Economics and politics of measures to

stop financing Russian aggression against Ukraine

by Eric Chaney, Christian Gollier, Thomas Philippon, Richard Portes

The financial and economic sanctions so far imposed on Russia to force it to end its invasion of Ukraine have not yet had the desired impact. Cutting off the financing of the Russian aggression is essential and requires immediately banning imports of Russian oil and taxing imports of Russian gas, while cushioning the shock of these measures on households, especially those with low incomes.

Despite being subject to financial sanctions, the Russian government remains supplied with foreign currency by sales of fossil fuels. In particular, European Union imports bring about 650 million euros every day to Russia. As French European Affairs Minister Clément Beaune has said, Europe is helping to fund the Russian war.

The disproportion of forces on the ground demands that further strong sanctions be reinforced immediately: implementing measures incrementally until 2023 may alleviate economic costs for Europe, but by then, Ukraine risks disappearing, despite her heroic resistance. This is why, in addition to the ten measures put forward by the International Energy Agency, we are proposing three measures to be enforced immediately by European Union members, in order to cut off the financing of the war of terror waged by Russia.[1]

1. Complete ban on Russian oil imports

Europe imports about 4mb/d from Russia. It is possible to do without it because there are significant capacity margins outside Russia. Without a supply and demand response, a fall in global oil supply equivalent to EU imports could raise the price per barrel, currently around $100, to as much as $175, according to a study by Goldman Sachs (Deutsche Bank estimate $140, if no alternative crude oil supplies emerge). Taking into account the drop in demand and the increase in supply outside Russia, however, the increase would be much more moderate. In some European countries, the embargo could cause difficulties that will have to be managed by European solidarity.

2. A tax on Russian gas imports, proceeds allocated to Ukrainians

Unlike oil, whose market is global, the gas market is local and supply is hardly substitutable in the short term. A total embargo on Russian gas imports is unrealistic in the short term, given the level of dependence of some countries. A temporary tax on Russian gas imports would reduce demand and the rents paid to Russian suppliers. At the horizon of next winter, demand would be reduced and non-Russian supply increased. Thus the price increase would not benefit Russian suppliers, whose income would be reduced.

The levy is amply justified by the massively negative financial externalities for Europe caused by the war, if only for the imperative welcoming of refugees. Its proceeds would be allocated exclusively to a solidarity fund with the Republic of Ukraine and Ukrainian refugees.

3. Cushion the shock on low incomes

The effects of the increase in oil, gas and therefore electricity prices are proportionally greater for low-incomehouseholds. Reducing fuel taxes would have the opposite effect to that intended, since it would not reduce demand and would keep Russian exporters' income intact. To maintain the price signal and the reduction in demand it entails without increasing social inequalities requires temporary fiscal transfers to low-income households.

Strongly reducing Russian fossil fuel imports is a political and moral necessity, but also an economic and ecological one. On the one hand, Russia has demonstrated that it is not a reliable supplier. On the other hand, the imperative of decarbonizing European economies requires drastically reducing dependence on fossil fuels. Now is the time to complement long-term policies with immediate action.



Eric Chaney, Economic Advisor, Institut Montaigne

Christian Gollier, Managing Director, Toulouse School of Economics and CEPR

Thomas Philippon, Professor, New York University and CEPR

Richard Portes, Professor, London Business School and CEPR

References

R. Bachmann, et al., ‘What if? The economic effects for Germany of a stop of energy imports from Russia’, ECONtribute Policy Brief No. 028, March 2022.

Ben McWilliams, et al., ‘Can Europe manage if Russian oil and coal are cut off?’, Bruegel, 17 March 2022.


[1] McWilliams et al. (2022) give extensive data on EU imports of oil and gas from Russia and conclude that ‘A stop to Russian oil and coal supplies would push Europe into a short and painful adjustment period. But if managed well, disruptions would remain temporary.’ Bachmann et al. (2022) estimate the economic impact on Germany of an immediate and full block on imports of oil and gas from Russia. They conclude ‘…the effects are likely to be substantial but manageable. In the short run, a stop of Russian energy imports would lead to a GDP decline in range between 0.5% and 3% (cf. the GDP decline in 2020 during the pandemic was 4.5%).’

This column was published by VOX-EU on 22 March 2022.

A French version was previously published by Le Monde on 15 March 2022

If you wish to endorse it, send your name, position and name of your institution to Eric Chaney elmchaney@gmail.com with "Stop financing the Russian aggression" in the subject line

List of initial signatories (15 March 2022):

Stefan Ambec, Professor, INRAE, Toulouse School of Economics

Gilbert Cette, Professor, Neoma Business School

Eric Chaney, Economic Advisor, Institut Montaigne

Thomas Chaney, Professor, University of Southern California and CEPR

Elie Cohen, Research Director, CNRS

Jacques Delpla, Director, Asterion

Charles Dennery, Economist

Jean-Michel Glachant, Professor and Director, Florence School of Regulation, EUI

Christian Gollier, Professor and Managing Director, Toulouse School of Economics and CEPR

Marc Ivaldi, Research Director, EHESS and TSE, and CEPR

Thomas Philippon, Professor, New York University and CEPR

Jean Pisani-Ferry, Professor, European University Institute and Sciences Po and CEPR

