Andrew Wu

PhD Candidate in Economics

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About Me

I am a second-year PhD Candidate in Economics at the University of California San Diego. I grew up in Chile, studied Economics and Statistics at The University of Chicago, and worked as a research associate at Harvard Business School with Professors Marco Di Maggio and Shai Bernstein prior to starting my PhD.

I am interested in the way new financial technologies and emerging market phenomena shape household behavior, financial decision-making, and broader economic dynamics. My research explores how markets, institutions, and individuals adapt to these changes, with a focus on financial access, labor and financial markets. Currently, I study how innovations in digital payments, equity-based compensation, and AI-driven decision-making influence the allocation of resources and reshape economic opportunities.

Research

Working Papers

Di Maggio, Marco, Pulak Ghosh, Soumya Kanti Ghosh, Nishant Vats, and Andrew Wu (2024). "Central Bank Digital Currency (CBDC), Bank Deposits, and Digital Payments: First Evidence from a Live Retail CBDC."
Abstract: We provide the first evidence on how a live retail CBDC affects bank funding, lending, and payments, using India's digital rupee rollout. The RBI's staggered bank authorization and coordinated marketing campaigns show that CBDC eligibility lowers retail deposits by 2.7%, driven by liquid savings accounts; term deposits are unaffected. Credit declines briefly before recovering. CBDC use displaces deposit-backed digital payments, not cash, and adoption is concentrated among wealthier, uninsured, and more educated depositors. A sufficient-statistics framework implies short-run welfare losses but long-run gains, as household convenience and safety benefits outweigh lost deposit franchise value, temporary credit contraction, and higher funding costs.

Works in Progress

Aran, Yifat, Shai Bernstein, Emanuele Colonnelli, Ray Kluender, and Andrew Wu (2024). "Equity Compensation at High-Growth Companies."

Research Contributions

Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason D. Kotter (2026). "Who Invests in Crypto? Revealed Types and Economic Drivers of Retail Investment."
Abstract: Using transaction-level data from millions of U.S. households, we provide the first comprehensive characterization of retail cryptocurrency investment. Crypto investors are distinguished not by demographics but by a latent behavioral type revealed through consumption patterns—one that also predicts higher participation in traditional equity brokerages. The economic forces driving crypto investment, including income shocks, workplace peer effects, and inflation exposure, mirror those driving traditional investment. Crucially, households whose consumption matches the crypto-investor profile are more responsive to all these drivers across both asset classes, suggesting that investor type is a more relevant distinction than asset class.

Liao, Gordon, Marco Di Maggio, and Jacob M. M. Faber (2023). "Automated Market Makers."

Di Maggio, Marco. Blockchain, Crypto and DeFi: Bridging Finance and Technology. New Jersey: Wiley, 2024.

Di Maggio, Marco, and Mamdouh Medhat (2024). "Trusting Your Advisor: Evidence From a Global Investor Survey."

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