Mohit Karnani

Postdoctoral Researcher, Harvard University
PhD in Economics and Statistics, MIT

On the 2026–27 academic job market

I am a Postdoctoral Researcher at Harvard University, where I am a Taubman Fellow at HKS and FAS. I completed my PhD in Economics and Statistics at MIT, advised by Esther Duflo and Parag Pathak. Before that, I studied at the University of Chile, where I was an Instructor, and worked at the National Bureau of Economic Research (NBER) and Microsoft Research as a Predoctoral Fellow.

Fields: development economics, empirical market design, economics of education.

Job Market Paper

Market Power and the Supply-Side of Cash Transfers: Experimental Evidence from Chile

with Claudia Martínez A. and José Tessada

Latest draft of the job market paper (PDF)

Abstract

This paper studies the impacts of a cash transfer program on local businesses. We conducted a two-stage RCT in a Chilean municipality, transferring funds to the poorest 1/3 of households. We transferred these funds through a novel digital wallet with restricted redemption, so that households could use the proceeds only at participating local retailers. We randomly encouraged local businesses to join the digital wallet platform, so they could sell to households using this new payment method. We also randomized the fraction of firms treated at the local-market level to measure the supply-side responses to these cash transfers under different levels of market saturation. Firms respond to local cash transfers, increasing prices by about 9% and reducing competitive monitoring. However, retailers facing more competitive markets attenuated their price increases: a 10pp increase in the fraction of substitute retailers reduces prices by 3.4%. These results suggest that limiting local market power may avoid unintended price effects in the context of cash transfer programs. Finally, we estimate a structural model describing the use of and competition for cash transfers, identified using the experimental variation and transaction-level microdata. We use these estimates to run counterfactual exercises that evaluate the impact of different program designs on prices and welfare. Our estimates suggest markups average about 13% and most of the benefits of competition are achieved with a 60% participation rate within the wallet ecosystem.

Publications

Aftermarket Frictions and the Cost of Off-Platform Options in Centralized Assignment Mechanisms

with Adam Kapor and Christopher Neilson

Journal of Political Economy, 2024, 132(7): 2346–2395 · NBER Working Paper 30257

Abstract

We study the welfare and human capital impacts of colleges’ (non)participation in Chile’s centralized higher-education platform, leveraging administrative data and two policy changes: the introduction of a large scholarship program and the inclusion of additional institutions, which raised the number of on-platform slots by approximately 40%. We first show that the expansion of the platform raised on-time graduation rates. We then develop and estimate a model of college applications, offers, wait lists, matriculation, and graduation. When the platform expands, welfare increases, and welfare, enrollment, and graduation rates are less sensitive to off-platform frictions. Gains are larger for students from lower-socioeconomic-status backgrounds.

Effects of a Large-Scale Social Media Advertising Campaign on Holiday Travel and COVID-19 Infections: A Cluster Randomized Controlled Trial

with Emily Breza, Fatima Cody Stanford, Marcella Alsan, Burak Alsan, Abhijit Banerjee, Arun G. Chandrasekhar, Sarah Eichmeyer, Traci Glushko, Paul Goldsmith-Pinkham, Kelly Holland, Emily Hoppe, Sarah Liegl, Tristan Loisel, Lucy Ogbu-Nwobodo, Benjamin A. Olken, Carlos Torres, Pierre-Luc Vautrey, Erica T. Warner, Susan Wootton and Esther Duflo

Nature Medicine, 2021, 27(9): 1622–1628 · NBER Working Paper 29021

Abstract

During the Coronavirus Disease 2019 (COVID-19) epidemic, many health professionals used social media to promote preventative health behaviors. We conducted a randomized controlled trial of the effect of a Facebook advertising campaign consisting of short videos recorded by doctors and nurses to encourage users to stay at home for the Thanksgiving and Christmas holidays. We randomly assigned counties to high intensity or low intensity. The intervention was delivered to a large fraction of Facebook subscribers in 75% and 25% of randomly assigned zip codes in high- and low-intensity counties, respectively. In total, 6,998 (6,716) zip codes were included, and 11,954,109 (23,302,290) users were reached at Thanksgiving (Christmas). The first two primary outcomes were holiday travel and fraction leaving home, both measured using mobile phone location data of Facebook users. Average distance traveled in high-intensity counties decreased by −0.993 percentage points for the 3 days before each holiday compared to low-intensity counties. The fraction of people who left home on the holiday was not significantly affected. The third primary outcome was COVID-19 infections recorded at the zip code level in the 2-week period starting 5 days after the holiday. Infections declined by 3.5% in intervention compared to control zip codes. Social media messages recorded by health professionals before the winter holidays in the United States led to a significant reduction in holiday travel and subsequent COVID-19 infections.

