Annual Meetings 2021

The Armenian Economic Association 11th Annual Meetings will be held online on June 24-26, 2021. The Annual Meetings is the flagship event of ArmEA that brings together a couple of hundred people from around the globe to share and discuss their latest research during the main conference and spin-off workshops.

Keynote Speakers

Program in Brief

Click the session titles for more details. Armenia Standard Time provided. Time converter here.

Thursday, June 24, 2021

Chair: Armen Nurbekyan, CBA

Lilit Popoyan (Università degli Studi di Napoli ‘Parthenope’ and Scuola Superiore Sant’Anna), Mauro Napoletano (Sciences Po and SKEMA), Andrea Roventini (Scuola Superiore Sant’Anna)  Systemically Important Banks – Emerging Risk and Policy Responses: An Agent-based Investigation

Muhammad Asali (ISET), Vytautas Kuoktis (Vilnius University) Labor market flexibility and the political economy of exchange rate regimes

Jorge Fornero, Markus Kirchner, Carlos Molina (Central Bank of Chile)  Estimating Shadow Policy Rates in a Small Open Economy and the Role of Foreign Factors

Ani Asoyan, Vahagn Grigoryan, Haykaz Igityan (Central Bank of Armenia) Inflation and structural reforms in different societies


Chair: Tomasz Mickiewicz, Aston University


Gerhard Toews (NES), Pierre-Louis Vezina (King’s College London)  Enemies of the People

Olga Popova (IOS Regensburg, CERGE-EI, Ural Federal University), Milena Nikolova (University of Groningen), Vladimir Otrachshenko (Justus Liebig University Giessen, Far Eastern Federal University)  Stalin and the Origins of Mistrust

Paul Dower (University of Wisconsin-Madison), Andrei Markevich (NES), Shlomo Weber (NES)  The Value of a Statistical Life in a Dictatorship: Evidence from Stalin

Nooa Nykänen (Aalto University)  Institutional and Organizational Perspectives on the Development of Economic Geography in the Soviet Union


Chair: Mattias Polborn, Vanderbilt University

Rebecca Mari (LSE)  When Capital Falls to Pieces: Public Investment and the Role of Private Capital Stock

Tomáš Lichard (Prague University of Economics and Business), Jaroslav Bukovina (Ministry of Finance  of  the  Slovak  Republic),  Ján  Palguta  (Universidad  Carlos  III  de  Madrid),  Branislav Žúdel (Ministry of Finance of the Slovak Republic)  Inter-temporal Shifting of Corporate Income: Evidence from Administrative Tax Return Data 

Tatul Hayruni, Armen Nurbekyan, Gevorg Minasyan (Central Bank of Armenia) Estimates of Tax Effort and Tax Capacity: New Evidence from a Heterogeneous Panel

David Joulfaian (Georgetown University) Marginal Effective Tax Rates on New Investments in Armenia



Ariel Weinberger (George Washington University), Luca Macedoni (Aarhus University) Quality Misallocation, Trade, and Regulations

Arevik Gnutzmann-Mkrtchyan, Hinnerk Gnutzmann (Leibniz Universität Hannover), Tobias Korn (University of Göttingen) Consequences of FTA Withdrawal: Evidence from “Uxit”

Sargis Karavardanyan (University of California, Irvine) Sino-US Economic competition and protests in Africa

Nune Hovhannisyan (Loyola University, Maryland), Wolfgang Keller (University of Colorado, Boulder) International Business Travel and Technology Sourcing

Chair: Josep Pijoan-Mas, CEMFI

Salvador Ortigueira (Washington State University), Joana Pereira (IMF) Lack of Commitment, Retroactive Taxation, and Macroeconomic Instability

Gueorgui Kambourov (University of Toronto), Fatih Guvenen (University of Minnesota), Burhanettin Kuruscu (University of Toronto), Sergio Ocampo-Díaz (University of Minnesota), Daphne Chen (Vega Economics)  Use It or Lose It: Efficiency Gains from Wealth Taxation

Soroush Ghazi (University of Alabama), Domenico Ferraro (Arizona State University), Pietro F. Peretto (Duke University)  Labor Taxes, Market Size, and Productivity Growth

Corina Boar, Virgiliu Midrigan (NYU) Efficient Redistribution

Friday, June 25, 2021

Chair: Vache Gabrielyan, AUA

Maria Petrova (Universitat Pompeu Fabra), Maja Adena (WZB Berlin), Ruben Enikolopov (NES), Hans-Joachim Voth (University of Zurich) Bombs, Broadcasts and Resistance: Allied Intervention and Domestic Opposition to the Nazi Regime during World War II

