Quantitative Economics people
Jaan Masso
Associate Professor of Applied Econometrics
PhD (University of Tartu, 2005)
Research interests: labour economics, foreign direct investments, international trade, innovation economics, science policy
Teaching: macroeconomics, practical training, master's seminars
Selected publications:
Kweon, H., Burik, C. A., Ning, Y., Ahlskog, R., Xia, C., Abner, E., ...Masso, J., & Koellinger, P. D. (2025). Associations between common genetic variants and income provide insights about the socio-economic health gradient. Nature Human Behaviour, 9(4), 794-805.
Masso, J., & Tiwari, A. K. (2024). Productivity impacts of R&D and non-R&D modes of technological change for incumbents and entrants in a catching-up economy. Technological Forecasting and Social Change, 199, 123015.
PhD (University of Tartu, 2005)
Research interests: labour economics, foreign direct investments, international trade, innovation economics, science policy
Teaching: macroeconomics, practical training, master's seminars
Selected publications:
Kweon, H., Burik, C. A., Ning, Y., Ahlskog, R., Xia, C., Abner, E., ...Masso, J., & Koellinger, P. D. (2025). Associations between common genetic variants and income provide insights about the socio-economic health gradient. Nature Human Behaviour, 9(4), 794-805.
Masso, J., & Tiwari, A. K. (2024). Productivity impacts of R&D and non-R&D modes of technological change for incumbents and entrants in a catching-up economy. Technological Forecasting and Social Change, 199, 123015.
Hakan Eratalay
Lecturer of Econometrics
Senior macro modeller, Luminor Bank
PhD in Economics (University of Alicante, 2012)
Research interests: modelling and estimation of financial volatility models, financial networks, theoretical and applied financial econometrics, time series econometrics
Teaching: Financial Econometrics, Multivariate Statistics, Introduction to Matlab
Selected publications
Lapitskaya, D., Eratalay, M. H., & Sharma, R. (2025). Prediction of Cryptocurrency Prices with the Momentum Indicators and Machine Learning. Computational Economics, 66(3), 2483-2501.
Eratalay, H., & Kaasa, A. (2024). Does Culture Matter for Consumer Confidence? Economics & Sociology, 17(2), 11-36.
Nõu, A., Lapitskaya, D., Eratalay, M. H., & Sharma, R. (2023). Predicting stock return and volatility with machine learning and econometric models-a comparative case study of the Baltic stock market. International Journal of Computational Economics and Econometrics, 13(4), 446-489.
Senior macro modeller, Luminor Bank
PhD in Economics (University of Alicante, 2012)
Research interests: modelling and estimation of financial volatility models, financial networks, theoretical and applied financial econometrics, time series econometrics
Teaching: Financial Econometrics, Multivariate Statistics, Introduction to Matlab
Selected publications
Lapitskaya, D., Eratalay, M. H., & Sharma, R. (2025). Prediction of Cryptocurrency Prices with the Momentum Indicators and Machine Learning. Computational Economics, 66(3), 2483-2501.
Eratalay, H., & Kaasa, A. (2024). Does Culture Matter for Consumer Confidence? Economics & Sociology, 17(2), 11-36.
Nõu, A., Lapitskaya, D., Eratalay, M. H., & Sharma, R. (2023). Predicting stock return and volatility with machine learning and econometric models-a comparative case study of the Baltic stock market. International Journal of Computational Economics and Econometrics, 13(4), 446-489.
Dmitry Kulikov
Senior Economist at Eesti Pank (Central Bank of Estonia)
PhD in Economics (University of Aarhus, 2004)
Research interests: theoretical and applied econometrics, empirical macroeconomics, long memory models, financial volatility models
Teaching: Macroeconometrics, Time Series Econometrics (Stockholm School of Economics in Riga, Tallinn Technical University)
Selected publications:
Baumann, Ursel & Darracq Pariès, Matthieu & Westermann, Thomas & Riggi, Marianna & Bobeica, Elena & Meyler, Aidan & Böninghausen, Benjamin & Fritzer, Friedrich & Trezzi, Riccardo & Jonckheere, Jana & , 2021. "Inflation expectations and their role in Eurosystem forecasting," Occasional Paper Series 264, European Central Bank.