Effect of Physician-Delivered COVID-19 Public Health Messages and Messages Acknowledging Racial Inequity on Black and White Adults’ Knowledge, Beliefs, and Practices Related to COVID-19: A Randomized Clinical Trial

with Carlos Torres, Lucy Ogbu-Nwobodo, Marcella Alsan, Fatima Cody Stanford, Abhijit Banerjee, Emily Breza, Arun G. Chandrasekhar, Sarah Eichmeyer, Tristan Loisel, Paul Goldsmith-Pinkham, Benjamin A. Olken, Pierre-Luc Vautrey, Erica Warner and Esther Duflo

JAMA Network Open, 2021, 4(7): e2117115

Abstract

Do messages delivered by physicians increase COVID-19 knowledge and improve preventive behaviors among White and Black individuals? In this randomized clinical trial of 18,223 White and Black adults, a message delivered by a physician increased COVID-19 knowledge and shifted information-seeking and self-protective behaviors. Effects did not differ by race, and tailoring messages to specific communities did not exhibit a differential effect on knowledge or individual behavior. These findings suggest that physician messaging campaigns may be effective in persuading members of society from a broad range of backgrounds to seek information and adopt preventive behaviors to combat COVID-19.

Sudden Stops of Capital Flows: Do Foreign Assets Behave Differently from Foreign Liabilities?

with Manuel R. Agosin and Juan D. Díaz

Journal of International Money and Finance, 2019, 96: 28–36

Abstract

We study the determinants of sudden stops in capital flows to emerging markets. Using gross international asset and liability flows (from the point of view of domestic residents), we identify three types of situations: countries that do not experience any type of sudden stops; those who experience a sudden stop in inflows (liabilities), but no sudden stop in their net financial account of the balance of payments; and countries who suffer a sudden stop in inflows and in their net financial account. Based on these three events, we estimate a multinomial logit model and obtain two important results. We find that developed countries have about the same probability of experiencing sudden stops in gross capital inflows as emerging economies. Moreover, the probability of experiencing a sudden stop in gross inflows that winds up becoming a sudden stop in the financial account is affected by the behavior of a country’s international assets: countries whose agents possess assets abroad tend to repatriate them during periods of sudden stops in inflows, while the economies of countries whose agents do not possess foreign assets are much more sensitive to the behavior of foreign investors: a sudden stop in inflows can have very adverse effects on output and employment.

Working Papers

Peer Effects in Matching Systems and the Effects of Immigrant Classmates on Native Students

Draft coming soon of Peer Effects in Matching Systems (PDF)

Abstract

This paper studies the estimation of peer effects in centralized school choice systems. These centralized assignment mechanisms often ration seats by lottery, and thus classroom composition and the presence of certain types of peers in a cohort can be the result of a random assignment process. We show how this random variation can be exploited to identify peer effects. The estimator relies on two different propensity scores that can be extracted from a general class of centralized matching mechanisms, and it emulates the setting of a stratified clustered randomized experiment. We use this approach to study the impact of immigrant classmates on native children in Chile’s public school system. Our findings suggest that the presence of immigrant classmates has no significant impact on native children’s academic achievement, but it does reduce reported victimization by classmates and boosts reports of other prosocial attitudes. Additionally, we find that students already enrolled in a school whose grade receives a migrant entrant are more likely to remain enrolled in that school. These results provide insights into the dynamics of peer effects in educational settings and have implications for policy design in school assignment systems.

RCTs with Interference in Matching Systems

Draft of RCTs with Interference in Matching Systems (PDF)

Abstract

This paper studies the estimation of treatment effects using data from randomized controlled trials (RCTs) in the context of matching systems, such as centralized school choice systems. If treated units change their inputs (e.g. reported preferences), they can affect the allocation outcomes determined by the matching system in equilibrium. When the outcome of interest is determined in equilibrium (e.g. being matched to a target school), conventional estimators that compare a treatment group against a control group fail to account for violations of the stable unit treatment value assumption (SUTVA) induced by the matching system. Therefore, they yield biased and inconsistent estimates of the average treatment effect on the treated (ATT), even under perfect randomization designs. I propose an estimator that decomposes the observed average difference between the outcomes of the treatment and control units, and consistently estimates the ATT, along with the residual spillover effect. This nonparametric estimator relies on the matching mechanism satisfying a version of the equal treatment of equals (ETE) property. Moreover, the ATT is identified for any counterfactual fraction of treated units, which allows for the estimation of treatment effects under scaled interventions. I illustrate the applicability of this estimator using data on the Chilean centralized school choice system and the Ecuadorian teacher labor market.

