EXCELLENCE IN ECONOMICS EDUCATION AND RESEARCH IN TENURE-TRACK AND TENURED RESEARCH CENTERS FACULTY 30 3

STUDENTS 2012 ALUMNI 2012 MAE 188MAE 1028 BAE 118 103 MiF

MAE - Master of Arts in Economics BAE - Bachelor of Arts in Economics MiF 68 MiF - Masters in Finance RANKINGS SSRN (Social Science Research Network) NES is ranked the best economics institution NES’s think tank CEFIR (Centre for Economic ranks NES among the top 100 economics in the former communist countries in the and Financial Research) is ranked a top 20 departments in the world and the top research ranking by RePEc (Research Papers economic think tank in the world by RePEc. economics department outside the OECD. in Economics) and is in the top 150 best economics departments in the world. TOTAL NUMBER OF STUDENTS TOTAL NUMBER OF ALUMNI 374 1131statistics 1 45Mission 613 History 1417Governance

Dear friends! TABLE OF CONTENTS

The New Economic School opened its doors for is first 52 students just 20 years ago, in September 1992. Over the last 20 years NES has grown into a mature university Faculty with more than 30 resident economics faculty hired in Education the international academic market and 374 students 1825 26 33 enrolled in the masters’ and undergraduate programs. We have more than a thousand alumni that have become leaders of their generation in the international academic profession, government, international organization and Russian and international business. Our executive education program (run together with INSEAD busi- ness school) includes 554 participants. Today, NES is still Sergei Guriev growing and developing, as it has been during every year of its twenty-year history. In 2012, we have recruited Rector of the New five more economics faculty, and the first undergradu- Economic School ate students completed their first year. I am confident that in twenty years another Rector will write about their Research Projects Alumni outstanding achievements. 34 41 42 45 46 51

5255 Career development 5659 Fundraising and development

60 63NES community The mission of the New Economic School is to benefit Russia’s private and public sectors through excellence in economics education and research. NES is committed to building a sustainable economics community that should prominently represent Russia in the global economics profession:

NES trains new NES produces NES brings back academic economists globally competitive foreign-trained Russian for Russia 1 economics research 2 economists to work in Russia 3 PROFESSIONALISM RESPONSIBILITY MUTUAL RESPECT VALUES INTEGRITY

NES contributes to improving Russia’s public policy through both graduate training in economic policy and applied research at its Center MISSIONfor Economic and Financial Research.

NES trains economics and finance professionals for Russia’s private sector. NES also provides Russian and international businesses with research, executive education, and consulting.

NES aims to become a model for other institutions of developing and transition countries in building centers of excellence in economics. Through its outreach activities, NES also disseminates modern economics knowledge to other universities in Russia, the CIS, and other emerging markets.

Arkady Sergei Maxim Dvorkovich Guriev Boycko George Victor Valery Soros Polterovich Vladimir Makarov Stanley Putin Zvi Gur Fischer Griliches Ofer

HISTORYIlya 2012 Konstantin Strebulaev Barack Sonin Zarema Obama Don Kasabieva Erik Patinkin Berglof Vladimir Mikhail Preobrazhensky Dmitriev Peter Barry Aven Ickes Herman Gref NES Rector Valery Makarov opens the first In 1992, when Russia faced dramatic challenges of transition of Russian economists contributing to the dissemination of Advisory Board (IAB), which included leading economists from in 2002 there were 80 first-year MAE students, today there are Arts in Economics); 63 students were enrolled in the first year. academic year. NES admits the first class to market economy, leading Russian and foreign economists the modern economics through teaching and research. Most the US, Europe and Israel, developed the School’s academic 108 people. In 2007 we launched the Masters in Finance Today NES has 374 students and 30 resident faculty. of 52 students. The Academic Council teamed up to create a graduate school of modern economics. of the alumni were expected to contribute to the development curriculum and business plan, and in 1992 the New Economic program, which enrolls 30-35 students annually. In 2011 we, The School has entered its third decade with confidence, is established. The International Advisory The graduates were to get their PhDs in the leading Western of the emerging Russian market economy through policy School (NES) opened its doors for the students. In 1992, 52 together with our long-term partner, Higher School of Economics, hopes, and new plans – by 2020 to bring the number of stu- Board led by Gur Ofer begins to operate universities and come back to Russia to teach new generations making and through working in the private sector. International students joined the Master of Arts in Economics (MAE) program, opened a new Undergraduate Program (HSE-NES Bachelor of dents to 1,000, to grow its core faculty to 55 professors, 1992 to further develop and raise quality of research and academic programs.

American Friends of NES (AFNES) established in the US NES celebrates its 10th anniversary. Long-term student loan program with Russian Standard Bank launched. New NES mission and new The permanent faculty reaches 30. Sberbank 500 President Vladimir Putin congratulates the strategic plan approved program graduates its first class. The number of MiF The first 32 graduates School on the 10 years of success graduates reaches 100. leave NES. NES Alumni

Association established 1996 2005 2002 Soros Foundation Center for Economic 2012 Master of Arts in Economics Masters in Finance (MiF) program launched. 33 MiF students enrolled. MiF Advisory Board founded. 1994 committed to provide and Financial Research (MAE) program’s entering NES Russian Advisory Board was transformed into the Board of Trustees of the NES Endowment long-term support (CEFIR) established Foundation to NES class expands to more

2000 than 80 students 2007 1997 2003 1992 2012

NES governance structure NES Research Center The first NES graduates returned reshaped: Valery MAE program Makarov elected as receives state established through to Russia after completing their PhDs The 44th President of the The number of NES graduates reaches 1000. HSE-NES Bachelor of Arts President of NES. Sergei accreditation. a grant from Ford to teach and do research at NES United States of America in Economics (BAE) program launched. 63 BAE students enrolled. New Strategic Guriev appointed the The first capital Foundation Barack Obama delivers Plan approved. Jointly with INSEAD and Sberbank, NES launches a large scale second Rector of the grant received 1995

1999 the Commencement executive education program “Sberbank 500”. NES opens the Center for the New School. NES Board of from McArthur Address at NES. Media and Society funded by the Open Society Institute and McArthur Foundation. Directors created to Foundation to NES Alumni Relations NES launches the Center for Demographic Research funded by the Dynasty become the ultimate start the School’s Center established Foundation. The NES Writing and Communication Center established governance body. The endowment The second cohort of 50 students NES Outreach Center opened with 2006 2009 number of resident enrolled. Prominent economists support of Soros Foundation and faculty reaches 15 2011 from the US, Europe and Israel come MacArthur Foundation. The new 2004 to teach courses at NES. Academician team – the core of the future Centre for Victor Polterovich becomes the Economic and Financial Research (CEFIR) – The first 22 students graduate from MiF Chairman of the Academic Council comes to the Russian European Center for program. Career Development Center NES Alumni Fundraising Campaign beings. Economic Policy (RECEP) created NES recruits students in Novosibirsk 2008 NES and HSE create a joint undergraduate 1998

1993 and Almaty. NES Russian Advisory Board program. NES Visiting Committee evaluates (RAB) created the quality of research and teaching 2001 2010 in theUnitesStates. WhenItoldhimaboutthe School, I usedtoplaytenniswithhim. methimsomewhere versity duties.Thenaccidentally wefoundBarryIckes. spend daysandnightsinRussia, despitehisfamilyanduni- a leadingroleinmakingtheschool asuccess.Heusedto to dosomethingforRussia.Undoubtedly, GurOferplayed due totheWestern professorswhowereenthusiasts willing siasm, whichpersistseventoday. Thestartwasverygood In itsfirstyearstheschoolwasmostlysupportedbyenthu- were apointofattractionforotherstudentsandfaculty. ich, KseniaYudaeva, andMariaGorban.Smartstudents who becameverywellknownlater, e.g.ArkadyDvorkov- courses. ThefirstcohortofNESgraduatesincludedpeople loved Russia. Hetaughteconometrics andsomeother abroad. AmongthesepeoplewasZviGrilicheswhoalways After that,wewereabletoinvite othergreatvisitorsfrom In fact,AmosandDonwerethestartingpointforNES. make well-knownresearchers cometoteachattheschool. loved them.That’showthingsstarted.Itwasnoteasyto mist. Theywerealsoexcellent teachers,andstudents (macroeconomics). Donwasaworld-wideknownecono Patinkin from theUK(microeconomics)andDon Witztum was the key. The firstprofessorsweinvitedwereAmos of economics.Itwasagoodstart.Invitingvisitingfaculty to buildaschoolwithallsubjects,i.e.classical Hebrew UniversityofJerusalem.Gurimmediatelyoffered Then IsuddenlymetmyfriendGurOfer, Professor ofthe were thinkingofcreatinganeconometricsschool. was noclassicaleconomicseducationinRussia. At firstwe When thetransitiontomarketeconomybegan,there Valery Makarov of Directors President ofNES,MembertheNESBoard Director ofCEMIattheRussian Academy ofScience, - from otherschools. outside ofRussia thaninsideRussia. That’swhyitisdifferent more recognizableworldwide.Itiseven 1,000 alumni.Nowadays,theSchoolismuchlargerand but surely. At firstitwasatinyschool,butnowhasover new peoplecomingandtheSchoolwasgrowingsteadily Barry hasbeenwithusforalmost20years.Thereweremore in school’s operations by resolvingfinanceissues.Bynow Since thenBarryfellinlovewithNES. He plays a crucial role he becamereallyinterestedandIintroducedhimtoGur. of aresearch center(workingmostly onmacroeconomic «econometrics,» and«management»,—the establishment in threedirections—«moderneconomic theory,» at CEMI,envisionedanewprogram ofgraduatestudies The document,preparedbyagroup ofleadingeconomists titled, by sublime coincidence, «CEMI Econometric School.» a pageandquarterlong,dated September19,1991, at CEMIandindeed,Makarovhandedmeadocument thinking alongsimilarlines.Ameetingwasarranged (CEMI), aleadinginstituteoftheAcademy ofSciences,was the acclaimedCentralEconomicsandMathematicsInstitute mentioned thattheAcademician Valery Makarov, headof today aprofessorattheHigherSchoolofEconomics,HSE), an economistattheMoscowInstituteofSteelandAlloys, I recountedmymeetingwithSoros,MarkLevine (then Gurvich, anofficialattheSovietMinistryofFinance, where It sohappenedthatatadinnerpartyinthehomeofEvsey Even today, mostactsofconceptionneedtwopartners. Gur Ofer Member oftheNESInternationalAdvisory Board Professor oftheHebrewUniversityJerusalem, was alreadycapturedinthemissive’s400words. much ofwhathappenedlater, andwhatNESisatpresent, elements inthisdocument,wecanonlybeamazedthat a nonprofitinstitution.»Aswerevisitseveraladditional mention onlythattheentitywas«tooperatelike investments inCES.»AsforthegovernanceofCES,letus professors»; and,finally, «individuals[…]whomakemajor from whichCEScanreceivemoneyandinviteWestern ate studentsanofficialstatus»;«aWestern university[…] the Russian Government(!)thatwould«givethegradu- a privateinvestmentgroup;anorganizationrepresenting stakeholders: CEMI;MoscowStateUniversity;Dialog, be a«privateshareholdingcompany»withdiverse CES (astheoriginaldocumentalreadycalledit)wasto as consultancyforthegovernmentandprivatebusiness.» such activity, commercial models), and«somekindof