PhD in Economics (University of Aarhus, 2004)
Research interests: theoretical and applied econometrics, empirical macroeconomics, long memory models, financial volatility models
Teaching: Macroeconometrics, Time Series Econometrics (Stockholm School of Economics in Riga, Tallinn Technical University)
Selected publications:
Baumann, Ursel & Darracq Pariès, Matthieu & Westermann, Thomas & Riggi, Marianna & Bobeica, Elena & Meyler, Aidan & Böninghausen, Benjamin & Fritzer, Friedrich & Trezzi, Riccardo & Jonckheere, Jana & , 2021. "Inflation expectations and their role in Eurosystem forecasting," Occasional Paper Series 264, European Central Bank.
Priit Vahter
Professor of Applied Economics
PhD in Economics (University of Nottingham, 2010)
Research interests: determinants of productivity of firms, economics of innovation, international trade and FDI
Teaching: International Economics, Economics of Innovation, Topics on Trade and Innovation (PhD)
Selected publications:
Vahter, P.; Vadi, M. (2024). The relationship of technological and organizational innovation with firm performance: Opening the black box of dynamic complementarities. Technological Forecasting and Social Change, 206, 123516.
Love, J.; Roper, S.; Vahter, P. (2023). The dynamics of abandoned innovation activities: Learning from failure or learning to prevent failure? Research Policy, 52 (8), 1−17.
PhD in Economics (University of Nottingham, 2010)
Research interests: determinants of productivity of firms, economics of innovation, international trade and FDI
Teaching: International Economics, Economics of Innovation, Topics on Trade and Innovation (PhD)
Selected publications:
Vahter, P.; Vadi, M. (2024). The relationship of technological and organizational innovation with firm performance: Opening the black box of dynamic complementarities. Technological Forecasting and Social Change, 206, 123516.
Love, J.; Roper, S.; Vahter, P. (2023). The dynamics of abandoned innovation activities: Learning from failure or learning to prevent failure? Research Policy, 52 (8), 1−17.
Anneli Kaasa
Professor of Social and Cultural Studies in EconomicsPhD in Economics (University of Tartu, 2004)
Research interests: cultural differences, social capital, innovations, welfare
Teaching: Mathematics for Economics, Microeconomics
Selected publications:
Michael Minkov, Plamen Akaliyski, Anneli Kaasa. (2025). The main global cultural differences today evolved from environment-related historical agricultural patterns. World Development, Vol 195.
Kaasa, A.; Welzel, C. (2023) Elements of Schwartz’s Model in the WVS: How Do They Relate to Other Cultural Models? Cross-Cultural Research, 57(5), 431−471.
Research interests: cultural differences, social capital, innovations, welfare
Teaching: Mathematics for Economics, Microeconomics
Selected publications:
Michael Minkov, Plamen Akaliyski, Anneli Kaasa. (2025). The main global cultural differences today evolved from environment-related historical agricultural patterns. World Development, Vol 195.
Kaasa, A.; Welzel, C. (2023) Elements of Schwartz’s Model in the WVS: How Do They Relate to Other Cultural Models? Cross-Cultural Research, 57(5), 431−471.
Eve Parts
Associate Professor of Economics
PhD in Economics (University of Tartu, 2009)
Research interests: social aspects of economic development, social capital, sustainability, degrowth, population ageing
Teaching: Economic Principles, Macroeconomics, Development Economics, Game Theory
Selected publications
Kallas, Elina; Parts, Eve (2021). From entrepreneurial intention to enterprise creation: the case of Estonia. Journal of Entrepreneurship in Emerging Economies, 13 (5), 1192−1214. DOI: 10.1108/JEEE-07-2020-0235.
PhD in Economics (University of Tartu, 2009)
Research interests: social aspects of economic development, social capital, sustainability, degrowth, population ageing
Teaching: Economic Principles, Macroeconomics, Development Economics, Game Theory
Selected publications
Kallas, Elina; Parts, Eve (2021). From entrepreneurial intention to enterprise creation: the case of Estonia. Journal of Entrepreneurship in Emerging Economies, 13 (5), 1192−1214. DOI: 10.1108/JEEE-07-2020-0235.
Kadri Ukrainski
Professor of Research and Innovation Policy
PhD in Economics (University of Tartu, 2008)
Research interests: innovation policy, science policy, research funding
Teaching: Public Sector Economics, Innovation Policy
Selected publications
Pahker, A. K., Keller, M., Karo, E., Vihalemm, T., Solvak, M., Orru, K., ... & Noorkõiv, M. (2024). What's worse, communism or carbon? Using the Transitions Delphi approach to identify viable interventions for the Estonian energy transition. Energy Research & Social Science, 109, 103421.
