Finance Professor & Behavioral Economist at
@BerkeleyHaas
. Ukrainian American. Researching media, investor behavior, innovation, and investments in technology.
Our group of Economists for Ukraine has launched its website! We work on sanctions, analyze potential outcomes of the war, and coordinate several humanitarian initiatives. Visit to check out our work and join our efforts. Please R/T and share.
Re "peace negotiations" in Russia-Ukraine war: is that even feasible?
The world has 30 years of data on past agreements with Russia. One commonality emerges, and not just in Ukraine: Russia lies.
My new
@latimes
piece with
@TDeryugina
& Emilia Marshall:
As Russia plunges Ukraine into darkness, this is enabled by Western tech.
Products from
#Google
,
#Microsoft
, and others underpin RU economic activity and its war machine. This needs to stop.
My new piece in
@latimes
with
@hodsonlabs
and
@YGorodnichenko
:
Q: Why has Ukraine's progress on the battlefield been slower than we'd like?
A: Because of endless delays in weapon supplies.
Our analysis catalogues each weapon provided to Ukraine, the timeline of delays, and how these impacted the battlefield:
Two years into WWII Nazi Germany occupied 33% of Europe. The situation was bleak but we mobilized to defeat that evil.
Today Russia holds <20% of Ukraine & has an economy the size of Texas. Not defeating this evil would be a glaring failure of leadership.
Our paper on how AI affects US firms is officially out!
It's open source AND the data are all posted on the journal website. If you're interested in research on AI, please feel free to use our code and data.
(w/
@TaniaBabina
@AlexXiHe
@hodsonlabs
)
Economists for Ukraine excited to contribute to the new sanctions roadmap. Priorities: 1) Oil & Gas. 2) Transport & shipping. 3) Enhance financial sanctions. 4) Russia as a sponsor of state terrorism. 6) Secondary sanctions on states enabling Russia.
US intelligence: "expect reduced tempo of the war for coming months."
Ukrainian school child under shelling in
#Dnipro
: "I'm so tired of all of this. Maybe, if God really wants me to die, so be it?"
We need to be clear what reduced tempos actually mean and
#StopRussiaNOW
.
Would you like to:
(1) Help with Ukraine's answer to Iranian drones
AND
(2) Support the Kherson counter-offensive?
I highly recommend these guys in Mykolaiv! We've been working with them for a while & donated several times.
Please help spread the word:
Eye-witness account of the aftermath of today's attack in
#Dnipro
from a teenage girl:
14-year-old boys climbed on the ruins to help dig out the debris. Their hands cut on the glass. They heard the screams of those under the ruble.
#RussiaIsATerroristState
#Ukraine
#SaveUkraine
More can be done to sanction Russia. Our group put out a new paper on
#energy
sanctions. Full embargo is the goal--we offer ways to get there via smart embargo.
Read the paper by
@sanctionsgroup
coordinated by
@McFaul
& endorsed by :
As a teenager I used to play a nerdy board game called "Diplomacy." I usually won because whoever played
#Russia
tended to hand me some territories without a fight, feeling that I had a more rightful claim to them...
I wish I still had that skill, to join the "negotiation" team!
Russia's defeat must be democracies' goal.
New op-ed together with
@YGorodnichenko
and
@IlonaSologoub
.
We spell out the history and goals of Russia's attacks on Ukraine and others, and explain why the only solution is a decisive defeat of Russia.
Very honored and grateful to receive the
@RevOfAssetPric
Rising Scholar award today!
This one is symbolic for me, because at some point, someone much bigger and stronger than me wished to deny this paper the very right to exist.
So honored to be included in this year's Poets & Quants 40 Under 40 MBA professors.
I am especially grateful that this award recognizes the work we do for
#Ukraine
at
#Econ4UA
. Thank you for all of your support! It means so much to me.
International Working Group on Sanctions releases its latest proposals to help
#StopRussianAggression
. Thank you,
@McFaul
, for the amazing job aggregating all of the ideas into an impressively thorough document!
