Senior Fellow at the Peterson Institute
Jason Furman, Professor of the Practice of Economic Policy at the Harvard Kennedy School and Senior Fellow at the Peterson Institute for International Economics, was Chairman of President Barack Obama's Council of Economic Advisers from 2013-2017.
Russia's invasion of Ukraine has been rapid and dramatic, but the economic consequences will be much slower to materialise and less spectacular. The war itself is enormously tragic, first and foremost for the Ukrainian people, but also for the Russian people and the global order more generally. When something like this happens, we expect it to be like a morality play in which all the bad consequences play out equally dramatically in every dimension, including the economy. But the economy does not work that way.