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Regular version of the site
ФКН
Contacts

109028, Moscow
11 Pokrovsky Boulevard,
Room Т-614
Phone: (495) 628-83-68

email: fes@hse.ru 

Administration
Konstantin Sonin
Academic Supervisor Konstantin Sonin
First Deputy Dean Sergey Merzlyakov
Deputy Dean for Academic Work Elena Pokatovich
Deputy Dean for Research Dmitry A. Veselov
Deputy Dean for International Affairs Ludmila S. Zasimova
Deputy Dean for Undergraduate Studies Elena Burmistrova
Book
Digital Education in Russia and Central Asia

Osipov V. S., Vagin S., Frantuzenko P. S. et al.

Springer, 2022.

Book chapter
Reconsidering the Role of Research in Teaching-Oriented Higher Education System: The Case of Russia

Anna Panova, Maria Yudkevich.

In bk.: Teaching and Research in the Knowledge-Based Society: Historical and Comparative Perspectives. Vol. 23: Teaching and Research in the Knowledge-Based Society. Historical and Comparative Perspectives. Springer, 2022. P. 97-213.

Working paper
Do Non-Interest Income Activities Matter For Banking Sector Efficiency? A Net Interest Margin Perspective

Kolade S. A., Semenova M.

Financial Economics. FE. Высшая школа экономики, 2022. No. WP BRP 87/FE/2022.

FES International Research Seminar with Dennis Novy, Warwick University, UK

Our next speaker in the FES International Seminar Series is Dennis Novy who is an Associate Professor of Economics at the University of Warwick and a Research Fellow at the Centre for Economic Policy Research (CEPR). 

Dennis Novy is an Associate Professor of Economics at the University of Warwick and a Research Fellow at the Centre for Economic Policy Research (CEPR). He is also an Associate at the Centre for Economic Performance (CEP) at the London School of Economics. He was appointed to the UK Council of Economic Advisers by the Chancellor of the Exchequer in 2018.

His main research interests are international trade, international economics and macroeconomics. 
At the FES International Research Seminar Dr.Novy presented his research "Vehicle Currency Pricing and Exchange Rate Pass-Through"

Abstract: Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporter’s currency. We then study the relationship between invoicing currency choices and the response of import prices to exchange rate changes. We find that for transactions invoiced in a vehicle currency, import prices are much more sensitive to changes in the vehicle currency than in the bilateral exchange rate. Pass-through therefore substantially increases once we account for vehicle currencies. Our results help to explain the higher-than-expected pass-through into import prices during the Great Recession and after the EU referendum. Finally, within a theoretical framework we conceptualize an omitted variable bias arising in estimating pass-through with only bilateral exchange rates under vehicle currency pricing. Overall, our results contribute to understanding the disconnect between exchange rates and prices.



The FES International Research Seminar organisers are: Eren Arbatli (Ph.D, Assistant Professor of Department of  Theoretical economics FES HSE) and Madina Karamysheva (Ph.D, Assistant Professor of the School of Finance FES HSE)