Princeton University
Department of Economics


Oleg Itskhoki

My webpage is moving to:



Contact Information:
Princeton University
Department of Economics, Fisher 306
Office:  +1 (609) 258-5493
Mobile: +1 (609) 216-4489
Fax:        +1 (609) 258-6419

Personal Information:
Date and Place of Birth: 7 January 1983, Moscow (Russia)
Citizenship: Russian

Research Fields:
Macroeconomics and International Economics

Ph.D. in Economics, Harvard University, 2004-2009
M.A. in Economics, New Economic School (Moscow), 2002-2004
B.Sc. in Economics, Moscow State University, 1999-2003

Academic Appointments:
2009–present: Princeton University, Department of Economics, and  Woodrow Wilson School of Public and International Affairs

-        Assistant Professor of Economics and International Affairs, July 2010–present

-        Associate Research Scholar, International Economics Section, 2009–2010


2013-2016: Richard Allen Lester University Preceptor


2010–present: National Bureau of Economic Research, Faculty Research Fellow [My NBER working papers]


2010-present: Centre for Economic Policy Research, Research Affiliate


Visiting Positions:
September 2012 - June 2013: Visiting Becker-Friedman Institute, Department of Economics, University of Chicago


Working Papers:

1.      Optimal Development Policies with Financial Frictions, July 2013

with Ben Moll; [slides]


2.      Trade and Inequality: From Theory to Estimation, September 2013

with Elhanan Helpman, Marc Muendler and Stephen Redding

Slides; Appendix; Data supplement; VoxEU column

Previous version: NBER Working Paper No. 17991, April 2012


3.      Price Dynamics for Durable Goods, May 2012, draft coming soon

with Michal Fabinger and Gita Gopinath


4.      Optimal Redistribution in an Open Economy, November 2008, work in progress; Slides


5.      Wages, Unemployment and Inequality with Heterogeneous Firms and Workers, September 2008

with Elhanan Helpman and Stephen Redding; Slides

Earlier version: NBER Working Paper No. 14122, June 2008


6.      How Expensive is Commitment?, May 2007, preliminary and incomplete draft; Slides




1.      Importers, Exporters and Exchange Rate Disconnect, September 2013

Mary Amiti, Oleg Itskhoki and Jozef Konings

American Economic Review, forthcoming
Slides; Data files; VoxEU column; NY Fed Blog; WSJ Blog


2.      Fiscal Devaluations, April 2013

Emmanuel Farhi, Gita Gopinath and Oleg Itskhoki

Review of Economic Studies, forthcoming
Slides; Project Syndicate article; Bloomberg; Forbes.UA

Online Appendix with Static Model


3.      Sources of Wage Inequality, January 2013

Anders Akerman, Elhanan Helpman, Oleg Itskhoki, Marc-Andreas Muendler and Stephen Redding

American Economic Review Papers & Proceedings, forthcoming


4.      Trade Prices and the Global Trade Collapse of 2008-2009, July 2012

Gita Gopinath, Oleg Itskhoki and Brent Neiman

IMF Economic Review, September 2012, 60 (3): 303-328 [link to journal article]
VoxEU column


5.      Trade and Labor Market Outcomes, February 2011

Elhanan Helpman, Oleg Itskhoki and Stephen Redding

forthcoming in 2011, in D.Acemoglu, M.Arellano and E.Dekel (eds.), Advances in Economics and Econometrics: Theory and Applications, Tenth World Congress of the Econometric Society.

Frisch Memorial Lecture at the 2010 World Congress of the Econometric Society in Shanghai; Slides


6.      In Search of Real Rigidities, May 2010 [link to the chapter - without Section 6 on Bargaining model]

Gita Gopinath and Oleg Itskhoki

NBER Macroeconomics Annual 2010, Volume 25, 2011, pp. 261-310, The University of Chicago Press; Slides

comments by Mike Golosov and Virgiliu Midrigan


7.      Inequality and Unemployment in a Global Economy, February 2010 [link to journal article]

Elhanan Helpman, Oleg Itskhoki and Stephen Redding
Econometrica, July 2010, 78 (4): 1239–1283

Technical Appendix with Formal Derivations and Proofs, February 2010

Earlier version: NBER Working Paper No. 14478, November 2008; Slides


8.      Labor Market Rigidities, Trade and Unemployment, April 2009 [link to the journal article]

Elhanan Helpman and Oleg Itskhoki

Review of Economic Studies, July 2010, 77 (3): 1100–1137

Top-3 most cited paper in REStud in 2009-2012

Earlier versions: Draft with additional results, June 2008; NBER Working Paper No. 13365, September 2007; Slides

Labor Market Rigidity, Trade and Unemployment: A Dynamic Model, April 2009, a technical note