The West can do more to stop subsidizing Putin's killing machine in Ukraine. We spell out the details in this Action Plan for Strengthening Sanctions against the Russian Federation:
Why do we pay so much attention to old news?
I'm super excited to see this project (from grad school!) finally reach the end of its journey. Very grateful to
@J_Fin_Economics
for the excellent feedback AND their fast, efficient process.
"Russia’s strategic manipulation of food supplies & weaponization of hunger has not only exacerbated the challenges faced by European farmers but also compromised overall food security by distorting market dynamics."
We need tariffs on russian grain.
Help us support Ukraine's devastated education system!
Economists for Ukraine run physical edu centers in frontline Mykolaiv, Sumy, Odesa. We're opening a new one in Kharkiv. Donation of just $35/mo provides quality education to Ukrainian child in need.
My new piece in the LA Times applies a game theoretic lens to the
#RussiaUkraineWar
. We need to do the right things now to avoid nightmare scenarios in the future. Co-authored with
@games_to_change
:
Why are so many Ukrainians at odds with Russian opposition leaders including
@navalny
?
It's the free riding. The vast majority of Russian opposition has contributed NOTHING to Ukraine's fight, yet they want to take some of the hard-won surplus.
Our special banquet & exhibit in support of
#Ukraine
at UC Berkeley is fast approaching!
Friday, September 15, 7--10pm.
If you can, please join us! And spread the word.
The incredible Victoria Sokil, disabled artist in
#Mykolaiv
who made the famous model of the
#Mriya
plane, has etched a special Ukrainian jewelry box for our upcoming art auction!
The bidding starts at only $150! All proceeds go to Ukraine's defenders.
Should Russians feel collective responsibility for the war?
When I see each barbaric strike, I think: "I'm sorry." I'm sorry I haven't done more on my part to prevent it. Done even more for Ukraine, donated more time & money.
THIS is collective responsibility. It's not hard.
In light if today's rampage attacks, I'll reiterate our
@sanctionsgroup
recommendation to designate Russia as a state sponsor of terrorism.
The time is NOW.
Here is a detailed discussion of the designation and why it's effective policy-wise:
Seizing frozen Russian assets for Ukraine's reconstruction.
How it works, what are the different portions for possible confiscation, and what's at stake.
My discussion on these important topics with
@dwnews
:
First day in
#Kyiv
and already hard at work!
Making camouflage nets with a group of women who have been doing it nonstop since February 2022, in the basement of their apartment building.
Slava Ukraine, Glory to the heroes!🇺🇦
Boston friends, please join us for a wonderful evening of music, art & delicious food at MIT in support of Ukraine this Friday!
Non-Boston friends, get some amazing Ukrainian artwork. 100% tax-deductible & all proceeds go to our Ukraine aid initiatives.
Friends, next week (June 15) we'll host a dinner at the Polish Consulate in NY. Theme: preserving Ukraine's heritage from Russian attacks. Featuring an exhibit of content from our Svidok platform and a benefit art auction.
Please join & spread the word:
My interview with
@dwnews
on the
#energy
situation:
1. Lengthy discussions & negotiations have been a limitation, but
2. Yesterday's G7 price cap announcement is a good signal that we're reaching the necessary consensus on a global scale.
(Minutes 4--8)
#Econ4UA
update: this summer we sent medicine & thermal visions to Kraken and 92nd brigade in
#Kharkiv
.
These are literally the guys making history right now! I couldn't be prouder of helping them.
(Photos: Kraken hoisting 🇺🇦flag over Balakliia, 92nd brigade over Kupiansk.)
Today is Day of Rememberance of Ukraine's Defenders.
We had a very productive meeting with Ministry of Veterans' Affairs, starting a multifaceted collaboration.
And in the evening I had a chance to pay my respects to fallen heroes on Maidan Sq and just cry. 💔
Heroyam Slava!!
