Helsinki Center of Economic Research (HECER) constitutes the most important center of academic economic research in Finland. It hosts an ambitious PhD programme, a masters programme, and several weekly seminar series. HECER is tightly connected to the international research community. Faculty members of HECER collaborate extensively and publish regularly in leading international journals.

HECER also hosts annually numerous international visitors. The overall number of academic economists in the Economicum building is more than 100, forming an energetic and exciting research environment.


Professors and Post docs
Researchers associated with HECER
Doctoral Students associated with HECER


Professors, Assistant Professors, Lectureres and Research Fellows





Field of Interest

Tom Berglund Professor Hanken School of Economics Information economics, corporate finance, asset pricing

Manuel Bagues

Associate Professor Aalto University Labour economics, economics of education, political economy
Anne Brunila Professor of Practice Hanken School of Economics  
Robert Gillanders Post doc Hanken School of Economics Development Economics
Mats Godenhielm Post doc University of Helsinki Microeconomicsand and labor economics
Pertti Haaparanta Professor Aalto University International economics
Marja-Liisa Halko Post doc University of Helsinki Behavioral economics, applied microeconomics, functional neuroimaging, decision making, experimental economics, economics of education, behavioural economics
Kristiina Huttunen Research Fellow Aalto University  
Saara Hämäläinen Post doc University of Helsinki  
Pekka Ilmakunnas Professor Aalto University Applied econometrics, labor economics, industrial economics, productivity
Marlène Isoré Assistant Professor University of Helsinki International macroeconomics and finance, monetary economics, banking theory, search and matching theory
Markus Jäntti Professor University of Helsinki  
Leena Kalliovirta Post doc University of Helsinki Time series econometrics
Vesa Kanniainen Emeritus Professor University of Helsinki Public finance, entrepreneurship, venture capital finance, information technology and intellectual property rights
Ashim Kumar Kar Post doc HECER

Micro- and panel data econometrics, quantitative and mathematical economics, financial economics, development economics (microfinance, poverty, dev. aid)

Sixten Korkman Emeritus Professor Aalto University  
Kristian Krestel Research Fellow Aalto University  
Klaus Kultti Professor University of Helsinki Microfoundations of money
Markku Lanne Professor University of Helsinki Econometrics and financial econometrics
Svetlana Ledyaeva Assistant Professor Aalto University International economics and business, political economy, environmental economics, applied econometrics
Ulla Lehmijoki University Lecturer University of Helsinki Population economics
Matti Liski Professor Aalto University Energy, natural resources, dynamic markets, market design
Heikki Loikkanen Emeritus Professor University of Helsinki  
Jani Luoto Assistant Professor University of Helsinki Bayesian econometrics
Tuomas Malinen Post doc University of Helsinki Economic growth, economic crises, income inequality
Mika Meitz Associate Professor University of Helsinki  
Topi Miettinen Professor Hanken School of Economics Behavioral economics, experimental economics, game theory
Pauli Murto Associate Professor Aalto University Microeconomic theory, economics of information, investment
Mikko Mustonen Senior Lecturer Aalto University Economics of ICT, network economics
Paula Mäkelä Assistant Professor Hanken School of Economics  
Henri Nyberg Post doc University of Helsinki Time series econometrics, qualitative dependent and nonlinear time series models, empirical macroeconomics and macroeconometrics
Tapio Palokangas Professor, Director University of Helsinki, HECER Economic growth and cycles, differential games, international macroeconomics
Yao Pan Assistant Professor Aalto University Development economics and labor economics
William Phan Research Fellow University of Helsinki  
Matti Pohjola Professor Aalto University Economic growth, technological change, information and communications technology, the new economy
Staffan Ringbom Senior Lecturer Hanken School of Economics International macroeconomics and finance
Antti Ripatti Professor University of Helsinki Macroeconomics, monetary economics, econometrics
Matti Sarvimäki Post doc Aalto University and VATT Labor economics, urban economics, economic history
Rune Stenbacka Professor Hanken School of Economics Industrial economics, economics of technology, banking, labour markets
Tuomas Takalo Professor Hanken School of Economics Innovation, intellectual property rights, financial economics
Juha Tervala Lecturer University of Helsinki International macroeconomics, monetary and fiscal policies
Marko Terviö Professor Aalto University Labor economics, economics of talent and learning
Otto Toivanen


