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Follow the link for the full summary:
https://markusacademy.substack.com/p/sanctions-and-exchange-rate
Link to sign up for the webinar series:
https://markusacademy.substack.com/
On June 23, 2022, Oleg Itskhoki joined Markus’ Academy to discuss his paper (Itskhoki and Mukhin, 2025). Itskhoki holds the Venu and Ana Kotamraju Endowed Chair in Economics at the University of California, Los Angeles.
Timestamps:
[0:00] Markus’ Introduction
[6:53] Motivation: explain the ruble’s sharp fall at the invasion and its rapid subsequent appreciation.
[24:40] The general model
[56:00] Modeling General Equivalence
[1:05:29] Modeling a financial shock: accommodation, pass-through, or repression.
[1:12:41] Bottom line: the ruble path reflects reserve freezes, a savings shock, import-heavy sanctions, and capital controls—not “sanctions didn’t work.”
https://markusacademy.substack.com/p/sanctions-and-exchange-rate
markusacademy.substack.comhttps://markusacademy.substack.com/
nam12.safelinks.protection.outlook.com2025
academic.oup.comDownload the slides here
economics.princeton.edu[0:00]
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