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We exploit differences across U.S. states' exposure to trade to study the effects of changes in the exchange rate on economic activity. Across states, trade-weighted exchange rate depreciations are associated with increased state exports, reduced state une ...
Unemployment differentials are bigger in Europe than in the United States. Migration responds to unemployment differentials, though the response is smaller in Europe. Mundell (1961) argued that factor mobility is a precondition for a successful currency un ...
The deregulation of electricity markets renders public utilities vulnerable to the high volatility of electricity spot prices. This price risk is effectively mitigated by swing options, which allow the option holder to buy electric energy from the option w ...
The effects of robotics and artificial intelligence (AI) on the job market are matters of great social concern. Economists and technology experts are debating at what rate, and to what extent, technology could be used to replace humans in occupations, and ...
What are the impacts of an energy transition and green policies on employments? To answer this question, two approaches are widely used in the literature: Input-Output (IO) analysis and Computable General Equilibrium (CGE) models. While I-O analysis is a s ...
This thesis develops equilibrium models, and studies the effects of market frictions on risk-sharing, derivatives pricing, and trading patterns.In the chapter titled "Imbalance-Based Option Pricing", I develop an equilibrium model of fragmented options m ...