Ella Sargsyan (CERGE-EI)  Violent Conflicts and Parents’ Child Gender Preferences

Vasily Korovkin (CERGE-EI), Alexey Makarin (Einaudi Institute for Economics and Finance)  Production Networks and War

Tushar Bharati (University of Western Australia)  The Long Shadow of the Kargil War: The Effect of Early-life Stress on Education

Chair: Gor Khachatryan, Yerevan State University

Garo Garabedian (Banc Ceannais na hÉireann) Monetary Policy and Liquidity

Martin Hodula (Czech National Bank), Ngô Ngọc Ánh (Czech Ministry of Regional  Development) Shadow Loans, Bank Loans and Macroprudential Policy: Leakage through the Substitution Effect

Martin Fukač (Victoria University of Wellington), Daniel Baksa (IMF), Eduard Hakobyan, Arshaluys Harutyunyan, Garik Petrosyan, Narek Karapetyan, Babken Pashinyan, Victoria Babajanyan (Ministry of Finance of Armenia), Felipe Zanna (IMF) The Fiscal Strategy Model: A Structural Framework for Fiscal Policy Analysis in Armenia

Eduard Hakobyan (Ministry of Finance of the Republic of Armenia), Martin Fukač (Victoria University of Wellington), Arshaluys Harutyunyan, Garik Petrosyan, Narek Karapetyan, Babken Pashinyan, Victoria Babajanyan (Ministry of Finance of Armenia), Felipe Zanna (IMF) Estimates of Fiscal Multipliers for Armenia

Chair: Vladimir Asriyan, CREi

Dávid Nagy (CREi)  Trade and Urbanization: Evidence from Hungary

Marta Santamaría (University of Warwick)  Reshaping Infrastructure: Evidence from the Division of Germany

David Gomtsyan (ZEW Mannheim) Merchant Networks in Big Cities

Natalia Davidson, Oleg Mariev, Karina Nagieva, Andrey Pushkarev (Ural Federal University) Types of Innovations and Firm Export in Russia


Chair: Aderonke Osikominu, U Hohenheim

Sevak Alaverdyan, Vardan Baghdasaryan (American University of Armenia) Mismatch and Labor Market Outcomes in Armenia

Aderonke Osikominu (University of Hohenheim), Gregor Pfeifer (University of  Sydney), Kristina Strohmaier (Universität Tübingen)  The Effects of Free Secondary School Track Choice: A Disaggregated Synthetic Control Approach 

Gurgen Aslanyan, Gayane Barseghyan (American University of Armenia) Labor Market Experiences and Expectations amid COVID-19 Crisis

Vahagn Jerbashian, Montserrat Vilalta-Bufi (University of Barcelona)  The Impact of ICT on Working from Home: Evidence from EU Countries


Chair: Muhammad Asali, ISET

Cristhoper Patvakanian (Harvard University) The Ethnic Connection: Armenian Diaspora Investment

Armine Ghazaryan (University of Southampton) The Impact of Labour Market Discrimination on Benefit Receipt of Second-Generation Immigrants in the UK

Geghetsik Afunts, Davit Adunts, Mariola Pytliková (CERGE-EI) The Effect of International Seasonal Migration on Human Capital Formation in Origin Countries

Aleksandr Grigoryan (AUA), Sabina Kalantar (European University Institute) The Effects of Economic and Political Concerns on Migration Intentions: Empirical Evidence from the South Caucasus

Chair: Varduhi Petrosyan, AUA

Margar Harutyunyan, Sun Ki Choi (St. Lawrence University)  The Effect of Prescription Drug Monitoring Programs on State-Level Opioid Utilization

Yermone Sargsyan (Charles University) The Impact of Electricity Outages on Health Outcomes of Children in Kyrgyzstan

Rashid Javed (WIUT), Mazhar Mughal, Charlotte Fontan Sers (ESC Pau Business School, Paris) Early Female Marriage and Sex Differentials in Child Healthcare and Nutrition

Gegam Shagbazian (University of Padova) Banning Foreign Firms’ Participation in Russian Public Procurement for Drugs: An Empirical Analysis


