Armenian Economic Association
Workshops and Seminars
Macroeconomics workshop on Growth Theory, hosted by CRRC at 2-4PM on  Monday, June 20, 2016.

This workshop is state of the art lecture on modern economic growth  theory. It starts with a brief discussion of neoclassical growth  
theories and earlier contributions by Ramsey (1928) and Solow (1957).
It shows that these earlier contributions cannot explain long run  growth. It proceeds to a brief discussion of endogenous growth  
theories with human capital accumulation and ideas/knowledge (Lucas,  1988; Romer, 1990) which are suited for explaining long run
growth.  Modern theories of growth with ideas posit exchange of ideas but do  not model the microeconomics of it. This workshop
discusses a recent model which adds market for ideas to a stylized growth model and shows its growth and welfare implications.

Location: 1 Alex Manoogian Street, YSU Library building, 6th floor, room 602

Duration: 2-4 PM

Lecture notes:!AoyEZJ6snbHHgYpnGWqBYsueVnSLmg

Prerequisites: Audience should be comfortable with calculus.

Registration is required as space is limited. If too many register we may move the venue to a larger location. Please register either at
the  conference page or follow the

About the instructor: Vahagn Jerbashian is an Assistant Professor of economics at the University of Barcelona, Spain. He holds a Ph.D. in
economics from CERGE-EI, Czech Republic.

AEA thanks CRRC for hosting the workshop and Professor Jerbashian for donating his time.
Thursday, 31 March 2016, 16:00-18:30 Hours
Manoogian Hall, American University of Armenia, Yerevan, Armenia

Inclusive economic growth has become a popular topic of discussion not only among academics but also policymakers, international
financial institutions, and the civil society in general. The international experience suggests that policies promoting inclusive growth are a
crucial factor to ensure sustainable economic development while enhancing social justice and reducing conflict.

The seminar, which is open to the general public, will feature a public lecture by Professor Ravi Kanbur of Cornell University focused on
the theory and practice of inclusive economic growth and an empirical application in the case of Armenia provided by Aleksandr Grigoryan
of the American University of Armenia. The event is part of a broader Asian Development Bank’s study on: “Good Jobs for Inclusive
Growth in Central and West Asia”. Discussions will cover issues related to inequality in terms of income and opportunities, social
protection, as well as development of institutions and human capabilities.

15:30–16:00 Registration

16:00–16:10 Chair: Vardan Baghdasaryan, Armenian Economic Association
Welcome Address
Randall Rodes, Provost, American University of Armenia

16:10–17:00 Public Lecture
Inclusive Growth: Global Forces and National Policies
Guest Speaker: Ravi Kanbur, Professor of Economics, Cornell University

17:00–17:15 Coffee break

17:15–17:40 Inclusive Growth and Income Distribution: The Case of Armenia
Aleksandr Grigoryan, Professor, American University of Armenia

17:40–18:00 Discussants:
Guanghua Wan, Director for Research, Asian Development Bank Institute
Gayane Barseghyan, Assistant Professor, American University of Armenia

18:00–18:30 pen floor discussion

18:30 End of Seminar

Professor Ravi Kanbur is the T.H. Lee Professor of World Affairs, International Professor of Applied Economics and Management, and
Professor of Economics at Cornell University.

Professor Aleksandr Grigoryan is the chair of the MBA program at the American University of Armenia, and President of the Armenian
Economic Association

There is no fee to attend. Please register at the beginning of the workshop.
Forecasting techniques and forecast evaluation, hosted by the Central Bank of Armenia at 10AM-3PM, on June 22nd, 2015.

This workshop examines time series models used for forecasting macroeconomic series and discusses forecast evaluation techniques.
The main emphasis is on forecast evaluation techniques covering tests of relative and absolute evaluation and briefly considering the
assessment of predictive density calibration. The workshop will involve both theoretical and empirical aspects of forecast evaluation.

Duration: 10AM-3PM; 2-hour lecture segment, with an hour break in between

Prerequisites: This is a graduate level workshop. Audience should be comfortable with simple algebra and familiar with basic concepts
of econometrics.

