Alexey Makarin


Assistant Professor in Applied Economics, MIT Sloan School of Management
Assistant Professor, Einaudi Institute for Economics and Finance (on leave)
Research Affiliate, CEPR POE


Northwestern University, Ph.D., 2019
Northwestern University, M.A., 2014
Higher School of Economics, Moscow, B.A., 2012


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Research Interests

Political Economy, Development Economics, Applied Microeconomics


“Conflict and Inter-Group Trade: Evidence from the 2014 Russia-Ukraine Crisis“, with Vasily Korovkin, American Economic Review, forthcoming.

“Social Media and Mental Health”, with Luca Braghieri and Ro’ee Levy, American Economic Review, November 2022, 112(11), pp. 3660–3693.

“Divided We Stay Home: Social Distancing and Ethnic Diversity”, with Georgy Egorov, Ruben Enikolopov, and Maria Petrova, Journal of Public Economics, February 2021, 194.

“Social Media and Protest Participation: Evidence from Russia”, with Ruben Enikolopov and Maria Petrova, Econometrica, July 2020, 88(4), pp. 1479–1514.

“National or Sub-National Parties: Does Party Geographic Scope Matter?”, with Ricardo Pique and Fernando Aragon, Journal of Development Economics, September 2020, 146.

“Can Online Off-The-Shelf Lessons Improve Student Outcomes? Evidence from A Field Experiment”, with Kirabo Jackson, American Economic Journal: Economic Policy, August 2018, 10(3), pp. 226–254.

Working Papers

“Production Networks and War: Evidence from Ukraine” with Vasily Korovkin

“The Political Legacy of Nazi Annexation” with Mario Cannella and Ricardo Pique

“Affinity, Trust, and Information” with Luigi Guiso

“Social Image, Networks, and Protest Participation” with Ruben Enikolopov, Maria Petrova, and Leonid Polishchuk


Phone: +39.06.4792.93556
Fax: +39.06.4792.4872
E-mail: alexey.makarin[at]

Aguiar Mark (Princeton University) March

Allende Santa Cruz Claudia (Stanford) May - June

Amador Manuel (Federal Reserve Bank of Minneapolis) June - July

Anderlini Luca (Georgetown) May - June 

Babenko Ilona (Arizona State University) January - December

Barahona Nano (University of California, Berkeley) May - June

Bardhi Arjada (Duke University) May - July

Bena Jan (UBS Sauder School of Business) June - July

Bentolila Samuel (CEMFI) September - December

Blanco Andres (University of Michigan) June - July

Bobkova Nina (Rice University) May - June

Caglio Cecilia (Board of Governors Federal Reserve) 

Chirinko Robert (University of Illinois Chicago) March - April

Commault Jeanne (Sciences Po) January

Condorelli Daniele (University of Warwick) April

Couture Victor (University of British Columbia) July

Cuesta Jose Ignacio (Stanford University) 

Deb Joyee (Yale School of Managment) July

Dustmann Christian (University College London) April - May

Egorov Konstantin (New Economic School) September - December

Ellul Andrew (Kelley School of Business, Indiana University) June - July

Fitzgerald Doireann (Federal Reserve of Minneapolis) June - July

Flamini Alessandro (University of Pavia) January - April

Gehrig Thomas (University of Vienna) March

Gehrig-Merz Monika (University of Vienna) March

Gottardi Piero (University of Essex) January 

Holzheu Kerstin (Sciences Po) March

Kashyap Anil (University of Chicago Booth) June

Kempf Elizabeth (Harvard Business School) June

Ku Hyein (University College London) April - May

Macchiavello Rocco (London School of Economics and Political Science) April

Makarov Igor (London School of Economics and Political Science) May

Martellini Paolo (University of Wisconsin - Madison) May

Neumark David (University of California, Irvine) September

Otero Sebastian (University of California, Berkeley) 