Ukrainski, K., Kanep, H., Timpmann, K. (2021). Developing Research Organisations Towards Knowledge Triangle with Project Funding Instruments: An Example from Estonia. In: Meissner, D., Gokhberg, L., Kuzminov, Y., Cervantes, M., Schwaag Serger, S. (eds) The Knowledge Triangle. Science, Technology and Innovation Studies. Springer, Cham. https://doi.org/10.1007/978-3-030-81346-8_7
PhD in Economics (University of Tartu, 2008)
Research interests: innovation policy, science policy, research funding
Teaching: Public Sector Economics, Innovation Policy
Selected publications
Pahker, A. K., Keller, M., Karo, E., Vihalemm, T., Solvak, M., Orru, K., ... & Noorkõiv, M. (2024). What's worse, communism or carbon? Using the Transitions Delphi approach to identify viable interventions for the Estonian energy transition. Energy Research & Social Science, 109, 103421.
Ukrainski, K., Kanep, H., Timpmann, K. (2021). Developing Research Organisations Towards Knowledge Triangle with Project Funding Instruments: An Example from Estonia. In: Meissner, D., Gokhberg, L., Kuzminov, Y., Cervantes, M., Schwaag Serger, S. (eds) The Knowledge Triangle. Science, Technology and Innovation Studies. Springer, Cham. https://doi.org/10.1007/978-3-030-81346-8_7
Andres Võrk
Võrk, A., Pažitný, P. … Rice, T. (2025). The progressivity of health care revenue financing in 29 countries: A comparison. Health Policy, 159, 105381. https://doi.org/10.1016/j.healthpol.2025.105381
Kasekamp, K., Võrk, A., & Kalda, R. (2025). Effect of primary health care on hospitalizations: Health services analysis based on Estonian data. Primary Health Care Research & Development, 26, e29. https://doi.org/10.1017/S1463423625000222
Võrk, Andres, Habicht, Triin & Köhler, Kristina (2023). Can people afford to pay for health care? New evidence on financial protection in Estonia 2023. World Health Organization. Regional Office for Europe. https://iris.who.int/handle/10665/374564.
Kasekamp, K., Võrk, A., & Kalda, R. (2025). Effect of primary health care on hospitalizations: Health services analysis based on Estonian data. Primary Health Care Research & Development, 26, e29. https://doi.org/10.1017/S1463423625000222
Võrk, Andres, Habicht, Triin & Köhler, Kristina (2023). Can people afford to pay for health care? New evidence on financial protection in Estonia 2023. World Health Organization. Regional Office for Europe. https://iris.who.int/handle/10665/374564.
Lenno Uusküla
Associate professor in macroeconomics
Chief Economist, Luminor Estonia
PhD (European University Institute, 2011)
Research interests: theoretical and applied macroeconomics, monetary economics, international macroeconomics, firm creation and destruction, time-series econometrics, news
Teaching: Selected Topics in Macroeconomics
Selected publications
Jacob, P.; Uusküla, L. (2019) “Deep Habits and the Exchange Rate Pass-through”, Journal of Economic Dynamics and Control, vol. 105, pp. 67-89.
Uusküla, L. (2016), “Monetary Transmission Mechanism with Firm Turnover”, Journal of Macroeconomics, Vol. 50, December 2016, vol. 50, pp. 1–18.
Chief Economist, Luminor Estonia
PhD (European University Institute, 2011)
Research interests: theoretical and applied macroeconomics, monetary economics, international macroeconomics, firm creation and destruction, time-series econometrics, news
Teaching: Selected Topics in Macroeconomics
Selected publications
Jacob, P.; Uusküla, L. (2019) “Deep Habits and the Exchange Rate Pass-through”, Journal of Economic Dynamics and Control, vol. 105, pp. 67-89.
Uusküla, L. (2016), “Monetary Transmission Mechanism with Firm Turnover”, Journal of Macroeconomics, Vol. 50, December 2016, vol. 50, pp. 1–18.
Peeter Luikmel
Head of the subdivision of monetary policy and foreign economy, Research Division, Bank of Estonia
MA (Tallinn University of Technology, 2005)
Teaching: Monetary Economics
MA (Tallinn University of Technology, 2005)
Teaching: Monetary Economics
Indrek Seppo
Economist & AI consultant
Research interests: economics of education, infrastructure investments, psychometric measurement
Teaching: Introduction to R software
Selected publications
Kuuskmäe, C., Philips, M. A., Kilk, K., Haring, L., Kangro, R., Seppo, I., Zilmer,. M. & Vasar, E. (2023). Kynurenine pathway dynamics in patients with schizophrenia spectrum disorders across the disease trajectory. Psychiatry Research, 328, 115423.
