Tomasz Kamil MICHALSKI

Associate Professor

Economics and Decision Sciences

michalski@hec.fr http://www.hec.fr/michalski
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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

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

Working papers

Trade shares, openness and inequality

Mimeo , 2009

Multistage production, location and hidden comparative advantage

Mimeo , 2008

Case studies on sizeable real exchange rate appreciations 1980-2000

Materials and Studies, National Bank of Poland , 2001

Definitional and Statistical Differences in Imputed and Offered Deposit Rates

Mimeo , 2026

Contract enforcement, international trade and growth

2026

The dynamics of interest and exchange rates in Central Europe

Mimeo , 2026

Scientific articles

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)

(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)

Chapters in edited books

Working papers

Risk versus Ambiguity and International Security Design

Cahier de Recherche du Groupe HEC , 2014

Risk-Based Capital Requirements for Banks and International Trade

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

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

  • 2015-2016 Academic Director, Economics - Decision Science HEC Paris

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