place -withinonly20years! they lookevenmoreimpressiveasalldidtake science. Eachoftheseachievementswasunlikely, andnow staying inRussia managetoworkattheforefrontofworld And finally, thefifthmiracleisthatmanyoftheseprofessors people wouldreturntoRussia todoresearch andtoteach. absolutely noonebelievedinthe1990s,isthatthese programs withfullscholarship.Thefourthmiracle,which Third, thesestudentswerelateradmittedtothebestPhD The secondmiracleisthebeststudentbodyinRussia. visiting faculty includingtheworld’sleadingeconomists. history, whentheSchoolmanagedtoattractoutstanding The firstmiracletookplaceatthebeginningofNES would havebeenimpossiblewithoutthepreviousone. miracle, butthewholesequenceofmiracles,eachwhich NES issometimescalled«amiracle.»Infact,thisnotone NES Rector, Tenured Professor, President ofCEFIR Sergei Guriev can articulateintheglobaldebate. offers anenvironmentthatcanproduceideasRussia Russia needstobepartof, andtheNewEconomicSchool ultimately alsobeingpartoftheglobaldiscussionwhere integrated intotheRussian environment, butofcourse future isofcoursetobeevenmoresuccessful, it cameoutofnowhere,createdsomething.Nowthe The last20yearshavebeenfantasticfortheSchoolas term. long the in that isgoingtochangeRussia through government,businessandotheruniversities and theyaredisseminatingthroughoutRussian society, skills every yearanewcohortofstudentsisbroughtupwith been gratifyingbecauseyouseethat have today people that iswhyIwanttostayinvolved,bepartofit.Somany outside Western EuropeandtheUnitedStates.AndIthink beyond anyone’sexpectation.Itisthebestenvironment way fantasticexperimentthathassucceeded a is NES today and bringthatresearch environmenttoNES.Ithinkthat with fantastictrainingandIwantedtogetinvolved that NESprovidedintermsofpeople,itsyoungstudents building aresearch environment inMoscow. Isawthevalue And thereasonIgotinvolvedwasthatitneededsomeone I havebeeninvolvedinNESforoveradecadenow. Erik Berglof of Directors national Advisory Board,MemberoftheNESBoard Chief Economist,EBRD,CoordinatoroftheNESInter - Barry Ickes continues togetbettereveryyear. water. IthinkeverythingsincethenNEShasbeengreatand we hadforthreeorfouryearsandthenactually tired ofdrinkingtchai(tea).Tchai, tchai,tchai–thatisall they installedthewatercooleron17thfloor. Iwasso But forNESthegreatestdaywasperhapswhen better. Soforpersonalreasonsthatwasaprettygoodday. He reducedalotoftheworkandmademylifewhole the vergeofheartattackandSergeiwasagreatleader. Sergei GurievtookoverasrectorofNES.Ithinkwason in NEShistory, wellformeonegreatdaywasthewhen to seehowthingsweregoing.Intermsofthegreatestday gradually, asthingsdeveloped,taughtlessandcamejust New EconomicSchooleverysinglestudent.Andthen people. SoItaught,think,forthefirstfouryearsat spoke toomuchatlunchandtherewasaneedformicro 19 yearslaterIamstillhere.Itwasprobablybecause and Isaid,«Yes, thatwouldbeprettygood.»Andwell, interesting.» Gursaid,«Why don’t youcome andteach», «Valery ismyfrequenttennispartnerandthatsounds Valery Makarovwhowasmyfrequenttennispartner. Isaid, me abouthisplantostarttheNewEconomicSchoolwith having lunchwithProfessor GurOferandhewastelling It islikereallyIwasvisitingtheWorld BankandIwas Member oftheNESBoardDirectors President andTreasurer oftheAmericanFriends ofNES, Professor ofthePennsylvania StateUniversity,

history 11 13 history

Vladimir Preobrazhensky Vladimir Putin Stanley Fischer Kirill Borusyak Alexey Govryakov Zdenek Turek

Member of the NES Board of Directors President of Russia, in his greetings at the 10th Governor, Bank of Israel MAE Class 2012 MiF Class 2012 Citi Country Officer for Russia, Citi Division anniversary of NES, December 2002 Head for Central and Eastern Europe The way I came to NES is a fluke. I do not remember all the As is known to everyone associated with NES, the word When Russia is in discourse about everything - education, My decision to come to NES was not only to make a «prof- details, but, if I am not wrong, I was introduced to Sergei Your School has already built a reputation of a university «nes» means«miracle» in Hebrew. And that NES is. health, etc. – people say that here everything is not itable investment» in human capital, but also to leave the Citi and NES have achieved noteworthy results in the Guriev by Sergei Vorobiev from Ward Howell who served that provides modern and high quality economic education. NES is a success story, which the founders, among them made for people. And if anybody in conversation mentions «comfort zone». My investment paid back but resetting my development of financial planning habits and competent at the NES Board of Trustees at the time. After that Maxim NES degree is highly valued both in Russia and abroad. Professor Valery Makarov, the late Professor Zvi Griliches NES, it is, I think, a very rare case, when people don’t talk way of thinking paid back twice. At NES with each serving personal budget management among Russian youth Boycko and Sergei Guriev invited me to the Board of Direc- Hundreds of NES graduates working successfully in different of Harvard, and from Israel, Professor Gur Ofer can justly the same. I feel that this place is made by people and for of new knowledge the world became more and more in many regions of the country through the Financial tors and I happily agreed. I think that the School is amazing; private and public sector organizations brilliantly prove that. be proud of. In Israel we are proud also that the late people. diverse. Earlier I thought I’d be the happiest retiree, Literacy project. My colleagues and I place great value on it is like a new flower with its fresh sense of life. This is what Professor Don Patinkin, the founder of modern Israeli because I did not watch 80% of movies from IMBD top- NES’ efforts and expertise, as they have been crucial to the I feel. Three years later we came up with an idea to create economics, was one of the first teachers at NES. With 250. Now I think the movies will wait, because there success of our joint project, which addresses one of Citi’s a new program - Masters in Finance. We wanted to find a congratulations for what you have achieved in such a short is yet so much to read. main CSR objectives - improving public financial literacy formula that would allow people who reach a certain point time, and with best wishes for continuing success at such and promoting personal financial responsibility among in life and face new challenges, to find a good platform and a high level in the future. youth throughout the world. tools to be successful. I think we kicked it off well. Certainly, it is too early to judge - the program is only five years old. As we celebrate Citi’s 200th anniversary, we also mark One will judge in ten years how good it is. The 20th an- another anniversary just like NES - 20 years of working niversary of the School is a big celebration and a joyous year. in Russia, and it is particularly important for us to bring to It is like the mid-life crisis is still far, but childhood is behind. life projects and initiatives aimed at improving the I would mention four most important things: first, after a wellbeing of Russian citizens and Russian society, where decade or so the size of BAE program reaching 500 students we live and work, taking into consideration the fact that would be really great. Second, the School needs closer ties our priorities coincide with those of the state.The results with the industry. The School has already set up good rela- achieved through our partnership programs with seven tions with government agencies, large multinationals and universities and the 10,000 people who have completed regional governments, but I think industry relations should the educational course are proof to us that choosing NES be strengthened. Third, it will enable the School through the Lyubov Farafonova as a partner was the right decision. I hope that our industrial dimension to reach its new unique balance Dmitry Arkhangelsky future cooperation will help further popularize this project between the quality of academic research and its applica- Michael Kunzi throughout Russia and rapidly expand its audience. tion. Fourth, I certainly hope that doctoral level programs MAE Class 2012 will become a reality here. In ten years, I think the School Executive Vice-President, Lombard Odier will be ready to a doctoral level program. And this will be NES is an amazing place. Here students complain to the a cornerstone for becoming a real sustainable university. My son is three years old, and if he becomes good at rector for the fact that the exam was not difficult enough School reproduction is a great thing. I wish the School every mathematics, finance and economics, I want him to study and ask to add a more challenging course on stochastic success. It has goals ahead, the country is changing, and the at NES. I sincerely believe in the highest quality of this processes. Here everyone is willing to help his/her friend School will have to change as well. So we will have no time institution, its honesty and professionalism. with studies, but no one cheats at the exam. to get bored. GOVERNANCE Board of Directors International Advisory Board Board of Trustees 17 The Board of Directors, ultimate governing authority International Advisory Board (IAB) consists of the world In 2007, NES established its Endowment Foundation. NES’s of the School, meets quarterly to make strategic leading economists. IAB provides guidance on academic endowment is among the first in Russia and it serves as the and operational decisions. The Board approves the mission matters, makes all major academic decisions, and over- source of the long-term financial sustainability of the School. and strategic plan of the School, approves the budget, sees the academic activities at NES. It is also responsible, To effectively oversee the process of building the endow-

evaluates the work of top management of the School, through an Academic Appointments Committee, for all ment, and in accordance with the Charter of the Endowment governance appoints and dismisses the Rector. faculty appointments and promotions. Foundation, the Russian Advisory Board of the New Eco- nomic School made a decision to transform itself into the NES Endowment Foundation Board. This Board makes decisions on the use of the endowment income, facilitates endowment fundraising and assists in creating new partnerships with the Maxim Boycko Russian private sector. Chairman of the Board of Directors, NES

