Karsten Staehr received the award for his research "Macroeconomics of Economic Shocks in Small Open Economies". Three articles published in 2021 address the main challenges that small open economies face.

"I am very grateful for the Mihhail Bronštein Award in Economics and the recognition of my research by the Estonian Academy of Sciences. The award is distinctive because Mihhail Bronštein emigrated to Estonia like me and worked on many of the same topics as me. The award also sheds light on the importance of macroeconomics and international economics to understand the main challenges facing Estonia and other European countries," Karsten Staehr said.

"I would like to thank my co-authors, colleagues and PhD students for their invaluable contribution to my research. I have also received great support from my two employers: Tallinn University of Technology and Eesti Pank," Staehr added.

What makes the competition remarkable is the valuing of Estonian economics, which is also proven by the fact that there was great interest in it, as a total of 13 applications were submitted for the two awards that were presented.

The Mihhail Bronštein Awards in Economics have been initiated to recognise theoretical developments and their successful applications by Estonian economists. The initiator and financier of the 7,500-euro award is the family of Academician Mihhail Bronštein.

Summaries of the award-winning articles (in the Estonian language) are available on the website of the Academy of Sciences.