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In December, Secretary of State Pompeo said Russia had 60 days to come back into compliance with the Intermediate-range Nuclear Forces (INF) Treaty. Otherwise, the United States would suspend its treaty obligations.

The clock runs out on February 2. Unfortunately, U.S. and Russian officials, already anticipating the treaty’s demise, have turned to finger-pointing…and Washington is losing the blame game.

CHARGES OF TREATY VIOLATIONS

In 2014, the United States charged Russia with violating the INF Treaty by testing a ground-launched cruise missile to intermediate range (500-5,500 kilometers). In 2017, Washington said Russia had begun to deploy the offending missile, later identified by the Russian designator 9M729.

U.S. officials for several years provided little public information to substantiate their charge. However, one could still believe that Russia had violated the treaty—or at least that the U.S. government believed that Russia had violated the treaty. When the Obama administration declared Russia in violation in 2014, it handed its Republican critics a large chunk of red meat, and they only too happily mocked President Obama as naïve in his desire to reduce nuclear arms. Had there been any ambiguity in the U.S. evidence, the Obama administration surely would not have exposed itself to that.

Moscow nonetheless has denied violating the treaty and charges Washington with three violations. Two charges don’t bear scrutiny, and Russian officials themselves seem to recite them merely for form’s sake, but the charge regarding the Mk-41 launcher for missile interceptors at the Aegis Ashore facility in Romania has some basis. Mk-41 launchers on U.S. warships can hold a variety of missiles, including cruise missiles.

The U.S. military does not have cruise missiles secreted in Romania, but the Russian concern is understandable. Were the positions reversed, Washington might well raise the point.

U.S. and Russian officials met in Geneva on January 15 to discuss the INF Treaty and compliance issues. The Russians reportedly offered some kind of exhibition of the 9M729 missile, but U.S. officials said it did not satisfy their concerns. It does not appear the American side tried to improve the terms of the Russian offer but instead sought total surrender by the Russian side, which was not going to happen.

Afterwards, American officials told the press that the Russian ideas did not break new ground. Russian officials called the U.S. approach “uncompromising.”

WHO KILLED THE TREATY?

The blame game is now on. Perhaps due to the partial government shutdown in Washington, Moscow is winning.

Russian officials have actively made their case since President Trump in October said the United States would leave the treaty. On January 23, the Russians held a briefing outside of Moscow for journalists and foreign military attachés to rehash their charges of U.S. treaty violations and explain their claim that the 9M729 was treaty-compliant. The briefing compared the dimensions of the 9M729 to the 9M728, a somewhat shorter missile with a range of less than 500 kilometers (thus treaty-compliant), and claimed the former had the same engine and fuel capacity but a larger warhead and thus a shorter range. The briefing revealed some previously undisclosed details about the 9M729, which may or may not be true.

Russian military officers then exhibited the 9M729 and 9M728 missiles. Well, no. They exhibited canisters labeled 9M729 and 9M728. Whether the canisters actually contained missiles is anyone’s guess.

The problem for Washington, however, is that the Russian narrative includes far more detail and specifics than the U.S. presentation. American officials handicapped themselves for years by refusing to reveal the basis for their charge about the 9M729, citing the need to protect sources and methods. Losing the public relations battle could have diplomatic consequences as Washington seeks to rally allies to its case.

It was only in December that Director of National Intelligence Dan Coats explained that the Russian military had tested the 9M729 from a fixed launcher to a range greater than 500 kilometers (that would be okay, if the missile were a sea-launched cruise missile). The Russians then tested the 9M729 from a mobile ground launcher to a range of less than 500 kilometers, apparently hoping the U.S. intelligence community would not make the connection between the two.

Coats’s briefing helped, but Washington continues to play catch up in the blame game. Since it is the United States that has said it will cease observing the treaty’s terms, it needs to do better to fix responsibility for the treaty’s end on Moscow.

SAVE THE TREATY?