NES has a modern and effective governance structure. The main function of the Board of Directors is to help NES management and professors to implement the mission of the School. The Board is a group of people sharing the same ideas, understanding NES strategic goals and always ready to help. These are people with various experience and opportunities, which supplement each other. We feel our- selves responsible for the fulfillment of the School’s mission. Sergei Guriev

Rector

Erik Berglof

Chief Economist, EBRD, Coordinator, Valery NES International Advisory Board NES strives to maintain the highest quality of economics education in Russia and the International Advisory Board plays an important role in it. The members of the Board Makarov represent the cream of the cream in the world economics profession and ensure that the NES academic programs are at the level of the best economics programs in the leading Maxim Boycko Chair Erik Berglof Chief Economist, EBRD Arkady Dvorkovich Federation Minister of the Russian Deputy Prime Mikhail Dmitriev Center for Strategic Research Sergei Guriev of NES Rector Ickes Barry W. of NES , American Friends State University; President Pennsylvania Professor, Makarov Valery of NES of Science, President Academy Director of CEMI at the Russian Vladimir Preobrazhensky Member of the Strategic Committee, Board Directors, RUSNANO Erik Berglof Chief Economist, EBRD; Coordinator Philippe Aghion Harvard University Professor, Beth Allen University of Minnesota Professor, Donald Andrews University Yale Professor, John Cochrane University of Chicago, Booth School Business Professor, Avinash Dixit University Professor,Princeton Ickes Barry W. State University Pennsylvania Professor, Makarov Valery of NES, Member the NES Board Directors of Science, President Academy Director of CEMI at the Russian Myerson Roger University of Chicago Professor, Gur Ofer Hebrew University Professor, Polterovich Victor CEMI and NES Academician, Gerard Roland University of California at Berkeley Professor, Larry Samuelson University Yale Professor, Aleh Tsyvinski University Yale Professor, President Maxim Boycko Chair Aven Peter Chairman of the Board Directors, Alfa Banking Group Industries, Inc. Access President, Arkady Dvorkovich Federation Minister of the Russian Deputy Prime of the NES Alumni Association President Maxim Gubiev Entrepreneur Vladimir Kremer Group Vice-Chairman of the Management Board, RENOVA Managing Director, Makarov Valery of NES of Science, President Academy Director of CEMI at the Russian Chairman of the Management Board, ОАО Urinson Yakov Board, RUSNANO Deputy Chairman of the Executive Andrei Vavilov Studies Institute for Financial Director, Academic Vardanian Ruben Co-head of Sberbank CIB Sergey Vorobiev Howell Chairman of the Board, Ward Senior Partner, Oleg Vyugin Chairman of the Board Directors, MDM Bank Western universities. USE passing score GRE Subject Test IELTS (Academic) TOEFLibt average for BAE in Mathematics average score average score score for MAE program (2012) 377 for MAE program (2012) 690 for MAE program (2012) 7,0 program (2012) 94,2 out of 400 out of 990 out of 9,0 out of 120 EDUCATION

Number of master-classes, guest lectures and public Duration of studies at master Duration of studies at the Number seminars in 2011-2012 programs - 5 modules a year, undergraduate program - of traditional academic year 90 8 weeks each 2 years 2 semesters a year, 16 weeks each4 years students parties 12 UNDERGRADUATE MASTERS MASTER OF ARTS DEGREE OF MAE STUDENTS IN FINANCE IN ECONOMICS ACCEPTED IN 2012 PROGRAM PROGRAM

The Masters in Finance (MiF) Program is a 2 year part- For a long time NES has been offering one academic time program launched in 2007 and is designed for early- program – Master of Arts in Economics. This two-year full- and mid-career finance professionals. The program focuses time program gives fundamental knowledge in econom- 42% on modern theory and practice of investments and ics. The mandatory curriculum includes microeconomics, MoscowMSU State University corporate financial policy. The core financial curriculum macroeconomics, econometrics, and English. Electives Galina Hale (Borisova) Nissan Liviatan (asset pricing, derivatives, corporate finance, M&A, risk cover industrial organization, international trade, finance, HSE 14% management, etc.) are supplemented with courses on economics of public sector, labor economics and other key National Research University Higher School of Economics NES’96 Professor, Hebrew University corporate management, macroeconomics, fields of modern economics. The program is designed for MIPT 12% Senior Economist, Federal Reserve Bank and econometrics. the students willing to excel in academia, financial sector, Institute of Physics and Technology of San Francisco consulting, think tanks and government. On my long teaching experience at the Hebrew University The MiF Advisory Board helps to improve the program 5,5% I think the greatest impression is the atmosphere at the NovosibirskNSU State University and at top American universities I cannot recall enjoying quality and establish closer connections with the business School, the students and the staff. Of course the level of teaching more than at NES. The students usually have community. Currently, the MiF Advisory Board includes SPSU 2,8% economics taught was great – I didn’t have to study much a degree in mathematics or in other field of the science, the following members: Saint Petersburg State University in my first year at PhD because I already knew it all! It is which facilitates teaching the advanced courses. The 2,8% hard to describe but to me NES was a place I wanted to go teaching assistants are on high level, which you usually MEPhI to in the morning and didn’t want to leave in the evening. Sergei Bazoev, Partner, Ernst & Young Russia. Moscow Engineering Physics Institute do not encounter in other universities. The kind of support that NES students have for their studies Joseph Bakaleinik, Advisor for Chairman of the Governing Board, Renova Management AG. MSTU 2,8% and research (financial, computers, library, placement) Elena Ivashentseva, Senior Partner, CFA, BVCP. Bauman Moscow State Technical University I think is unmatched even when compared to the US Anton Karamzin, Deputy Chairman of the Board, Sberbank. schools (given what I have seen).…the respect that all the Michael Kunzi, Vice-President, Lombard Odier. students enjoy regardless of their grades. Respect by peers, Alexander Pertsovsky, ex-CEO of Renaissance Group and Renaissance Capital in Russia. Anna Popova, Deputy Chairman of Russian Government. economics 39% faculty and staff. This is incredibly important. I felt very welcomed to the school every day. Vladimir Preobrazhensky, Member of the Strategic Committee, Board of Directors, RUSNANO. mathematics 37% Ivan Rozinsky, Senior Vice President, JSC VTB Bank. Katya Rudelson, Partner, Egon Zehnder International. physics 17% Alexei Savatyugin, Deputy Minister, Finance Ministry of the Russian Federation. Sergey Sementsov, Head of Strategic Planning Department, BashNeft. engineering and technical 3,7% Elena Titova, President and Chairman of the Executive Board, Morgan Stanley. other 2,8% humanities 0,9%

education 21 HSE-NES BACHELOR EXECUTIVE OF ARTS EDUCATION IN ECONOMICS Executive education is one of the new fields of NES development. In 2011 NES, jointly with the INSEAD PROGRAM Igor Kouzin Rair Simonyan Serguei Netessine Herman Gref School of Business, created a unique product for the Russian market – a one-year Russian-language Chairman of MDM Bank, Visiting Professor, NES Ex-Chairman of the Board of Directors, Morgan Stanley Professor, INSEAD President and Chairman, Sberbank of Russia The HSE-NES Bachelor of Arts in Economics program executive education program Sberbank-500. Bank is a 4 year undergraduate program launched on September 1, This program was developed for top managers It was with great pleasure that I accepted an offer to teach at Morgan Stanley has been supporting the Masters I am proud that my country has been able to While working on our joint program «Sberbank-500. 2011. Our goal is to make this program the best of Sberbank and includes face-to-face sessions, the Masters in Finance Program at the New Economic School. in Finance Program at NES since its establishment. produce and sustain such a strong academic Program for Leaders» NES showed professionalism, in Russia. It already outperforms other economics programs distance learning, and independent study. I believe this is one of the most advanced programs in Russia. We believe that our cooperation with NES is a good institution as the New Economic School. NES competence in solving the tasks and high level in terms of quality of the students. The program admits 60 I have been teaching at MiF for already 5 years mainly example of how international financial institutions stands out as the only academic organization of skills and knowledge. Sberbank of Russia because of the students – excited, eager for self-develop- can contribute to the development in Russia of those in Russia which successfully reversed the appreciates the responsibility, competence students per year. The minimum Unified State Examination ment, fascinating people with rich professional and life disciplines that actually didn’t exist in our country, «brain-drain» and was able to recruit outstanding and high-quality in fulfillment of the tasks set score of the students is 379 out of 400, and 40 out of 55 experience. I recommend this program as one of the best to the formation of the necessary research and academic Western-educated faculty members. I do hope in front of NES. Sberbank of Russia recommends winners of the all-Russia School Olympiad in Economics chose both in Russia and abroad. potential, and in the end, - training the human capital that our successful collaboration on delivering NES as a professional, efficient and reliable partner. the HSE-NES BAE Program. that is extremely in demand both in Russia and abroad. Executive Education Programs to Sberbank will continue and expand to other companies in future. The academic program consists of core (required) courses in Economics, Mathematics and English, a set of specialized electives in Economics and a wide variety of general electives in social sciences, humanities and science. Half of the course load is Economics and Mathematics, and the other half is language, humanities and general elective courses.

education 23 ACADEMIC ENVIRONMENT

NES offers a unique environment of partnership between NES regularly organizes lectures and seminars by the lead- NES provides an opportunity to study and excel students, faculty, and administrative staff. The faculty ing scholars and businesspeople. In the recent years, NES for each student despite his or her financial abilities. Barack Obama regard the students as colleagues. The administration takes hosted talks by Stanley Fischer, Governor of the Bank of NES offers a flexible financial support system for every effort to make the students’ experience at NES both Israel and ex- First Deputy Managing Director of the Inter- the best students and students with financial President of the United States of America, interesting and enjoyable. national Monetary Fund (IMF); John H. Cochrane, Profes- difficulties. Majority of students receives partial in his address at the Kremlin, Moscow, July 7, 2009 sor of Finance at the University of Chicago Booth School or full tuition waivers. Russian Standard Bank offers The students at NES are our colleagues. Close communica- of Business, and author of the bestselling Asset Pricing special student loans for NES students. The 12-year I was greatly impressed by the students tion with the faculty (including joint work in a research textbook; Robert F. Engle, 2003 Nobel Prize Winner loan covers the tuition and includes a 2 year of the New Economic School, who are eager project in the second year), as well as an opportunity to in Economic Sciences, professor at New York University, grace period. to take advantage of the opportunities attend talks by prominent foreign and Russian economists Stern School of Business; Robert J. Shiller, Professor of of the 21st Century. and policymakers, is a very important part of the student Economics at Yale University, the author of Irrational life at NES. Exuberance and New Financial Order; Eric Maskin, 2007 Nobel Prize Winner in Economic Sciences, Professor at Harvard University; Roger Myerson, 2007 Nobel Prize Winner in Economic Sciences, Professor of Economics at the University of Chicago; Andrei Shleifer, Professor at Harvard University and the most cited economist in the world; Ana- toly Chubais, Chairman of the Executive Board, RUSNANO; Artem Volynets, CEO of EN+ Group; Lloyd Blankfein, CEO and Chairman of Goldman Sachs, Federico Ghizzoni, CEO of Unicredit, and many others.