Richard Portes, Professor, London Business School and CEPR

Hélène Rey, Professor, London Business School and CEPR

Natacha Valla, Dean, Management and Innovation School, Sciences Po

Etienne Wasmer, Professor, New York University in Abu Dhabi and CEPR

Charles Wyplosz, Emeritus Professor, The Graduate Institute, Geneva, and CEPR

Signatories who have supported the column after it was published by Le Monde

List, ranked by signature date, as of 10 May 2022

Stéphane Saussier, Professor, IAE de Paris, Université Paris 1 Panthéon Sorbonne

Yannick Perez, Professor, CentraleSupelec, Université Paris Saclay

Giacinta Cestone, Assistant Professor, Bayes Business School, City University of London

Eric Brousseau, Professor, Université Paris Dauphine

Adrien Fabre, Postdoc, ETH Zürich

Jean Le Dem, former advisor, IMF

Marianne Andries, Assistant Professor, University of South California

Joseph Dellatte, Research fellow, Institut Montaigne

Jean Dolbeault, CNRS Researcher, Université Paris Dauphine

Ernst van der Horst, Lawyer, Montpellier-Amsterdam

Marine Cornelis, Executive Director, Next Energy Consumer

Sebastian Buhai, Associated Researcher, Swedish Institute for Social Research

Olivier Gossner, Professor, Ecole Polytechnique, CNRS, London School of Economics