9.      Unequal Effects of Trade on Workers with Different Abilities, September 2009 [link to the journal article]

Elhanan Helpman, Oleg Itskhoki and Stephen Redding

Journal of the European Economic Association Papers & Proceedings, April/May 2010, 8 (2–3): 456-466

Technical Appendix, August 2009


10.  Frequency of Price Adjustment and Pass-through, May 2009 [link to the journal article]

Gita Gopinath and Oleg Itskhoki

Quarterly Journal of Economics, May 2010, 125 (2): 675-727

Earlier version: NBER Working Paper No. 14200, July 2008; Slides


11.  Currency Choice and Exchange Rate Pass-through, October 2008 [link to the journal article]

Gita Gopinath, Oleg Itskhoki and Roberto Rigobon

American Economic Review, March 2010, 100 (1): 304-336

Earlier version: NBER Working Paper No. 13432, September 2007; Slides


12.  Asymmetric Price Rigidity and the Optimal Rate of Inflation

Ekonomika i Matematicheskie Metody, July 2008, 44(3): 17-37 [in Russian]

Old version in English: NES Master Thesis, July 2004


13.  Model Selection and Paradoxes of Prediction

Quantile, September 2006, 1: 43-51 [in Russian]

English version: SSRN-id942870, January 2005



·         ECO 553: Ph.D. International Macroeconomics (Spring 2010, Fall 2010, Spring 2012); Syllabus

·         WWS 544: MPA International Macroeconomics (Fall 2010, Spring 2012); Syllabus

Honors, Fellowships and Grants:

·         Richard Allen Lester University Preceptor, Princeton University, 2013-2016

·         Kiel Excellence Award in Global Economic Affairs, 2012

·         Duke Young Macroeconomists’ Jamboree, 2010

·         National Science Foundation Grant “Risk and Inequality in a Global Economy” (co-PI with Elhanan Helpman and Stephen J. Redding), 2009-2012

·         Review of Economic Studies Tour, 2009

·         Chiles Fellowship, Harvard University, 2008-2009

·         Merit Award, Harvard University, 2007-2008

·         Dillon Fellowship, Harvard University, 2004-2005

·         Don Patinkin Prize, New Economic School, 2004

·         Best Student Paper Award, New Economic School, 2004

·         Evraz-Holding Scholarship, New Economic School, 2004-2005

Conference Presentations and Invited Seminars:



AEA Meetings (San Diego), UC Berkeley, UC Davis, San Francisco Fed, Harvard, CREI\UPF, LSE, Bocconi, Spring NBER IFM (Boston; discussant), World Bank, Bank of Canada, HEC-Montreal, Cambridge, Oxford, Chicago Booth, Dallas Fed Conference, Cowles Macro Workshop on Matching (Yale), Northwestern, Chicago Fed, SED Meeting (Seoul), Princeton IES Workshop, NBER ITI SI (discussant), NBER IFM SI, Fall NBER IFM (Boston; discussant), IMF and Worldbank, USC, UC Irving, Chicago Booth Conference on International Macro and Finance.



AEA Meetings (Chicago; discussant), Institute of Advanced Studies, Princeton, Wisconsin, Workshop on “Industry and Labor Market Dynamics”(Barcelona GSE),  Johns Hopkins, Warwick, LSE, Edinburgh, Stanford, Kiel Institute, SED (Cyprus), Princeton IES Workshop, NBER ITI and Macro Perspectives Summer Institute, Princeton, Yale, FREIT EIIT at UCSC, NBER IFM Fall Meeting (Boston), Philly Fed Trade Workshop, NBER ITI Winter Meeting (Stanford), U of Chicago, NBER Meeting in Chicago (discussant), NES 20-th Anniversary Conference (Moscow), ECB Conference.


AEA Meetings (Denver; discussant), University of Michigan, Michigan State University, NY Fed, Philadelphia Workshop on Macroeconomics (discussant), University of Pennsylvania, Chicago Booth (short visit), FGV/EPGE Advances in Macroeconomics (Rio de Janeiro), NES-HSE CAS Conference on General Equilibrium (Moscow), Yale Cowles Summer Conference on Trade and Macroeconomics (discussant), Conference on Worker-specific Effects of Globalisation (Tubingen, Germany), NBER IFM Summer Institute (discussant), NES (Moscow), Philadelphia Fed, Board of Governors of the FRS, Columbia, NBER IFM Fall Meeting (Boston), UPenn-Wharton, NYU, Harvard, Philadelphia Fed Trade Workshop, MIT, Johns Hopkins University-SAIS, NY Fed, Graduate Institute and WTO (Geneva).


NBER Macroannual (Boston), SED Annual Meeting (Montreal), Duke Macroeconomics Jamboree, Vanderbilt, Maryland, Temple, Hitotsubashi COE Conference on International Trade & FDI (Tokyo), University of Tokyo.