On July 7, 2009, Honorable Barack H. Obama, the 44th President of the United States of America, delivered the Commencement Address at the 16th NES Commencement Ceremony; it was the main public event of his official visit to Russia.

education 25 VISITING FACULTY AND LECTURERS 74

FACULTYTENURED AND TENURE-TRACK FACULTY 30

The core of NES is its resident faculty of 30 young economists with PhDs in economics and finance from the world leading universities, including Harvard, MIT, Columbia, NYU, LBS, Wisconsin-Madison. TENURED FACULTY

Sergei Guriev Ekaterina Zhuravskaya Konstantin Sonin Shlomo Weber

Professor of Economics and Rector, New Economic Professor of Economics, NES and Paris School Professor of Economics and Vice-Rector, PINE Foundation Visiting Professor of Economics, NES, School of Economics, PhD, Harvard University New Economic School Professor, Southern Methodist University, Dallas NES’98 PhD Hebrew University of Jerusalem

Sergei Guriev graduated with summa cum laude from Ekaterina studied in the Moscow State University the Moscow Institute of Physics and Technology in 1993. and at the New Economic School, she received her Konstantin Sonin received a PhD in Mathematics In 1997–98, he visited the Department of Economics master’s degree from the London School of Economics from the Moscow State University, was a Postdoctoral at MIT; in 2003–04, taught at Princeton University. in 1998 and PhD in Economics from Harvard University Fellow at Harvard in 2000–01, a Visiting Member Stanislav Anatolyev Dr. Guriev has published in the leading international in 1999. She was the sole winner of the Young Economists at the Institute for Advanced Study in Princeton journals, incl. American Economic Review, American Competition of the fifth Nobel Symposium in Econom- in 2004-05, and a Visiting Professor of Managerial Professor of Economics Political Science Review, Journal of European Economic ics “The Economics of Transition” in 1999. She was also Economics and Decision Sciences at the Kellogg School Master of Arts in Economics Program Director of Management, Northwestern University in 2009-10. at the New Economic School Association, and Journal of Economic Perspectives. selected as a Global Leader for Tomorrow of the World PhD, University of Wisconsin-Madison In 2006, Dr. Guriev was selected a Young Global Leader Economic Forum in Davos in 2001. She received the Best His research interests include political economics, transition Grigory Kosenok NES’95 by the World Economic Forum (Davos), in 2011, he joined Economist prize by the President of the Russian Academy and development, economic institutions, and economics the WEF’s Global Agenda Council on Europe, in 2012 he of Science in 2002 and 2003 and a Diploma of the Russia’s of media. In 2004, professor Sonin received the Gold Medal RENOVA Foundation Professor of Economics of the Global Development Network. His academic papers Stanislav Anatolyev graduated from the Moscow chaired the WEF’s Global Agenda Council on the New National Award for Work in Applied Economics in 2010, PhD, University of Wisconsin-Madison appeared in leading international journals in economics Institute of Physics and Technology (MIPT) Economic Thinking. In 2009 and 2010, he was included as well as the International Leontief Medal “For Contribu- NES’95 such as Quarterly Journal of Economics, Review of Eco- in 1992 and from NES in 1995. In 2000 he received in the top 100 of the President of Russia’s Cadre Reserve. tion to Economic Reforms” in 2010. She published nomics Studies, and American Economic Review; political Valery Makarov his PhD degree in economics from the University He is a board member of Sberbank, Russia Venture Com- n the American Economic Review, Quarterly Journal pany, Alfa Strakhovanie, Russian Home Mortgage Lending of Economics, Journal of European Economic Association, Grigory Kosenok graduated from the Moscow Institute science such as American Political Science Review and of Wisconsin-Madison. In 2008 Stanislav was appointed Director of CEMI at the Russian Academy of Science, of Physics and Technology in 1992, in 1995 he graduated American Journal of Political Science; and general scientific tenured professor at NES, and became MAE director Agency, and the Dynasty Foundation. He is a member American Economic Journal: Economic Policy, Journal President of NES, Member of the NES Board from NES with MA in Economics. In 1995-1996 Grigory journal such as Proceedings of the National Academy of in 2010. Professor Anatolyev’s research and teaching of the President of Russia’s Council on Science, of Public Economics, Journal of Economic Perspectives, of Directors worked at the Economic Expert Group at the Ministry Science (PNAS). interests include many topics in econometrics, in particular Technology and Education, of the Advisory Council American Political Science Review, American Journal of Finance of the Russian Federation. In 2005 Professor Konstantin’s column on economics and politics appears non-standard asymptotic methods and time series model- of the Peterson Institute for International Economics of Political Science, Journal of Law, Economics and Organi- Kosenok received a PhD in economics from the University weekly in Vedomosti, the leading Russian business daily, ing. Stanislav’s works are published in a number (Washington, DC) and of the Scientific Council of zation, Journal of Business, American Law and Economics of Wisconsin-Madison, and in 2010 he was appointed published jointly by WSJ and FT, and fortnightly in of leading economics journals such as Econometrica, BRUEGEL, a Brussels-based economic policy think tank. Review, Economics of Transition, Journal of Economic a tenured professor at NES. Grigory Kosenok has pub- The Moscow Times, the main Russia’s English-language Journal of Econometrics, Journal of Business & Economic He is also a Research Fellow at CEPR (London) Literature, and Journal of Comparative Economics. lished in the leading peer-reviewed international journals, newspaper. He is a member of editorial boards of Journal Statistics, Econometric Theory and others. He also and a Co-Editor of the Economics of Transition (London). Ekaterina is an Associate Editor of the Journal of Public including American Economic Review, Journal of Economic of the European Economic Association, Journal of Com- co-authored a book on advanced econometrics. Since 2003, he has been running a bi-weekly column Economics and the Journal of Comparative Economics. She Theory and Econometric Theory. Professor Kosenok’s parative Economics, and European Journal of Political Professor Anatolyev has numerous distinctions in the leading Russian business daily Vedomosti, since 2006 received the Excellence in Refereeing Award of the Ameri- research interests include theoretical and empirical Economy, and advisory boards of BOFIT and Kiev School in teaching: several MAE graduating classes have – a monthly column in Forbes Russia. can Economic Review in 2011. industrial organization. of Economics. given him the title of the Best Professor for a number of years, while the NES Alumni Association has awarded him the “Professor of the Year” award twice. faculty 29 TENURE-TRACK FACULTY

Andrey Donets

President of Global Packaging, Alcoa Russia

Efthymios Athanasiou Sergei Izmalkov Andrei Markevich Oleg Shibanov Starting from 2008 the New Economic School has been Assistant Professor of Economics BP Associate Professor of Economics Assistant Professor of Economics Assistant Professor of Finance a partner of Alcoa Russia and Alcoa Foundation. We have PhD, Center for Operations Research and Econometrics PhD, Pennsylvania State University PhD, Russian Academy of Science PhD, London Business School decided to finance the Alcoa Foundation Professorship NES’97 Post-doc in Economics, University of Warwick at NES because of the high level of the School and its Estelle Dauchy Sergey Stepanov place in the Russian economics education…Having Assistant Professor of Economics Patrick Kelly Tatiana Mikhailova Human Capital Foundation Assistant Professor of become partners with NES we realized that intellectual PhD, University of Michigan Edward Eisler Assistant Professor of Finance Assistant Professor of Economics Corporate Finance and administrative level of the School will provide the PhD, W.P. Carey School of Business at Arizona PhD, Pennsylvania State University PhD, ECARES, Universite Libre de Bruxelles best use of the Alcoa Foundation funds to benefit Russian Irina Denisova State University NES’97 NES’00 education. Assistant Professor of Economics PhD, University of Manchester Igor Kheifets Luke Miner Konstantin Styrin Assistant Professor of Economics Assistant Professor of Economics Renaissance Capital Assistant Professor PhD, University Carlos III of Madrid PhD, London School of Economics of Macroeconomics Paul Dower NES’04 PhD, Harvard University Kinross Assistant Professor Maria Petrova NES’01 of Development Economics Stanislav Khrapov UBS Assistant Professor of Economics PhD, New York University Assistant Professor of Finance PhD, Harvard University Natalia Volchkova PhD, UNC at Chapel Hill NES’04 ExxonMobil Assistant Professor of Energy Economics Ruben Enikolopov PhD, CEMI, post-doc, MIT Nordea Assistant Professor Olga Kuzmina Alexei Savvateev NES’98 of Finance Promsvyazbank Assistant Professor of Finance ALCOA Foundation Assistant Professor of Economics PhD, Harvard University, PhD, Columbia University, Graduate School of Business PhD, CEMI, post doc, CORE, Catholic University of Louvain Evgeny Yakovlev NES’02 NES’97 Assistant Professor of Economics Dmitry Makarov PhD, University of California, Berkeley Ozgur Evren Christopher Barter Assistant Professor of Finance Assistant Professor of Economics PhD, LBS PhD, New York University NES’00

faculty 31 NES REGULARLY HOSTS RESEARCH SEMINARS HELD BY OUTSTANDING ECONOMISTS. AMONG THE PRESENTERS IN THE ACADEMIC YEAR

2011 – 2012 WERE: Gerard Roland

Professor of Economics at the University of California, Berkeley, California, Co-director of the Transitional Economies Program of the Economic Policy Research Center (London, Great Britain) and William Davidson Institute Visiting Chair at the University of Michigan Busi- Andrei Shleifer ness School (Ann Arbor, Michigan). He is one of the leading scientists Famous American economist of Russian origin. in the economics of transition.