Old Ukrainian lady reflects on 500 days of full-scale war:
"I feel guilty that our boys and girls are dying at the front every day, and I can't do anything to help, because I'm old and sick. Yes, I transfer some money from my pension to support the military. But it's not enough."
Today we met & signed a Memorandum of Understanding w/ deputy head of Mejlis of Crimean Tatars, Nariman Dzhelyal. He was a political prisoner for 3yrs released only 2mo ago
Crimean Tatars, indigenous inhabitants of Crimea, are so inspiring. The world must free their native land!
@mironov_fm
@rynkrynk
Maxim, are you actually replying to
@rynkrynk
? Because it doesn't look like it.
Oleksandra engaged with you in English (not Ukrainian). Why not return the favor?
Reverting to Russian suggests catering to a specific (Russian) audience & having no wish to engage with Ukrainians.
Why more weapons will help Ukraine and Russia negotiate a lasting truce. My new peace in the LA Times with
@YGorodnichenko
@IlonaSologoub
and Bohdan Kukharskyy.
Our war journal now has a Twitter account bringing daily photos, videos, and written accounts of Ukrairian experiences during the war.
Please follow
@SvidokUkraine
Russia's barbaric actions pass the threshold for terrorism, and the designation of state sponsor of terrorism can be implemented while mitigating potential concerns.
@Guardian
article on the new whitepaper by our
@sanctionsgroup
led by
@McFaul
:
How is AI Affecting Firms and Workers?
It was my absolute honor to deliver the Homecoming lecture
@BerkeleyHaas
this weekend! Students, parents, and alumni---what an amazingly engaged crowd. Thank you to everyone who came for the thought-provoking questions!
- russia: blows up a hotel in Kryvyi Rih.
- Ordinary russians using Google maps: post mocking reviews.
They are not "brainwashed by propaganda with no access to information." They are right there on Google! They're just sadistic and sick.
#LetUkraineWin
REMINDER: Russia is a corrupt crony-capitalist society with the economy the size of Italy or Texas.
If the collective economic power of the US + EU + UK + allies is not enough to wield a decisive blow to Russia’s ability to finance its war, then we are not trying hard enough.
Friends, medical shortages in Ukraine are really bad. We have urgent asks from Kraken, 92nd & 93rd brigade, and this morning a direct request from National Police.
We can get tourniquets @ $29ea and ship them free.
Please help via our medical aid page:
After evening teaching, a Russian Uber driver asked whether I'm from Russia. I said Ukraine.
Him: Do you have any weapons?
Me: No.
Him: Then I should just kidnap you.
It was a joke... At 10 pm, alone in a car with a guy twice my size, in the current climate--I was terrified.
@RG_Horvath
Do you think that Ukrainian--or American, for that matter--journalists exposing corruption in their countries undermine their respective govs?
Anti-corruption work can lower trust in gov. But it can also e.g. improve missile production by drawing att'n to issues in that sector.
THANK YOU to everyone who joined, contributed, volunteered, and supported Evening to Defend Ukraine's Cultural Heritage at
@BerkeleyHaas
on Friday.
We had a great turnout, touching remarks & testimonies, amazing food, and a successful art auction. Over $19K raised for
#Ukraine
!
Coming back from two in-person conferences, people are still asking how they can (financially) help Ukraine.
@parkhomenko_a_v
and I put together a concrete guide. Please read and share.
My 3yo has it all figured out: he'll go to Ukraine, fix all electricity, put the bad guys in jail, and talk to the government.
The thing is: his plan sounds better than the world watching a country of 40M freeze as some kind of inevitable trainwreck.
#ArmUkraineNow
#StopRussia
Friends, we need your help!
We're buying critically needed supplies (thermal vision, drones, more medical aid) for the front lines in Ukraine. One of our members will bring these directly to Ukraine next week!
Please donate if you can + spread the word:
First night in Ukraine---what a welcome.
I've been in the shelter (hotel's underground parking garrage) on-and-off since 3am. Seven hours later, it's still not clear. One of the largest attacks of the entire war.