In this regard, rejecting the Russian January 15 offer of an exhibition was a mistake. U.S. officials instead should have pocketed the proposal and defined terms for a meaningful exhibition and technical briefing. That would have meant looking not at canisters but at the missile and inside the missile to see things such as the engine and fuel tank. Procedures would have been needed to ensure a real 9M729 was exhibited. This would have taken negotiation, but smart technical experts might have worked out something.

In order to get the Russians to go that far, Washington would have had to be prepared to address Russian concerns about the Mk-41 launcher—perhaps an exhibition and technical briefing? The U.S. side was not ready for that.

That’s unfortunate. Taking up the Russian offer and then pressing to make the exhibit meaningful, combined with a readiness to exhibit the Mk-41, would have positioned Washington to show that it was making every effort to find a solution and that Russia, not the United States, bears responsibility for the end of the INF Treaty. And who knows? It would have created a small chance of finding a way to resolve the sides’ compliance concerns and save the treaty.

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Today, January 14, marks the 25th anniversary of the Trilateral Statement.  Signed in Moscow by President Bill Clinton, Russian President Boris Yeltsin and Ukrainian President Leonid Kravchuk, the statement set out the terms under which Ukraine agreed to eliminate the large arsenal of former Soviet strategic nuclear weapons that remained on its territory following the collapse of the Soviet Union.

Among other things, the Trilateral Statement specified the security assurances that the United States, Russia and Britain would provide to Ukraine eleven months later in the Budapest Memorandum on Security Assurances.  Unfortunately, Russia grossly violated those assurances in 2014 when it used military force against Ukraine.

Soon after regaining independence, Ukraine’s leadership indicated its intention to be a non-nuclear weapons state.  Indeed, the July 16, 1990 declaration of state sovereignty adopted by the Rada (parliament) adopted that goal.  Kyiv had questions, however, about the terms of the elimination of the strategic weapons.

First, eliminating the intercontinental ballistic missiles (ICBMs), bombers, ICBM silos and nuclear infrastructure would cost money.  Ukraine’s economic future in the early 1990s was uncertain (the economy ended up declining for most of the decade).  Who would pay for the expensive elimination process?

Second, the strategic nuclear warheads had economic value as they contained highly enriched uranium.  That could be blended down into low enriched uranium to fabricate fuel rods to power nuclear reactors.  If Ukraine shipped warheads to Russia for dismantlement, how would it be compensated for the value of the highly enriched uranium they contained?

Third, nuclear weapons were seen to confer security benefits.  What security guarantees or assurances would Kyiv receive as it gave up the nuclear arms on its territory?

These questions were reasonable, and Kyiv deserved good answers.  In 1992 and the first half of 1993, Ukrainian and Russian officials met in bilateral channels to discuss them, along with other issues such as a schedule for moving warheads to Russia.  In parallel, U.S. officials discussed similar issues with their Ukrainian and Russian counterparts.

However, in September 1993, a Ukrainian-Russian agreement dealing with the nuclear issues fell apart.  Washington decided to become more directly involved out of fear that a resolution might otherwise not prove possible, giving birth to the “trilateral process.”  Discussions over the course of the autumn led U.S. negotiators in mid-December to believe that the pieces of a solution were ready.

In a negotiation in Washington in early January 1994, U.S. Ambassador-at-large Strobe Talbott, Ukrainian Deputy Prime Minister Valeriy Shmarov and Deputy Foreign Minister Borys Tarasyuk, and Russian Deputy Foreign Minister Georgiy Mamedov and their teams finalized answers to Kyiv’s three questions, and wrote them into what became the Trilateral Statement and an accompanying annex.

The United States agreed to provide Nunn-Lugar Cooperative Threat Reduction funds to finance the elimination of the strategic delivery systems and infrastructure in Ukraine.  Specifically, $175 million would be made available as a start.