He taught in Princeton, the University of Chicago, Ehud Kalai and Harvard (since 1991). In 1999 he was awarded the John Bates Clark Medal by the American Economic Professor at the Kellogg School of Manage- Association. The medal is awarded once in 2 years ment, Northwestern University, USA to the American economists under forty who are adjudged to have made a significant contribution One of the leading scientists in game theory to economic thought and knowledge. He is one and mathematical economics, Kalai was a Co-founder of the most cited economists in the world. and the President of the Kellogg Center of Game Theory and Economic Behavior. Kalai is the Founder and the Aleh Tsyvinski Editor-in-Chief of Games and Economic Behavior, Nobuhiro Kiyotaki the top journal in game theory today. Professor at Princeton University Professor of Economics at Yale University, Co-Director, Macroeconomics Program, Cowles Foundation. One of the most prominent economists, especially known for his works in finance and macroeconomics. He is the He graduated from Belarus State Economic University, author of such basic macroeconomics models as Kiyotaki- got his PhD in Economics from the University Blanchard, Kiyotaki-Bernanke, and Kiyotaki-Moore’s of Minnesota. Before Yale he worked at Harvard models. He is listed as one of the favorites for the Nobel and the University of California, Los Angeles. Prize by Thomson Reuters. Aleh is one of the most prominent researchers in the field of public economy. The World Economic Forum in Davos included him into the list of the Young Global Leaders.

faculty 33 ZVI GRILICHES MEMORIAL LECTURES since 2001 ARTICLES IN PEER-REVIEWED MORGAN INTERNATIONAL 11 STANLEY JOURNALS LECTURES 2011-2012 since 2007 33 7

RESEARCH NES RESEARCH SEMINARS CONFERENCES RESEARCH2011-2012 since 1996 68 31 establish relationswithinternationalacademiccommunity. reers inthebestuniversitiesabroadhelpNESandRussia to profession. NESalumniwhocontinuetheiracademicca- mass andimprovingthesituationinRussian economics coming backtoRussia everyyearhelpscreatingacritical ago therewerenone.Thegrowingnumberofeconomists while 10yearsagotherewereonly8ofthem,and20 ing universitiesteachandconducttheirresearch atNES, economists whohavegottheirPhDsfromtheworldlead- and mostofthemworkatNESHSE.ThirtyRussian have gottheirPhDs;someofthemreturnedtoRussia continue theirPhDstudiesabroad.Intotal,175NESalumni the leadingPhDprogramsabroad.In2012,58NESalumni in internationalconferences,andsendingNESgraduatesto searchers, carryingoutjointresearch projects, participating economic community–invitingforeignprofessorsandre- NES hasbecomeabridgebetweenRussian andglobal RESEARCH ------Regional Economics. Migration Policy Social Policy andLabor Market International Trade andForeign Investments Political Economicsand Federalism Macroeconomic Policy Corporate GovernanceandFinancial Markets Industrial OrganizationandCompetitionPolicy Administrative Reform projects insuchareasas: lished CEFIRhasaccomplishedmorethan90research and benefitsofspecificpolicyactions.Sinceitwasestab- by informingpolicymakersandthepublicaboutcosts to theformulationofRussia’s economicandsocialpolicy advanced methodsofeconomicanalysisandcontribute public tomakeinformedchoices.CEFIRresearchers use and policyanalysisbyhelpingpolicymakersthe policies byproducingcutting-edgeacademicresearch CEFIR’s missionistoimproveRussia’s economicandsocial nization, CEFIRhasfunctionallybecomeapartofNES. Thus, remaininglegallyandformallyanindependentorga- in Russia, in2005CEFIRandNESformedastrategicalliance. the qualityofeconomicseducationandpolicyresearch capacity, betterutilizeavailableresources, andenhance lished inRussia in2000.Inordertostrengtheninstitutional at NESisanindependenteconomicpolicythinktankestab- The CenterforEconomicandFinancial Research (CEFIR) AND FINANCIALRESEARCH CEFIR FOR ECONOMIC CENTER uate studentsfromRussia andCIScountries. a shortcourseonpublichealthfor20facultyandpostgrad- population groups.Alsoin2012theCenterdelivered of physicalandmentalhealthinmiddle-agedolder among working-agepopulation,conditionanddynamics research ofcomponents anddeterminantsofhighmortality immediateagendaincludes health inRussia. TheCenter’s of theCenteriscurrentlyonresearch ofmortalityand epidemiological anddemographicaljournals.Mainfocus who regularlypublishtheresearch resultsininternational raphers withawealthofinternationalresearch experience demographic research. TheCenterbringstogetherdemog- of theprojectistobringinternationalexperienceRussian a CenterforDemographicResearch. Themaingoal of DmitryZimin’s DynastyFoundation NESestablished On September1,2011,thankstothegeneroussupport RESEARCH CENTER FORDEMOGRAPHIC ------their Influence in Runet andElaboratingMethods forLimiting All AbouttheBot:StudyingRole of‘Bots’ on theBehaviorofEconomicActors inRussia The NavalnyEffect:ImpactoftheBlogosphere the InternetandTelevision inRussian AgendaSetting Screen vsScreen:InteractonandContagionbetween and NGOCommunitiesinRussia the EvolvingRelationship betweentheICT Activists andHacktivists:Mapping andUnderstanding Experience andChallengesforRussia Protecting ChildrenOnline:International Networks andMobilization Twitter andtheRussian Street:Memes, Projects andresearch reached morethan4,000readers. electronicpublicationshavealready methods. TheCenter’s and internationalspecialistsonnewmediaresearch and organizing lecturesandseminarswithleadingRussian runs anactiveeducationalandpublicdiscussionprogram, to protectingchildrenonline,andothers.TheCenteralso of ‘bots’ontheinformationalspace,approaches online socialmediaincivicmobilization,theinfluence between televisionandInternetnewsmedia,theuseof Projects currentlyunderwayincludeastudyofinteraction and e-governmentInternetgovernance. online andofflinespheres,newmediaeconomics, behavior, newmediasociologyandtheinteractionbetween along fourcoreavenues:informationreceptionandcivic professionals topursueanactiveresearch agenda economists, politicalscientists,sociologistsandmedia founded inthesummerof2011,bringingtogether The CenterfortheStudyofNewMedia&Societywas OF NEWMEDIA&SOCIETY CENTER FORTHESTUDY CEO, ru-NetLtd(Moscow, Russia) Mr. LeonidBoguslavsky CEO, EDVenture (NewYork, USA) Ms. EstherDyson of Technology (Cambridge,MA,USA) Massachusetts Institute Director, CivicMediaLab, Mr. EthanZuckerman Peking University(Beijing,China) of JournalismandCommunication, Associate Professor, School Dr. HuYong (Durham, NC,USA) of Public Policy, DukeUniversity Professor, SanfordSchool Dr. EllenMickiewicz Ushahidi (Nairobi,Kenya); Director ofCrisisMapping&Partnerships, Dr. Patrick Meier and Society(Bangalore,India) Director, CentreforInternet Dr. SunilAbraham and Society(RiodeJaneiro,Brazil) Director, FGVCenterforTechnology Dr. Ronaldo Lemos Advisory Board The B.E.JournalofTheoretical Economics Journal ofNetworkEconomics Journal ofMathematicalEconomics Journal ofEconomicsandManagement Strategy Journal ofBankingandFinance Frontiers inFinance andEconomics Finance Research Letters Economics ofTransition Economics Letters Economics andPolitics Economic Inquiry Annales d’EconomieetdeStatistiques RAND JournalofEconomics Journal ofPublic Economics Journal ofLaw, Economics,andOrganization Journal ofEconomicTheory Journal ofEconomicPerspectives Journal ofEconomicHistory Journal ofEconomicGrowth Journal ofEconometrics Journal ofComparativeEconomics Journal ofBusinessandEconomicStatistics Games andEconomicBehavior Econometric Theory Journal ofEuropeanEconomicAssociation American EconomicJournal:Policy American EconomicJournal:Microeconomics American Political ScienceReview American JournalofPolitical Science Review ofFinancial Studies Journal ofFinancial Economics Journal ofBusiness Journal ofFinance Review ofEconomicStudies Quarterly JournalofEconomics Econometrica American EconomicReview journals, including: ences and publish articles in the best international economic They participateinthekeyinternationalresearch confer economics professionintheglobaleconomiccommunity. NES facultymembersrepresentRussian academic PUBLICATIONS ACADEMIC -

