Ariell Reshef


Department of Economics
University of Virginia
P.O. Box 400182
Charlottesville, VA 22904-4182


(For packages shipped via FedEx, UPS, etc: click here)


Office: Monroe Hall, Room 255

Tel: 434-243-4977

Fax: 434-924-7659

Email: ariellr_at_virginia_dot_edu

Office hours: Tuesday & Thursday, 13:00-14:30

- CV


- Google scholar page | SSRN page | Ideas page


- Teaching


- Favorite Quotes


- 2013 AEA (San Diego) session on Trade and Skills
  Co-organized with Nico Voigtlander.


- Second NYU Alumni conference (I co-organized): May 31–June 1 2013. Call for papers
  (Inaugural NYU Alumni conference June 2–4 2011: Photos)


Skill Biased Heterogeneous Firms, Trade Liberalization and the Skill Premium
With James Harrigan.
- Canadian Journal of Economics, forthcoming.
NBER WP 17604.

An International Look at the Growth of Modern Finance
With Thomas Philippon.
Journal of Economic Perspectives, 27(2), Spring 2013, pp. 73–96. Symposia: The Growth of the Financial Sector.

    Online appendix.

    - In the media: New York Times

Is Technological Change Biased Towards the Unskilled in Services? An Empirical Investigation
Review of Economic Dynamics, 16 (2013) pp. 312–331.
Online appendix.
Programs and data (zip).
(A previous version of this paper circulated under the title “Skill Biased Technological Change in Services”)

Wages and Human Capital in the U.S. Financial Industry: 1909–2006
With Thomas Philippon.
Online appendix. Data.
The Quarterly Journal of Economics, 127(4), November 2012, pp. 1551–1609. Lead article.
Previous NBER WP 14644 version (also CPER discussion paper 7282).
In the media:
- New York Times: Paul Krugman and
Floyd Norris op-eds, Andrew Ross Sorkin on April 4, 2012, February 4, 2009, February 5, 2009, August 14, 2009

     - The Economist: February 25, 2009, May 28, 2009, January 20, 2011, March 14, 2012special report on October 13, 2012.
- Financial Times: Martin Wolf on April 14, 2009, Gillian Tett on April 6, 2009 and January 30, 2012, Daniel Schäfer on May 27 and June 13, 2013
- Wall Street Journal, and on May 14, 2009 (see related figure) September 10, 2009

- Featured in 13 Bankers, by James Kwak and Simon Johnson.
Paper of the Year by The Baseline Scenario.
- Winner-take-all Politics, by Jacob Hacker & Paul Pierson.
- Written Testimony for the House Oversight Committee Hearing on Hedge Funds, Andrew Lo, November 13, 2008.

- Other newspapers: Time, Le Monde, Les Echos (also on May 19, 2009), Handelsblatt, Haaretz
- NPR interview on Planet Money and related article.

- BBC interview with Gillian Tett and related article.


African Export Successes: Surprises, Stylized Facts and Explanations
With William Easterly.
Interviews appendix.
Forthcoming: NBER/University of Chicago volume, Africa Successes

NBER WP 16597. Read the NBER digest.
- In the media: New York Times Magazine


Why Does Capital Flow to Rich States?
With Sebnem Kalemli-Ozcan, Bent Sorensen and Oved Yosha.
Review of Economics and Statistics, November 2010, 92(4), pp. 769–783
Programs and data.
Previous NBER WP 11301 version.



Working papers


Technological change and labor economics:


Wages and Human Capital in Finance: International Evidence, 1970–2007 --- working paper coming soon.

    With Hamid Boustanifar and Everett Grant.

Abstract: We study the allocation and compensation of human capital in the finance industry in a set of developed economies in 1970--2005. Skill intensity and wages generally increase in finance relative to the rest of the economy---but not in all countries and to varying degrees. Financial deregulation and financial globalization, both statutory and de facto, are the most important factors raising relative wages and skill intensity in finance. Investment in information and communication technology in finance is optimal only in a deregulated environment, and does not have independent explanatory power. High wages attract skilled workers to finance from abroad (skilled immigration), raising concerns for "brain drain".

Skill Biased Financial Development: Education, Wages and Occupations in the U.S. Financial Sector
With Thomas Philippon.
NBER WP 13437.



International trade and development:

Capital Imports Composition, Complementarities, and the Skill Premium in Developing Countries

    With Ohad Raveh.

Big Hits in Manufacturing Exports and Development
With William Easterly.

Trade and Harmonization: If Your Institutions Are Good, Does It Matter If They Are Different?
With Roumeen Islam.
Previous World Bank Policy Research WP 3907.



Work in progress


Do Central Bank Governors Matter? Macroeconomic Policy, Regulation and the Financial Sector
With Prachi Mishra.

Old papers


Heckscher-Ohlin and the Global Increase of Skill Premia: Factor Intensity Reversals to the Rescue
Mimeo, NYU.


The Power of Exports
With William Easterly and Julia Schwenkenberg.
World Bank Policy Research WP 5081.




University of Virginia       Department of Economics