Oleg A. Zamulin



Sovkomflot Assistant Professor of Economics, New Economic School (NES)


Program Director, Master of Arts in Economics, NES


Nakhimovskii Prospekt 47, Suite 1721

Moscow, Russia 117418

Phone: 7 (495) 956-9508, ext. 121

Fax: 7(499) 129-3722 , 7 (495) 129-3722,

E-mail: ozamulin (at) nes <dot> ru

Curriculum Vitae, Резюме



I conduct research primarily in the field of open economy macroeconomics.


Working papers and unpublished manuscripts:

Monetary Policy in an Economy Sick with Dutch Disease” with Kirill Sosunov, CEFIR/NES WP101, 2007

The Inflationary Consequences of Real Exchange Rate Targeting via Accumulation of Reserves” with Kirill Sosunov, CEFIR/NES WP82, 2006

Can Oil Prices Explain the Real Appreciation of the Russian Ruble in 1998-2005?” with Kirill Sosunov, CEFIR/NES WP83, 2006

Sticky Prices versus Sticky Information: A Test Using a Natural Experiment in the Russian Real Estate Markets,” with Konstantin Styrin ( a revised version of the CEFIR/NES WP 26, “Estimating Price Rigidities in the Russian Real estate Markets”)

“Countercyclical Trade Balance and Persistent Real Exchange Rates in a Neomonetarist Model” (Summer 2001)

“Sticky Import Prices or Sticky Export Prices: A Theoretical and Empirical Investigation” (Winter 2001)


Published academic papers:

Уроки Фелпса для мира и для России, 2007, Вопросы экономики, №1

Предпосылки и последствия внедрения таргетирования инфляции в России, совместно с А. Улюкаевым и М.Куликовым, Экономическая политика, 2006

“Foreign Currency Pricing,” with Irina Levina, Journal of Money, Credit, and Banking, Volume 38, Number 3 (April 2006), pp. 679-696

Концепция реальных экономических циклов и ее роль в эволюции макроэкономической теории, 2005, Вопросы экономики, №1.

Обзор новокейнсианской экономической теории с применениями к России, 2002, Экономическая школа, Аналитическое приложение 1(1), стр. 132-48.


Non-academic writings (very selective):

Свободу [номинальному] курсу, Ведомости, 02.12.2008, №228 (2250)

Свободу реальному курсу, Ведомости, 28.08.2006, №155 (1682)

Инфляция: оставьте ее центробанку, Ведомости, 04.04.2006, №58 (1585)

Трансформация университетов: новые реалии жизни преподавателей в вузах США (совместно с Капустиным Б.Г., Константиновским Д.Л., Покровским Н.Е., Почта Ю.М., Радаевым В.В), Журнал Высшее образование сегодня, 2005, N 1, с. 38

ДЕБЮРОКРАТИЗАЦИЯ: Не хватает стимулов, Ведомости, 19 августа 2002


Professional Links

New Open Macroeconomics home page of Brian Doyle -- an excellent collection of recent papers, information about researchers, announcements of events.
Monetary Policy Rules in Open Economies  -- a page by Gianluca Benigno, Pierpaolo Benigno and Fabio Ghironi.

Latin American and Caribbean Economic Association (LACEA)
The Solutions to the end-of-chapter problems in Foundations of International Macroeconomics book by Obstfeld and Rogoff, (through Obstfeld's page).

A great collection of links to homepages of macroeconomists through Lars Svensson’s page


Teaching Materials

Here I present whatever teaching materials I used in the courses I have taught. If I taught the course more than once, I normally present the most recent set of materials. Some of it is in English, some in Russian. Feel free to use and borrow as you find necessary and useful.

Macroeconomics-5, NES, Spring 2007

Syllabus (in English)

Quiz 1, Quiz 2, Quiz 3 (in Russian)

Final exam and make-up exam (in Russian)

Monetary Policy in Practice, NES, Winter 2007

Syllabus (in English)

Slides (in Russian)

Final exam and make-up exam (in Russian)

Issues in Economics, joint program of NES, MIPT, IET, and ANE, Fall 2006

Course syllabus, syllabus for my part, my slides, and final assignment for my part (all in Russian)

Transition Meets Development, Stockholm School of Economics, Fall 2005, 2006



Macroeconomics 1, NES, September-October 2004



Problem set 1

Problem set 2

Problem set 3

Problem set 4


Last year’s midterm quiz with answers and the final exam.

Macroeconomics 6, NES, September-October 2004

Syllabus with paper links

Problem set 1

Problem set 3 (due October 18)



Last year’s midterm and final exams

Macroeconomics 4, NES, March-April 2003