research 37 ZVI GRILICHES MEMORIAL LECTURES 39 research

Series of lectures Series of lectures Recent Developments Series of lectures Lectures Lectures Understanding Movements in Unemployment in Applied Industrial Organization Justice, Institutions, and Multiple Equilibria. The Size of Countries: Economic Integration Oil and the Global Economy. 2001 2002 2003Leadership, Trust, and Constitutions. 2005and Political Disintegration. 2006Exchange Rate and Commodity Price Vola- Bipolar Multicandidate Elections The Choice of Electoral Rules. tility and Productivity Growth: The Role of Zvi Griliches Olivier Blanchard Ariel Pakes with Corruption. Preferences for Redistribution: Financial Development. Professor, Harvard Universtiy (1969-1999) Class of 1941 Professor of Economics, Mas- Professor of Economics, Harvard University. US versus Europe. sachusetts Institute of Technology; Economic Professor Pakes is a member of the American Counsellor and the Director of Research, Inter- Academy of Sciences, Econometric Society, Zvi Griliches was one of the founders of the New national Monetary Fund, member of the NES and member of the AEA Committee Economic School in Moscow and one of its main International Advisory Board (2001- 2007). on Government Statistics. Roger Myerson Alberto Alesina Kenneth Rogoff academic architects. Dr. Griliches served as a member of the International Advisory Board of NES from its incep- is the Glen A. Lloyd Distinguished Service Nathaniel Ropes Professor of Political Econom- Thomas D. Cabot Professor of Public Policy tion until his death. During this period, Zvi has often visited Professor Blanchard – Fellow and past Council member He received the Frisch Medal of the Econometric Society Professor of Economics at the University of ics, Harvard University. Professor Alesina and Professor of Economics, Harvard University. NES. He taught econometrics at NES and helped to shape of the Econometric Society, a past Vice President in 1986. Ariel Pakes is known for his research in the field Chicago; member of the NES International is a member of the National Bureau of Economic Professor Rogoff is also on the Economic Advisory the program in econometrics. Dr. Griliches helped enlist of the American Economic Association (1995-1996), of industrial organization, the economics of technological Advisory Board since 2010. Professor Myerson Research and the Center for Economic Policy Panel of the Federal Reserve Bank of New York; and a member of the American Academy of Sciences. change and in econometric theory. is a member of the American Academy of Arts Research. He is a member of the Econometric he was Chief Economist of the International the first cohort of visiting professors to NES, he opened and Sciences and of the National Academy Society and of the American Academy of Arts Monetary Fund in 2001-2003. He is a Fellow the door for the first graduates of NES to the best US He is a macroeconomist, who has worked on a wide set of issues, from the role of monetary policy, of Sciences. and Sciences. of the American Academy of Arts and Sciences, universities for PhD studies. He was NES’s Godfather. Bernard Harms Prize Winner (2008). Since the establishment of these lectures eleven prominent to the nature of speculative bubbles, to the nature academics, the best experts in their fields visited the New of the labor market and the determinants of unemploy- In 2007, he was awarded the Nobel Memorial Prize He is one of the leaders in the field of political Economic School. ment, to transition in former communist countries, in Economic Sciences (together with Eric Maskin and Leonid economics. He has contributed greatly to such fields Professor Rogoff is a famous chess player in the USA to macroeconomic slumps, and to external imbalances. Hurwicz) in recognition of his contributions to mechanism as political business cycles, the political economy, and was awarded the title of FIDE Master in 1978, In the process, he has worked with numerous countries design theory. Professor Myerson has made seminal con- fiscal policy and budget deficits, the process of European he was a participant of the World Championship and international organizations. tributions to such fields as game theory, mechanism design integration, stabilization policies in high inflation countries, Interzonals in 1976. Professor Rogoff is known for theory, political science. the determination of the size of countries, currency unions. his research in the field of international finance, he has contributed greatly to such fields as political economics and macroeconomics. ZVI GRILICHES MEMORIAL LECTURES 41 research

Series of lectures Series of lectures Lectures Series of lectures Series of lectures Series of lectures On the Design and Reform of Institutions New Developments in International How Should We Elect Presidents? Pillars of Prosperity: The Political Models of Bounded Rationality: Theoretical The Demand and Supply of Liquidity. of Economic Governance. Trade Theory. How Accountable Should Public Officials Be? Economics of Development Clusters. and Experimental Perspectives. 2006 2008 2009 2010How Does Political Pandering 2011 2012 Affect Deficits? Bengt Holmstrom Avinash Dixit Elhanan Helpman Torsten Persson Ariel Rubinstein

Paul A. Samuelson Professor of Economics and Chairman, John J. F. Sherrerd ‘52 University Professor of Economics, Galen L. Stone Professor of International Trade and Director The Torsten and Ragnar Söderberg Chair Professor of Economics, Tel-Aviv University and New York Department of Economics, Massachusetts Institute of Technology; Princeton University; member of the NES International of Graduate Studies, Department of Economics, Harvard in Economic Sciences, Stockholm University. University. Professor Rubinstein is a Foreign Honorary member of the NES International Advisory Board (2006-2009). Advisory Board. He is also a Distinguished Adjunct Professor University and a Fellow of the Canadian Institute for Advanced Eric Maskin Professor Persson is a member of the Royal Member of the American Academy of Arts and Sciences, Professor Holmstrom is a Fellow of the American Academy of Economics at Lingnan University in Hong Kong Research. Dr. Helpman was a member of the International Swedish Academy of Sciences, and a Foreign the American Economic Association, and the British of Arts and Sciences, the Econometric Society and an elected and a Senior Research Fellow at Nuffield College, Oxford. dvisory Board and the Academic Committee of the New Economic Honorary Member of the American Academy Academy, and was the President of the Econometric Albert O. Hirschman Professor, School of Social foreign member of the Royal Swedish Academy of Sciences Professor Dixit was President of the Econometric Society (2001) School (1992-1994). He was President of the Israeli Economic of Arts and Sciences. Society (2004). and the Finnish Academy of Sciences and Letters. He is a research and of the American Economic Association (2008). Professor Association (1989-1991) and President of the Econometric Science, Institute for Advanced Study, Princeton associate of the National Bureau of Economic Research, a member Dixit is a Fellow of the American Academy of Arts and Sciences, Society (2000). He is a Fellow of the Econometric Society, University. Professor Maskin was President of Econometric Society (2003). of the executive committee for the Center of Economic Policy the National Academy of Sciences, and the American Philosophi- member of the Israeli Academy of Sciences and Humanities, For 10 years he has served on the Prize Committee He was also awarded the Nemmers Prize in 2004. Research and second Vice President of the Econometric Society. cal Society, and a Corresponding Fellow of the British Academy. a Foreign Honorary Member of the American Academy of Arts for the Alfred Nobel Memorial Prize in Economic Sciences. Professor Rubinstein contributed greatly and Sciences, a member of the European Academy of Sciences Professor Persson was President of the European Economic to the development of neuroeconomics, decision and Arts and a Distinguished Fellow of the American Economic In 2007, he was awarded the Nobel Memorial Prize Bengt Holmstrom has made a significant contribution Avinash Dixit is famous for his research in the fields Association. in Economic Sciences (together with Roger Myerson Association in 2008. He is one of the founders of the mod- theory and game theory. to the development of the theory of contracts of microeconomic theory, growth and development and Leonid Hurwicz) in recognition of his contributions ern political economics and co-author of the fundamental and incentives, the theory of the firm, corporate theories, public economics, political economics, to mechanism design theory. He has made contributions textbook in this field. Torsten Persson is also known for his governance, and the most recently to the understanding and the new institutional economics. Professor Helpman is one of the founders of the modern to many other areas of economics as well, including research in the fields of development economics, macro- of liquidity problems and financial crises. theory of international trade; he is also well known for his game theory, the study of intellectual property rights, economics, international economics, public economics. seminal contributions to the theory of economic growth and political economics. and of the political economics. He was awarded Honorary Doctorate by the Catholic University of Louvain, received the Mahalanobis Memorial Medal, the Bernhard Harms Prize, the Rothschild Prize, the EMET Prize, the Nemmers Prize, the Onassis Prize and the Israel Prize (1991). APPLIED RESEARCH AND 2011-2012 OUTREACH CEFIR APPLIED PROJECTS 19 PUBLIC LECTURES 57 OPEN SEMINARS 19 APPLIED NES PUBLIC LECTURES YEGOR GAIDAR PROJECTS AT THE POLYTECHNIC MEMORIAL LECTURES MUSEUM IN ECONOMIC POLICY CEFIR’s project portfolio includes research done for Russia’s Central Bank, Ministry of Finance, The lectures in the legendary Grand Hall In 2009 to commemorate the contribution Ministry of Health, Ministry of Industry and Trade, of the Polytechnic Museum have become of Yegor Gaidar to the development of the Russian Ministry of Economic Development, Ministry of Labour a substantial part of NES outreach activities. Willem H. Buiter economics and economic policy, the New Economic Maksim Medvedkov and Social Development, Ministry of Education Four lecture series have been organized for School launched Yegor Gaidar Memorial lectures and Science, President of Russia Executive Office, the last two years: Economics Made Simple; Chief Economist at Citigroup in Economic Policy. The Lectures are delivered Director of the Department of Trade the World Bank, the European Bank for Reconstruction Finance Made Simple; Questions to Economists, by leading economic policymakers from Russia NES GUESTS Negotiations at the Russian Ministry of Economic and Development, Swedish International Development and Economic Policy. Also NES holds regular He is the author of a range of research works on different and around the world. The lectures are supported Development and Trade. Agency, USAID, International Finance Corporation, IN 2011-2012 guest lectures by prominent scholars economic and financial issues. He has held academic by the Human Capital Foundation and Yegor Gaidar and United Nations Development Program. CEFIR’s key and businessmen. All videos are available on NES’s appointments at Princeton, University of Bristol, Foundation. In 2010-12, the Gaidar Lectures were given competitive advantage is the international quality Prior to the appointment as the Director of the Department YouTube channel, presentations are available London School of Economics and Political Science, Yale, by , CEO of RUSNANO; Stanley Fischer, of the policy research. CEFIR is integrated into the global of Trade Negotiations at the Russian Ministry of Economic at our channel at SlideShare. and Cambridge. Willem has served as an advisor for IMF, Governor of the Bank of Israel and the former First Deputy economic community and has established partnerships with Development and Trade he held different positions at the World Bank, EBRD, and other institutions, national Managing Director of the International Monetary Fund; leading international economic research centers and insti- Ministry of Foreign Trade of the Russian Federation. governments, and central banks. Until recently Leszek Balcerowicz, Professor of Economics at the Warsaw tutes. The Center strives to bring the latest achievements he has maintained his personal economic blog Maverecon School of Economics; Deputy Prime Minister of Poland of economic science to applied research in Russia. In 2009 on request from Financial Times. and Minister of Finance (1989-1991; 1997-2000), CEFIR was the first non-EC country research center to win Governor of the National Bank of Poland (2001-2007). European Commission project under the FP7 program. The project allowed CEFIR to create, together with the colleagues from Belgium, Germany, and Russia, the first spatial general equilibrium model of Russia.