Jean-Benoit Eyméoud, Researcher, LIEPP Sciences Po

Jean François Robin, Global Head of Research, Natixis CIB

Guillaume Gaulier, Associate Researcher, CEPII

Gérard Grunberg, Research Director Emeritus, CNRS


Laurence Chesneau Dupin, National Heritage Curator, LCD conseil

Philippe Charrier, Library Curator

Véronique Kessler, ex Global Credit Risk Manager, World Bank

Quentin de Bournonville, Lawyer, Bruxelles

Helen Szaday, European Chamber of Experts in Fine Art

Sylvie Dolbeault, Psychiatrist, Head of Unit, Institut Curie

Christian Delom, COO, A World for Travel

Guillaume Brouillet, Lawyer, Rennes

Anne-Catherine Moquet, Assistant Professor, Université Paris-Est

Emmanuel Amiot, Researcher, mathematics and music, LAMPS

Marion Roussel Bouyer, Pediatrician

Pierre Boisard, Sociologist

Christian de Perthuis, Professor, Université Paris Dauphine

Philippe Perret, Former Head of Unit, DGRIS, Ministère des armées

Ariane Lambert-Mogiliansky, Associate Professor, Paris School of Economics

Philippe de Vreyer, Professor, Université Paris Dauphine

Rémy Dumoulin, Partner, H2glenfern

Gilles Babinet, co-Chairman, Conseil National du Numérique

François Meunier, Associate Professor, ENSAE

Richard Robert, Associate Professor, Sciences Po

Olivier Galland, Research Director, CNRS

David Ettinger, Professor, Université Paris Dauphine

Maria Luisa Ratto, Associate Professor, Université Paris Dauphine

Françoise Forges, Professor, Université Paris Dauphine

Brigitte Dormont, Professor, Université Paris Dauphine

Patrice Geoffron, Professor, Université Paris Dauphine

Christophe Jalil Nordman, Research Director, IRD

Eric Favennec, Tax officer, Toulouse

Romain Gaté, Assistant Professor, Université Paris Dauphine

Véronique Maurus, former journalist, Le Monde

Christine Massoure, Managing Director, Compagnie des Pyrénées

Marie Bessec, Assistant Professor, Université Paris Dauphine

Jeremy Ghez, Associate Professor, HEC

Alberto Alemanno, Professor, HEC

Marita Laukkanen, Chief Researcher, VATT Institute for Economic Research

Tilman Eichstädt, Professor, University of Applied Sciences Berlin

Fabian Lange, Professor, McGill University

Oleg Itskhoki, Professor, University of California, Los Angeles

Frédéric Dabansens, Multimedia Artist, Bruxelles

Kai Gehring, Professor, University of Bern

Rüdiger Bachmann, Professor, University of Notre Dame

Moritz Schularick, Professor, Sciences Po and University of Bonn

Benjamin Moll, Professor, London School of Economics


Rune Jansen Hagen, Professor, University of Bergen

Dirk Bergemann, Professor, Yale University

Philippe Schlenker, Research Director, CNRS / Ecole Normale Supérieure, Paris

Udo Kreickemeier, Professor, University of Göttingen

Mar Reguant, Professor, Northwestern University

Raphael Soubeyran, Research Professor, INRAE, Montpellier

Camille Landais, Professor, London School of Economics

Jeffrey Frankel, Professor, Harvard University

Joanna Tyrowicz, Professor, University of Warsaw, University of Regensburg

Eve Caroli, Professor, Université Paris Dauphine

Hannes Ullrich, Associate Professor, University of Copenhagen, DIW Berlin

Margitte Müller, Professor, Duale Hochschule Baden-Württemberg Karlsruhe

Johannes Rode, Postdoc, Technische Universität Darmstadt

Christian Flachsland, Professor, Hertie School, Berlin

Hélène Lenoble-Liaud, Assistant Professor, Université Paris Dauphine

Guillaume Daudin, Professor, Université Paris Dauphine

Marion Oury, Assistant Professor, Université Paris Dauphine

Fabien Tripier, Professor, Université Paris Dauphine

Harald Fadinger, Professor, University of Mannheim, CEPR

Aude Sztulman, Associate Professor, Université Paris Dauphine

Thiemo Fetzer, Professor, University of Warwick, CEPR

Florian Oswald, Assistant professor, Sciences Po

Pritty Patel-Grosz, Professor, Universitetet i Oslo

Stefan C. Aykut, Professor, Universität Hamburg

Jan Steckel, Professor, Brandenburg University of Technology and MCC Berlin

Jeanne Commault, Assistant Professor, Sciences Po

Daniel Schäfer, Assistant Professor, Johannes Kepler Universität Linz

David Jaeger, Professor, University of St Andrews

Ulrich Berger, Professor, Wirtschafts Universität Wien

Elise Huillery, Professor, Université Paris Dauphine

Johannes Haushofer, Professor, Stockholm University

Joachim Jarreau, Assistant Professor, Université Paris Dauphine

Vytautas Kuokštis, Associate Professor, Vilnius University

Jan Schnellenbach, Professor, Brandenburg University of Technology

Mark S. Manger, Associate Professor, University of Toronto

Dani Rodrik, Professor, Harvard University

Jonathan F Schulz, Professor, George Mason University

Ana Revenga, Non-Resident Senior Fellow, The Brookings Institution

Jörg Stoye, Professor, Cornell University

Jakob Mayer, Postdoc, University of Graz

Anne Abeillé, Professor, Université de Paris Cité / CNRS

Lones Smith, Professor, University of Wisconsin

Hans-Joachim Voth, Professor, University of Zurich


Simas Kucinskas, Junior Professor, Humbolt University of Berlin

Hanno Lustig, Professor, Stanford Graduate School of Business

Niko Jaakola, Senior Assistant Professor, University of Bologna

Daniel Spiro, Associate Professor, Uppsala University

Harald Fadinger, Professor, University of Mannheim

Jonas Dovern, Professor, Friedrich-Alexander University Erlangen-Nürnberg

Maria Korochkina, PhD Candidate, Macquarie University

Piroska Nagy-Mohacsi, Visiting Professor, London School of Economics

Moritz Drechsel-Grau, Postdoc Researcher, University of Zurich

Julian Reif, Associate Professor, University of Illinois

Konrad Burchardi, Associate Professor, Institute for International Economic Studies, Stockholm

Sébastien Willis, Postdoc Researcher, Uppsala University

João B. Duarte, Assistant Professor, Nova School of Business and Economics

Asen Ivanov, Reader, Queen Mary University of London

Marco Pelliccia, Assistant Professor, Heriot-Watt University

Michael Rose, Senior Research Fellow, Max Planck Insitute for Innovation and Competition

Jens Klose, Professor, Technische Hochschule Mittelhessen

Jan Grobovsek, Assistant Professor, University of Edimburgh

Achim Ahrens, Postdoc, ETH Zurich

Lucas Mergele, Research Economist, Ifo Institute, Munich

Alexandra Avdeenko, Research Director and Senior Lecturer, Heidelberg University

Matthias Kalkuhl, Professor, University of Potsdam

Ulrich Kaiser, Professor, University of Zurich

Robert Inklaar, Professor, University of Groningen

Andrea Ferrero, Professor, University of Oxford

Ewa Karkowski, Lecturer, King's College London

Peter Zorn, Assistant Professor, LMU Munich

Florian Scheuer, Professor, University of Zurich

Andreas Peichl, Professor, University of Munich

Xavier Jaravel, Associate Professor, London School of Economics

Christoph Kronenberg, Postdoc, University Duisburg-Essen

Stylianos Zlatanos, PhD Candidate, King's Business School London

Erik Mohlin, Associate Professor, Lund University

Dominique Schnapper, Research Director, EHESS Paris

Michal Myck, Director, Centre for Economic Analysis, Szczecin

Tim Vogel, PhD Candidate, Ruhr-University Bochum

Felix Kübler, Professor, University of Zurich

Hartmut Egger, Professor, University of Bayreuth

Andreas Stegmann, Assistant Professor, University of Warwick

Hans-Martin von Gaudecker, Professor, University of Bonn

Jaime Arellano-Bover, Assistant Professor, University of Rome Tor Vergata

Christopher Roth, Professor, University of Cologne

Ania Plomien, Associate Professor, London School of Economics


Leo Kaas, Professor, Goethe University Frankfurt

Lise Patureau, Professor, University Paris Dauphine

Ronald Wolthoff, Associate Professor, University of Toronto

Pedro Santa Clara, Professor, Nova School of Business and Economica

Axel Hafmeier, Professor, Leuphana Universität Lüneburg

Hans Peter Grüner, Univesity of Mannheim and CEPR

Ewoud Jansen, Senior Lecturer, Fontys School of Business & Communication

Sebastian F. Galiani, Professor, University of Maryland

Guido Lorenzoni, Professor, Northwestern University

Tim Willems, International Monetary fund

Olof Johansson-Stenman, Professor, University of Gothenburg

Jan-Luca Hennig, Postdoc Fellow, Aix-Marseille University

Sebastian Rohe, Postdoc, Carl von Ossietzky University of Oldenburg

Samuel Danthine, Tenured Lecturer, ENSAI

Philippe Bacchetta, Professor, University of Lausanne

Simon Galle, Associate Professor, BI Norwegian Business School

Giorgio Motta, Assistant Professor, Lancaster University

Dimitris Mavridis, Senior Economist, France Stratégie

Daniel Fehrle, Postdoc Researcher, Católica-Lisbon (CUBE) and Augsburg University

