Netherlands Institute for Advanced Study in the Humanities and Social Sciences
Netherlands
fellow
Oleksandra Moskalenko
2024-2025
2025-2026
Home institution
London School of Economics and Political Science
Country of origin (home institution)
United Kingdom
Discipline(s)
Economy and finance
Political Sciences
Theme(s)
Globalization
Peace & conflict
Public Policies
Fellowship dates
›
Biography
Oleksandra is a Duisenberg Fellow at NIAS during academic years 2024-2025, and 2025-2026.
I am a Professor of Economics and interdisciplinary scholar with a research focus on the political economy of conflict, institutional resilience, and macroeconomic policy in fragile and transitional states. My work engages with how states respond—economically and institutionally—to war, geopolitical disruption, and systemic risk.
Currently, I hold the Willem F. Duisenberg Fellowship at the Netherlands Institute for Advanced Study (NIAS) and serve as a Visiting Professor at the Centre for Macroeconomics, London School of Economics. My research explores wartime fiscal and monetary policy, the economics of inequality, green transition, and strategic vulnerabilities in conflict-affected economies with comparative insights for international policy communities.
I have led nationally funded research projects, collaborated with central banks and policy institutions, and contributed to academic and practitioner dialogues across Europe. My goal is to produce research that is both empirically grounded and policy-relevant, supporting the design of resilient economic frameworks for recovery and democratic governance.
I am open to collaboration with think tanks, academic institutions, and global policy organisations interested in post-conflict recovery, international resilience strategies, and the intersection of economics and security.
Research Project
Fiscal and Monetary Policies in Wartime Ukraine: Was it the Path to a Resilient Economy with International Assistance?
Research question: The research aims to investigate the fiscal and monetary policy responses to war shocks, and short-run and long-run effects on the Ukrainian economy.
Oleksandra Moskalenko aims to investigate the fiscal and monetary policy responses to war shocks in the Ukrainian economy, addressing a significant gap in scholarly literature regarding Ukraine’s experience in managing economic policies during wartime.
In particular, the study seeks to analyze the effectiveness of fiscal and monetary measures implemented by Ukrainian authorities to mitigate the adverse macroeconomic impacts following Russia’s full-scale invasion in February 2022. Key objectives include assessing whether the fiscal and monetary policies adopted during wartime were truly optimal or merely reactive, as well as investigating the main decisions made by policymakers to support Ukraine’s economy and preserve
macro-financial stability amidst internal and external adversities.
Additionally, Moskalenko will explore the contribution of international financial assistance to Ukraine’s financial stability. Despite differences in economic environments between Ukraine and countries like the EU, UK, and USA, policymakers often seek to emulate established economic policies. The research will examine the resilience demonstrated by the Ukrainian economy, despite significant contractions in GDP and damage to infrastructure and manufacturing sectors following the invasion.
Fiscal and monetary authorities faced numerous challenges, including increased security and defense spending, declining revenues, significant internal and external displacement, labor shortages, population reduction, and inflation. Recent literature suggests that fiscal policy in Ukraine leaned towards loosening, while central bank employed unconventional monetary policies, leading to varied outcomes compared to other economies.
The study will utilise a New Keynesian model to assess the impact of fiscal and monetary interventions on key economic variables. By examining the interactions between monetary and fiscal policies during wartime, the research aims to provide valuable insights for policymakers.
Research Interests:
economy; policy; war; fiscal and monetary policy; Ukraine