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Tomasz Kamil MICHALSKI

Associate Professor

Economics and Decision Sciences

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

His research focuses on international economics and contract theory. Tomasz is particularly interested in the effect of different barriers hindering international exchange. He has worked on various topics such as financial intermediation in international trade, industry location patterns, consequences of international portfolio allocation under risk and ambiguity or exchange rate determination. His research was published in journals such as Journal of Financial 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 and various Master programs. In the past, he also taught courses in Microeconomics and Offshoring.

He received a Ph.D. in Economics from Columbia University in New York in 2006. Tomasz previously was a researcher for the European Central Bank and the National Bank of Poland.

Scientific articles

Working papers

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 , 2019

Contract enforcement, international trade and growth


The dynamics of interest and exchange rates in Central Europe

Mimeo , 2019

Scientific articles

(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)

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, May 2012, vol. 20, n° 2, pp 237-255, (in coll. with A.-T. GOH)

Should small countries fear deindustrialization ?

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

Working papers

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


  • 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 responsabilities at HEC

  • 2016- 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 (CNRS) HEC Paris
  • 2006-2012 Assistant Professor HEC Paris

External Academic Responsabilities

  • 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