The three sides agreed that Russia would compensate Ukraine for the value of the highly enriched uranium in the nuclear warheads transferred to Russia for elimination by providing Ukraine fuel rods containing an equivalent amount of low enriched uranium for its nuclear reactors.  In the first ten months, Ukraine would transfer at least 200 warheads, and Russia would provide fuel rods containing 100 tons of low enriched uranium.

The sides laid out in the Trilateral Statement the specific language of the security assurances that Ukraine would receive once it had acceded to the Non-Proliferation Treaty as a non-nuclear weapons state.  Although Kyiv had sought security guarantees, Washington was not prepared to extend what would have been a military commitment similar to what NATO allies have; the assurances were the best that was on offer.

Two issues—the date for transfer of the last nuclear warheads out of Ukraine and compensation for the highly enriched uranium that had been in tactical nuclear warheads removed from Ukraine to Russia by May 1992—nearly derailed the Trilateral Statement.  The sides, however, agreed to address those in private letters.

Presidents Clinton, Yeltsin and Kravchuk met briefly in Moscow on January 14, 1994 and signed the Trilateral Statement.  That set in motion the transfer of nuclear warheads to Russia, accompanied by parallel shipments of fuel rods to Ukraine.  The deactivation and dismantlement of missiles, bombers and missile silos in Ukraine began in earnest with Cooperative Threat Reduction funding.

In December 1994, Ukraine acceded to the Non-Proliferation Treaty and received security assurances from the United States, Russia and Britain in the Budapest Memorandum.  France and China subsequently provided Kyiv similar assurances.

Ukraine fully met its commitments under the Trilateral Statement.  The last nuclear warheads were transferred out of Ukraine in May 1996.

The other signatories met their commitments—with one glaring exception.  In 2014, Russia used military force to illegally seize Crimea, in violation of its Budapest Memorandum commitments “to respect the independence and sovereignty and the existing borders of Ukraine,” and “to refrain from the threat or use of force” against Ukraine.  Russian security and military forces then instigated a conflict in the Donbas region in eastern Ukraine, a conflict that has claimed more than 10,000 lives and continues to simmer.

At the time, the Trilateral Statement was seen as a major achievement in Washington, as it eliminated hundreds of ICBMs and bombers and nearly 2,000 strategic nuclear warheads that had been designed and built to strike the United States.  Not surprisingly, in light of Russia’s aggression, many in Ukraine now question the value of the Trilateral Statement and Budapest Memorandum.  They argue that, had Ukraine held on to at least some nuclear weapons, Russia would never have dared move on Crimea and Donbas.

That argument is understandable and perhaps correct (although alternative histories are not always easy to envisage).  However, had Ukraine tried to keep nuclear weapons, it would have faced political and economic costs, including:

·      Kyiv would have had limited relations, at best, with the United States and European countries (witness the virtual pariah status that a nuclear North Korea suffers).  In particular, there would have been no strategic relationship with the United States.

·      NATO would not have concluded a distinctive partnership relationship with Ukraine, and the European Union would not have signed a partnership and cooperation agreement, to say nothing of an association agreement.

·      Kyiv would have received little in the way of reform, technical or financial assistance from the United States and European Union.

·      Western executive directors would have blocked low interest credits to Ukraine from the IMF, World Bank and European Bank of Reconstruction and Development.

To be sure, one can debate the value of these benefits.  But those who now assert that Ukraine should have kept nuclear arms should recognize that keeping them would have come at a steep price.  Moreover, in any confrontation or crisis with Russia, Ukraine would have found itself alone.

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On December 21, the United Nations General Assembly voted down a Russian-proposed resolution calling for support for the INF Treaty. That Moscow gambit failed, in large part because Russia is violating the treaty by deploying prohibited missiles.

This bit of diplomatic show came one week after Russian officials said they would like to discuss INF Treaty compliance concerns. That could be—not is, but could be—significant. Washington should test whether those suggestions represent just more Kremlin posturing or a serious effort to save the treaty.