Charter School Expansion and Achievement: Evidence from Harlem, 1999-2025

with Paul E. Peterson

PEPG Working Paper 26-07

Abstract

We estimate community-wide effects on student achievement, as measured by performance on New York State proficiency tests, of charter school expansions in Harlem. Synthetic difference-in-differences (SDID) models estimate trends before and after enactment of the 2007 New York Charter Schools Act amendment, an exogenous supply shock that doubled the limit on the number of charter schools throughout the state, including an additional 50 in New York City. Approximately 400 weighted control schools with near identical pre-treatment trends in test scores are selected from 50 large urban districts in the state. Harlem’s charter enrollment share increased from 11% in 2007 to 47% in 2019, as compared to minimal change in the comparison districts. Post-enactment, Harlem’s ELA and Math proficiency rates, relative to those at the synthetic counterfactual, each rose by 13.8 percentage points. Both charter and district sectors contributed to these gains, though the largest gains came from the charter sector.

Screening and Recruiting Talent at Teacher Colleges Using Pre-College Academic Achievement

with Franco Calle, Sebastián Gallegos and Christopher Neilson

HCEO Working Paper 2022-004

Abstract

This paper studies screening and recruiting policies that restrict or incentivize entry to teacher-colleges. Using historical records of college entrance exam scores since 1967 and linking them to administrative data on the population of teachers in Chile, we first document a robust positive and concave relationship between precollege academic achievement and several short and long run measures of teacher productivity. We use an RD design to evaluate two recent policies that increased the share of high-scoring students studying to become teachers. We then show how data-driven algorithms and administrative data can enhance similar teacher screening and recruiting policies.

In Progress

Long-Run Effects of Housing Improvements on Labor, Education and Health Outcomes of Families: Evidence from a Nationwide Field Experiment in Chile

with Dante Contreras, Ryan Cooper and Natalia Valdés

Teaching

  • 2026The Political Economy of the School, Harvard Kennedy School Teaching fellow for Paul E. Peterson
  • 2024The Politics of American Education, Harvard College Teaching fellow for Paul E. Peterson
  • 2021–22Principles of Microeconomics, MIT Head teaching assistant for Sara Fisher Ellison, two semesters
  • 2021Market Design, MIT Teaching assistant for Parag Pathak
  • 2016–18Instructor, Department of Economics, University of Chile Sole lecturer for ten undergraduate courses in introductory economics, macroeconomics and mathematics, and co-lecturer for two graduate courses in economic development. Best instructor award on both years.
  • 2013–17Teaching assistant for 26 courses, University of Chile Mathematics, statistics, econometrics, microeconomics, labor economics and public-private partnerships, at the undergraduate and graduate level

Fellowships, Grants and Awards

  • 2026Full Research Grant, Bloomberg Center for Cities, Harvard University
  • 2026AI Experimentation Grant, Cosmos Institute
  • 2025–27RIS Data Grant, Ministry of Social Development and Family, Government of Chile
  • 2022–25IHS Fund for Scholars and Junior Fellowship, Institute for Humane Studies
  • 2023MIT-Pillar AI Collective grant, MIT School of Engineering
  • 2022–23Jerry A. Hausman Dissertation Fellowship, MIT Economics
  • 2022–23Global Priorities Fellowship, University of Oxford
  • 2019–23George and Obie Shultz Fund, MIT Economics
  • 2018–20Castle Krob International Fellowship, MIT Economics
  • 2017Winner, Open Data Challenge, International Initiative for Impact Evaluation (3ie)
  • 2017Best Graduated Engineer, Chilean Engineers Association
  • 2016National Master’s Scholarship, CONICYT, Government of Chile
  • 2016Best Poster Award, Chilean Economics Society (SECHI); highest GPA of the cohort, Economics, University of Chile
  • 2011National Champion, National Mathematics Championship (Chile)

Service

Referee for Econometrica, American Economic Review, American Economic Journal: Economic Policy, Review of Economics and Statistics, Journal of Labor Economics, Journal of Applied Econometrics, Journal of International Money and Finance, Journal of Econometric Methods, Journal of Behavioral and Experimental Finance.

At Harvard I serve on the Postdoctoral Association Events Committee and am the founding organizer of the Empirical Methods in Education Reading Group (both since 2024). At MIT I was treasurer of the Institute for Data, Systems and Society, the Graduate Economics Association, the LatinX Graduate Students Association and Ashdown House, co-organized the Development Lunch, and served as a Graduate Resident Advisor and on the Beyond MIT presidential task force.

References