Aldona Kapacinskaite, Assistant Professor, Bocconi University

Miri Styja, Assistant Professor, Aalto University School of Business

Soeren Schwuchow, Postdoc Researcher, Brandenburg University of Technology

Amelie Schiprowski, Assistant professor, University of Bonn

Dinky Daruvala, Associate Professor, Karlstad Business School

Tommaso Monacelli, Professor Bocconi University

Diego Känzig, PhD Candidate, London Business School

Gabriel Felbermayr, Professor, Director of the Austrian Institute of Economic Research

Johannes Boehm, Assistant Professor, Sciences Po and CEPR

Philipp Strack, Professor, Yale University

Peter Tillmann, Professor, Justus-Liebig-University Giessen

Marciano Siniscalchi, Professor, Northwestern University

Olena Havrylchyk, Professor, University Paris 1 Panthéon-Sorbonne

Mathilde Godard, Researcher, CNRS & University Paris Dauphine

Rainer Michael Rilke, Assistant professor, WHU - Otto Beisheim School of Management

Olvar Bergland, Associate Professor, Norwegian University of Life Sciences

Ludo Visschers, Professor, University of Edimburgh

Claire Schlenker, Honorary Professor, Institut Polyechnique de Grenoble

Phil-Adrian Klotz, PhD Candidate, Justus-Liebig-University Giessen

Adrien Couturier, PhD Candidate, London School of Economics

Aviman Satpathy, CNRS Fellow, Paris School of Economics

Lukas Freund, PhD Candidate, University of Cambridge

Carlos J. Serrano, Associate professor, Universitat Pompeu Fabra

Anabela Figueiredo, Head of Strategy, Novobanco

Paulo Malheiro, Attorney-at-Law, Machado Ruivo & Associados

Colin Rowat, Turing Fellow, University of Birmingham


Ricardo Girão, Head of Department, Hospital Cuf Tejo Lisboa

Dietmar Fehr, Assistant Professor, Heidelberg University

Jose Salcedo, Professor, University of Porto

Andrii Parkhomenko, Assistant professor, University of Southern California

Juan F. Jimeno, Economic Adviser, Banco de España

Samuel Rosen, Assistant Professor, Fox School of Business, Temple University

Valentin Vydrin, Professor, Institut national des langues et civilisations orientales, Paris

Barbara Biasi, Assistant Professor, Yale School of Management

Tommaso Porzio, Assistant Professor, Columbia Business School and CEPR

Simone Arrigoni, PhD Candidate, Trinity College, Dublin

Luigi Iovino, Associate Professor, Bocconi University

Gonçalo Velez, Managing Director, Rotas do Vento

Oula Silvennoinen, Academy Research Fellow, University of Helsinki

Pedro Oliveira, Professor, Nova School of Business and Economics

Rajssa Mechelli, Postdoc, University of Oxford

David Clingingsmith, Associate Professor, Case Western Reserve University

Christoph Koenig, Lecturer, University of Bristol

Josef Baumgartner, Senior Economist, Austrian Institute of Economic Research (WIFO)

