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Tomasz Kamil MICHALSKI

Associate Professor

Economics and Decision Sciences

 Profile picture

Biography

Tomasz Michalski is an Associate Professor of Economics at the HEC Paris business school.

He joined HEC Paris in 2006 after completing a Ph.D. in Economics at Columbia University and is affiliated with GREGHEC and Hi! Paris. He was also a researcher at the National Bank of Poland (2001-2006) in the Exchange Rate Division and at the European Central Bank.

His research interests are in International Trade, Finance and Economic Geography. Tomasz is particularly interested in the effect of different barriers hindering regional and international exchange and how technology affects such barriers. He has worked on various topics such as across and within-city labor market evolution, industry location patterns, financial intermediation in (international) trade, or consequences of international portfolio allocation under risk and ambiguity. He specializes both in applied theory and empirical studies. His research was published in journals such as Journal of Financial Economics, Journal of International Economics, Review of Economics and Statistics, the Review of Financial Studies.

At HEC Paris, Tomasz teaches courses in Macroeconomics and International Economics in the Grande Ecole, various Master programs and the EMBA. In the past, he also taught courses in Microeconomics and Offshoring.

Scientific articles

Financial Constraints and Propagation of Shocks in Production Networks

Review of Economics and Statistics, Mars 2024, vol. 106, n° 2, pp 437-454, (in coll. with B. DEMIR, B. S. JAVORCIK, E. ORS)

Banking Integration and Growth: Role of Banks' Previous Industry Exposure

Journal of Financial Intermediation, January 2022, vol. 49, n° 100944, (in coll. with N. KARAKAYA, E. ORS)

Facebook affordances and citizen engagement during elections: European political parties and their benefit from online strategies?

Journal of Information Technology & Politics, 2021, vol. 18, n° 2, pp 180-193, (in coll. with K. Koc-Michalska, D. G. Lilleker, R. Gibson, J. M. Zajac)

Fundamentals and exchange rate forecastability with simple machine learning methods

Journal of International Money and Finance, November 2018, vol. 88, pp 1-24, (in coll. with C. AMAT, G. STOLTZ)

Risk Versus Ambiguity and International Security Design

Journal of International Economics, July 2018, vol. 113, pp 74-105, (in coll. with B. HILL)

Risk-Based Capital Requirements for Banks and International Trade

Review of Financial Studies, November 2017, vol. 30, n° 11, pp 3970-4002, (in coll. with B. DEMIR-PAKEL, E. ORS)

Input substitutability, trade costs and location

Economics Letters, October 2012, vol. 117, n° 1, pp 57-59,

Quality Assurance and the Home Market Effect

Review of International Economics, december, 2 2012, vol. 20, n° 2, pp 237-255, (in coll. with A.-T. GOH)

(Interstate) banking and (interstate) trade: Does real integration follow financial integration?

Journal of Financial Economics, April 2012, vol. 104, n° 1, pp 89-117, (in coll. with E. ÖRS)

Should small countries fear deindustrialization ?

Review of International Economics, September 2010, vol. 18, n° 4, pp 607-617, (in coll. with A.-T. GOH)

Chapters in edited books

Ambiguity and International Risk Sharing

Toward A Just Society - Joseph Stiglitz And Twenty-First Century Economics, M. Guzman, Columbia University Press, 3

Working papers

Knowledge Workers and Firm Capabilities

Cahier de Recherche du Groupe HEC , 2023

Financial Constraints and Propagation of Shocks in Production Networks

CESifo_Center for Economic Studies and Ifo Institute for Economic Research , 2020

Risk versus Ambiguity and International Security Design

Cahier de Recherche du Groupe HEC , 2014

U.S. Banking Integration and State-Level Exports

Cahier de Recherche du Groupe HEC , 2014

Input substitutability, trade costs, and the product cycle

Cahier de Recherche du Groupe HEC , 2011

Do countries falsify economic date strategically? Some evidence that they do

Cahier de Recherche du Groupe HEC , 2010

Taxation and enforcement in a spatial model

Mimeo , 2009

Scientific articles

Financial Constraints and Propagation of Shocks in Production Networks

Review of Economics and Statistics, Mars 2024, vol. 106, n° 2, pp 437-454, (in coll. with B. DEMIR, B. S. JAVORCIK, E. ORS)

Banking Integration and Growth: Role of Banks' Previous Industry Exposure

Journal of Financial Intermediation, January 2022, vol. 49, n° 100944, (in coll. with N. KARAKAYA, E. ORS)

Facebook affordances and citizen engagement during elections: European political parties and their benefit from online strategies?

Journal of Information Technology & Politics, 2021, vol. 18, n° 2, pp 180-193, (in coll. with K. Koc-Michalska, D. G. Lilleker, R. Gibson, J. M. Zajac)

Fundamentals and exchange rate forecastability with simple machine learning methods

Journal of International Money and Finance, November 2018, vol. 88, pp 1-24, (in coll. with C. AMAT, G. STOLTZ)

Chapters in edited books

Ambiguity and International Risk Sharing

Toward A Just Society - Joseph Stiglitz And Twenty-First Century Economics, M. Guzman, Columbia University Press, 3

Working papers

Knowledge Workers and Firm Capabilities

Cahier de Recherche du Groupe HEC , 2023

Financial Constraints and Propagation of Shocks in Production Networks

CESifo_Center for Economic Studies and Ifo Institute for Economic Research , 2020

Education

  • Habilitation to conduct research, Economy, Institut Polytechnique - France
  • Ph.D. in Economics, Columbia University - USA
  • M.Phil. in Economics, Columbia University - USA
  • M.A. in Economics, Columbia University - USA
  • M.A. in Economics with honors, Warsaw School of Economics - Poland

Academic appointments

Academic Responsibilities at HEC

  • 2016-2020 Department Head, Economics - Decision Science HEC Paris
  • 2015-2016 Academic Director, Economics - Decision Science HEC Paris
  • 2012- Associate Professor, Economics - Decision Science HEC Paris
  • 2012- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris
  • 2006-2012 Assistant Professor HEC Paris

External Academic Responsibilities

  • 2001-2006 Junior Researcher, Exchange Rate Division National Bank of Poland (Central Bank)
  • 2002-2005 Teaching Assistant, Department of Economics, School of International and Public Affairs: Macroeconomics and Sustainable Development, Topics in Economic Development, Microeconomics, Political Economy Columbia University
  • 2001-2002 Lecturer Warsaw Management Academy

Scientific Activities

Membership in Academic or Professional Organisation

  • Member, American Economic Association, European Economic Association, Royal Economic Society

Editorial activities

  • Reviewer, Econometrica, Review of Economic Studies, International Economic Review, Journal of Development Economics, International Economics, Theory and Decision, Physica A Institute for Market, Consumption and Business Cycles Research Discussion Papers

  • Conference organisation

  • 2016- Co-organizer, LABEX-HEC Paris Workshop on “Banking, Finance, Macroeconomics and the Real Economy”
  • 2015- Co-organizer, LABEX-HEC Paris Workshop on “International Trade, Finance and the Real Economy”
  • 2013- Co-organizer, HEC Paris Workshop on “Finance and the Real Economy”,
  • 2011-2011 Co-organizer, CEPR-EBC-HEC-RoF Conference on Financial Intermediation and the Real Economy
  • Awards & honors

    • 2005 Lewis A. Sanders Endowed Fellowship in Economics