THE INF TREATY

Ronald Reagan and Mikhail Gorbachev signed the INF Treaty in 1987. It resulted in the elimination of some 2,700 U.S. and Soviet missiles. The treaty continues to ban the United States and Russia from having ground-launched missiles of intermediate range (500-5,500 kilometers) as well as from having launchers for such missiles.

In 2014, the U.S. government publicly charged that Russia had violated the treaty by developing and testing a ground-launched intermediate-range cruise missile. In early 2017, U.S. officials said the Russian military had begun deploying it.

From 2013 to late 2017, Russian officials claimed that they did not know what missile Washington had in mind. After a U.S. official revealed that the Russian designator for the offending missile was 9M729, Russian officials conceded that the 9M729 ground-launched cruise missile existed but asserted that its range did not exceed 500 kilometers.

On December 4, NATO foreign ministers stated that the development and deployment of the 9M729 constituted a material breach of the INF Treaty. Secretary of State Pompeo the same day said that, if Russia did not return to compliance within 60 days, the United States would suspend its obligations under the treaty, meaning that it would face no treaty bar to testing and deploying its own intermediate-range missile. U.S. suspension of its obligations would relieve Russia of the requirement to observe its obligations.

The treaty seemed fixed on a path for demise.

SIGNS OF POSSIBLE LIFE?

Then, on December 14, Reuters reported that a Russian foreign ministry official had said Moscow envisaged the possibility of mutual inspections to resolve the sides’ compliance concerns. The next day, the Associated Press and TASS said Defense Minister Shoygu had sent Secretary of Defense Mattis a message proposing “open and specific” talks on compliance issues.

As with the failed U.N. resolution, these statements could just represent posturing. Indeed, given the lack of serious engagement for nearly five years, it likely is part of Moscow’s effort to ensure that blame for the INF Treaty’s end falls on Washington.

There is, however, a small chance that the Russians seek a settlement. U.S. officials should explore this, if for no other reason than that a failure to do so would increase the prospects that Washington bears the responsibility for the agreement’s collapse in the eyes of publics and allies.

The big question: Are the Russians willing to exhibit the 9M729 and provide a technical briefing to American experts on why the missile’s range does not exceed 500 kilometers? That invariably would entail questions about the capacity of the missile’s fuel tanks and power of its engine. U.S. experts might also ask why, if the 9M729 can fly no further than 500 kilometers, Russia built the missile when it already deploys the modern 9M728, a ground-launched cruise missile whose range is also less than 500 kilometers.

Working out the details for this kind of exhibit and briefing would require some patience and delicacy. It would require agreeing to procedures not specified in the INF Treaty. It would also require steps to ensure that U.S. experts had the opportunity to view a 9M729, not something else. But the State Department, Defense Department, and intelligence community have bright people who could figure out how to make this work.

Of course, if the 9M729’s range exceeds 500 kilometers, the treaty requires its elimination. Senior American officials, however, have allowed for the possibility that Russia might satisfy U.S. concerns by modifying the missile so that it could not fly to intermediate ranges.

WOULD HAVE TO BE MUTUAL

Russian readiness to conduct the exhibit poses one test. A second test is for the American side. While denying that they have violated the INF Treaty, Russian officials charge that the United States has committed three violations. Two of the charges lack any real foundation, and Russians themselves seem to be setting them aside.

They continue, however, to press a third charge. The Russians assert that the Mk-41 launcher used by the Aegis Ashore missile defense facility in Romania can hold and launch offensive cruise missiles of intermediate range in addition to the Mk-41’s stated purpose of containing and launching SM-3 missile interceptors.

U.S. officials respond that the Mk-41 launcher used in Romania (and soon to be deployed at an Aegis Ashore site in Poland) has not been tested with a ground-launched missile. They argue that it thus is not a prohibited intermediate-range missile launcher.

Technically, U.S. officials may be correct. Moreover, nothing suggests that the Aegis Ashore facility hosts anything but SM-3 missile interceptors.

