Jiayi Wen

Contact Information:

Casado del Alisal 5,
Madrid 28014, Spain

(+34) 672193260


Pedro Mira


Manuel Arellano

                           Josep Pijoan-Mas



Jiayi Wen                                                      CEMFI
          Welcome to my personal website. I am a PhD candidate in Economics at CEMFI.  My primary research interests are Applied Microeconometrics and Labor Economics. I will be available for interviews at the 2018 AEA Annual Meeting in Philadelphia.

My CV is available here.

Research Papers

Occupational Retirement and Social Security Reform: the Roles of Physical and Cognitive Health (Job Market Paper) PDF

Under skill-biased technical change, jobs are becoming less physically demanding whereas they require increasing cognitive abilities. However, existing studies on retirement do not distinguish the different roles of physical and cognitive health. This paper proposes and estimates a dynamic structural model of retirement and savings, allowing the retirement effects of physical and cognitive health to be occupation-dependent. The model is estimated by Indirect Inference on the US Health and Retirement Study data. The counterfactual experiments suggest ignoring the cognitive dimension would underestimate the effect of health on retirement by 50% for clerical workers. Out of the four underlying channels:  disutility of working, wages, medical expenditure, and mortality, disutility of working is the main one through which physical and cognitive health affect retirement. Finally, if the full retirement age were to increase to 70, we would find a larger response in delaying retirement and a larger welfare loss in manual and clerical occupations.

A Search of Reference-dependent Preferences from Indian Boat Owners' Dynamic Labor Supply  (with Xavier Gine, Monica Martinez-Bravo and Pedro Mira)

Recently, researchers have extended the focus from the traditional inter-temporal labor supply to the labor supply under reference-dependent preference. However, existing empirical works are all based on a static framework. With the data of South Indian boat owners' daily labor participation and daily values of catches, this paper proposes and estimates a dynamic structural model to characterize boat owners' daily labor supply decisions within a week. By the identification of specific structural parameters, the existence of reference-dependent preference can be tested. Our primary results suggest controlling for the heterogeneity in the disutility of working and the value of catches is crucial for obtaining unbiased estimates. Based on a more homogeneous subsample from 2006 to 2007, our results suggest the reference-dependent preference exists for these boat owners.

Cognitive Health and Labor Supply at Older Ages

This paper provides reduced form evidence about the effect of cognitive health on labor supply at older ages. It also explores the heterogeneous effects by occupations. It provides robust results by genders, by different occupation definitions, by allowing occupation changes, with subjective and objective measures of physical health, with different measures of labor supply, as well as under different econometric models. To address the concern that health is endogenous to labor supply, this paper also provides supplementary evidence by restricting the sample to individuals who are working and asking for the effects of health on subjective probability of working in the future. The main conclusions are robust across specifications.

Working in Progress

The Role of Family Transfer in Chinese Older People's Labor Supply and Savings


The Impact of Wage Gaps across Firms on Regional Income Distribution in China: An Analysis based on Firm Heterogeneity

with Lichao Wu, Economic Science, vol 1, 2013, 74-87 (in Chinese)