Carla Moreno

Ph.D. Candidate

Emory University

About me

Economics Ph.D. candidate at Emory University and research assistant in the Americas Center at the Federal Reserve Bank of Atlanta. My research agenda covers savings, social security systems and labor markets. My current work is on Latin American economies.


  • Quantitative Macroeconomics
  • Heterogenous-agent models
  • Labor Macroeconomics
  • Social Security
  • Savings


  • PhD in Economics, 2022 (expected)

    Emory University

  • MsC in Economics, 2020

    Emory University

  • BSc in Economics, 2013

    Universidad del Pacifico







Job Market Paper

The Impact of Pension Systems in Labor Markets with Informality

I examine the impact of pension systems in economies with large informal labor markets using Peru as a case study. In these economies, mandatory participation in contributory pension systems can only be enforced on formal-sector workers. As a result, the design of the pension system can have an important impact on workers’ decisions to work in the formal sector. To understand the effects of the pension system design on workers's decisions, I develop a heterogeneous agent life-cycle, overlapping generations (OLG) model where informality arises endogenously as workers choose their optimal working sector each period.

Contacts for references

Recent Publications

(Forthcoming) Financial Sustainability of Public Pensions in Cuba: The Impact of Aging, Structural Reforms, and the Economic Crisis

This article analyzes Cuba’s pension system from 2006-2021 with respect to its financial and actuarial sustainability and impact on the …

Mandatory savings, informality and liquidity constraints

Using a national representative survey of households from Peru, this paper characterizes workers’ decisions to participate in a …


  • carla.moreno@emory.edu
  • Emory University. 1602 Fishburne Dr., Atlanta, GA 30322
  • Rich Memorial Building. Third Floor