• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

How to Create a Proper Macroeconomic Picture of the World

Boris Kuznetsov, Professor at the HSE Subdepartment of Economic Analysis of Organizations and Markets has recently returned from the US where he read a series of lectures on Russian economics to students at Stanford University. The HSE news portal asked him to talk about his impressions after the trip and about what prospects there are for working together in the future with our American colleagues.

— Who is your course intended for?

— It’s aimed mainly at third and fourth year economics undergraduates. This year there were more of them than in 2011, when I taught there the first time. But some international students taking their Master’s came to my lectures as well. I had 24 students taking my course this time.

— What do you think provokes an interest in your course among American students?

—This course is complex, it’s neither about macro- nor microeconomics. The idea was to show how different economic theories work and also how historical, geographical and other factors influence the economy by looking at individual countries. Besides, it was quite a substantial course, credits-wise (Stanford’s system is quite like the HSE’s in that respect). Quite a lot of students are seriously looking for career opportunities in large Russian companies like Rosneft and Gazprom. Competition is growing constantly and finding a good job is getting harder even for Stanford graduates.

—Which topics were your students most curious about?

— In contrast to the HSE, at Stanford there are more people with a humanitarian cast of mind and they are more concerned in how economics affects society and the connections between economics and politics… As in the past, students also wanted to compare the Russian economy with their own and with the other BRIC countries. 

—Did you have to teach in a different way from what you are used to at the HSE?

— The general standard of education and the range of interests of the people who came to my course were more varied than I would find in a group of students at HSE so I had to adapt some of my material to make sure everyone could understand it. I told them from the start that I didn’t expect students to memorize facts and figures and I tried to use illustrative examples to draw their particular attention to tendencies and changes. I also tried to have discussions in a fun way, dividing the students into competing teams to get them more engaged.

— What do you think might be ways for the HSE and Stanford to work together in the future?

— Two years ago one of my American students came to the HSE on a internship and right now Stanford Professor Martin Carnoy is Academic Supervisor at the HSE International Laboratory for Educational Policy Research. But in general, cooperation between Stanford and the HSE hasn’t been formalized yet. I do think, however that if we set up an organised exchange programme then people from Stanford would definitely want to participate. For Stanford it would without doubt be very useful as they have a lot of courses oriented towards Asian countries but their students know next to nothing about Russia. Without that knowledge they cannot form a proper macroeconomic picture of the world in their minds. 

Maria Glazyrina, second year law student, intern at the HSE News Portal

See also:

Consumer Prices Decrease in Densely Populated Areas

HSE University economists have proposed a novel approach to modelling monopolistic competition with heterogeneous firms and consumers. The results of collaborative research carried out by Alexander Tarasov from Moscow, his co-authors from HSE University–St Petersburg, together with the Norwegian School of Economics, the University of Pennsylvania, and the Free University of Brussels, have been published in American Economic Journal: Microeconomics.

Football Players Cover Greater Distances During Critical Derby Matches at Home Arena

Researchers at the HSE Faculty of Economic Sciences examined the level of effort that professional football players are willing to exert during a match in absence of financial incentives. It appears that the primary factors driving players to strive harder for victory are the strength of the opponent and the significance of the match for the club. This is particularly noticeable in derby matches between teams from the same city, such as the Moscow derby between CSKA and Spartak on April 25, 2024. The study has been published in the Journal of the New Economic Association

Participation in Crowdfunding Can Generate up to 73% in Returns Annually

Backers of projects on crowdfunding platforms can expect rewards from their pledges. For example, funding someone's idea on Kickstarter can result in an average annual return of 11.5%, with design projects known to deliver returns as high as 70%. However, it is important to note that these returns do not come in the form of direct cash payments but rather as savings on the purchase of the product once it hits the market. This has been demonstrated in a study by researchers at the HSE Faculty of Economics published in Economic Analysis Letters.

Economists Suggest Using Media's Attention to Bitcoin to Predict its Returns

Researchers at the HSE Faculty of Economic Sciences have studied the relationship between the changes in the bitcoin prices and the media attention to this cryptocurrency. The researchers examined the mentions of bitcoin in the media between 2017 and 2021 and built a mathematical model that revealed the strong relationship between media attention and bitcoin prices. The study was published in the Applied Stochastic Models in Business and Industry journal.

HSE Economists Develop a Model for Sustainable Solar Geoengineering Agreements

Researchers at HSE University and George Mason University have investigated the sustainability of prospective international agreements on solar geoengineering. The authors have proposed a scheme in which payments flow from affluent nations to less wealthy ones; an arrangement which sets their proposal apart from traditional systems. The proposed model aims to dissuade more vulnerable countries from excessive use of the prevalent geoengineering method by providing compensation for the potential damage they may incur and supporting their adaptation to climate change. The paper has been published in Environmental and Resource Economics.

Crypto Investors Receive Downside Risk Premiums

Victoria Dobrynskaya, Assistant Professor at the HSE Faculty of Economic Sciences, has analysed the price dynamics of 2,000 cryptocurrencies from 2014 to 2021 and investigated the association between downside risks and average returns in the cryptocurrency market. As it turns out, cryptocurrencies exhibiting a greater risk tend to yield higher average returns. The study has been published in International Review of Financial Analysis.

Results of the Contest to Predict Nobel Prize Winners in Economics

Claudia Goldin's award was predicted by five people. They are Olga Peresypkina (RSVPU), Anastasia Sirotina (first-year student of the Bachelor's in Applied Mathematics and Information Science at HSE University), Mikhail Shabanov (Global Vision Asset Management LLC), Tatul Hayrapetyan (PhD student at the Stanford Graduate School of Business), and Hemant Kumar (Ettumanoorappan College, Kerala, India).

Financial Sector Risks Can Hinder Transition to Green Economy

According to HSE and MGIMO economists, increased financial sector risks in developed countries may be associated with a higher carbon footprint in banks' loan portfolios. This is likely due to the fact that in response to an unstable economic situation, banks tend to issue more loans to companies that have a detrimental impact on the environment. Although this might yield short-term profits for the banks, such trends hinder humanity's progress towards achieving a green economy. The paper has been published in Environmental Science and Pollution Research.

Winner of 2023 Nobel Prize in Economics Announced

The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2023 to Claudia Goldin (Harvard University, Cambridge, MA, USA), ‘for having advanced our understanding of women’s labour market outcomes.’ According to the Nobel committee, Professor Goldin has uncovered key factors that determine gender differences in the labour market.

Millennials Are Three Times Ahead of Zoomers in the Monetised Creator Economy. Even Boomers Outperform Them. Okay Then…

A group of specialists from the HSE Institute for Cultural Studies, Vitaly Kurennoy, Alexander Suvalko and Maria Figura, have determined two main trends that are actively shaping the image of the creative economy and culture in 2021-2023: the creator economy and the maker economy.