Chair: Yulia Ustyugova, IMF

Armen Khederlarian (University of Connecticut), George Alessandria (University of   Rochester), Shafaat Khan (World Bank), Kim Ruhl (UW-Madison), Joseph Steinberg (University  of Toronto)  Trade Policy Dynamics: Evidence from 50 years of US-China Trade

Manuel García-Santana (Universitat Pompeu Fabra), Marta Santamaria (University of Warwick) Border Effects, Governments, and Aggregate Productivity

Yoto Yotov (University of Drexel) Quantifying the Impact of Regional Borders

Chair: Ani Avetisyan, Russian-Armenian University

Sinara Gharibyan (CERGE-EI) Launching Agricultural Insurance. Evidence from Armenia

Salim Turdaliev (Charles University) Increasing Block Rate Electricity Pricing and Propensity to Purchase Electric Appliances: Evidence from a Natural Experiment

Knar Khachatryan, Aleksandr Grigoryan (American University of Armenia), Valentina Hartarska (Auburn University), Roy Mersland (Universitetet i Agder) Mining and Multidimensional poverty: Micro-evidence from Armenia


Chair: Randall Filer, CUNY

Alex Krumer (Molde University College), Richard Faltings (University of Texas at Austin), Michael Lechner (University of St. Gallen) Rot-Jaune-Verde. Language and Favoritism: Evidence from Swiss Soccer

Robert Sroka (Northumbria University)  Mega-Projects and Mega-Events: Evaluating Vancouver 2010 Stadium and Convention Infrastructure

Andrey Pushkarev (Ural Federal University), Gurgen Aslanyan (American University of Armenia), Oleg Mariev (Ural Federal University) Sochi with and without the Winter Olympics: Economic Effects of the Mega-Event

Victor Matheson, Robert Baumann (College of the Holy Cross) Is there an Economic Case for the Olympic Games?


Chair: Jorge Fornero, Banco Central de Chile

Samar Issa (Saint Peter’s University) The Lebanese Banking Crisis: Can Islamic Banks be an Alternative to Overleveraged Conventional Banks?

Aleksandr V. Gevorkyan (St. John’s University), Tarron Khemraj (New College of Florida) Dominant Currency and Exchange Market Pressure

Georgia Bush (Banco de México), Serafin Martınez-Jaramillo (CEMLA and Banco de México), Luis Onesimo Leonardo Escobar-Farfan (Banco de México), Erwin Flores-Tames (CSH Vienna) Currency Relationships over Time, a Network Analysis and Case Study of Mexico

Hugo C. Iasco-Pereira, Fabrício J. Missio, Frederico Jayme Jr. (Federal University of Minas Gerais – CEDEPLAR), and Douglas Alencar (Federal University of Pará) Real Exchange Rate, Demand Growth and Labor Productivity: A Growth Model of Cumulative and Circular Causation


Saturday, June 26

Chair: Nerses Yeritsyan, CBA

Aleksandr Grigoryan, Knar Khachatryan (American University of Armenia) Are All Savings Products in the Microfinance World Created Equal?

Laura Aydinyan (Central Bank of Armenia), Vardges Levonyan (University of Zurich) The Supply and Demand for Steering in Mortgage Lending

Vardan Baghdasaryan (American University of Armenia), Roy Mersland (University of Agder) Multibanking Improves the Small Entrepreneur’s Performance in Developing Countries

Nargiza Alimukhamedova (WIUT, CERGE-EI) Nurmukhammad Yusupov (Solbridge ISB) Financial Literacy and the Cost of Borrowing


Chair: Heghine Manasyan, CRRC-Armenia

Gor Khachatryan (Economic Research Centre, Ministry of Economy of the Republic of Armenia; Yerevan State University), Bruce Boghosian (Tufts University) Economically Realistic Asset Exchange Model

Zaruhi Hakobyan (University of Luxembourg)  Can a Social Planner Manipulate Network Dynamics and Solve Coordination Problems?

Vahagn Davtyan, Haykaz Igityan (Central Bank of Armenia)  Structural Reforms in DSGE Model

Diana Gabrielyan, Jaan Masso, Lenno Uuskula (University of Tartu) Can Machine Learning Change Our Opinion on Euler’s Consumption Model?