PUBLIC SEMINARS NES/CEFIR

This series is designed for the NES students and faculty, CEFIR researchers, academic economists from other academic institutions and are open Leonid Kazinets Esther Dyson to general public. The invited speakers include William L. Megginson business leaders, politicians and policymakers, The founder and the Chairman of the Board Chairman of the Board of Directors distinguished scholars and public figures. Usually of Directors; Barkli Corporation. at EDventure Holdings Professor at the University of Oklahoma these seminars take place once or twice a month at the NES premises. In 1993 he founded Barkli Corporation, an investment She is an active investor in a variety of start-ups. Her recent Member of editorial board of four journals, and author and construction company, which is now one field of interest includes healthcare and space travel. Dyson and co-author of nine textbooks on corporate finance of the leading market players in the area of construction spent 6 months (from October 2008 to March 2009) as a and privatization. He is one of the leading scholars and development. double for one of the space travel participants at Zvyozdny of privatization of state-owned enterprises. gorodok in Russia. She is a member of the International Advisory Board of the Center for the Study of New Media and Society at NES. outreach 45 Our alumni work in the following countries

Russia 884 USA 168 The NES Alumni and Friends 1131 United Kingdom Association has more than Alumni 68 Canada 18 Australia 15 1300 Kazakhstan 9 members. Switzerland 8 Germany 6 Ukraine 6 Spain 6 Netherlands 6 France 5 Sweden 4 18 Alumni reunions held Hungary 2 this year in 7 cities Italy 2 around the world. China 2 Mexico 1 Israel 1 Cambodia 1 Mongolia 1 Indonesia 1 ALUMNIAustria 1 Uzbekistan 1 Azerbaijan 1 Finland of alumni contributed 1 Singapore to the School within the Alumni 1 18% Fundraising Campaign. Qatar 1 Belgium 1 South Korea 1 1 3 One third of NES graduates Turkmenistan 1 continued their education Turkey 1 at the best universities and business schools of the world. Over the past 20 years, more than one thousand students have graduated from NES with masters degrees in economics or in finance. NES is truly proud of its alumni: successful business leaders and policy- makers, prominent academic and professional economists.

NES ALUMNI AND FRIENDS ASSOCIATION Stanley Fischer The NES Alumni and Friends Association was created Governor, Bank of Israel by the very first graduating class in 1994. The Association’s President is Arkady Dvorkovich, To learn more about the New Economic School alumnus of Class 1994, Deputy Prime Minister of Russia. one has only to look at the placement of its graduates The Association includes more than 1,300 NES alumni in PhD programs. and friends from 30 countries. The Association holds annual Alumni Reunions in Moscow and different cities number of NES alumni of the world.

In 2010, the School launched the Alumni Fundraising Campaign to raise funding for the NES Endowment Fund. 18% of the alumni have already donated to NES with a total contribution of 367 000 USD. 1131 UNIVERSITIES AND BUSINESS SCHOOLS WHERE NES GRADUATES CONTINUED Brown University Johns Hopkins University University of Navarra De Montfort University University of Southern California Association of Chartered Certified Accountants University of Minnesota Georgia Institute of Technology Indiana University University libre de Bruxelles Chartered Institute of Management Accountants University of British Columbia University of Virginia Graduate Institute of International and Development Studies University of Illinois at Urbana-Champaign University in St. Louis Washington European University University Keio University of Saskatchewan University of Alberta Ontario University of Western Ohio University European University Institute School of Interior Design New York at Austin University of Texas Studies Center for Monetary and Financial Fabra Universitat Pompeu Hebrew University 1 Pantheon-Sorbonne Universite Paris University Vanderbilt Central European University Maastricht University Georgetown University University of Georgia Michigan State University Emory University University of Toledo University Heriot-Watt City University London IMD business school University of Warwick University Rutgers Carnegie Mellon University ESADE Ramon Llull University University of New South Wales University of Delaware Brandeis University University of Geneve London Business School Duke University Massachusetts Institute of Technology University of Chicago Northwestern University London School of Economics University of Rochester Stockholm School of Economics Cornell University INSEAD University of North Carolina at Chapel Hill University of Michigan University of Cambridge Universiteit Leuven Katholieke School of Economics Toulouse University of Toronto Institute Swiss Finance University of Maryland Carlos III University of Madrid University of Oxford Boston College University Princeton Tilburg University Tilburg University of California University Yale University New York University of Tolouse Columbia University Boston University University of Wisconsin University of Pennsylvania National University Australian THEIR EDUCATION Stanford University State University Pennsylvania Harvard University alumni 49 18-23 11-15 6-8 3-5 1-2 number of NES graduates Arkady Dvorkovich

NES’94. Arkady was awarded the NES Alumni Association Award for the Contribution to the Development of NES (2007).

Arkady Dvorkovich is a Deputy Prime Minister of Russia, member of the NES Board of Directors and NES Endowment Oleg Itskhoki Foundation Board of Trustees, President of the NES Alumni Association, Young Global Leader (the World Economic NES’04. Forum, Davos). Oleg was awarded the NES Alumni Association “Breakthrough of the Year” Award (2009) for his outstanding achievements supporting the high reputa- Mr. Dvorkovich graduated from the Economics Department tion of NES and serving an example for other alumni. of the Moscow State University with a degree in Economic Ksenia Yudaeva Cybernetics in 1994 and from the New Economic School the same year. Mr. Dvorkovich continued Oleg Itskhoki is an Assistant Professor of Economics NES’94. Aleksey Zabotkin his education at Duke University in North Carolina where at Princeton University. He received his PhD degre Ksenia Yudaeva is the Head of the Econom- he received his Masters in Economics degree. in Economics from Harvard University. In 2009 ics Expert Department, G20 Sherpa, Office NES’05. of the President of the Russian Federation. Aleksey was awarded the NES Alumni Associa- Review of Economic Studies named Itskhoki one For several years Arkady Dvorkovich served as a consultant, tion “Sponsor of the Year” Award (2011). of the seven most promising PhD graduates senior expert, chief executive and academic director in economics and finance. Oleg Itskhoki Ksenia Yudaeva received her PhD degree from is on the top-100 list of the leading Young the Massachusetts Institute of Technology (MIT). of the Economic Expert Group of the Russian Ministry Aleksey Zabotkin, Deputy Head of the Analytical of Finance and in 2000 he became an Adviser to the Minis- Economists according to RePEc. Ksenia Yudaeva has worked in several think tanks: Department, Head of the Investment Strategy she was the Academic Director of the Center ter for Economic Development and Trade. From 2001 Department, VTB Capital, has been one of the leading to 2004 he was a Deputy Minister for Economic Develop- for Strategic Research, Chairman of the Post-Soviet investment strategists in the Russian investment banking Economies in Transition Program at the Carnegie ment and Trade, from 2004 to 2008 — the Head of the community. In 2011 and 2012 the VTB Research Team Presidential Experts’ Directorate, and from 2008 Moscow Center, and Director for Applied Research was recognized the best in the area of investment of CEFIR. In 2009-2012 Ksenia Yudaeva was to 2012 – the Aide to the President strategy in Russia in stocks and fixed income instruments of the Russian Federation. the Director of the Center for Macroeconomic according to the polls by the Institutional Investor Research at Sberbank and Chief Economist of Sberbank. All-Russia Research Team and Thomson Extel All-Europe Research Team. Starting from February 2009 Ksenia Yudaeva is listed in the top-100 list of the President of Russia’s reserve cadre. In April 2012 Ksenia Yudaeva was awarded the Order of Honor of Russian Federation. She is one of the Young Global Leaders (World Economic Forum, Davos). alumni 51 I would like to highlight the impeccable academic reputa- 15% of 1994-2011 tion of NES and the highest level of training professionals

NES alumni earn* more than

for the leading Russian and international government per month Alexander Pertsovsky and private organizations. Today NES is one of the leading S15000 sources of human capital. The NES faculty’s research Member of the Masters in Finance in finance is highly valued by the economics and finance Program Advisory Board community. 44% of 1994-2011

NES alumni earn * more than S7000 per month Career and business experts speaking at lectures, workshops, and trainings more than for the students. 70 per year

Сooperation agreements CAREER with employers. 13

Сompanies participating DEVELOPMENT in internship programs. 150more than * 40% of the alumni participated in the survey THE KEY EMPLOYMENT OF «MASTER 55 EMPLOYERS OF ARTS IN ECONOMICS» OF NES GRADUATES ALUMNI ARE (1992-2012) career development Gaidar Institute finance 38% THE MISSION 6-7 53 Sberbank of Russia for Economic Policy education and Rair Simonyan Vitaly Klintsov OF THE CAREER American Appraisal Yermolai Solzhenitsyn research 16% VTB Capital TNK-BP Former Chairman of the Board of Directors, Avetik Chalabyan DEVELOPMENT CENTER Morgan Stanley consulting 13% Morgan Stanley Bank NES Da Vinci Capital Management «McKinsey&Company» To motivate students and graduates to plan their Self-employment, freelance career and self-development, to assist in adjusting real sector 13% One of the main factors slowing down the development to the modern job market and to contribute of many sectors in Russian economy and Russian financial NES graduates proved to be highly qualified experts 17-26 Deutsche Bank AG continued to their professional growth. 12% who possess all necessary theoretical and practical skills. education sector is an extreme dearth of highly qualified personnel, RUSNANO The knowledge they get at NES let them successfully pass Accenture experts whose skills and knowledge would allow them McKinsey 4-5 other 5% the selection procedure. McKinsey management is grateful University of Sydney be successful at international level. Branan to the faculty and staff of the New Economic School SUPPORT FOR STUDENTS HSE PwC government 2% Recently, it was impossible to get the necessary skills for training highly qualified experts in economics. - companies’ presentations, business games and business MTS international in Russia, there was a massive outflow of talented young CEFIR case studies Raiffeisen Bank organizations 1% people in 1990s-2000s abroad. NES is one of the first 11-15 JPMorgan Chase & Co. KPMG International educational institutions in our country which not just tried - candidate portfolio and career development seminars Fannie Mae to become similar to western schools, but managed to grow and trainings Nomos Bank Troika Dialog into one of the world leaders in economics and business - lectures and master classes by employers Merrill Lynch In addition to strong academic education, NES students - meetings with business leaders and academics ING education. Barclays Capital also get a unique knowledge about Russian and foreign - company visits EBRD labor markets, both academic and professional. Bank of Moscow - meetings with alumni, round tables and sessions at NES Renaissance Capital NES alumni community helps the students to understand Professionals Club Wermuth Asset Management the difference between Harvard and Stanford, between Deloitte - mailing lists: vacancies, internships, job market news Government of the RF Procter & Gamble commercial and investment banks, between strategic - CV Books of students and graduates UniCredit University of California and financial consulting – as well as the requirements - polls and surveys of students and graduates and careers in each company. - individual career advice Credit Suisse - professional trainings, seminars, and courses Most employers highly appreciate professional skills 8-9 Oliver Wyman - “Innovative Entrepreneurship” course of NES alumni. A modern NES graduate is a highly - “Business Communication Psychology” course URALSIB qualified professional with solid practical and theoretical Boston Consulting Group background and creative and unconventional thinking. NES degree helps to secure an interview to any company. Ernst & Young The Career Development Center provides the students Citigroup with information and consulting support on the issues Evraz Group of employment and internships. Gazprombank UBS Goldman Sachs International Monetary Fund