About the instructor: Tatevik Sekhposyan is an Assistant Professor of Macroeconomics at the Texas A&M University at College Station.
She has worked previously at the central Bank of Canada and holds a Ph.D. from the University of North Caroline at Chapel Hill. See
more at

Registration is free but is required.
Register either at the conference page
or follow the link:

AEA thanks the Central Bank for hosting the workshop and Professor Sekhposyan for donating her time.
Workshop "Modeling Market Risk in Mathematica".
The workshop is scheduled for 10AM to 12PM, Monday, June 23rd.  Registration is free, but is required to help decide on venue in case
of sizeable interest.

Modeling Market Risk in Mathematica

With the creation of global financial networks, banking systems of most countries have become increasingly inter-linked. At the same
time, changes in equity prices, interest rates, commodity prices and currencies, i.e. market risk, began to play an increasingly important
role in overall risk exposure of financial institutions. Recent global financial crisis forcefully demonstrated great importance of properly
measuring and managing risk and, in particular, market risk.

The purpose of the workshop is to discuss fundamental concepts and provide an overview of the key models most frequently used in
measuring market risk. This is done in an environment particularly suited for building such models, namely using the software
Mathematica (by Wolfram Research). All concepts are illustrated using real data. After the workshop, participants shall be given the fully
functional interactive lecture notes written in Mathematica that they can later use to further explore these topics and continue learning
about this important subject.

The workshop plans to cover most of the following topics:
• Stylized facts about asset returns
• Key measures of market risk: Value-at-Risk (VaR) and Conditional Value-at-Risk (CvaR)
• Historical Simulation VaR
• RiskMetrics approach to measuring VaR and CVaR
• Modelling conditional volatility dynamics: GARCH models
• Comparing VaR models
• Modeling non-normality of standardized asset returns
• Backtesting and stress testing market risk models

The Workshop will be conducted by Branko Urosevic (PhD in Finance, UC Berkely, USA), Professor of Finance, University of Belgrade, and
advisor to USAID/FED.
Workshop on the state of art in public finance, by David Joulfayan, hosted by the Central Bank of Armenia (CBA) on October 21, 2013
Armenian data sources and their role in shaping public policy, hosted by Central Bank of Armenia, 10AM-noon, Friday, June 23,

This workshop explores different types and sources of micro and macro data that are instrumental for evidence based public policy
design, and presents several examples of such research from Armenia. Sources of data include firm-level administrative tax-returns,
matched household and individual-level surveys, scraped registrar data on firm ownership aggregated to town-level, as well as historical
country-level datasets. The usefulness of several other data sources, the value of merging these datasets, and the important role of
utilizing natural experiments in these applications are discussed.

Such data is then used to evaluate the effectiveness of public policy in Armenia, particularly focusing on fiscal and tax policy. Issues and
questions of interest include:
i) the effectiveness of traditional-type government interventions, such as sectoral tax subsidies or size and place-based tax exemptions
on firm performance and entrepreneurship,
ii) the role of behavioral properties of public policy, such as the potential effects of nudges, framing and information on small-business
tax compliance or on individual savings rates,
iii) the institutional setup of fiscal governance with the goal of achieving sustainable public finances.

Location: Central Bank of Armenia, 6 Vazgen Sargsyan St., Yerevan

Duration: 10AM-noon

Prerequisites: Audience should be comfortable with basic econometrics.

Registration is required per security. Please register at the following link:

About the instructor: Zareh Asatryan is researcher at ZEW's Research Department "Corporate Taxation and Public Finance". He
completed his doctorate in Economics from the University of Freiburg, Germany. For additional details, see

AEA thanks CBA for hosting the workshop and Dr. Asatryan for donating his time.
Macro workshop, by Vahagn Jerbashian, hosted by Central bank of Armenia, October 15, 2012.
DSGE Modeling, by Gayane Barseghyan, hosted by CRRC, October 15, 2011
The Sources and Uses of Survey Data on Armenia, by Shushanik Hakobyan, hosted by CRRC, September 18, 2009. Slides