Geraud Desazars De Montgailhard
Field: Economics
Interests: Macroeconomics, Firm Dynamics, Industrial Organization
(Expected) Graduation: June 2026
References
- Basile Grassi (basile.grassi@unibocconi.it)
- Dmitriy Sergeyev (dmytro.sergeyev@unibocconi.it)
- Nicolas Crouzet (n-crouzet@kellogg.northwestern.edu)
- Yueran Ma (yueran.ma@chicagobooth.edu)
Contact
Bocconi University
Department of Economics, office 5.E2.04
Via G. Roentgen 1, 20136, Milan (Italy)
geraud.desazars@phd.unibocconi.it
I am a PhD candidate in Economics and Finance at Bocconi University working on topics in Macroeconomics, Firm Dynamics and Industrial Organization.
I visited the Kellogg School of Management at Northwestern University for the Fall 2023 and Winter 2024 quarters and the University of Chicago for the Winter 2025 quarter.
Prior to starting the PhD, I was an off-cycle intern in the Global Investment Research division at Goldman Sachs and a co-founder and CFO at Hop Delivery. I received my Masters and Bachelors in Financial Engineering from University Paris-Dauphine.
I am currently on the job market.
JOB MARKET PAPER
Capital Intensity and Firm Dynamics
Large firms exhibit systematically higher capital intensity relative to peers, a fact at odds with standard models where firms technological differences are factor-neutral. This paper develops a general equilibrium framework in which firms expand by adapting their technology in order to adopt capital goods when they become cheaper. Firms can pay a firm-specific switching cost to change their production technology for a more capital-intensive one. As the cost of capital falls due to capital-embodied technical change, the firms that face the smallest switching costs become relatively more capital intensive and gain a competitive edge. This allows them to build market shares and markups. Markups endogeneity generates strategic interactions which widens further the dispersion in capital intensity and market shares. The model provides a unified explanation for rising dispersion in markups, a falling aggregate labor share despite a rising median labor share, sluggish investment, and the divergence between sales and employment concentration.
WORKING PAPERS
- Capital Intensity and Firm Dynamics
- The Bulging Cost Channel and the Flattening Phillips Curve
- Markups vs. Machines
WORK IN PROGRESS
- The Demand and Supply Origins of Markups
- Innovation or Adoption ? An International Macro Perspective
- What Drives the Fall of the Relative Cost of Capital ?