Rossi Federico (University of Warwick) March - May

Saijio Hikaru (University of California, Santa Cruz) March - April

Samuelson Larry (Yale University) June

Shoar Antoinette (MIT Sloan School of Management) May

Tadelis Steve (University of California, Berkeley) May - June

Tserlukevich Yuri (Arizona State University) January - December

Weil David (Brown University) May 

Xu Guo (University of California, Berkeley) June - July

Yang David (Harvard University) May - June

Zafar Basit (University of Michigan) July

Zanetti Chini Emilio  (University of Bergamo) December 

Zhang Shuang (Imperial College London) May - June





Selected Publications 2022

"Displacement, Diversity, and Mobility: Career Impacts of Japanese American Internment", Jaime Arellano-Bover, The Journal of Economic History, Vol. 82, Issue 1, pp. 126 - 174, March 2022.

"Gender Differences in Cooperative Environments? Evidence from the U.S. Congress", Stefano Gagliarducci (with D. Paserman), Economic Journal, Vol. 132, Issue 641, pages 218–257, January 2022.

"The Cost of Steering in Financial Markets: Evidence from the Mortgage Market", Luigi Guiso and Andrea Pozzi (with L. Gambacorta, P. E. Mistrulli and A. Tsoy), Journal of Financial Economics, Vol. 143, Issue 3, pages 1209-1226, 2022.

"The Macroeconomics of Sticky Prices with Generalized Hazard Functions", Francesco Lippi (with F. Alvarez and A. Oskolkov), Quarterly Journal of Economics, Vol. 137, Issue 2, Pages 989–1038, May 2022.

"Cash: A blessing or a curse?", Francesco Lippi (with F. Alvarez, D. Argente and R. Jimenez), Journal of Monetary Economics: Carnegie Rochester – NYU Conference, Vol 125, issue C, pages 85-128, January 2022.

"The Extensive Margin of Aggregate Consumption Demand”, Claudio Michelacci, Luigi Paciello and Andrea Pozzi, Review of Economic Studies, Vol. 89, Issue 2, pages 909–947, March 2022.

"Illiquidity in sovereign debt markets", Juan Passadore (with Yu Xu), Journal of International Economics, Vol. 137, July 2022.

"Credit Misallocation During the European Financial Crisis", Fabiano Schivardi (with E. Sette and G. Tabellini), Economic Journal, Vol. 132, Issue 641, pages 391–423, January 2022.

"Leave the Door Open? Prison Conditions and Recidivism", Daniele Terlizzese (with Giovanni Mastrobuoni), American Economic Journal: Applied Economics, Vol. 14, No. 4, pages 200-233, October 2022.


The Global Economic Challenges (GEC) Network
"The Law and Economics of Web 3.0"

5 December 2022
Online: On Zoom 

In-person: Amphithéâtre Claude Érignac

(13 rue de l’Université, 75507, Paris, France)

EIEF announceed the workshop, jointly organized by the Global Economic Challenges (GEC) Network, Sciences Po, and the McCourt Institute on “The Law and Economics of Web 3.0”. Confronting the abuse, exploitation, and manipulation of personal data collected via internet use is one of society’s great challenges. The legal and economic issues related to the property rights of these harvested data have implications for topics including personal safety, firm profitability, and consumer welfare. Moreover, targeted misinformation campaigns which exploit such data, combined with the web's unparalleled capacity to reach and influence a specified audience, represents a danger to the world's democracies. As we prepare for generation 3.0 of the web, a panel of experts will discuss many of the extraordinarily urgent questions which will accompany its arrival.

Bank of Italy - EIEF workshop on Applied Microeconomics

October 19, 2022
EIEF, Rome

EIEF and the Bank of Italy jointly organized a workshop on Applied Microeconomics that was held in Rome on October 19, 2022. The workshop was meant to foster cooperation and exchange of ideas among researchers working in Applied Microeconomics at the Bank of Italy and EIEF and it was open to scholars affiliated with either institution. The first edition included 6 presentations of 30' each, and floor discussion. Program.