However, the Mk-41 launcher is standard on U.S. Navy warships. On board warships, the Mk-41 holds a variety of weapons in addition to SM-3 interceptors, including the BGM-109C Tomahawk land-attack cruise missile. The Tomahawk has a range of about 1,500 kilometers. Other than that it is launched from the sea rather than land, it shares many similarities with the BGM-109G ground-launched cruise missiles eliminated under the INF Treaty.

Were the Russians instead of the Americans using something like the Mk-41 launcher on land, the U.S. side might well have questions about its compliance with the treaty.

Speaking in mid December, a Russian foreign ministry official ruled out a unilateral demonstration of the 9M729 but seemed to leave open the possibility for mutual measures. If Russian officials were prepared to allow an exhibit and provide a technical briefing on the 9M729, U.S. officials should be prepared to demonstrate the Mk-41 launcher in Romania to Russian experts and explain why it cannot hold cruise missiles. If it can do so, there should be ways to address Moscow’s concerns, either by modifying the shore-based Mk-41 or allowing periodic visits by Russian experts to show that the launchers contain SM-3 missile interceptors only.

Again, working out the details for such a demonstration would take some time, but the sides have experts with the expertise to do so.

AN OPPORTUNITY?

Some may object that this kind of proposal equates Russia’s material breach of the INF Treaty with a question of technical compliance on the American side. Perhaps, but U.S. officials—and European officials, since the treaty affects their security—should ask whether offering to address Russian questions about the Aegis Ashore’s Mk-41 launcher is worth the chance to resolve the 9M729 issue and preserve the INF Treaty.

At worst, if Russia is merely posturing, U.S. officials will be able to cite their effort and finger Moscow’s lack of seriousness. At best, they could preserve a treaty that has made a substantial contribution to U.S., European, and global security.

Washington should take up Moscow’s offer for dialogue. It can do so while allowing the 60-day clock to run, though it might consider allowing more time if technical talks get underway and make progress.

The INF Treaty may still have a glimmer of hope, but someone still needs to act to save it.

 

 

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We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs) in disciplining general equilibrium models with heterogeneous agents and nominal rigidities. In a benchmark case, the dynamic response of output to a change in the path of government spending or taxes is given by an equation involving iMPCs, which we call the intertemporal Keynesian cross. Fiscal multipliers depend only on the interaction between iMPCs and public deficits. We provide empirical estimates of iMPCs and argue that they are inconsistent with representative- agent, two-agent and one-asset heterogeneous-agent models, but can be matched by models with two assets. Quantitatively, models that match empirical iMPCs predict deficit-financed fiscal multipliers that are larger than one, even if monetary policy is active, taxation is distortionary, and investment is crowded out. These models also imply larger amplification of shocks that involve private borrowing, as we illustrate in an application to deleveraging.

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The United States operates the world’s largest refugee resettlement program. However, there is almost no systematic evidence on whether refugees successfully integrate into American society over the long run. We address this gap by drawing on linked administrative data to directly measure a long-term integration outcome: naturalization rates. Assessing the full population of refugees resettled between 2000 and 2010, we find that refugees naturalize at high rates: 66% achieved citizenship by 2015. This rate is substantially higher than among other immigrants who became eligible for citizenship during the same period. We also find significant heterogeneity in naturalization rates. Consistent with the literature on immigration more generally, sociodemographic characteristics condition the likelihood of naturalization. Women, refugees with longer residency, and those with higher education levels are more likely to obtain citizenship. National origins also matter. While refugees from Iran, Iraq, and Somalia naturalize at higher rates, those from Burma, Ukraine, Vietnam, and Liberia naturalize at lower rates. We also find naturalization success is significantly shaped by the initial resettlement location. Placing refugees in areas that are urban, have lower rates of unemployment, and have a larger share of conationals increases the likelihood of acquiring citizenship. These findings suggest pathways to promote refugee integration by targeting interventions and by optimizing the geographic placement of refugees.

