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Madina Karamysheva

  • Madina Karamysheva has been at HSE University since 2016.

Education and Degrees

  • 2016

    Bocconi University

  • 2009

    Master's in Applied Mathematics and Information Science
    Voronezh State University

  • 2007

    Bachelor's in Applied Mathematics and Information Science
    Voronezh State University

Awards and Accomplishments

Best Teacher – 2019, 2018

Student Term / Thesis Papers

Full list of of student term / thesis papers

Courses (2021/2022)

Courses (2020/2021)

Courses (2019/2020)

Courses (2018/2019)


Chapter Favero C., Karamysheva M. What Do We Know about Fiscal Multipliers?, in: Rethinking Fiscal Policy after the Crisis. Cambridge University Press, 2017. doi P. 443-482. doi

Working Papers

1. Karamysheva M.,"Can Uncertainty Explain the Heterogeneous Output Effects of Fiscal Adjustments?" (Working Paper)

This version January 2019


Recent empirical evidence suggests that fiscal consolidations mainly based on tax hikes have a more recessionary impact on economic growth relative to those based on expenditure cuts. This paper evaluates the output effects of fiscal adjustment plans identified through the narrative approach. I incorporate fiscal plans into a vector autoregression model to investigate the channels of transmission of fiscal consolidations. In addition to a direct effect, I explore two indirect effects, in particular, whether monetary policy or uncertainty could explain the heterogeneous output effects of fiscal adjustment plans. It appears that uncertainty channel is more important among the two.

2. Briganti E., Favero C., M. Karamysheva, "The Network Effects of Fiscal Adjustments" (Working Paper)

This version January 2019


A large and increasing body of empirical evidence has established that fiscal adjustments based on government spending cuts are less costly in terms of losses in output growth than those based on tax increases. We show that the heterogeneous effects of tax-based and expenditure-based adjustments can be explained by the difference in their propagation channels in the network of industries. In theory, a tax-based adjustment plan is mainly a supply-side shock which propagates downstream (from supplier industries to customer industries) while an expenditure-based plan is a demand-side shock which propagates upstream (from customer industries to supplier industries). In practice, the empirical investigation of these channels on US data based on Spatial Vector Autoregressions reveals that tax-based plans propagate through the network with an average output multiplier of close to -2, while the propagation of expenditure-based plans does not lead to any statistically significant contractionary effect on growth.


 Online_extended_version (PDF, 3,61 Мб)

3. Karamysheva M., E. Seregina, "Prudential policies and systemic risk: the role of interconnections" (Working Paper)

This version January 2019


The impact of prudential policies in open economies depends not only on their intrinsic efficacy but also on the feedback of the policy through close trade and financial partners. Using a sample of advanced countries, we find that prudential policy measures reduce systemic risk in the financial system in 2000-2014. We show that the indirect effect in case of uniform interventions enforces the direct one and accounts for up to 70% of total risk reduction manifesting the importance of policy coordination. The interventions though remain insignificant for GIIPS countries which remain dependent on actions of their financial counterparties.

4. German N., M. Karamysheva, "Government spending multiplier and the size of the shock. Evidence from the U.S." (Working Paper)

This version January 2019


This paper investigates whether fiscal multiplier depends negatively on the size of the government spending shock. We build our hypothesis on behavioral arguments and check it empirically on US data. For doing so, we adopt state-dependent VAR, accompanied by Jorda local projections method, and show that investigated relationship is U-shaped: for small shocks in government consumption and investment, the fiscal multiplier is rising in size of the shock, while for large ones it falls. We address possible endogeneity issues and illustrate that our results are non-sensible to these concerns. Finally, we limit our analysis to government consumption multiplier, as our hypothesis suggests strong non-constancy namely in this position. We find a strong negative relationship between government consumption multiplier and the size of the shock.

5. Favero C., M. Karamysheva, "The Measurement of the Output Effect of Fiscal Adjustments" (Working Paper)

This version January 2019


Fiscal policy is conducted through rare decisions and it is implemented through multi-year plans. When fiscal policy is conducted in country i through multi-year plans, narrative exogenous fiscal adjustments in each year are made of three components: the unexpected adjustments (announced upon implementation at time t), the past announced adjustments (implemented at time t but announced in the previous years) and the future announced corrections. This involves an intertemporal dimension (to capture anticipated vs. unanticipated components) and an intratemporal one (to cover both expenditure and revenue side). We argue that the analysis of the dynamic impact of fiscal policy shocks neglects the fact that fiscal policy is conducted throughout multi-year plans. And by ignoring the intertemporal dimension, one disregards the fact that agents are aware of future, but not yet realized fiscal adjustments. While by ignoring the intratemporal dimension one fails to capture the composition of the plan. The paper addresses the important question of the plans' simulation from the econometric perspective.

Employment history

1) Experience in the organizing committee of the student competition "Olimpiada: I am a professional" in the field of Finance (2017 and 2018). (Letter of Gratitude by the Vice-Rector of the Higher School of Economics. July 2018)

2) I am a part of the expert committee in the field of Economics and Finance in the Open HSE Student Research Paper Competition (NIRS).

3) Member of Academic Council in the Master's program Strategic Corporate Finance

4) Conducting interviews with international students (the Master's program Strategic Corporate Finance)

5) Member of organizing committee of International Research Seminar FES/ICEF. 

6) Member of organizing committee of Joint Macro-Finance Online Seminar Series (Bank of Russia, HSE FES/ICEF, NES)

7) Referee experience

Timetable for today

Full timetable

FES International Research Seminar

Starting from the 2016-2017 academic year Faculty of Economic Sciences has launched a new international seminar series. The series host many established scholars as well as young promising economists from various respectable universities worldwide.