#RussiaIsATerroristState
Economists for Ukraine are excited to announce a new initiative! is a real-time war journal.
Svidok means Witness in Ukrainian. This is a place for public/news reports, war crime evidence, and a safe space for private diaries.
Please spread the word!
Concrete action item to quickly and tangibly help
#Ukraine
. Call/message your representatives NOW and urge others to do the same.
#Russia
is amassing troops for new attacks, and we go on recess? That's insane.
The Senate passed the Lend-Lease Act 100-0 to expedite critical military supplies to Ukraine. The House then went on recess, postponing a vote for 2 WEEKS!
Please call your House Rep. Urge them to come back from recess ASAP & pass the bill!
#Art
by
#Ukraine
Defenders:
Ruslan Kondratyuk served since 2014. On Feb 24 2022 he volunteered and went straight to the frontline. He is in rehabilitation for leg & head injuries.
Ruslan drew an eagle: "a free bird that embodies courage, pride & strength"
So excited to see this finally in print
@ReviewofFinance
!
Firms' investments in technical employees are linked to higher valuations but lower returns, suggesting that the market overvalues popular skills such as IT in early 2000s & data analysis in 2010s.
5 years ago today, I made a last-minute trip to
#Ukraine
to surprise my mom on her 50th bday. My personal dream was to be back this April 4. Instead I brought some sunflowers to her porch overnight. Let's ensure that our world is in a better place in another 5 years.
#StopRussia
It was a pleasure to host Ukraine's former Minister of Defense Oleksii Reznikov
@oleksiireznikov
at
@BerkeleyHaas
!
Fantastic talk, Q&A, and panel discussion with
@YGorodnichenko
and Svitlana Khutka.
Students, alumni, and the Bay Area community---thank you for joining us!
A year into Russia's full-scale invasion of Ukraine, I remain put off by this question:
"How do you think the war will end?"
Imagine walking past a campus rape & going "hm, I wonder how this will end."
There's only one acceptable outcome. The question is "how do we get there?"
📢 NEW PAPER: “Divesting under Pressure: U.S. Firms' Exit in Response to Russia's War against Ukraine” w/
@TetyanaBalyuk
. Many firms announced exits from Russia in response to
#RussiaUkraineWar
. What are the causes and consequences of these announcements?
NOW is the time to send more help: starlink, generators, drones.
@ak2912
has exact wish lists from front-line officers, and we will try to deliver a new batch ASAP (next 1--2 weeks).
Please contribute what you can here and spread the word!
I wrote to
@christiesinc
to run a charity auction for Economists for Ukraine, where we would supply the art: authentic Ukrainian hand-made gobelen wall tapestries.
After a week, I got a curt "no" from... their cataloguer of RUSSIAN art.
Seriously?!
Woke up this morning to the news that Russia sanctioned President Biden's wife ... and my husband.😉 Great company to be in. Congrats on the lifetime achievement award,
@hodsonlabs
!
Maternity wards bombed. Preschools destroyed. Food storage wiped out. The AI for Good Foundation is deploying humanitarian aid technology in Ukraine to help prevent Russian attacks on civilians and core infrastructure. Please support if you can: "
Coming to the
#WFA
conference in
#Hawaii
with family?
Don't worry if you underpacked! My 5yo is ready to share his beach toys and made this helpful PSA. 🤣
My 3yo made this watercolor with "I love you very much" written on the back---as a thank-you gift for a couple in Maine who sent 2000 thermal blankets to frontline
#Mykolaiv
.
#RussianTerror
is daunting, but the collective help, love, and resilience are truly inspiring. 💛💙
Berlin airport today: Ukrainian woman from Donetsk lost her documents. We spent 1.5 hours going between terminals, lost & found, airline staff, police. With exhausted 3yo in tow.
Volunteers to help UA refugees? "Nein, not anymore." Apparently, in Berlin airport the war is over.
Amazing time co-organizing an event in honor of preserving Ukraine's cultural heritage at
@PLinNewYork
.
