Christos Koulovatianos

Research fields: financial economics, macroeconomics, household finance, information economics, sustainability.

Research interests: financial markets, household finance, macroeconomics, sustainability, dynamic games, incomplete information and rational learning, household finance and learning, dynamic endogenous taxation, industry dynamics, technological change and development, demographics and macroeconomics, demographics and household decisions, household-size economies.

July 10, 2025: Revise and resubmit invitation by the "International Economic Review" (2nd round) on policy-evaluation methods "Combining a Survey Experiment with a Lifecycle Model to Evaluate Pronatalist Policies", with Joshua Goldstein, Jian Li, and Carsten Schröder here 

May 31, 2025: Luxembourg Times article "Making sense of online polarisation and the rise of populism" regarding CORE FNR (grant 868K) "POPULISM" here

April 18, 2025: main idea of CORE FNR (grant 868K) "POPULISM" explained in a simple way here

May 2, 2024: New paper "Demographics and FDI: Lessons from China's One-Child Policy" with John Donaldson, Jian Li, and Rajnish Mehra, in "Macroeconomic Dynamics" here Also appearing as NBER Working Paper No. 24256

Oct. 30, 2023: CORE FNR grant 868K "POPULISM" awarded (PI), planned to start in March 2024 for three years

Oct. 24, 2023: Coverage by "The Luxembourg Chronicle" of 20-years University of Luxembourg Anniversary talk "Housing Markets in Luxembourg, Prospects and Challenges" here 

Sept. 12, 2023: ARA City Radio interview (with Francois Koulischer) on "Why is Luxembourg so Rich?" here 

August 24, 2023: Forthcoming paper on the Economics of Sustainability in "Dynamic Games and Applications" here

April 6, 2023: Chapter in the “Handbook of Research on Measuring Poverty and Deprivation”, Silber J. (eds.), Edward Elgar Publishing (with Carsten Schröder), showcasing our past novel work on how to analyze inequality and poverty in the presence of household-size heterogeneity: Working paper version here Handbook link here 

Dec. 1, 2022: Third interview by "Delano" on the problem of inflation/Recession here 

Sept. 23, 2022: Second interview by "Paperjam" on the problem of inflation (translated in French) here 

June 10, 2022: Interview by "Paperjam" on the problem of inflation (translated in French) here 

Feb. 1, 2022: Video on concerns about the Mortgage Markets in Luxembourg (simplified) here

Feb. 11, 2021: Interview together with Conchita D'Ambrosio on the importance of a quick vaccination for a quicker and better economic recovery here

Dec. 14, 2020: Video from the Second STATEC Webinar of the COVID-19 "MORTGAGE" project: Part II - Applied Theory, Stress Tests and Policy Evaluation (Koulovatianos, Nezhelskii) here Supporting working paper "A Heterogeneous-Agent Model of Household Mortgages in Luxembourg: Responses to the Covid-19 Shock" (Koulovatianos, Nezhelskii) here

Oct. 30, 2020: Article in Newspaper "d'Lëtzebuerger Land" about the impact of Covid19 on the economy (EU and Luxembourg) here, 

April 24, 2020: FNR COVID-19 Fast Track project "MORTGAGE: Nonperforming Loans in Luxembourg and the EU after COVID-19" summary here, interview here, and MORTGAGE project page here

April 6, 2020: Economic Effects of COVID-19 in Luxembourg (first task force report) link here

I am not the director of the M2 Sustainable Finance Track in the MSc program in Finance and Economics anymore. I stepped down after undertaking the duties of being the dept. of Finance Head. Prof. Michael Halling is now the Track Director. All information is here

Selected Publications on Household Finance and Macroeconomics

Demographics and FDI: lessons from China’s one-child policy, 2025, with John B. Donaldson, Jian Li, and Rajnish Mehra, Macroeconomic Dynamics, Vol 29, Article e15, 1-18.

The Role of Labor-Income Risk in Household Risk-Taking, 2020, with Sylwia Hubar and Jian Li, European Economic Review, Vol 129, Article 103522, 1-24.

Do Demographics Prevent Consumption Aggregates From Reflecting Micro-Level Preferences?, 2019, with Carsten Schröder and Ulrich Schmidt, European Economic Review, Vol 111, 166-190.

Saving Rates and Portfolio Choice with Subsistence Consumption, 2012, with Carolina Achury and Sylwia Hubar, Review of Economic Dynamics, Vol. 15(1), 108–126.

Evidence on the Insurance Effect of Redistributive Taxation, 2010, with Charles Grant, Alex Michaelides, and Mario Padula, Review of Economics and Statistics, Vol. 92(4), pp. 965-973.

Optimal Growth and Uncertainty: Learning, 2009, with Leonard J. Mirman and Marc Santugini, Journal of Economic Theory, January, Vol. 144, pp. 280-295.

Nonmarket Household Time and the Cost of Children, 2009, with Carsten Schröder and Ulrich Schmidt, Journal of Business and Economic Statistics, January, Vol. 27(1), pp.42-51.

The Effects of Market Structure on Industry Growth: Rivalrous Nonexcludable Capital, 2007, with Leonard J. Mirman, Journal of Economic Theory, Vol. 133, March, pp. 199-218.

On the Income Dependence of Equivalence Scales, 2005, with Carsten Schröder and Ulrich Schmidt, Journal of Public Economics, Vol. 89(5-6), June, pp. 967-996.

Selected Publications on Sustainability

Rational Noncooperative Strategic Exploitation of Species in a Predator-Prey Ecosystem with Random Disturbances, 2024, Dynamic Games and Applications, Vol. 14, 57-77.

Symmetric Markovian Games of Commons with Potentially Sustainable Endogenous Growth, 2021, with Zaruhi Hakobyan, Dynamic Games and Applications, Vol. 11, 54–83.

Strategic Exploitation of a Common-Property Resource Under Rational Learning About its Reproduction, 2015, Dynamic Games and Applications, Vol. 5, 94–119.

Strategic Exploitation of a Common-Property Resource Under Uncertainty, 2013, with Elena Antoniadou and Leonard J. Mirman, Journal of Environmental Economics and Management, Vol. 65(1), 28–39.