Research

I study the effect of the remote work shock on the spatial distribution of U.S. residential and commercial real estate prices. To do so, I develop a dynamic quantitative spatial model featuring forward-looking migration and work-mode decisions, as well as investment in office capital. I analytically characterize residential real estate demand in terms of both current economic conditions and dynamic considerations, and show that the effect of increased remote work on commercial demand consists of two competing forces, yielding an overall ambiguous effect. I then quantify the impact of the remote shock and find heterogeneous effects on residential prices, with gains in some regions and losses in others, but widespread declines in commercial office values. Finally, I evaluate place-based policies targeting the drivers of these price shifts and show that welfare effects vary across locations and between the owners of residential and commercial real estate.

We develop a quantitative theory to study disease dynamics and the welfare consequences of endogenous travel choices. Travel responds to and influences disease dynamics, serving as an infection avoidance strategy and a vector for pandemic transmission. We integrate a metapopulation SIRD epidemiological framework with an economic model to recover consistent travel choices. We analytically characterize the role of travel as an infection avoidance mechanism, distinct from and in addition to home isolation. We then quantify its relative importance during a pandemic. We show local pandemic policies lead to suboptimal Nash equilibrium outcomes and train surrogate models to assess parameter impacts.