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Postodoctoral Fellow at The Europe Center, 2018-2019
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Carlos Lastra-Anadon is a postdoctoral research fellow at The Europe Center at the Freeman Spogli Institute at Stanford and an incoming Assistant Professor at IE University in Madrid, Spain. He recently completed his PhD in Government and Social Policy at Harvard University. His research interests lie at the intersection of political economy and policy, particularly education policy.

His work has been concerned with understanding what sustains and enhances robust human capital formation and the role that the political process may play in facilitating or impeding its development in different contexts.

Over the last 20 years or so, the skills that countries have been investing in since World War II such as universal K-12 are becoming insufficient due to automation and delocalization of production and a job market inequality into highly rewarding high-skilled jobs and manual jobs. What drives successful nations, subnational units and companies to use education to tackle that challenge?

He studies the role that politics broadly understood plays in these dynamics. This includes the jurisdictional configurations and institutions (such as decentralization in school districts and funding rules). I have also focused on the effect public and interest groups can have on holding governments to account to ensure the quality of public services through the ballot box and public opinion, and on the types of nongovernmental actors and other reforms that can help in raising standards and developing new types of skills. 

His project at TEC with Prof Kenneth Scheve tries to understand the characteristics and political drivers of the development of higher education in the United States since the 1960s.

 

How do populism and nationalism challenge democracy? Can they instead help to sustain it? This panel explores the causes of the global populist upsurge, from popular discontent to economic shocks. Nationalism and populism are powerful, compatible, and resonant ideologies. As a result, they can legitimate leaders and mobilize citizens – and pose dramatic challenges to liberal democracy.

Panel discussion featuring 2018-19 CASBS fellows Eva Anduiza, Bart Bonikowski, and Maya Tudor.


Guest moderator: Anna Grzymala-Busse, Director, Global Populisms Project, The Europe Center, Freeman Spogli Institute for International Studies, Stanford University

 

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Anna Grzymała-Busse is a professor in the Department of Political Science, the Michelle and Kevin Douglas Professor of International Studies, senior fellow at the Freeman Spogli Institute for International Studies and the director of The Europe Center. Her research interests include political parties, state development and transformation, informal political institutions, religion and politics, and post-communist politics.

In her first book, Redeeming the Communist Past, she examined the paradox of the communist successor parties in East Central Europe: incompetent as authoritarian rulers of the communist party-state, several then succeeded as democratic competitors after the collapse of these communist regimes in 1989.

Rebuilding Leviathan, her second book project, investigated the role of political parties and party competition in the reconstruction of the post-communist state. Unless checked by a robust competition, democratic governing parties simultaneously rebuilt the state and ensured their own survival by building in enormous discretion into new state institutions.

Anna's third book, Nations Under God, examines why some churches have been able to wield enormous policy influence. Others have failed to do so, even in very religious countries. Where religious and national identities have historically fused, churches gained great moral authority, and subsequently covert and direct access to state institutions. It was this institutional access, rather than either partisan coalitions or electoral mobilization, that allowed some churches to become so powerful.

Anna's most recent book, Sacred Foundations: The Religious and Medieval Roots of the European State argues that the medieval church was a fundamental force in European state formation.

Other areas of interest include informal institutions, the impact of European Union membership on politics in newer member countries, and the role of temporality and causal mechanisms in social science explanations.

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Marie-Pierre Ulloa is a lecturer in the Comparative Literature, and in the French and Italian Department, teaching French and Francophone cultural and intellectual history, with a focus on France and North Africa. She is a faculty affiliate of the Taube Center for Jewish Studies, the Mediterranean Studies Forum, The Europe Center, and the Ehess in Paris (Ecole des Hautes Etudes en Sciences Sociales).

