The Armenian Economic Association 2016 Annual Meetings conclude with a  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 link:

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.
The Armenian Economic Association 2015 Annual Meetings conclude with a workshop on "Forecasting
techniques and forecast evaluation," hosted by the Central Bank of Armenia at 10AM-3PM, on June 22nd,

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.
The Armenian Economic Association 2014 conference concludes with the workshop "Modeling Market Risk
in Mathematica". The workshop is scheduled for 10AM to 12PM, Monday, June 23rd, and description follows
below. 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.
Armenian Economic Association workshop on the state of art in public finance at the Central Bank of
Armenia (CBA) on October 21, 2013