Pierre Levy, Associate Professor, Université Paris-Dauphine

Shmuel San, Assistant Professor, Hebrew University of Jerusalem

Felix Wellschmied, Professor, Universidad Carlos III de Madrid

Ludwig Straub, Assistant Professor, Harvard University

Julia Wirtz, Lecturer, University of Bristol

Rohan Dutta, Associate Professor, McGill University

Alexander Rist, Economist, King County, Seattle

Dominik Sachs, Professor, University of St. Gallen

Hannes Kohlhoff, Graduate Student, Osnabrück University

Jan Kunnas, Docent, University of Jyväskylä, Finland

Raphael Godefroy, Associate Professor, Université de Montréal

Moritz Renner, Professor, University of Mannheim

Anna Schrimpf, Executive Director, J-PAL Europe, Paris School of Economics

Toni Whited, Professor, University of Michigan

Dominika Langenmayr, Professor, Catholic University Eichstätt-Ingolstadt

Charlie Karlsson, Emeritus Professor, Jönköping International Business School

Arnaud Dyèvre, PhD Candidate, London School of Economics

Philipp Lergetporer, Professor, Technical University of Munich

Ronald Raulefs, Researcher, German Aerospace Center

Fredrik Carlsson, Professor, University of Gothenburg

Chiara Fumagalli, Associate Professor, Bocconi University

Nicola Daniele Coniglio, Professor, University of Bari Aldo Moro

Mark Harrison, Emeritus Professor, University of Warwick

Johannes Wohlfart, Assistant Professor, University of Copenhagen

Astrid Dannenberg, Professor, University of Kassel

Jonas Zinke, PhD Candidate, University of Cologne

Hanna Onyshchenko, PhD Candidate, University of Michigan

Ellen Greaves, Research Associate, University of Bristol

Martin Karlsson, Professor, University of Duisburg-Essen


Catherine E. De Vries, Professor, Bocconi University

Maximilian Schröder, PhD Candidate, BI Norwegian Business School

Edgar Onea, Professor, University of Graz

Felix Montag, PhD Candidate, Ludwig Maximilian University of Munich

Rui Castro, Professor, McGill University

Pierre-Guillaume Méon, Professor, Université Libre de Bruxelles

Tereza Ranošová, PhD Candidate, University of Michigan

Paul Egré, Research Director, CNRS / Ecole Normale Supérieure, Paris

Julien Daubanes, Assistant Professor, University of Geneva

Nicolas Werquin, Associate Faculty, Toulouse School of Economics

Christine Valente, Associate Professor, University of Bristol

Lennart Brandt, Monetary Policy Adviser, Bank of England

Marc Fleurbaey, Professor, Paris School of Economics

Thore Kockerols, Economist, Norges Bank

Vincent Somville, Associate Professor, Norwegian School of Economics

Sophia A. Malamud, Associate Professor, Brandeis University

Pedro Ribas Araújo, CEO, Advanced Cyclone Systems

Maria Korochkina, PhD Candidate, Macquarie University

Winfried V. Kern, Professor emeritus, Albert-Ludwigs-University, Freiburg

Deivis Angeli, PhD Candidate, University of British Columbia

Rachel Lukasz, Postdoc, Princeton University

Serhiy Stepanchuk, Associate Professor, University of Southampton

Rubens Morita, PhD Candidate, Bikbeck College University of London

Jens Ewald, PhD candidate, University of Gothenburg

Yuriy Gorodnichenko, Professor, University of California, Berkeley

Mariagiovanna Baccara, Professor, Washington University in Saint Louis

Monika Piazzesi, Professor, Stanford university

Martin Schneider, Professor, Stanford University

Jens Richter, Managing Director, Multivac Trading

Jesse Perla, Associate Professor, University of British Columbia

Katarina Nordblom, Professor, University of Gothenburg

Alexandre Cremers, Postdoc Researcher, Vilnius University

Maximilian Blindzellner, Pharmacist, National Association of Statutory Health Insurance Funds

Arash Molavi Vasséi, Economist, German Ministry of Finance

Isabelle Mejean, Professor, Sciences Po

Dirk Leuffen, Professor, Universität Konstanz

Fabian Greimel, Assistant Professor, University of Amsterdam

Riikka Savolainen, Lecturer, Swansea University

Luca Repetto, Associate Professor, Uppsala University

Karmini Sharma, PhD Candidate, University of Warwick

Alexander Mihailov, Associate Professor, University of Reading

Hans Henrik Sievertsen, Senior Lecturer, University of Bristol

Tatjana Schulze, PhD Candidate, University of Oxford

Loughlan O'Doherty, PhD Candidate, London School of Economics

Raffaele Rossi, Associate Professor, University of Manchester

Måns Söderbom, Professor, University of Gothenburg

Véronique Gille, Researcher, IRD Université Paris Dauphine

Panu Pelkonen, Senior Lecturer, University of Sussex


António Nogueira Leite, Professor, Nova School of Business and Economics

Esther Chevrot-Bianco, Postdoc Researcher, Goethe University, Frankfurt

Richard Blundell, Professor, University College London and Institute for Fiscal Studies

Oliver Baumann, Professor, University of Southern Denmark

Edward Hunter Christie, Senior Research Fellow, The Finnish Institute of International Affairs

Jean-Marie Meier, Assistant Professor, University of Texas at Dallas

Lars Handrich, Managing Director, DIW Berlin

Nathaniel Lane, Associate Professor, University of Oxford

Michael Raith, Associate Professor, University of Rochester

Oliver Schenker, Assistant Professor, Frankfurt School of Finance & Management

Daniel Borowczyk-Martins, Associate Professor, Copenhagen Business School

Alexander Haas, PhD Candidate, University of Oxford

Sebastian Braun, Professor, University of Bayreuth

Santiago Sanchez-Pages, Reader, King’s College London

Heike Wetzel, Professor, University of Kassel

Charles Gottlieb, Assistant Professor, University of St. Gallen

Erik Wengström, Professor, Lund University, Sweden

Jonathan Ginzburg, Professor, Université Paris Cité

Catherine Pelachaud, Research Director, CNRS and Sorbonne University

Tiago Neves Sequeira, Professor, University of Coimbra

Wouter Den Haan, Professor, London School of Economics

Harald Mayr, Postdoc, University of Zurich

Pawel Doligalski, Assistant Professor, University of Bristol

Dmitriy Sergeyev, Assistant Professor, Bocconi University

John S. Olson, PhD Candidate, University of Michigan

Thomas Sterner, Professor, University of Gothenburg

Gerard Maideu Morera, PhD Candidate, Toulouse School of Economics

Julian Hinz, Assistant Professor, Bielefeld University and Kiel Institute

Alexander M. Danzer, Professor, Catholic University Eichstätt-Ingolstadt

Paul Wohlfarth, Assistant Professor, Solbridge International School of Business, Daejon