Kivi, L. H., Järve, J., Anspal, S., Sõmer, M., & Seppo, I. (2021). Are we there yet? Intergenerational mobility and economic assimilation of second-generation immigrants in Estonia. Baltic Journal of Economics, 21(2), 158-183.
Contact: [email protected]
Research interests: economics of education, infrastructure investments, psychometric measurement
Teaching: Introduction to R software
Selected publications
Kuuskmäe, C., Philips, M. A., Kilk, K., Haring, L., Kangro, R., Seppo, I., Zilmer,. M. & Vasar, E. (2023). Kynurenine pathway dynamics in patients with schizophrenia spectrum disorders across the disease trajectory. Psychiatry Research, 328, 115423.
Kivi, L. H., Järve, J., Anspal, S., Sõmer, M., & Seppo, I. (2021). Are we there yet? Intergenerational mobility and economic assimilation of second-generation immigrants in Estonia. Baltic Journal of Economics, 21(2), 158-183.
Contact: [email protected]
Maryna Tverdostup
Lecturer in Economic Modelling (0.5), University of Tartu
Economist (1.0), Vienna Institute for International Economic Studies (wiiw)
PhD in Economics (University of Tartu, 2018)
Research interests: labour economics, behavioral economics, applied microeconometrics
Teaching: Simulation Methods in Financial Mathematics, Intriductory Econometrics, Decision and Choice Theory
Selected publications:
Meriküll, J., & Tverdostup, M. (2023). The gap that survived the transition: The gender wage gap in Estonia over three decades. Economic Systems, 47(3), 101127.
Economist (1.0), Vienna Institute for International Economic Studies (wiiw)
PhD in Economics (University of Tartu, 2018)
Research interests: labour economics, behavioral economics, applied microeconometrics
Teaching: Simulation Methods in Financial Mathematics, Intriductory Econometrics, Decision and Choice Theory
Selected publications:
Meriküll, J., & Tverdostup, M. (2023). The gap that survived the transition: The gender wage gap in Estonia over three decades. Economic Systems, 47(3), 101127.
Jaanika Meriküll
Associate Professor in Economic Modelling
Senior Economist, Research Division, Bank of Estonia
PhD (University of Tartu, 2014)
Research interests: labour economics, household finance, microdata analysis
Teaching: Multivariate Statistical Analysis, Master’s seminars
Selected publications:
Meriküll, J., & Paulus, A. (2024). Were jobs saved at the cost of productivity in the COVID-19 crisis?. European Economic Review, 161, 104618.
Kukk, M., Meriküll, J., & Rõõm, T. (2023). The Gender Wealth Gap in Europe: Application of Machine Learning to Predict Individual‐level Wealth. Review of Income and Wealth, 69(2), 289-317.
Senior Economist, Research Division, Bank of Estonia
PhD (University of Tartu, 2014)
Research interests: labour economics, household finance, microdata analysis
Teaching: Multivariate Statistical Analysis, Master’s seminars
Selected publications:
Meriküll, J., & Paulus, A. (2024). Were jobs saved at the cost of productivity in the COVID-19 crisis?. European Economic Review, 161, 104618.
Kukk, M., Meriküll, J., & Rõõm, T. (2023). The Gender Wealth Gap in Europe: Application of Machine Learning to Predict Individual‐level Wealth. Review of Income and Wealth, 69(2), 289-317.
Raul Omel
Junior Lecturer in Economic Theory
Research interests: agricultural economics
Teaching: Microeconomics
Selected publications:
Fertő, I., Bakucs, L. Z., Viira, A. H., Aleksandrova, O., Luik-Lindsaar, H., & Omel, R. (2024). Are Organic Farms Less Efficient? The Case of Estonian Dairy Farms. Agris on-line Papers in Economics and Informatics, 16(1), 23-34.
Nurmet, M.; Omel, R. (2020). Economic Viability by farm size of Estonian family farms.. Problems of Agricultural Economics, 362 (1), 14−28. DOI: 10.30858/zer/118265.
