This note isolates an overlooked economic force for the Ruble to appreciate in response to international sanctions limiting exports to Russia. The economic intuition is that when Russians are unable to buy the mix of foreign goods they wish, then foreign goods becomes less attractive, increasing...

We show that the exchange rate may appreciate or depreciate depending on the specific mix of sanctions imposed, even if the underlying equilibrium allocation is the same. Sanctions that limit a country's imports tend to appreciate the country's exchange rate, while sanctions that limit exports...

The sharp devaluation of the ruble in 2014 increased the real returns to Russians from working in a global online labor marketplace, as contracts in this market are dollar-denominated. Russians clearly noticed the opportunity, with Russian hours-worked increasing substantially, primarily on the...

"The Ruble is a political history of Russian money from Catherine the Great to Vladimir Lenin. It traces the evolution of the Russian state and society through the analysis of monetary reforms. The Ruble argues that currency constituted an important element of Russian political organization -...

"Money did not become obsolete under Communism. The ruble remained a key feature of Soviet life. After World War II, money became an essential tool of the Soviet government. A strong ruble represented the nation's promise of future prosperity, but its failure to deliver improved purchasing power...