Social distancing laws cause only small losses of economic activity during the COVID-19 pandemic in Scandinavia, Proceedings of the National Academy of Sciences, 2020Coauthors: Asger Lau Andersen, Emil Toft Hansen and Niels Johannesen
The Distortive Effect of Too-Big-To-Fail: Evidence from the Danish Market for Retail Deposits, The Review of Financial Studies, 2019Coauthors: Rajkamal Iyer, Thais Lærkholm Jensen and Niels Johannesen
Bailing out the Kids: New Evidence on Informal Insurance from One Billion Bank Transfers, CEPR Working Paper SeriesCoauthors: Asger Lau Andersen and Niels Johannesen
Coverage: The Economist, The Guardian
Presentations: NBER Summer Institute on Public Economics, 2020; CEPR Household Finance Conference Rhodes 2019
Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data, CEPR Covid Economics Working Papers, Issue 7Coauthors: Asger Lau Andersen, Emil Toft Hansen and Niels Johannesen
Learning About Social Networks from Mobile Money TransfersAbstract: The increasing popularity of mobile money transfer apps is generating population-scale data on real-world social ties through the social exchange of money. I show how data from these apps provides researchers with an opportunity to better comprehend social networks and their role in social and economic behavior. I construct a social network from the near universe of person-to-person mobile money transfers in Denmark, based on records from a dominant app used by 80% of the population. Exploiting complete data on socio-economic indicators, family structure and institutional attachments from government registers, I detail the network’s structural properties and their striking accordance with those of other large-scale social networks, like Facebook. I also provide novel insights on the extent of segregation and integration in social networks according to economic status and country-of-origin. To show how these data can be used to understand causal social influences on behaviours, I link the network to income, balance sheet and bank account transaction data and explore the effects of income shocks to friends on individuals' spending decisions. Individuals exposed to a friend losing their job cut back their expenditure in the same month as their displaced friend and their spending remains depressed over the estimation window. The reduction in spending includes social expenditures, such as food away from home and travel, and personal durable expenditures, including home improvements, home furnishings and purchases at department stores. The timing and composition of spending reductions suggest that friends’ adverse experiences may affect individuals’ perceptions of their own economic security.
How do Households Respond to Job Loss? Lessons from Multiple High-Frequency Data SetsCoauthors: Asger Lau Andersen, Amalie Sofie Jensen, Niels Johannesen, Claus Thustrup Kreiner and Søren Leth-Petersen
Peer Effects in Stock Market InvestingCoauthors: Theresa Kuchler and Johannes Stroebel
Consumption Responses to Stock Market Wealth ShocksCoauthors: Asger Lau Andersen and Niels Johannesen
Tackling Financial Problems Can Require Non-Financial Solutions
MIT Golub Center for Finance and Policy Policy Brief, May 2017
Too-Big vs. Too-Frail?
MIT Golub Center for Finance and Policy Policy Brief, March 2017
Reforms in Higher Education = Higher Quality Provision and Better Informed Choice?
Coauthor: Helen Simpson, Centre for Market and Public Organisation, Research in Public Policy, September 2013