Omel, R., & Värnik, R. (2009). The competitiveness of Estonian milk production: An opportunity cost approach. Food Economics–Acta Agricult Scand C, 6(3-4), 197-203.
Research interests: agricultural economics
Teaching: Microeconomics
Selected publications:
Fertő, I., Bakucs, L. Z., Viira, A. H., Aleksandrova, O., Luik-Lindsaar, H., & Omel, R. (2024). Are Organic Farms Less Efficient? The Case of Estonian Dairy Farms. Agris on-line Papers in Economics and Informatics, 16(1), 23-34.
Nurmet, M.; Omel, R. (2020). Economic Viability by farm size of Estonian family farms.. Problems of Agricultural Economics, 362 (1), 14−28. DOI: 10.30858/zer/118265.
Omel, R., & Värnik, R. (2009). The competitiveness of Estonian milk production: An opportunity cost approach. Food Economics–Acta Agricult Scand C, 6(3-4), 197-203.
Luca Alfieri
Researcher and Lecturer, University of Tartu/Politecnico di Milano
Main research interests: big data & macroeconomics, machine learning, international trade, monetary economics
Minor research interest: remote working, asian economics, economic institutions, digital economy
Teaching: Macroeconomics, Introduction to Data Science & Business Analytics, Econometric Analysis, Multivariate Statistics
Selected publications:
Alfieri, L., Gabrielyan, D. (2024). “The Communication Reaction Function of the European Central Bank. An Analysis using Topic Modelling.” Baltic Journal of Economics, 24(1), 58-87.
Pavlenkova, I., Alfieri, L., & Masso, J. (2024). Effects of automation on the gender pay gap: the case of Estonia. Industrial and Corporate Change, 33(3), 584-608.
Main research interests: big data & macroeconomics, machine learning, international trade, monetary economics
Minor research interest: remote working, asian economics, economic institutions, digital economy
Teaching: Macroeconomics, Introduction to Data Science & Business Analytics, Econometric Analysis, Multivariate Statistics
Selected publications:
Alfieri, L., Gabrielyan, D. (2024). “The Communication Reaction Function of the European Central Bank. An Analysis using Topic Modelling.” Baltic Journal of Economics, 24(1), 58-87.
Pavlenkova, I., Alfieri, L., & Masso, J. (2024). Effects of automation on the gender pay gap: the case of Estonia. Industrial and Corporate Change, 33(3), 584-608.
Mini-courses by professors from abroad
Every year there are ca 1-2 mini-courses given by professors from abroad. The list of past ones includes the following.
Spring 2024: Annela Anger-Kraavi (Cambridge University), “Climate change economics”
Spring 2022: Maryna Tverdostup (University of Tartu, The Vienna Institute for International Economic Studies (WIIW)), “Behavioural and experimental economics”
Spring 2019: Matti Sarvimäki (Aalto University), “History of Economic Growth and Crises”.
Spring 2019: Marco van der Leij (University of Amsterdam), “Networks in Economics and Finance”
Spring 2017: Hakan Eratalay (European University at Saint Petersburg), “Financial Econometrics”
Spring 2017: Hakan Eratalay (European University at Saint Petersburg), “Introduction to Matlab”
Spring 2017: Julien Xavier Daubanes (University of Copenhagen), “Natural resources economics”
Spring 2016: Terzyan Harut (Yerevan State University), „Time Series Econometrics“
Fall 2016: Zsuzsa Munkacsi (Bank of Lithuania), „DSGE modelling for policy analysis, including OLG models“
Spring 2015: Julia Korosteleva (University College London), „Introduction to multilevel modelling“
Spring 2015: Roger Bivand (Norwegian School of Economics NHH), „Spatial econometrics“
There are intensive short courses taught regularly also within the Erasmus Mundus master’s program of Economics of Globalization and European Integration (EGEI).
- Fall 2025: Jan Fidrmuc (University of Lille, France), Raffaella Pattimo (University of Bari, Italy), Claire Naiditch (University of Lille, France), “Economics of Globalization”
- Fall 2024: Giuseppe Coco, Annalisa Vinella (University of Bari, Italy), “Economics of Regulation”
- Fall 2023: Nicola D. Coniglio, Raffaella Patimo & Rezart Hoxhaj (University of Bari, Italy), “Economics of Globalization”
- Fall 2022: Rune Jansen Hagen (University of Bergen, Norway), Kjetil Borvatn (Norwegian School of Economics, Norway), Vito Peragine (University of Bari, Italy), “International Development”