Aalto University  
Roope Uusitalo

Research director

HECER Labour economics, public economics, economics of education
Yrjö Vartia Emeritus Professor University of Helsinki Index number theory and its applications, income differences, aggregation and microfoundations of macroeconomics, activity based costing (ABC) in universities
Hannu Vartiainen Professor University of Helsinki Game theory, mechanism design, decision theory
Juuso Välimäki Professor Aalto University Microeconomic theory, economics of information, industrial organization
Natalia Zinovyeva Research Fellow Aalto University

Labour economics, economics of education, economics of science and innovation



Researchers associated with HECER




Field of interest

Essi Eerola Principal economist VATT Institute for Economic Research Public economics, housing economics
Kristian Koerselman Researcher Åbo Akademi University Economics of education, empirical labour economics, income distribution   
Timo Kuosmanen Professor Aalto University School of Business  
Tomi Kyyrä Research Professor VATT Institute for Economic Research Labour economics
Mikko Leppämäki Dr Aalto University School of Business Corporate finance, corporate governance, economics of organization, industrial organization and entrepreneurship
Katariina Nilsson-Hakkala Senior researcher VATT Institute for Economic Research Labour market and policies promoting economic growth
Janne Tukiainen Senior Researcher VATT Institute for Economic Research Microeconometrics, empirical IO, empirical political economics



Doctoral Students associated with HECER



Kaisa Alavuotunki Aalto University
Naufal Alimov Hanken School of Economics
Laura Ansala Aalto University
Timo Autio Aalto University
Debanjali Basu University of Helsinki
Shreya Basu University of Helsinki
Tolga Benzer Aalto University
Artturi Björk Aalto University
Mikaela Carlström Hanken School of Economics
Lauro Carnicelli University of Helsinki
James Corbishley Aalto University
Michele Crescenzi University of Helsinki
Mats Ekman Hanken School of Economics
Ilya Fadeev University of Helsinki
Paolo Fornaro University of Helsinki
Olli Haavanlammi University of Helsinki
Oskari Harjunen Aalto University
Topi Hokkanen Aalto University
Ramin Izadi Aalto University
Olena Izhak University of Helsinki
Jan Jääskeläinen Aalto University
Aino Kalmbach Aalto University
Markku Karhunen University of Helsinki
Kristine Koponen University of Helsinki
Annaliina Kotilainen Aalto University
Anustup Kundu University of Helsinki
Tuomas Laiho Aalto University
Annika Lindblad University of Helsinki
Jussi Lintunen Aalto University
Ville Merilä University of Helsinki
Yin Ming University of Helsinki
Jaakko Nelimarkka University of Helsinki
Julia Niemeläinen University of Helsinki
Tuomas Nurminen Hanken School of Economics
Juho Nyholm University of Helsinki
Milla Nyyssölä Aalto University
Maarit Olkkola Aalto University
Olli Palmén University of Helsinki
Lukas Papantonopoulos Hanken School of Economics
Sinikka Parviainen Aalto University
Tuuli Paukkeri Aalto University
Päivi Puonti University of Helsinki
Harri Pönkä University of Helsinki
Krista Riukula Aalto University
Anna Sahari Aalto University
Julia Salmi Aalto University
Mikko Salonen University of Helsinki
Caroline Schimanski Hanken School of Economics
Michaela Schmöller Aalto University
Markku Siikanen Aalto University
Eero Sillasto Aalto University
Aino Silvo University of Helsinki
Salla Simola Aalto University
Maija Sirkjärvi Aalto University
Jorge Soria University of Helsinki
Robin Stitzing Aalto University
Viveka Tschamurov University of Helsinki
Saara Tuuli University of Helsinki
Francesca Valentini Aalto University
Matti Ylönen Aalto University
Yi Zheng University of Helsinki
Min Zhu University of Helsinki
Andrey Zhukov Aalto University



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