Anastasia is an Applied Economist whose main research interest is Household Finance.
Before joining Swedish House of Finance as a Postdoctoral Fellow, she has served as an Economist at the Financial Stability Department of the Luxembourg Central Bank.
Anastasia is on the job market in 2019-2020 and will be available for interviews during SNS Job Market in Stockholm, EEA meetings in Rotterdam, and ASSA meetings in San Diego.
Abstract: This paper studies the effect of education on wealth and wealth accumulation over the life cycle. The analysis relies on an administrative panel that reports educational attainment and detailed information on assets and liabilities of Swedish residents. To identify the causal effect of education, I employ three alternative identification strategies which rely on controlling for predetermined family background and ability, within-siblings variation in educational attainment, and a compulsory schooling reform. I find that education has positive, large, and long-lasting effect on net worth. I further show that it affects all balance sheet components and that these effects vary over the life cycle. Finally, I document that the differences in wealth are driven by both higher savings and higher returns among the more educated, although their relative importance vary over time. The results of this study have implications for theoretical work on optimal consumption-saving behavior and portfolio choice, as well as for fiscal and social security policy. Overall, my findings suggest that considering only wage returns to education greatly understates its economic implications.
Peer effects in stock market participation: Evidence from immigration (with Thomas Y. Mathä and Michael Ziegelmeyer)
Research in progress:
Intermediation in Household Finance: Competition and Welfare (with Paolo Sodini and Jan Starmans)
Herding in Financial Markets (with Alexander Ljungqvist and Paolo Sodini)