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Regular version of the site


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


Elena Burmistrova
Deputy Dean for Student Affairs




119049, Moscow, 26 Shabolovka St.
Building 3
Room 3305
Phone: (495) 628-83-68

Stability of Densities for Perturbed Diffusions and Markov Chains

Konakov V., Kozhina A., Menozzi S.

ESAIM: Probability and Statistics. 2017. Vol. 21. P. 88-112.

The Minkowski central partition as a pointer to a suitable distance exponent and consensus partitioning

Mirkin B. G., Amorim R., Makarenkov V. et al.

Pattern Recognition. 2017. Vol. 67. P. 62-72.

Criteria importance theory for multicriterial decision making problems with a hierarchical structure

Podinovskaya O. V., Vladislav V. Podinovski.

European Journal of Operational Research. 2017. Vol. 258. P. 983-992.

Habit formation in consumption: A meta-analysis

Havranek T., Rusnak M., Sokolova A.

European Economic Review. 2017. Vol. 95. No. June. P. 142-167.

2D:4D and lifetime educational outcomes: Evidence from the Russian RLMS survey

John V.C. Nye, Maksym Bryukhanov, Sergiy Polyachenko.

Personality and Individual Differences. 2017. Vol. 112, 1 July 2017. P. 62-66.

Tight Money and the Sustainability of Public Debt

Pekarski S. E.

International Journal of Central Banking. 2017. Vol. 13. No. 1. P. 191-223.

Does biological endowment matter for demand for financial services? Evidence from 2D:4D ratio in the Russian household survey

Semenova M., Andrievskaya I.

Personality and Individual Differences. 2017. Vol. 104. P. 155-165.

Agency Problem and Ownership Structure: Outside Blockholder As a Signal
In print

Stepanov S., Suvorov A.

Journal of Economic Behavior and Organization. 2017. No. 133. P. 87-107.

The effects of prenatal testosterone on wages: Evidence from Russia

Nye J. V., Bruhanov M., Kochergina E. V. et al.

Economics and Human Biology. 2017. Vol. 24. P. 43-60.

Values and Corruption: Do Postmaterialists Justify Bribery?

Kravtsova M., Oshchepkov A. Y., Welzel C.

Journal of Cross-Cultural Psychology. 2017. Vol. 48. No. 2. P. 225-242.

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