Tatyana Deryugina, Associate Professor, University of Illinois at Urbana-Champaign

Philipp Kerler, PhD candidate, University of Zürich

Urs Fischbacher, Professor, University of Konstanz

Alex Clymo, Assistant Professor, University of Essex

Julian Fink, Professor, University of Bayreuth

Mariela Huillier, Economist, Compass Lexecon

Anastasiya Oleksiyenko, PhD candidate, University of Bristol

Mathias Reynaert, Assistant Professor, Toulouse School of Economics

Alexandre de Cornière, Assistant Professor, Toulouse School of Economics

Moritz Lenel, Assistant Professor, Princeton University

Simone Tagliapietra, Senior fellow, Bruegel

Maksym Solodarenko, PhD Candidate, University of Glasgow

Ulrich Hege, Professor, Toulouse School of Economics

Wolfgang Huber, Research Group Leader, European Molecular Biology Laboratory

Matthieu Crozet, Professor, Université Paris-Saclay

Pedro Gouveia e Melo, Partner, Morais Leitão


Maria do Ceu da Silva Tostao, Teacher, Fundação Betânia

Ingela Alger, Senior Researcher, CNRS and Toulouse School of Economics

Marcel Jansen, Associate Professor, Universidad Autónoma de Madrid

Pierre-Philippe Combes, Professor, CNRS and Sciences Po

Emmanuelle Auriol, Professor, Toulouse School of Economics

Claudia Diehl, Professor, University of Konstanz

Tore Ellingsen, Professor, Stockholm School of Economics

Jonas Hjort, Professor, University College London

Olga Rud, Associate Professor, University of Stavanger

Yassine Lefouili, Professor, Toulouse School of Economics

Janne Tukiainen, Professor, University of Turku

Vesa Vihriälä, Professor, University of Helsinki

Aris Boukouras, Lecturer in Economics, University of Leicester

Samuel Škoda, PhD Candidate, University of Zurich

Amélie Godefroidt, Postdoc Researcher, Norwegian University of Science and Technology

