Publications
The Effects of Medicaid Expansion on the Racial/Ethnic Composition within Nursing Home Residents
Background: The Affordable Care Act (ACA), enacted in 2010, aimed to improve healthcare coverage for American citizens. This study investigates the impact of Medicaid expansion (ME) under the ACA on the racial and ethnic composition of nursing home admissions in the U.S., focusing on whether ME has led to increased representation of racial/ethnic minorities in nursing homes.
Methods: A difference-in-differences estimation methodology was employed, using U.S. county-level aggregate data from 2000 to 2019. This approach accounted for multiple time periods and variations in treatment timing to analyze changes in the racial and ethnic composition of nursing home admissions post-ME. Additionally, two-way fixed effects (TWFE) regression was utilized to enhance robustness and validate the findings.
Results: The analysis revealed that the racial and ethnic composition of nursing home admissions has become more homogeneous following Medicaid expansion. Specifically, there was a decline in Black residents and an increase in White residents in nursing homes. Additionally, significant differences were found when categorizing states by income inequality, and poverty rate levels. These findings remain statistically significant even after controlling for additional variables, indicating that ME influences the racial makeup of nursing home admissions.
Conclusions: Medicaid expansion has not diversified nursing home demographics as hypothesized; instead, it has led to a more uniform racial composition, favoring White residents. This trend may be driven by nursing home preferences and financial incentives, which could favor residents with private insurance or higher personal funds. Mechanisms such as payment preferences and local cost variations likely contribute to these shifts, potentially disadvantaging Medicaid-reliant minority residents. These findings highlight the complex interplay between healthcare policy implementation and racial disparities in access to long-term care, suggesting a need for further research on the underlying mechanisms and implications for policy refinement.
Working Papers
Can Educational Policies Reduce Wealth Inequality?
This study investigates the causal relationship between education and wealth accumulation. Utilizing three distinct identification strategies, the research analyzes a panel dataset from the United States, encompassing two generations, to explore the dynamics of this relationship. The empirical findings indicate that higher educational attainment, particularly at the college and postgraduate levels, leads to a significant increase in lifetime wealth. This effect varies based on an individual's life stage, their position within the wealth distribution, and the level of education attained. Subsequently, the paper develops a life-cycle heterogeneous agents model to assess the impact of educational policies on wealth accumulation. Calibrated using U.S. data, this model focuses on policies aimed at enhancing the quality and quantity of higher education. The analysis reveals that increasing the proportion of college-educated individuals could potentially reduce wealth inequality. This study contributes to the understanding of education as a relevant factor in wealth generation and distribution.
Interplay of Public and Private Educational Spending: Macroeconomic Implications
This study investigates the causal relationship between education and wealth accumulation. Utilizing three distinct identification strategies, the research analyzes a panel dataset from the United States, encompassing two generations, to explore the dynamics of this relationship. The empirical findings indicate that higher educational attainment, particularly at the college and postgraduate levels, leads to a significant increase in lifetime wealth. This effect varies based on an individual's life stage, their position within the wealth distribution, and the level of education attained. Subsequently, the paper develops a life-cycle heterogeneous agents model to assess the impact of educational policies on wealth accumulation. Calibrated using U.S. data, this model focuses on policies aimed at enhancing the quality and quantity of higher education. The analysis reveals that increasing the proportion of college-educated individuals could potentially reduce wealth inequality. This study contributes to the understanding of education as a relevant factor in wealth generation and distribution.
Life Cycle Implications of Schooling on Financial Assets
This research explores the impact of education on individuals’ involvement with financial assets such as savings, annuities/IRAs, and stocks in the United States throughout their lifetimes. Utilizing panel data and various identification strategies, the findings indicate that education leads to greater investment in these assets, although the extent varies depending on the individual’s life stage and level of education. The paper examines how higher incomes resulting from better education, improved financial behaviors, and an increased willingness to take risks due to educational attainment contribute to these outcomes. While all three factors are influential, the impact of education is moderated by variables such as parental wealth and inheritance. This research suggests that increasing education could help more people invest wisely and increase their financial stability. It provides insights into the relationship between education and financial management, highlighting potential avenues for enabling more individuals to benefit from financial assets.
The Silent Divides in Education’s Promise: Uneven Wealth Gains from College
This study examines the impact of tertiary education on wealth in the U.S. by gender, race, and generation, using multiple identification strategies. The findings reveal that males and White individuals gain more wealth from higher education, while females and Non-White groups see less benefit or even negative impacts. Generational analysis shows diminishing returns for younger cohorts, with those born after 1970 facing the least benefit. The effects are mediated by labor income and student loan burdens, highlighting the need to understand how these factors influence educational and wealth disparities across different demographics and generations.
The Right of Self-Defense: Who is a Threat?with Alessio Muscarnera
This paper investigates the impact of Stand Your Ground laws, which extend self-defense rights beyond private property, on various crime-related outcomes. Initiated by Florida in 2005, these laws now exist in twenty-five U.S. states, allowing individuals to use reasonable force, including deadly force, in self-defense in any location legally occupied. Our analysis uncovers significant consequences by utilizing a generalized difference-in-differences methodology to assess the staggered enactment of SYG laws across counties. We find that the adoption of SYG laws increases racial and justifiable homicide rates, as well as hate crime incidents. These results challenge the idea that broadening the scope of self-defense laws will increase public safety by deterring crime. Instead, it might increase discriminatory violence and societal divisions.
The Care Wave: Macroeconomic Impact of Prevention and Provision
This paper develops an overlapping generations (OLG) model to assess the macroeconomic and social impacts of Europe’s demographic transition, focusing on the retirement of the baby boomer generation and the rising demand for long-term care (LTC). As aging accelerates, two policy approaches are evaluated: preventive health measures aimed at reducing future LTC needs and expanding LTC insurance coverage to meet the immediate care demands. The model, calibrated to EU5 countries, explores the effects of these strategies on economic growth, inequality, and fiscal sustainability. The findings highlight the trade-offs between healthier aging, increased public spending, and the burden on younger generations, providing insights into balancing economic growth and equity as Europe faces the challenges of an aging population.
The Complementary Role of Human Capital in Innovation-Driven Decarbonization
Achieving net-zero emissions requires a strategic alignment of human capital development and technological innovation. This study examines how education enhances the impact of R&D in reducing carbon emissions, using fixed effects and Difference-in-Differences methods. The findings confirm that while education and R&D independently influence emissions, their interaction significantly accelerates decarbonization, with evidence showing that countries with higher education and R\&D achieve a 7% emissions reduction. Mechanism analysis reveals that this interaction strengthens environmental policy enforcement, fosters the diffusion of green technologies, and improves energy efficiency. These results highlight the need for policies that integrate education and innovation to maximize environmental benefits, accelerate the transition to net zero, and support long-term carbon reduction.