Princeton, Northwestern, Chicago, Chicago GSB, Stanford, Stanford GSB, Berkeley, MIT, UCLA, CEFIR/NES, UPF/CREI, Spring NBER ITO Meeting (Boston; discussant), CESifo (Munich), ECARES (Brussels), Oxford, LSE/LBS, SED Annual Meeting (Istanbul), Princeton IES, NBER SI ITI (discussant), IMF, Moscow State University, LAMES-LACEA (Buenos Aires), Cornell, World Bank, Minneapolis Fed (short visit).


Spring NBER ITO Meeting (Boston; discussant), Spring NBER Price Dynamics Meeting (Stanford), Penn State, NBER Summer Institute ME Meeting (Boston), SED Annual Meeting (Boston), SITE Summer Institute (Stanford), CEFIR/NES, Harvard, Yale, Chicago Fed.


Spring NBER IFM Meeting (Boston), Harvard, CEFIR/NES, Central European University (Budapest), EEA/ESEM Meeting (Budapest), Fall NBER EFG Meeting (Chicago), Fall NBER ME Meeting (Boston), Winter NBER ITI Meeting (San Francisco), New York Fed Conference on Exchange Rates and Prices.

Public service:

·         Program committee member for the SED Annual Meetings: Montreal 2010, Cyprus 2012, Seoul 2013

·         Program committee member for the NES 20-th Anniversary Conference, Moscow, December 2012

·         Excellence in Refereeing Award, American Economic Review, 2009, 2010, 2012.

AEJ-Macro, AEJ-Policy, American Economic Review, B.E. Journals, Canadian Journal of Economics, Econometrica, Economic Journal, Economics of Transition, European Economic Review, IMF Economic Review, Journal of Development Economics, Journal of Economic Theory, Journal of the European Economic Association, Journal of Health Economics, Journal of International Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Quarterly Journal of Economics, Quantile, Review of Economic Studies, Review of Economics and Statistics, Review of International Economics, Review of World Economics, World Development, National Science Foundation Grant Proposals.


1.      NBER IFM Fall 2013: "Rethinking Optimal Currency Areas" by Chari, Dovis and Kehoe [Slides]

2.      NBER ITI SI 2013: "Global Production with Export Platforms" by Felix Tintelnot [Slides]

3.      NBER IFM March 2013 (Boston): "International Reserves and Rollover Risk" by Javier Bianchi, Juan Carlos Hatchondo and Leonardo Martinez [Slides]

4.      AEA Meetings 2013 (San Diego): "Foreign Ownership of US Safe Assets: Good or Bad" by Jack Favilukis, Sydney Ludvigson and Stijn Van Nieuwerburgh [Slides]

5.      NBER Macroeconomics Within and Across Borders, December 2012 (Chicago): "Fiscal Unions" by Emmanuel Farhi and Iván Werning [Slides]

6.      Princeton IES Summer Workshop 2012: "The Elusive Pro-Competitive Effects of Trade" by Costas Arkolakis, Arnaud Costinot, Dave Donaldson and Andrés Rodríguez-Clare [Slides]

7.      AEA Meetings 2012 (Chicago): "Liberalized Trade and Worker-Firm Matching" by Carl Davidson, Fredrik Heyman, Steve Matusz, Fredrik Sjöholm and Susan Zhu [Slides]

8.      NBER IFM SI 2011: "Sudden Stops and Sovereign Defaults" by Luis Catão, Ana Fostel and Romain Rancière [Slides]

9.      2011 Cowles Summer Conference "New Perspectives on International Trade, Development, and Macroeconomics" (Yale University): "Trade Protection and Currency Manipulation" by Arnaud Costinot, Guido Lorenzoni and Iván Werning [Slides]

10.  9-th Philadelphia Workshop on Macroeconomics, April 2011: "Firm Dynamics, Job Turnover, and Wage Distribution in an Open Economy" by Kerem Coşar, Nezih Guner and James Tybout [Slides]

11.  AEA Meetings 2011 (Denver): “Dissecting the French Export Wage Premium” by Jonathan Eaton, Samuel Kortum, Francis Kramarz and Raul Sampognaro [Slides]

12.  NBER ITI SI 2009: “R&D Investment, Exporting, and Productivity Dynamics” by Bee Yan Aw, Mark Roberts and Daniel Xu

13.  NBER ITO May 2009: “Innovation, Firm Dynamics and International Trade” by Andrew Atkeson and Ariel Burstein

14.  NBER ITO April 2008: “Heterogeneity and Trade” by Arnaud Costinot

Ph.D. students:
2010: Saroj Bhattarai (PennState)
2011: Pablo Fajgelbaum (UCLA), Shlomi Kramer (General Electric), Mathieu Taschereau-Dumouchel (UPenn-Wharton), Edouard Schaal (NYU)
2013: Diogo Guillen (Gavea Investimentos)


Revised: 27 October 2013