Chair: Vardan Baghdasaryan, AUA

Armenak Antinyan (Zhongnan University of Economics and Law), Luca Corazzini (Ca Foscari, Venice)  Take me with you! Economic Incentives, Nudging Interventions, and Reusable Shopping Bags: Evidence from a Randomized Controlled Trial

Gayane Barseghyan, Gurgen Aslanyan (American University of Armenia) Watch Your Language! How Strong Wording for Covid19 Communication Caused Increased Anxiety (well, not always)

Alexandre Kohlhas (IIES, Stockholm University), Donald Robertson (University of Cambridge)  A Rational Theory of Limited Attention

Narine Yegoryan (Humboldt University, Berlin), Daniel Guhl (Humboldt University), Friederike Paetz (Clausthal University of Technology) Lottery rewards in incentive-aligned choice-based conjoint studies

Chair: Aram Arakelyan, Yerevan State University

Jean Christine A. Armas, Pamela Kaye A. Tuazon (Bangko Sentral ng Pilipinas) Revealing Investors’ Sentiment amid COVID-19: The Big Data Evidence Based on Internet Searches

Aleksandr Grigoryan, Knar Khachatryan (American University of Armenia) COVID-19 Policy Responses through the Lenses of Female Political and Social Representation

Hovhannes Manukyan, Vahagn Davtyan, Haykaz Igityan (Central Bank of Armenia)  Macroeconomic Policy during Covid-19


Chair: Eduard Hakobyan, Ministry of Finance (Armenia)

Vladimir Yeghiazaryan, Aleksandr Grigoryan (American University of Armenia) Revisiting PPP in EAEU countries

Ruben Poghosyan (Yerevan State University) Does FDI affect export sophistication? Evidence from Developing Countries

Rafayel Avagyan, Aleksandr Grigoryan (American University of Armenia) Assessing the Effectiveness of Public Education Expenditure: Evidence from Armenia


Chair: Julia Schaumburg, VU Amsterdam

Tatevik Sekhposyan (Texas A&M University) Mixed-frequency Forecasting: the Case of Armenia

Alessia Paccagnini (University College Dublin), Fabio Parla (Central Bank of Ireland)  Identifying High-Frequency Shocks with Bayesian Mixed-Frequency VARs

Eleonora Granziera, Knut Are Aastveit, Tuva Marie Fastbø, Kenneth Sæterhagen Paulsen, Kjersti Næss Torstensen (Norges Bank)  Nowcasting Norwegian Household Consumption with Debit Card Transaction Data 

Gergely Gánics (Central Bank of Hungary, Corvinus University), Florens Odendahl (Banco de España) Ordering-Invariant Stochastic Volatility Specification in BVAR Models


Chair: Tatevik Sekhposyan, Texas A&M

Yiru Wang (University of Pittsburgh), Lukas Hoesch (Universitat Pompeu Fabra, Vrije University Amsterdam) Asymptotic Inference about the Evaluation of Non-Parametric Predictive Densities

Scott Kostyshak (University of Florida), Ye Luo (University of Hong Kong) The Partial Monotonicity Parameter: A Generalization of Regression Monotonicity

Julia Schaumburg, Igor Custodio Joao, Andre Lucas (Vrije University Amsterdam), Bernd Schwaab (ECB)  Dynamic Clustering of Multivariate Panel Data

Florens Odendahl (Bank of Spain), Klodiana Istrefi, Giulia Sestieri (Banque de France)  Fed Communication on Financial Stability Concerns and Monetary Policy Decisions: Revelations from Speeches


Chair: Vahagn Jerbashian, University of Barcelona

Vladimir Asriyan (CREi), Luc Laeven (ECB), Alberto Martin (CREi), Alejandro Van der Ghote (ECB), Victoria Vanasco (CREi) Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium

Josep Pijoan-Mas (CEMFI), Julian di Giovanni (Federal Reserve Bank of New York), Manuel Garcia Santana (Universitat Pompeu Fabra), Priit Jeenas (Universitat Pompeu Fabra) Procurement and Credit Growth: Firm-Level Evidence and Aggregate Implications

Mikayel Sukiasyan (University of Chicago)  Bailouts and Redistribution

Larry Christiano (Northwestern University),  Husnu  Dalgic  (Mannheim)  Armen  Nurbekyan (CBA) Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster? 


Best Paper Awards are made available by AEA for general interest papers (Armen Alchian Award), young scholars (Grigor Artzruni Award), and award in agricultural and environmental economics, as well as by the International Monetary Fund for papers in macroeconomics and international trade, and the C-Quadrat Award (€500) for student papers in pension economics and portfolio management. Submission of completed papers in advance is required to be considered for the awards.