Christine Binzel, Professor, Friedrich-Alexander University Erlangen-Nürnberg

Per Kristian Lien, IEEE Industry ambassador to Norway

Samuel Bentolila, Professor, CEMFI

Franck Portier, Professor, University College London

Vera Pinto, Scientific Director, Novafrica at Nova SBE

Asensio Buendia, Economist, Complutense University of Madrid

Leonardo Madio, Research Fellow, University of Padova

Michele Battisti, Senior Lecturer, University of Glasgow

Tilman Brück, Professor, University of Greenwich and Director, ISDC

Isaac Hacamo, Assistant Professor, Indiana University

Matthew Mitchell, Professor, University of Toronto

Alexandre Volle, Assistant Professor, Université de Pau UPPA

Stefan Wöhrmüller, PhD candidate, University of Amsterdam

Stefania Albanesi, Professor, University of Pittsburgh

Christopher Ruof, PhD candidate, University of Hamburg

Giacomo Rondina, Associate Teaching Professor, UC San Diego

Paul Maneuvrier-Hervieu, Postdoc Researcher, University of Milan

Pierre Dubois, Professor, Toulouse School of Economics

Rajesh Bhatt, Professor, University of Massachusetts

Jakob Hurrle, Member of City Assembly, Prague

Klaus Masuch, Economist

Matvei Khoroshkin, PhD candidate, University of California San Francisco

Gabriele Gratton, Professor, University of New South Wales

Anna Stansbury, Assistant Professor, MIT Sloan School of Management

Konstantin Sonin, Professor, University of Chicago

Agnieszka Weinar, Adjunct Research Professor, Carleton University

Ludovica Gazze, Assistant Professor, University of Warwick

Pedro Saffi, Professor, University of Cambridge

Viktor Tsyrennikov, Director, Promontory Financial Group

Eduardo Perez, Associate Professor, Sciences Po

Miriam Wüst, Associate Professor, University of Copenhagen

Marita Freimane, PhD Candidate, KU Leuven


Thierry Magnac, Professor, Toulouse School of Economics

Ekaterina Zhuravskaya, Professor, Paris School of Economics and EHESS

Marco Bellifemine, PhD Candidate, London School of Economics

Gerhard Jäger, Professor, Universität Tübingen

Claude Crampes, Emeritus Professor, Toulouse School of Economics

Kajus Hagelstam, Economist and Head of Unit, European Parliament

Jonna Olsson, Lecturer, University of Edinburgh

Peter Eppinger, Postdoc Researcher, University of Tübingen

Ulvi Sarkarli, Senior Economist, Pasha Holding, Baku

Nicolas Gavoille, Associate Professor, Stockholm School of Economics in Riga

Etienne Lehmann, Professor, Université Panthéon-Assas Paris II

Iacopo Morchio, Lecturer, University of Bristol

Patrick A. Burr, Senior lecturer, The University of New South Wales

Linas Tarasonis, Vice Dean, Vilnius University

Jean Imbs, Professor, New York University in Abu Dhabi and CEPR

Olivier Simard-Casanova, PhD Candidate, BETA and Aléryon Science

Friederike Charlotte Hechler, PhD Candidate, Universität Potsdam

Ben Balmford, Postdoc, LEEP Institute at University of Exeter

Mariagrazia Cavallo, PhD Candidate, University of Bristol

Sylvain Bourjade, Professor, Toulouse Business School

Bohdan Kukharskyy, Assistant Professor, City University of New York

Ricardo Flores-Fillol, Associate professor, Universitat Rovira i Virgili

Michael Troegge, Profesor, ESCP Business School

Jenneke Krüger, Independent Researcher

Gerard Govers, Vice-Rector, KU Leven

Christophe Bernard, Associate Professor, Toulouse Business School

Vitor Pereira, PhD Candidate, BI Norwegian Business School

Efthymios Smyrniotis, PhD candidate, University of Bristol

Andy Neumeyer, Professor, Universidad Torcuato Di Tella, Buenos Aires

Edouard Machery, Distinguished Professor, University of Pittsburgh

Florian Hollenbach, Associate Professor, Copenhagen Business School,

Miguel Urdanoz, Associate Professor, Toulouse Business School

Lidia Kosenkova, Assistant Professor, University of Virginia

Illia Pasichnichenko, Research Fellow, University of Bristol

Joe Lau, Associate Professor, The University of Hong Kong

Peter Zashev, Associate Professor, Stockholm School of Economics

Yoshiko M. Herrera, Professor, University of Wisconsin-Madison

Andis Sofianos, Postdoc Fellow, Alfred Weber Institute Heidelberg

Paul Novosad, Associate Professor, Dartmouth College

Petra Sinagl, Assistant Professor, University of Iowa

Diane Coyle, Professor, Bennett institute, University of Cambridge

Mishel Ghassibe, PhD Candidate, University of Oxford

Guy Meunier, Senior Research fellow, INRAE Paris Saclay

Christiane Schwieren, Professor, Heidelberg University

Martin Chick, Professor, University of Edinburgh

Daniel F. Stone, Associate Professor, Bowdoin College

Tiago Tavares, Assistant Professor, Instituto Tecnológico Autónomo de México

Pieter Gautier, Professor, Vrije Universiteit Amsterdam


Jeffrey Ely, Professor, Northwestern University

Jonathan Portes, Professor, King’s College London

Raghu Suryanarayanan, Co-Founder and Partner, Navega Strategies

Clément de Chaisemartin, Professor, Sciences Po

Richard S.J. Tol, Professor, University of Sussex and Vrije Universiteit Amsterdam

