N.D. Andy Lehrer

Welcome! I am a Ph.D. candidate in economics at the University of Wisconsin-Madison.

My main research interests are international macro/finance and international trade. I study how firms set their prices in international markets in reaction to policy uncertainty, tariff changes, and exchange rate fluctuations. My interests also include sovereign debt, monetary policy in open economies, and politcal economics. As a policy-oriented macroeconomist, I combine structural modeling, quantitative methods, and design-based econometrics.

Before moving to Madison, I was a research economist in the Banking and Finance team at the Israel Competition Authority, and a research analyst in the Financial Division at the Bank of Israel.

I hold an M.A. in economics and a B.A. in philosophy, politics, and economics (PPE) from the Hebrew University of Jerusalem, Israel.

Contact Information:

Email: nlehrer2[at]wisc.edu

LinkedIn: N.D. Andy Lehrer

Twitter: @ndlehr

Curriculum Vitae: Link (coming soon)

Reclaiming Nimrod: learn more about this 5,000 years old name (Nimrod, Nimrud).


Working Papers

The effect of trade policy uncertainty on import prices (draft coming soon)

The role of exchange rate pass-through in the 2018-2019 U.S.-China trade war (draft coming soon)

Work in Progress

Uniform pricing in international trade

Monetary policy in a small open economy with multiple invoicing currencies

Monetary policy regime, domestic debt, and external debt in emerging economies (with Julio Mereb)

Published Papers

This study uses the 2015 legislature elections in Israel in order to estimate how the market evaluates political connections. Using the political connectedness of boards of directors and senior executives in all the public firms in Israel to identify political connections, the study estimates the impact of the electoral outcomes on the cumulative abnormal returns of firms listed in the Tel Aviv Stock Exchange (TASE) in the days following the elections. Results indicate that political connections had little impact on cumulative abnormal returns in the estimation period. However, some sectors reacted in a robust and statistically significant manner. In particular, gas and oil firms' stock prices showed a notably higher and positive abnormal return. While the effect of the electoral outcomes on specific sectors indicates that the Israeli stock market does evaluate political outcomes through asset prices, the market's lack of responsiveness to political connections after the 2015 elections could indicate that political connections do not carry financial value in the Israeli stock market. This unique result is attributed to the institutional and political system in the country.

Policy Reports

"Competition in the Retail Brokerage Market", Israel Competition Authority and Israel Securities Authority: August 2019 (Hebrew)

"Bond Offerings by Foreign Companies in Israel". In Financial Stability Report (pp. 36-41), Bank of Israel: December 2014