number of NES alumni NES SUPPORTING ENDOWMENT THE SCHOOL FUNDRAISINGFOUNDATION The establishment of the NES Endowment Foundation has become the sign of confidence of Russian and international business community to the New Economic School. Endowment is a necessary condition for the existence of any research university, the major guarantee of its independence and commitment to its mission. No university can allow itself to pursue higher goals without long-term funding sources. On the other hand, an endowment can be only established if the public trusts the university and is assured that it will always be committed AND to its mission.The NES Endowment Foundation was created for several 1Endowment Professorships2 Scholarships3 Development4 Development5 Development6 purposes: campus, long-term funding of faculty positions, financial Foundation of research of academic of extracurricular sustainability, and long-term independence of the School. and academic infrastructure activities for programs and resources students and alumni DEVELOPMENT community NES IS GRATEFUL TO COMPANIES, Dmitry Zimin’s Dynasty Foundation ENDOWMENT SCHOLARSHIPS RESEARCH CENTERS 59 FOUNDATIONS AND INDIVIDUALS Human Capital Foundation FOUNDATION AND ACADEMIC PROGRAMS John D. and Catherine T. MacArthur Foundation More than a half of NES students receive merit-based and WHO HAVE CONTRIBUTED TO ITS Open Society Institute need-based full or partial tuition waivers and dormitory - Center for Demographic Research Oxford Russia Fund NES Endowment Foundation, founded in 2007, ENDOWMENT support: 100 out of 195 students of the Master of Arts in - Center for the Study of New Media and Society PINE Foundation is one of the first endowments in Russia. The Foundation is Economics Program, 14 out of 81 students of the Masters - NES Outreach Center RENOVA Foundation to provide long-term financial sustainability for the School. Peter Aven in Finance Program, and all 63 students of the HSE-NES - Applied research projects at CEFIR Yegor Gaidar Foundation NES Endowment Foundation has attracted more than 450 Bank of Moscow Bachelor of Arts in Economics Program (as of 2011). - Research conferences, public seminars, The Warburg Pincus Foundation mln RUR in cash and another 150 mln RUR in pledges Barkli Corporation public lectures Maxim Boycko Peter Aven and commitments. The students who do not receive any scholarships in their Christopher Barter Arkady Dvorkovich John Slocum first year can apply for scholarships at the second year sub- fundraising and development Jonas af Jochnick Alexander Dolgin ject to high academic performance. Scholarships provided Edward Eisler Alexander Lebedev Director, Migration Program Area and Chair, Rus- by alumni and other donors give the most talented and MacArthur Foundation Peter Necarsulmer sia Working Group International Programs, The hard-working students a chance to study at NES with full Andrei Melnichenko Jean Raby John D. and Catherine T. MacArthur Foundation tuition waiver and a stipend. Charles Ryan The MacArthur Foundation has been a financial support- ACADEMIC Novatek Kurt Schmid er of the New Economic School for the past fifteen years. INFRASTRUCTURE AND RESOURCES Open Society Institute Joseph Schull This period has seen the School grow tremendously Renova Foundation Susan Thurman as a center of advanced training and research. NES has - Library Sberbank of Russia been at the center of the creation of a modern economics - Writing and Communications Center Transneft profession in Russia, and I am extremely proud - IT URALSIB of the MacArthur’s longstanding partnership with the RAO “UES of Russia” School. Over the years, MacArthur has provided support PROFESSORSHIPS of professorships, research, outreach at NES – and most recently, support of the School’s Center for the Study Hiring faculty at the international job market is one EXTRACURRICULAR NES IS GRATEFUL TO COMPANIES, of New Media and Society. The New Economic School of the strategic priorities for the School. We are proud ACTIVITIES FOR STUDENTS FOUNDATIONS AND INDIVIDUALS has played and will continue to play an essential role of that the business community is increasingly supportive VISA PLATINUM NES CARD WHO PROVIDED FINANCIAL SUPPORT in Russia’s ongoing modernization. through establishing named professorship positions. AND ALUMNI COMMUNITY According to the strategic plan, we will keep adding 4 new TO THE SCHOOL IN 2011-2012 - economics and finance professors every year. By 2015 the NES and our long-term partners Russian Standard Bank NES Paper – students’ newspaper - Vladimir Drebentsov faculty will consist of 40 professors. and VISA Inc. launched a joint project – Visa Platinum NES NES Alumni Magazine – quarterly alumni magazine Access Industries, Inc. premium credit card. The Visa Platinum NES cards are de- - CV Book Bank of America Merrill Lynch Vice-President for External Communications, BP Russia signed for NES alumni, partners and friends, and provide an - Annual sports events for the students and alumni BP opportunity to support the School. Russian Standard Bank - Alumni Reunions Deutsche Bank Long-term cooperation with NES is an honor for BP. and Visa donate their commission (1% of all purchases on Ernst & Young We are happy to support various activities at NES by the card) as well as 50% of the annual service fee to NES. ExxonMobil Russia Inc. supporting annually BP scholarships for NES students, There is no fee for the first year of use . ING named professorship and a Russian-Chinese-Indian J.P. Morgan conference. Upon that we don’t feel ourselves donors, but You can get the Visa Platinum NES card by: Kinross Gold partners getting the effective output from this cooperation. - contacting NES Alumni Center at +7(495) 956-95-08, Morgan Stanley Particularly, our experience of joint research aimed ext. 244 or [email protected] Nordea at studying the current tendencies of the Eurasian gas - calling Russian Standard Bank at +7(495) 287-78-48 Promsvyazbank market proves that NES is justly considered to be one PwC of the best research universities not only in Russia but in Raiffeisenbank the world. Renaissance Capital SUEK Alcoa Foundation Citigroup Foundation EDUCATION RESEARCH PROGRAMS CENTERS Maxim NES COMMUNITYBoycko

HSE-NES Masters Master Executive Center for Economic Center Center Chairman of the NES Joint Bachelor in Finance of Arts Education and for the Study for Demographic Board of Directors of Arts [email protected] in Economics Financial Research of New Media and Society Research in Economics Program [email protected] www.cefir.ru www.newmediacenter.ru www.nes.ru/ru/science/cdr [email protected] Valery Director Director Director Director General Director Director Director Konstantin Sonin Alexey Goriaev Stanislav Anatolyev Vyacheslav Gorovoy Oleg Adamovsky Samuel Greene Vladimir Shkolnikov Makarov [email protected] [email protected] [email protected] [email protected] oadamovsky@ cefir.ru [email protected] [email protected]

Program Manager Executive Director Program Coordinator Policy Director Deputy Director Deputy Director NES President Executive Director Irina Filippova Galina Benevolenskaya Irina Inozemtseva Natalia Volchkova for Data Dmitri Zhdanov Ekaterina Maksimova [email protected] [email protected] [email protected] [email protected] Sergei Chernov [email protected] [email protected] [email protected]

Program Manager Yulia Kalinchenko Program Coordinator Office-manager Coordinator Leading Researcher Program Coordinator [email protected] Kristina Kuralenya Liliya Gubaydullina Ekaterina Trushina Eugeny Andreev Sergei Daria Vertkina [email protected] [email protected] [email protected] [email protected] [email protected] Guriev

Research Coordinator Rector Elena Churilova [email protected] [email protected] 63

MAE MiF BAE Total

NES COMMUNITY NES community ADMINISTRATION Program launched in 1992 2007 2011

Students Number of students 188 68 118 374 (100%) Enrollment, 2012 109 34 58 201 (54%) Non-moscovites 140 47 56 243 (65%) Average age 23 28 18 Women 54 18 42 114 (31%) Career Development Center External Relations Department Annual tuition fee $9 750 $15 500 0 Room and board, per annum $2 500 Not provided Provided by HSE Director Coordinator Svetlana Volkova Anastasia Mikhalitsyna Vice-Rector First degrees [email protected] [email protected] Konstantin Sonin Mathematics, natural, sciences, engineering, IT 112 34 146 [email protected] Finance, accounting, economics 62 17 79 Alumni Relations Center Library Other 14 15 29 Vice-Rector for Academic, [email protected] Head Librarian 12 years with a 2 year grace period Students and Alumni Affairs Coordinator Student loan program Zarema Kasabieva Svetlana Nabieva Larisa Kryuchkova Actually used loans 44 22 0 66 (18%) [email protected] [email protected] [email protected] Financial Support Full or partial tuition waivers 100 21 63 184 (49%) Chief Operating Officer Center for Policy Studies Gulnara Okhramenko Outreach Center [email protected] Deputy Director Graduates Director Seseg Vanchikova Chief Financial Officer Alexei Savvateev [email protected] Number of classes 19 5 0 1131 Oxana Budjko [email protected] Number of graduates 1028 103 0 [email protected] Deputy Director Writing and Communication Center Annual budget, 2011-2012 $9,18 million Dmitry Krutikov Costs per student, per annum $24,545 [email protected] Director Olga Aksakalova Faculty [email protected] Development Office Total 72 [email protected] Tenured and tenure-track 55 Director for Development Part-time faculty 17 Julia Selyukova Governance [email protected] Board of Directors 8 Endowment Foundation Board of Trustees 13 NESInternational Advisory Board TODAY14 twitter.com/NES1992

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