Marie-Pierre is the author of two books: Francis Jeanson, a Dissident Intellectual from the French Resistance to the Algerian War (Stanford University Press, 2008, also published in French and Arabic), and Le Nouveau Rêve Américain : Du Maghreb à la Californie (The New American Dream: From North Africa to California, CNRS editions, 2019).

She is the co-founder of the Stanford Global Studies Summer Festival (2008) and the founder of the undergraduate short story contest (2014) sponsored by the Taube Center for Jewish Studies. 

Marie-Pierre received the honorific distinction of Chevalier de l'Ordre des Arts et des Lettres of the French Republic in 2013.

Marie-Pierre holds a degree in History from La Sorbonne, a MA in History and Political Science and an Advanced Post-Graduate Diploma in History (summa cum laude) from Sciences Po Paris, where she wrote her dissertation on intellectual dissidence from World War II to post-Algerian War through the case study of philosopher Francis Jeanson, publisher of Frantz Fanon's Black Skin, White Masks. She wrote her thesis on North African migration and migrant stories from North Africa to California: "From North Africa to California: migrant trajectories, integration narratives" at the EHESS (Ecole des Hautes Etudes en Sciences Sociales, School for Advanced Studies in the Social Sciences, Ph.D, summa cum laude).
 
She is a regular contributor to La Vie des Idées / Books and Ideas. 

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Fairleigh S. Dickinson, Jr. Professor in Public Policy.
Professor of Political Science
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Paul M. Sniderman is the Fairleigh S. Dickinson, Jr. Professor in Public Policy.

Sniderman’s current research focuses on the institutional organization of political choice; multiculturalism and inclusion of Muslims in Western Europe; and the politics of race in the United States.

Most recently, he authored The Democratic Faith and co-authored Paradoxes of Liberal Democracy: Islam, Western Europe and the Danish Cartoon Crisis (with Michael Bang Petersen, Rune Slothuus, and Rune Stubager).

He has published many other books, including The Reputational Premium: A Theory of Party Identification and Policy Reasoning, Reasoning and Choice, The Scar of Race, Reaching beyond Race, The Outsider, and Black Pride and Black Prejudice, in addition to a plethora of articles. He initiated the use of computer-assisted interviewing to combine randomized experiments and general population survey research.

A fellow of the American Academy of Arts and Sciences and of the American Association for the Advancement of Science, he has been awarded the Woodrow Wilson Prize, 1992; the Franklin L. Burdette Pi Sigma Alpha Award, 1994; an award for the Outstanding Book on the Subject of Human Rights from the Gustavus Meyers Center, 1994; the Gladys M. Kammerer Award, 1998; the Pi Sigma Alpha Award; and the Ralph J. Bunche Award, 2003.

Sniderman received his B.A. degree (philosophy) from the University of Toronto and his M.A. and Ph.D. degrees from the University of California, Berkeley.

 

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The John S. Osterweis Professor of Finance
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Arvind Krishnamurthy is John S. Osterweis Professor of Finance at the Stanford Graduate School of Business and a Research Associate at the National Bureau of Economic Research (NBER). He formerly taught at the Kellogg School of Management (1998-2014).

Professor Krishnamurthy studies finance, macroeconomics and monetary policy. He has studied the causes and consequences of liquidity crises in emerging markets and developed economies, and the role of government policy in stabilizing crises. Recently he has been examining the importance of U.S. Treasury bonds and the dollar in the international monetary system. He has published numerous journal articles and received awards for his research, including the Smith Breeden Prize for best paper published in the Journal of Finance, the Western Finance Association Corporate Finance Award, and the Swiss Finance Institute’s Outstanding Paper Award. Professor Krishnamurthy’s research on financial crises and monetary policy has received national media coverage and been cited by central banks around the world. He was formerly an associate editor at the Journal of Finance and the American Economics Journals-Macroeconomics, and is currently associate editor at the American Economic Review. He did his undergraduate studies at the University of Pennsylvania and his doctoral work at the Massachusetts Institute of Technology.

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