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Oleg Zamulin


Vladimir Avtonomov
Academic Supervisor


Tatiana Kossova
First Deputy Dean


Elena Osipova
Deputy Dean


Daniel Karabekyan
Deputy Dean for Research 


Ludmila Zasimova
Deputy Dean for International Cooperation


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Deputy Dean for Student Affairs




119049, Moscow, 26 Shabolovka St.
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Phone: (495) 628-83-68

Economic recovery and inflation

Dabrowski M.

Iss. 494: CASE Reports. Warsz.: Center for Social and Economic Research, 2018.

Operative Scheme for Surface Air Temperature and Humidity Short-Range Complex Forecasting

Bagrov A., Bykov P. L., Gordin V. A.

Russian Meteorology and Hydrology. 2018. No. 8.

Book chapter
Russian Youth: Specifics of Identities and Values

Mareeva S.

In bk.: Handbook of the Sociology of Youth in BRICS Countries. World Scientific, 2018. Ch. 12. P. 233-252.

Working paper
Free trade in Africa: An important goal but not easy to achieve,

Dabrowski M., Myachenkova Y.

Bruegel blog. Bruegel blog. Bruegel, 2018

FES International Research Seminar Series with professor Carlo Favero, University Of Bocconi, Italy

Event ended

Our next seminar speaker is Carlo Favero, who is a Full Professor of Finance at Bocconi University. Carlo’s main research areas are financial economics, macroeconomics and applied econometrics. Specifically, he is an expert in the area of econometric modelling of bond and stock prices. He published widely in leading journals, including the Journal of Monetary Economics, Journal of Econometrics, AEJ: Economic Policy, Journal of International Economics and Economic Journal.

Please note that this is a joint FES-ICEF seminar.

SpeakerCarlo Favero, University of Bocconi

TitleIs it the "How" or the "When" that Matters in Fiscal Adjustments? (joint with Alberto Alesina, Gualtiero Azzalini, Francesco Giavazzi and Armando Miano)

Abstract: Using data from 16 OECD countries from 1981 to 2014 we specify a model that determines the output effect of fiscal adjustments as a function of the composition of the adjustment and the state of the cycle. We find that both the "how" and the "when" matter, but the heterogeneity related to the composition is more robust across different specifications. Adjustments based upon spending cuts are consistently much less costly than those based upon tax increases. Our results are not explained by different reactions of monetary policy. However, when the domestic central bank can set interest rates - that is outside of a currency union - it appears to be able to dampen the recessionary effects of tax-based consolidations implemented during a recession.

Date: September 18, 2017


Venue: Shabolovka campus, room 3211

FES Seminars webpagehttps://economics.hse.ru/en/seminars/ 

For external participants: to order the pass, please contact avolchina@hse.ru