This is a webpage for the sharing of economic thought by a PhD candidate at USI. Here is my CV (2024-FEB)

Primary fields of interests

  • Risk and Uncertainty
  • Household Finance
  • Micro-Founded Macro Models
  • Behavioral Macroeconomics
  • Investment Management

News

  • Working on JMP

Video et Taceo

Me

Working Paper


Asymmetric Labor Income Uncertainty: Implications for Risk-Taking in Financial Markets [LINK]
[Slide] (available soon)
Abstract: This study investigates the asymmetric effects of labor income risk on asset allocation, contingent on the level of income growth skewness. Skewness acts as a reliable measure for assessing the performance of the labor market at a macro level. This is because negative macroeconomic (or industry-level) shocks, which are undiversifiable, result in a distribution of labor income changes that is skewed to the left, and the opposite occurs with positive shocks. Skewness of labor income growth is also important to understand the effect of income volatility -- the measure of background risk traditionally used in the literature -- on portfolio choice. Using microdata from the SIPP, I find that investors who experience high labor income volatility make different financial investment decisions depending on the skewness. I show that the observed positive correlation between labor income volatility and households' risky asset holdings, once linked to risk-tolerant individuals choosing high-risk jobs, is primarily influenced by the upper quantile of labor income distribution. This empirical finding aligns perfectly with theoretical expectations, and challenges the dominant empirical methods used to assess labor income risk. It suggests that the impact of labor income risk on asset allocation is not fully captured by considering only the second moment of labor income growth.
Presented at: USI IdEP Brown Bag (USI, 2023), 2nd Workshop on Applied Macroeconomics and Monetary Policy (University of St. Gallen, 2024)

Work in Progress


The Paradox of Expertise: Analyzing the Job Risk for High-Skilled Workers
Presented at: USI IdEP Brown Bag (USI, 2024)
Excess Saving, Financial Cycle, and the Rising Inequality
Presented at: USI IdEP Brown Bag (USI, 2022)
The Structure of Stock Market Gains: Investigating the Role of Volatility and Jumps

Quantifying Fear: The Economic Consequences of Risk Aversion in Equity Markets
with Rong Liu (TJU)

I will share some code here for solving HA models.

I will share some notes for CFA/FRM/PRM.

Essentials of Corporate Finance
Math review

JPN
Tokyo, 2017-JAN
CZE
Praha, 2022-DEC
CHE
Lugano, 2022-DEC
CHE
Zermatt, 2023-DEC