We were honored to represent Ukrainians' voices from
@SvidokUkraine
. Many thanks to the guests and to our wonderful hosts. Thank you for unwaveringly standing with Ukraine!
Under-appreciated casualty of Russia's war: our institutions.
#Russia
is destroying humanitarian and human rights orgs.
@UN
&
@ICRC
failing to provide any protection to POWs +
@amnesty
infamous statement = huge reputational damage.
RU success in compromising our orgs is tragic.
Brave Ukrainian defenders also make beautiful art.
These paintings were made by wounded veterans doing art therapy in a rehabilitation center in Rivne.
You can acquire a painting for as little as $250, with all proceeds going to support Ukraine:
60K tons of grain destroyed is $42M. That's just one day, one commodity, in a 1.5-year-long sequence of destruction.
Negotiating with terrorists is myopic and will only end up more expensive in the long term.
Maybe we need a crash course on net present value for politicians?
⚡ Minister: Russian strikes destroy 60,000 tons of grain.
Russian attacks on port infrastructure in Chornomorsk, Odesa Oblast have destroyed 60,000 tons of grain, according to Ukrainian Agriculture Minister Mykola Solskyi on July 19.
Excited to announce that Economists for Ukraine will host a special dinner, exhibit, and benefit art auction at Berkeley Haas on September 15!
Please come see our work, enjoy a banquet of Ukrainian specialties & check out Ukrainian art.
More info here:
🚩 New paper alert!
Does generative AI capture demographic differences in investment preferences?
Short answer: surprisingly, yes. ChatGPT-generated responses display similar patterns to real survey responses.
With Ali Kakhbod, Peiyao Li &
@umalmend
.
What is the reason for limiting military aid to Ukraine, even modifying HIMARS launchers?
Fear of nuclear war is not compelling on this. Ukraine hits Russian strategic bombers 1000km deep, and the world goes on.
Is it really fear of imagining Russian defeat that holds us back?
Trans-U.S. flight,
#Ukrainian
style: posted an old op-ed, wrote a new op-ed, edited a paper on sanctions, compiled arguments into a legal motion against a con artist's bankruptcy case... at the end checked the news, turned to the window, and cried for 5 min.
We are not ok.
After amazing air defense last night, Kyiv residents share gratitude, elation. But also:
"My one regret is that we didn't receive modern air defense such as Patriots in the fall. So many lives could've been saved. There would've been no blackouts & fear."
Economists for Ukraine are excited to announce a new paper from the Yermack-
@McFaul
@sanctionsgroup
!
This time we focus on financial sanctions. Goals: leverage Russia's lack of a reserve currency & reliance on the Western financial system.
Check it out:
Teaching our son to write letters... Today was the letter Z. A few months ago, it would've been a letter like any other. Now I feel awful for drilling a 3yo to write 'Z'.
War is traumatizing in a pervasive way, sullying so many associations & making everyday things impossible.
Ukrainian
#Mriya
(dream): largest aircraft in the world, ruined by russia.
So incredibly lucky to win this model with signatures of
@CinC_AFU
and pilot Antonov in a fundraising raffle! The artist spent 9 months making it, and it's gorgeous. 💛💙
#StandWithUkraine
#UkraineWillWin
@maximananyev
@EricaMarat
The fundamental problem with this invite is not even whatever statements Navalny made or corrected.
The problem with this invite is that Dariia herself has done nothing to warrant a speaking engagement at the level of Blinken. She has literally been invited *for her ancestry*.
REMINDER: Every day we spend "slowly exhausting" the Russian army in Ukraine is another day that thousands of Ukrainian children spend in terror in occupied territories.
Here: a boy recounts his run-in w/ Russian occupiers in Kherson. He is only 14 years old. 😢
#ArmUkraineNOW
Great news from the ICC today.
#Russia
has been committing genocide in
#Ukraine
and the abduction of children is among its most egregious crimes. It's high time to start recognizing RU war crimes in international courts.
Today's an important first step.
Why are so many Ukrainians at odds with Russian opposition leaders including
@navalny
?