Sascha O. Becker, Professor, Monash University, Melbourne

Luca Riva, PhD Candidate, Brown University

Sarah Clifford, Associate Professor, University of Oxford

Marcello Graziano , Associate Professor, Southern Connecticut State University

Filippo Rebessi, Assistant Professor, California State University

Foivos Savva, Lecturer in Economics, University of Southampton

Stephen Jarvis, Assistant Professor, London School of Economics

Maria Giavazzi, Associate Professor, École Normale Supérieure, Paris

Jaakko Meriläinen, Assistant Professor, Instituto Tecnológico Autónomo de México

Uffe Bergeton, Associate Professor, University of North Carolina at Chapel Hill

Vytautas Valaitis, Max-Weber Fellow, European University Institute

Frikk Nesje, Assistant Professor, University of Copenhagen

Jeremy Edwards, Emeritus Reader, University of Cambridge

Yuki Takahashi, PhD Candidate, University of Bologna

Benjamin Crost, Associate Professor, University of Calgary

Emily Gallagher, Assistant Professor, University of Colorado Boulder

Ora Matushansky, Research Director, CNRS, Paris

Ian Bateman, Professor, University of Exeter Business School

Joerg Oechssler, Professor, University of Heidelberg

Gabriella Massenz, PhD candidate, Tilburg University

Moshe Hazan, Professor, Tel Aviv University

William Mullins, Assistant Professor, UC San Diego

Sheilagh Ogilvie, Professor, All Souls College, University of Oxford

Martin Huber, Professor, University of Fribourg

Andrea Mantovani, Associate Professor, Toulouse Business School

Kevin Berry, Associate Professor, University of Alaska

Martien Lubberink, Associate professor, Victoria University Wellington

Arjun Sengupta, Assistant professor, University of Nottingham

Alejandro Lopez-Lira, Assistant Professor, University of Florida

Alessandro Merli, Associate Fellow, Johns Hopkins University SAIS Europe

Terry Barker, Honorary Professor, University of East Anglia

Jean-Marc Siroën, Emeritus Professor, Université Paris Dauphine

Romain Faquet, Economist

Lourdes Moreno, Associate Professor, Complutense University of Madrid

Jouko Ylä-Liedenpohja, Professor Emeritus, University of Tampere, Helsinki

Artur Doshchyn, Departmental Lecturer, University of Oxford

Arthur Small, Lecturer, University of Virginia

Christian Traxler, Professor, Hertie School

Lorenz Küng, Professor, University of Lugano

Christoph Vanberg, Professor, Heidelberg University

Anna Calamia, Associate Professor, Toulouse Business School

Matthieu Poumarède, Professor, Université Toulouse Capitole


Philipp Schirmer, PhD Candidate, University of Bonn

David Hugh-Jones, Associate Professor, University of East Anglia

Benjamin Spector, Research Director, CNRS and Institut Jean-Nicod CNRS-ENS-EHESS

Christa Brunnschweiler, Associate Professor, University of East Anglia

Daniel Heyen, Professor, University of Kaiserslautern

Matthijs Korevaar, Assistant Professor, Erasmus University Rotterdam

Massimo Morelli, Professor, Bocconi University

Eva Raiber, Assistant Professor, Aix-Marseille School of Economics and CEPR

Olivier De Groote, Assistant Professor, Toulouse School of Economics

Immanuel Feld, PhD Candidate, University of Warwick

Hannes Rau, Postdoc, Karlsruher Institut für Technologie

Christophe Maneuvrier, Professor, Université Caen Normandie

Annika Lindskog, Senior lecturer, University of Gothenburg

Oana Borcan, Associate Professor, University of East Anglia

Benjamin Haddad, Senior Director, Atlantic Council

Andrea Lassmann, Professor, Johannes Gutenberg-Universität Mainz

Moritz Lubczyk, PhD Candidate, University of Zurich

Jerome Massiani, Researcher, Università Milano Bicocca

Arnold Polanski, Associate Professor, University of East Anglia

Léa Nash, Professor, Université Paris 8

Paul Nightingale, Professor, University of Sussex Business School

Sonja Settele, Assistant Professor, University of Copenhagen

Jens Dietrichson, Senior Researcher, The Danish Center for Social Science Research

Adelaide Duarte, Associate Professor (retired), University of Coimbra

Lilia Zhurakhovska, Assistant Professor, University of Duisburg-Essen

Philippe Jean-Pierre, Professor, University of La Réunion

Yvan Decreux, Economist, Federal Office for Agriculture, Switzerland

Vera Baye, PhD Candidate, Osnabrück University

Jakub Mistak, Stipendiary Fellow, University of Edinburgh

Martin Gaynor, Professor, Carnegie Mellon University

Marloes Hagens, PhD Candidate, Erasmus University Rotterdam

Constantine Sorokin, Lecturer, Glasgow University

Joris Pinkse, Professor, Pennsylvania State University

Alessandra Casella, Professor, Columbia University

Béatrice Cherrier, Associate Professor, Ecole Polytechnique, CREST-CNRS

Fabien Candau, Professor, Université de Pau UPPA

Priit Jeenas, Assistant Professor, Universitat Pompeu Fabra

José Crespo de Carvalho, Professor, Instituto Universitário de Lisboa

Kristina Manysheva, PhD Candidate, Northwestern University

Anastassia Fedyk, Assistant Professor, University of California, Berkeley

Guy Debailleul, Associate Professor, Université Laval, Québec

Dana Kiku, Associate Professor, University of Illinois at Urbana-Champaign

Łukasz Piątek, Assistant Professor, Warsaw University of Technology

Florin Bilbiie, Professor, University of Cambridge an CEPR

Argentina Marques, Financial Director, Nova School of Business and Economics

Panu Poutvaara, Professor, University of Munich and ifo Institute

Olga Pindyuk, Economist, Vienna Institute for International Economic Studies


Susana Peralta, Associate Professor, Nova School of Business and Economics

Michele Boldrin, Professor, Washington University in Saint Louis

Juri Grossi, Postdoc Researcher, University of California, Merced

Danilo Guaitoli, Assistant Professor, New York University

Massimo Baldini, Professor, Università di Modena e Reggio Emilia

Noura Maziak, PhD Candidate, Max Planck Institute for Molecular Biomedicine

Jan Schymik, Postdoc, University of Mannheim

James B. Rebitzer, Professor, Boston University's Questrom School of Business

Jörg Breitung, Professor, University of Cologne

Daniel Neuhann, Assistant Professor, University of Texas at Austin

Farzad Saidi, Professor, University of Bonn

Richard Parker, Senior Fellow and Lecturer, Harvard University

Ricardo Barahona, Research Economist, Bank of Spain

Alexander Michaelides, Professor, Imperial College London

Jakub Steiner, Associate Professor, Zurich University

Erik Brynjolfsson, Professor, Stanford University

James Bessen, Executive Director, Boston University School of Law

Matthew Holian, Professor, San Jose State University

Bohdana Kurylo, PhD Candidate, CERGE-EI, Prague

Davit Adunts, Ph.D. candidate, CERGE-EI, Prague

Erik Hornung, Professor, University of Cologne

Christian Steininger, Global Head of Behavioral Economics, Allianz

David Zuchowski, PhD candidate, University of Duisburg-Essen

Daniel Harenberg, Lead Economist, Oxford Economics

Federico Gavazzoni, Associate Professor, BI Norwegian Business School

Alexander Kriwoluzky, Professor, Freie Universität Berlin

Antti Ripatti, Professor, University of Helsinki

Stephanie Ettmeier, PhD Candidate, DIW Berlin

Philipp Denter, Associate Professor, Universidad Carlos III de Madrid

Anna Bindler, Associate Professor, University of Cologne

Alex Rehding, Professor, Harvard University

Nicholas Watson, Professor, Harvard University

Emanuel Hansen, Professor, University of Munich