration”
Using Austrian panel data I show that the effect of immigration on native wages and employment varies
across industries (for example, on average it is positive in manufacturing and negative in services). By
combining an IV approach with an explicit modeling of native labor decisions (thus dealing with both the
endogeneity of immigrant and native labor flows) I am able to explain these findings in terms of scale and
substitution effects and the elasticity of labor supply. Previous approaches are not able to identify scale
effects and so can only estimate the impact of immigration on relative wages of groups of workers.
Finally, I show that the data is consistent with a model of task specialization, which explains why lowskilled
immigration can increase average wages even for low-skilled natives.
“Pension Benefits and Retirement Decisions: Income versus Price Effects” (with D. Manoli)
Using Austrian administrative data and multiple pension reforms between 1984 and 2003 we separately
identify income and price effects from pension benefits on retirement. We find an elasticity of the
retirement hazard with respect to benefits of 1.9, most of which (85%) is due to the price effect.
“An Introduction to Optimal Sample Arrangements” (with J. List and S. Sadoff) submitted
We provide simple rules of thumb that researchers can apply to improve the efficiency of their
experimental designs. We buttress these points by including empirical examples from the literature.
“Gender Differentials over the Lifecycle”
Using panel data on cohorts of Austrians I decompose gender wage differences over the lifecycle. Lower
wages in female occupations accounts for the initial gap (around 15%). Subsequent widening of the gap is
primarily due to one-off falls in wages after childbirth, differences in accumulation of experience and
tenure account for the rest, whereas returns to experience and tenure are very similar across genders.
TEACHING
FELLOWSHIPS &
AWARDS
Lecturer, University of Chicago
Introduction to Labor Economics (undergraduate)
Teaching Assistant, University of Chicago
Microeconomics (R. Topel, Graduate School of Business)
Public Policy / Wage Inequality (D. Autor, undergraduate)
Intro to Microeconomics, Intro to Macroeconomics (A.
Sanderson), Intermediate Microeconomics (G. Tsiang)
Esther and T.W Schultz Endowment Fellowship
Sherwin Rosen Fellowship
University of Chicago Fellowship
2006, 2008
2006, 2007, 2008
2007
2004-2006
2006-2009
2004-2006
2003-2006
SELECTED
PRESENTATIONS
REFEREE
EMPLOYMENT
University of Chicago: Applications Workshop (2006-08), Applied Microeconomics W.G.
(2004-08); Federal Reserve Bank of Chicago (2007); University of Illinois at Chicago (2007)
Journal of Political Economy
Economist, HM Treasury, UK (September 1999 – June 2002): Productivity and Structural
Reform Team, Fiscal and Macroeconomic Policy Team.
REFERENCES
Robert Topel (chair)
Jonathan Guryan
Steven Levitt
John List
(773) 702-7524
(773) 834-5967
(773) 834-1862
(773) 702-6576
robert.topel@chicagogsb.edu
jonathan.guryan@chicagogsb.edu
slevitt@uchicago.edu
jlist@uchicago.edu

YONG WANG
5433 South Cornell Ave, Apartment 1N, Chicago, IL 60615 wangyong@uchicago.edu
Phone: (773) 401- 0382
http://home.uchicago.edu/~wangyong
EDUCATION Ph.D. Economics, University of Chicago Expected June 2009
M.A. Economics, CCER, Peking University, China, highest distinction June 2003
B.A. International Economics, Fudan University, China, Summa cum Laude June 2000
FIELDS Primary: Political Economy, Growth and Development, Economic Theory
Secondary: Public Finance and International Economics
JOB MARKET PAPER
Fiscal Decentralization, Endogenous Policies and Technology Adoption: Theory and Evidence from China and India’s FDI
[Abstract] A political economy model is developed to explain why two developing economies with the same economic fundamentals
can have different de facto economic policies and hence receive dramatically different amount of FDI (foreign better technology). I
show how fiscal decentralization can have a non-monotonic and dramatic impact on policies and FDI. Too much fiscal
decentralization can hurt the central government's incentives hence it chooses the policy profiles to induce the local government to
block FDI. Too little fiscal decentralization can render the local government captured by the protectionist special interest group. I also
show how FDI may bifurcate because the local government’s preference for FDI can be endogenously polarized thus a small change
in fiscal decentralization might radically shift the local government’s policy. The simulation/calibration results closely match China
and India’s macro and policy data. Counterfactual experiments indicate that the degree of fiscal decentralization can well explain why
these two economies at similar development stage have a nine-fold difference in FDI per capita.
SELECTED
PAPERS
IN PROGRESS
[1] Endogenous Social Infrastructure and Economic Development, Sept. 2007 (under review)
(Illinois Economic Association Best PhD Student Paper Award, Illinois, 2007)
[2] Institutional Barrier, Learning Externality and Catching Up, May 2007 (under review)
[3] Factor Endowment, Specialization and Trade: Theory and Empirics,
with Jiandong Ju and Justin Yifu Lin, China Economic Quarterly, No.1, 2005 (in Chinese)
[4] Endogenous Coalition, Economic Growth and Inequality, World Economic Papers, No.2, 2004 (in Chinese)
Over six published Chinese papers and three translated books including Fudenberg and Tirole’s Game Theory
[1] Endowment Structure and Optimal Industrial Upgrading, with Justin Yifu Lin and Jiandong Ju
[2] Revisiting Uniqueness of Global-Game Equilibrium with Market Prices, with Balazs Szentes
[3] A Global-game Model of FDI with Heterogeneous Beliefs on Institutional Entry Cost
[4] Political Competition, Contract Incompleteness and FDI: Theory and Evidence from China, with Weijun Hu
LECTURER [1] Topics on Macroeconomics and Development (G), CCER, Peking University, 2006
[2] Intermediate Microeconomics (U), University of Chicago, 2007
[3] Topics on Chinese Economy (U), University of California, China Center, 2003
TA (Chicago):
RA&WORKING
EXPERIENCE
FELLOWSHIPS
&HONORS
PhD: Theory of Income III; Price Theory I & II; Formal Models of Policy Making
Advanced Undergraduate: Development Economics; Economics of Information; Auction Theory
RA for Lars Peter Hansen (2005-2007) and RA for Gary Becker (2006)
Consultant, World Bank, DECVP, Summer 2008
Martin and Margaret Lee Prize for Best Core Exam in Price Theory, University of Chicago, 2004
Esther and T. W. Schultz Dissertation Fellowship & Sprinkel Research Fund, U. of Chicago, 2007-2009
University of Chicago Fellowship, 2003-2007
Fellowship, Argonne-Chicago Computational Economics Summer School, 2006
Xuji Prize for Academically Distinguished Ten Graduate Students of Peking University, 2003
PRESENTATIONS North American Econometric Society Summer Meetings (2008), Far East Econometric Society Summer
Meetings (2008), NBER Political Economy Workshop (2007), Midwest Macro Meetings (2008), Midwest Theory/ Trade Conference
(2008), Macro and Micro Working Groups, Political Economy Workshop, University of Chicago (2005-2008), Macro and Growth
Seminar, World Bank (2008), IMF Seminar (2008), East -West Center (2007), Peking University (2006)
REFERENCES Roger Myerson (Chair) (773)702-6576 myerson@uchicago.edu
Gary Becker (773)702-8191 gbecker@uchicago.edu
Lars Peter Hansen (773)702-7587 l-hansen@uchicago.edu
Casey Mulligan (773)702-6576 c-mulligan@uchicago.edu
Nancy Stokey (773)702-8250 nstokey@uchicago.edu

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