PhD Candidate, Department of Economics

Contact Information

Department of Economics
Northwestern University
2211 Campus Drive
Evanston, IL 60208

Phone: 847-208-6385

chiaramaggi2018@u.northwestern.edu

 

 

 

Education

Ph.D., Economics, Northwestern University, 2019 (expected)
MS, Economics, Bocconi University, 2013
MRes, Economics, Université Catholique de Louvain, 2013 (Joint with Bocconi)
BA, Economics, Bocconi University, 2010.

Fields of Specialization

Macroeconomics, Empirical Macroeconomics

Curriculum Vitae

(Download CV)

Job Market Paper

“What is the Impact of Increased Business Competition?”, with Sonia Felix (Banco de Portugal)
(Download PDF)
New Version!

This paper studies the macroeconomic effect and underlying firm-level channels of a reduction in entry costs for firms. We provide novel empirical evidence on the response of firms’ entry, employment, and exit behavior. To do so, we use as a natural experiment a reform in Portugal that significantly reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the firms that were the most productive before the reform. Standard models of entry, exit, and firm dynamics, which assume a constant elasticity of substitution, are inconsistent with our findings of expansionary and heterogeneous response of incumbent firms to the reform. We show that a model with heterogeneous firms and variable markups accounts for our evidence. In this framework, the most productive firms face a lower demand elasticity and increase their employment in response to the entry of new firms.

Other Research Papers & Work in Progress

“The Rise in Corporate Savings and Cash Holdings in Advanced Economies: Aggregate and Firm-Level Trends”, with Chi Mai Dao (International Monetary Fund), IMF Working Paper 18/262

Brief abstract: We document a rise in gross savings and net lending of non-financial corporates across major industrialized countries over the last two decades. Using cross-country and firm-level data, we show that it is mostly driven by rising profitability and falling financing costs. On the other hand, higher corporate savings have not supported a commensurate increase in fixed capital investment. Instead, they led to a build-up of liquid financial assets (cash) on corporate balance sheets.

“The Employment Channel of Monetary Policy in the Era of Big Firms”, with Bence Bard√≤czy (Northwestern University) and Gideon Bornstein (Princeton University and Wharton Business School)

Teaching

Download Teaching Evaluations (PDF)

Advanced Workshop for Central Bankers, Summer 2017
Advanced Macroeconomics (Undergraduate), Fall 2015 to 2017
Intermediate Macroeconomics (Undergraduate), Spring 2016
Introductory Macroeconomics (Undergraduate), Winter 2015
Intermediate Microeconomics (Undergraduate), Spring 2016
Money and Banking (Undergraduate), Fall 2014 and Winter 2016-2017

References

Prof. Martin Eichenbaum (Committee Chair)
Prof. David Berger
Prof. Guido Lorenzoni
Prof. Giorgio Primiceri