Alexandr Kopytov

Alexandr Kopytov

Contact Information

  • office Address:

    Finance Department, The Wharton School
    2316 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104


I am a Ph.D. Candidate in Finance at the Wharton School of the University of Pennsylvania. I am on the job market this year and will be available for interviews at the 2019 ASSA annual meeting in Atlanta.

Research Interests

Macro-finance, Financial intermediation, Financial Fragility, Macroeconomics


Itay GoldsteinJoao F. Gomes (Chair), Nikolai Roussanov


Ph.D. in Finance, The Wharton School, University of Pennsylvania (Expected: 2019)

M.A. in Economics, New Economic School (2014)

B.S. in Applied Physics and Mathematics, Moscow Institute of Physics and Technology (2012)

Continue Reading


Job market paper

Financial Networks over the Business Cycle

Other papers

Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation (with Nikolai Roussanov and Mathieu Taschereau-Dumouchel)

Journal of Monetary Economics, Volume 97, August 2018, p. 29-44

Abstract:  Recent empirical evidence suggests that skill-biased technological change accelerated during the Great Recession. We use a neoclassical growth framework to analyze how business cycle fluctuations interact with a long-run transition towards a skill-intensive technology. In the model, the adoption of new technologies by firms and the acquisition of new skills by workers are concentrated in downturns due to low opportunity costs. As a result, shocks lead to deeper recessions, but they also speed up adoption of the new technology. Our calibrated model matches both the long-run downward trend in routine employment and key features of the Great Recession.

Make America Great: Long-Run Impacts of Short-Run Public Investment (with Haotian Xiang)

Presented at Midwest Macroeconomics Meetings (2017), European Winter Meeting of the Econometric Society (2017), CEPR Conference “Growth and Inequality: Long-Term Effects of Short-Term Policies” (2018), Transatlantic Doctoral Conference (2018)

Abstract:  We document S-shaped dynamics of the US economy associated with the construction of the Interstate Highway System in the 1960s. We then propose a business cycle model with two steady states arising due to productive public capital and production non-convexities. Small-scale short-run public investment programs generate transitory responses while large-scale ones can produce long-run impacts. Our quantitative analysis highlights the critical role played by public investment in explaining the economic dynamics around the 1960s. However, it casts doubt on the efficiency of a large public investment expansion in the post-Great Recession era.

Macroeconomics of Bank Runs (with Haotian Xiang),  work in progress





Teaching Assistant, The Wharton School, University of Pennsylvania

Intertemporal Macro-finance (Ph.D.), Prof. Joao Gomes and Prof. Pricila Maziero, 2016-2018

Advanced Topics in Macro-finance (Ph.D.), Prof. Joao Gomes, 2016

Macroeconomics and the Global Economic Environment (EMBA), Prof. Stephen Meyer, 2017

Awards and Honors

University of Pennsylvania

Irwin Friend Doctoral Fellowship in Finance (for the best third-year paper, 2018)

Rodney L. White Center for Financial Research Grant (2018)

Miller, Anderson & Sherrerd Graduate Fellowship in Finance (for top score in preliminary examination in Finance, 2015)

Dean’s Fellowship for Distinguished Merit (2014-2019)

New Economic School

Don Patinkin Award (the highest academic honor for excellence in study, teaching and research, 2014)

Lombard Odier Scholarship (for the best master’s thesis, 2014)