CEPR-EIEF-Tor Vergata Workshop on Media, Technology, Politics, and Society

24-25 June 2022
EIEF, Rome

This small, informal workshop presented high quality empirical and theoretical research on the role of media and technology in determining the information, beliefs and behavior of individuals in today’s society. The members of the organizing committee were: Stefano Gagliarducci (University of Rome “Tor Vergata” and EIEF), Alexey Makarin (EIEF and CEPR), and Francesco Sobbrio (University of Rome “Tor Vergata”). The Workshop hosted two Keynote speakers: Maria Petrova (Universitat Pompeu Fabra and CEPR), and Markus Prior (Princeton University). Program.

10th Rome Conference on Macroeconomics (aka Pizzanomics)

20-21 June 2022
EIEF, Rome

EIEF organized the “10th Conference on Macroeconomics”, a.k.a. Pizzanomics. The aim was to bring together junior economists from around the world with a strong interest in Macroeconomics, and to generate a friendly environment with intensive interaction, not only during the presentations but also informally before and after. The organizers were: David Argente (Penn State University), Salome Baslandze (Atlanta FED), Juan Passadore (EIEF, on leave), and Liyan Shi (Carnegie Mellon). Program.

6th Rome Junior Finance Conference

15-16 June 2022
EIEF, Rome

EIEF hosted the “6th Rome Junior Finance Conference”. The goal of the conference was to bring together junior researchers active in finance and create an opportunity for informal discussions and other academic-related activities. The organizers were: Adrien Matray (Princeton), Andrea Polo (LUISS, EIEF), and Luana Zaccaria (EIEF). Program.

5th Rome Junior Conference on Applied Microeconomics

June 6-7, 2022
EIEF, Rome

EIEF hosted the “5th Rome Junior Conference on Applied Microeconomics”. The aim was to foster interaction and dissemination of research idea among researchers active in different areas of applied microeconomics. The selection of presenters gave preference to faculty at the early stages of their career. The organizers were: Jaime Arellano-Bover (Università di Roma “Tor Vergata”, EIEF), Margaux Luflade (University of Pennsylvania), Lorenzo Magnolfi (University of Wisconsin-Madison), Matteo Paradisi (EIEF), and Nina Roussille (LSE, MIT). Program.

The Ukrainian Refugee Crisis

April 26, 2022 (on Zoom)

The Russian invasion of Ukraine and the associated conflict has resulted in a major exodus from the country as individuals seeking safety attempt to escape the horrors of war. UNHCR, the UN Refugee Agency, has recently estimated that in excess of four million Ukrainians have left their country (with over seven million internally displaced), resulting in an extraordinary crisis with major humanitarian and economic implications. This webinar featured four leading economists discussing the impacts of this ongoing refugee crisis and its implications for Ukraine and the rest of Europe. Program.

This event was co-sponsored by the Georgetown University Global Economic Challenges (GEC) Network, the Einaudi Institute for Economics and Finance (EIEF), the Center for Economic and Policy Research (CEPR), and Solvay Brussels School of Economics and Management (Université Libre de Bruxelles).

The Global Economic Challenges (GEC) Network

"The Impact of the Russian Invasion on the Ukrainian, Russian, and Global Economies"

17 March 2022 (on Zoom)

EIEF announced the workshop, jointly organized by the Global Economic Challenges (GEC) Network and Solvay Brussels School (Université Libre di Bruxelles), on “The Impact of the Russian Invasion on the Ukrainian, Russian, and Global Economies”. The ongoing Russian invasion of Ukraine and the economic sanctions imposed in response have resulted in major economic upheaval. The extraordinary humanitarian crisis is accompanied by a direct toll on the Ukrainian economy. Moreover, the sanctions will have a plethora of economic repercussions throughout the world. Leading economists Sergei Guriev (Sciences Po) and Tymofiy Mylovanov (University of Pittsburgh), two of the foremost experts on the Ukrainian and Russian economies, spoke about this ongoing crisis and its implications for the economic future of the region. Shéhérazade Semsar-de Boisséson (inaugural executive director of the McCourt Institute) moderated the conversation.

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