Ewelina Zurowska

Ewelina Zurowska

Contact Information

  • office Address:

    2420B Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: Financial markets, Macro finance

Links: CV, Personal Website


I am a Ph.D. candidate in Finance at the Wharton School, University of Pennsylvania.  Before coming to Wharton I obtained a Master Degree in Economics from Warsaw School of Economics and worked in the European Central Bank and Bank for International Settlements.

I am on the 2021/2022 job market.

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ETF primary market structure and its efficiency (jmp) [link]

This research investigates the importance of the primary market structure of the ETF using a novel dataset. I analyze the competition structure among Authorized Participants and how it affects the ETF market pricing efficiency as measured by the deviations of the ETF price from the Net Asset Value. Firstly, I investigate empirically the relationship between the structure of the ETF primary market as measured by the number of authorized participants and the deviations of the ETF price from the NAV. Secondly, I propose a model for arbitrage incentives of authorized participants in the primary market, how they interplay with different competition structure, how those affect the evolution of mispricings in the ETF market. Presented model can be also used in testing primary market response to different creation unit size policies.

Presented at Phd Symposium on Financial Markets Policy Development & Research, McCombs School of Business, UT Austin (2020), FIRS Conference (2021)
Awarded research grant from Rodney L. White Center for Financial Research


Why Does Oil Matter (so much)? Commuting and Aggregate Fluctuations, joint work with Robert Ready and Nikolai Roussanov [link]

Oil price shocks are known to have a sizable macroeconomic impact, despite a relatively small fraction of total expenditures that is devoted to energy. Using micro level data, we document a significant effect of oil prices on labor supply and commuting distance, especially among low-skilled workers who face large commuting costs, relative to their wages. In addition, equity returns of firms in less skill-intensive industries are more sensitive to oil price fluctuations. Motivated by this empirical evidence, we employ a two-sector endogenous growth model with an oil-dependent commuting friction to examine the effect of oil shocks on employment, real wages, and growth, as well as equity prices. Negative oil supply shocks followed by oil price increases depress labor supply, especially in the less capital-intensive low-skill sector, where employment is most sensitive to the cost of commuting. As a result, output growth slows down in the medium run as innovation and capital are reallocated towards the less affected high-skill sector, resulting in subsequent rise in the skill premium

Presented at CEBRA Conference (2019)*, OU Energy and Commodities Finance Conference (2019)*, SED Conference (2021), AFA Conference (2021)
Awarded research grant from Kleinman Center for Energy Policy
*presented by coauthors


Teaching Assistantship positions at the Wharton School:

  • FNCE 239/739 Behavioral Finance for Prof. Nikolai Roussanov (2018, 2019, 2020)
  • FNCE 205/720 Investment Management for Prof. Donald Keim (2017, 2018)
  • FNCE 393/893 Policy Decisions of Central Banks for Prof. Zvi Eckstein (2017, 2018)
  • FNCE 101/613 Monetary Economics and the Global Economy for Prof. Tayyeb Shabbir
    (2017, 2018, 2019)

Summer course co-instructor at the Wharton School:

  • FNCE 101/613 Monetary Economics and the Global Economy (2021)

Past Courses


    This is an intermediate-level course in macroeconomics and the global economy, including topics in monetary and international economics. The goal is to provide a unified framework for understanding macroeconomic events and policy, which govern the global economic environment of business. The course analyzes the determinants and behavior of employment, production, demand and profits; inflation, interest rates, asset prices, and wages; exchange rates and international flows of goods and assets; including the interaction of the real economy with monetary policy and the financial system. The analysis is applied to current events, both in the US and abroad. Students cannot receive credit for taking both FNCE 101 and ECON 102. Wharton students are required to take FNCE 101. Honors sections require MATH 114 as a prerequisite.


    This course is required for all students except those who, having prior training in macroeconomics, money and banking, and stabilization policy at an intermediate or advanced level, can obtain a waiver by passing an examination. The purpose of the course is to train students to think systematically about the current state of the economy and macroeconomic policy, and to be able to evaluate the economic environment within which business and financial decisions are made. The course emphasizes the use of economic theory to understand the workings of financial markets and the operation and impact of government policies. We will study the determinants of the level of national income, employment, investment, interest rates, the supply of money, inflation, exchange rates, and the formulation and operation of stabilization policies.

Awards and Honors

  • Bank for International Settlements, PhD student research fellowship, 2021 
  • Rodney L. White Center for Financial Research, PhD research grant, 2019
  • GSB Stanford Master Class on Delegated Money Management in Equilibrium, PhD Travel Grant, 2018
  • Macro Finance Society, PhD Student Award, 2018
  • PhD Fellowship, The Wharton School, 2015-2021

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