It's the free riding. The vast majority of Russian opposition has contributed NOTHING to Ukraine's fight, yet they want to take some of the hard-won surplus.
I fought for two(!) years to ensure this paper's continued existence. Why? Because I don't believe in a world where bullying & threats of escalation determine the outcome.
Now let's do everything we can to ensure that we don't end up living in that world.
#SlavaUkraini
Last night we gathered to watch testimonies of ordinary Ukrainians' experiences of the war, celebrate Ukrainian artists, honor Ukraine's incredible resilience, and raise funds to continue supporting Ukraine's fight for freedom.
Thank you to everyone who joined us in SF!
Plenty of smart people have made excellent suggestions on handling
#RussiaUkraineWar
. From German economists on the RU energy ban to retired US generals on UA weapon needs.
Yet somehow the implemented path is 200+ bravest Europeans dying EACH DAY under asymmetric artillery fire?
Rebuilding
#Ukraine
: the scale of the destruction from Russia's attacks, how reconstruction should be structured, and why this needs to be done *now* and not waiting to the end of the war.
My interview with
@brentgofftv
for
@dwnews
. A pleasure as always.
I am happy to share a new paper in print!
We look at the effect of Artificial Intelligence where it's most likely to be transformative--accounting & auditing. We see unique effects not present in other sectors, e.g. improved quality & labor displacement.
This, right here, is real "realism."
What do advocates for a ceasefire "to mitigate global food and energy crisis" expect? Business as usual with a trade partner that we *know* to be completely unreliable, while Russia increases military investment? That would be beyond foolish.
Insightful account of
#Olenivka
from a volunteer who spent 100 days there... for trying to bring aid and help evacuate civilians from
#Mariupol
. Because it's sooo easy to evacuate civilians from Russian attacks, right
@amnesty
?
Confession: exactly 5 years ago today (April 10 2017) an otherwise amazing trip to
#Ukraine
ended on a stressful note. Touring
#Maidan
Square, we were approached by volunteers fundraising for UA territorial defense. And I kept walking...😐 [1/n]
Seizure of
#Danone
and
#Carlsberg
assets in Russia only confirms that exiting the Russian market is good business, not just good ethics.
@TetyanaBalyuk
and I write about firms' decisions to leave Russia for
@voxeu
:
Acknowledging facts.
Russia has embraced terrorism as its main weapon. Terrorizing UA with civilian deaths. Terrorizing EU with gas supply.
Every deal, every business, every agreement is a potential lever for abuse. We can just assume RU will do the worst it can get away with.
The 🇺🇸 Senate unanimously approved a resolution calling for
@SecBlinken
to designate 🇷🇺 as a state sponsor of terrorism for actions in Chechnya, Georgia, Syria, and Ukraine
1 / 4
Heartbreaking: the hierarchy of loss & trauma in war. The survivor guilt.
A woman from Kryviy Rih shares how she feels bad when people pity her---she only lost windows, while others lost their lives. I think we all share this feeling of guilt: that others die, that others fight.
Did
@elonmusk
just discover a new business model?
Ukrainian volunteers provide the revenues. US taxpayers are asked to cover the costs. SpaceX pockets the difference & the positive PR.
That's what I call infallible business ocumen. Maybe we should write a new MBA case on it. 😉
So
@elonmusk
is whining about losing a lot of money on Starlinks for Ukraine.
Meanwhile, may I present to you snippets of my bank statements.
Thousands of Ukrainians, paying his company monthly.
So the question is: did you really lose more money than you earned?
Frontline units in
#Kharkiv
supported by
#Econ4UA
are sending us three unique hand-painted battle-worn helmets.
It's a rare chance to own a piece of military history!
The first is available here:
(Funds will go to medical supplies for frontline troops.)
Firms do the right thing in response to market pressure. In 2022, US firms exited Russia to stop bleeding returns.
My paper with
@TetyanaBalyuk
is officially published in the Journal of Comparative Economics. It's open access, so take a look: