Annual Report 2011 NES Misson Contents
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Excellence in Economics Education and Research Annual Report 2011 NES Misson CONTENTS Rector’s welcome The mission of the New Economic School is to benefit Russia’s private and public sectors through excellence in economics education and research. 01/ pages 4-5 NES is committed to building a sustainable economics community that should prominently represent Russia in the global economics profession: – NES trains new academic economists for Russia; Events – NES produces globally competitive economics research; / Landmarks of the Year – NES brings back foreign-trained Russian economists 02 Conferences to work in Russia. pages 6-11 – NES contributes to improving Russia’s public policy through both Public Seminars graduate training in economic policy and applied research at its Center for Economic and Financial Research. NES trains economics and finance professionals for Russia’s private sector. Education NES also provides Russian and international businesses with research, execu- 03/ NES Commencement Ceremony tive education, and consulting. pages 11-16 MAE Program: 18th Commencement Year MiF Program: 4th Commencement NES aims to become a model for other institutions of developing and transition countries in building centers of excellence in economics. Through its outreach Undergraduate Program activities, NES also disseminates modern economics knowledge to other uni- versities in Russia, the CIS, and other emerging markets. NES Community 04/ Students pages 17-29 NES Alumni Research 05/ New Faculty Selected Academic Publications pages 30-36 Applied Research and Outreach 06/ Projects pages 37-44 Public Lectures at the Polytechnic Museum Sberbank-500 Outreach Center Center for New Media and Society Center for Demographic Studies / About the School 07 Governance pages 45 - 51 Sources of Funding Professorship positions NES: Facts & Figures 01/ Rector’s welcome Rector’s welcome We have also successfully completed the alumni fundraising campaign - with total contributions of more than USD 350,000 coming from almost 200 alumni. We are grateful to Jochen Wermuth and Alexandra Ko- rnilova who established a matching program for the campaign (with 1:1 matching funds to be provided up to a total of USD 250,000), KPMG (1:1 matching donations of NES alumni employed by KPMG) and Jean Raby (Goldman Sachs, 1:1 matching amounts up to USD 10,000 donated to NES for sporting events and charitable activities). Jean Raby also provides support for academic mobility and research seminars at NES. Jointly with our partners from the INSEAD Business School, we developed a comprehensive one-year executive education program in Russian. Out of the program’s eight courses, six are delivered by INSEAD Russian-speaking faculty while two – economics and finance – are taught by NES professors. This unique program developed for Sberbank includes face-to-face sessions, distance learning and inde- pendent study. In August 2011, 500 Sberbank managers started the program. Sergei Guriev On behalf of the New Economic School I would like to thank you for your interest The School is now finalizing its plans for the next few years. In the Spring of 2011, the NES Board of Di- Professor of Economics in the life of the School and present our new Annual Report. rectors held a special meeting devoted to the School’s strategy and decided that NES would not open up and Rector new programs (except the Undergraduate Program) over the next four years. This will enable us to con- This is a special year in the School’s life: NES turns 20 in the Fall 2012. We will centrate on our core priority – quality of education and research. Nevertheless, the School will continue celebrate the Anniversary on 13–15 December 2012 in Moscow. to grow: by 2015, we plan to have 40 full-time faculty and 500 to 700 students (most of them in the newly established Undergraduate Program). Meanwhile, on July 8, 2011, NES held its Eighteenth Commencement Ceremony. This was a historical event as we awarded a degree to the thousandth graduate. Now the alumni community includes 1023 Thank you once again for your interest in the life of the New Economic School! graduates, 947 with MA in Economics and 76 with Masters in Finance. While the vast majority of alumni are working in Russia, the School has a really global outreach: its alumni live in 32 countries. This year, 14 of them joined the world’s leading PhD programs including Harvard, Yale, Stanford, London School of Sincerely, Economics, and others. Sergei Guriev, NES Rector On September 1, 2011 we launched our new Undergraduate Program (joint with the Higher School of Economics). We are committed to making this Program the best in Russia. When we conceived the pro- gram, we believed that the first enrollment should be small and restricted to 25-50 students. However, as we had to admit all winners of National Olympiads in Economics and in Mathematics who chose to apply to us, we had to expand the enrollment to 62 students. In terms of the student quality, our Un- dergraduate Program is already one of the best if not the best in Russia. Out of the 55 winners of the National Olympiad in Economics 40 chose to join our Program. And the minimum admission score (for the Unified National Exam, EGE) was 379 out of 400. This year was also one of the most successful throughout the School’s history in terms of recruiting new faculty, with four young economists – Stanislav Khrapov (PhD, UNC at Chapel Hill), Olga Kuzmina (PhD, Columbia Business School), Patrick Kelly (PhD, Arizona State University; Assistant Professor of Finance, University of South Florida) and Ozgur Evren (PhD, New York University) accepting our offers to join the NES faculty in September 2011. The quality of our faculty – measured by the publications in the international academic journals – re- mains very high. In the first half of 2011, several articles were published and accepted for publication at the leading international economics and finance journals including the American Economic Review (three papers), Journal of Finance and Review of Financial Studies. 4 5 02/ Events Events Landmarks of the year Zvi Griliches Memorial Lectures Yegor Gaidar Memorial Lectures in Economic Policy Supported On 23–25 May, NES held the tenth annual Zvi Griliches Memorial Lec- by the Human Capital Foundation tures (supported by the Dynasty Foundation). The three lectures “Pillars of Prosperity: The Political Economics of Development Clusters” were In 2010, in order to commemorate the late Yegor Gaidar’s contribu- delivered by Torsten Persson, professor of economics at the Stockholm tion to the development of the New Economic School, NES decided University, one of the architects of the modern political economics and to establish a series of annual Yegor Gaidar Memorial Lectures in a co-author of the core handbook in this field. The Griliches Lectures in Economic Policy, with the first lecture delivered by Anatoly Chubais the 2011-2012 academic year will be delivered by professor Ariel Rubin- in July 2010. The second Gaidar Memorial Lecture was delivered by stein, Tel-Aviv University. Stanley Fischer, Chairman of the Bank of Israel, in July 2011. Next year, the third lecture of this series will be delivered by Leszek Balcerowicz, Torsten Persson Polish economist and policymaker who led the design and implemen- Professor of economics, tation of the economic reforms in Poland (the so-called shock therapy Stockholm University or Balcerowicz Plan). Annual Morgan Stanley Distinguished Lectures in Finance Professor Stanley Fischer has been Governor of the Bank of Israel since May 2005. On May 1, 2010, Professor Fischer was nominated Governor for a second term. On April 13, 2011 Masters in Finance Program at NES continued the Prior to joining the Bank of Israel, Professor Fischer was Vice Chairman series of Morgan Stanley Distinguished Lectures in Finance. These of Citigroup, Head of the Public Sector Group, Chairman of the Country lectures are given by leading finance professors for the Russian busi- Risk Committee, and President of Citigroup International. ness community and are open to general public. The fifth lecture in the Stanley Fischer was the First Deputy Managing Director of the Interna- series “Discount rates” was given by John H. Cochrane, professor of tional Monetary Fund. finance at the University of Chicago Booth School of Business. Over 300 Before he joined the IMF, Professor Fischer was the Head of the Depart- people of different backgrounds: representatives of business, public and ment of Economics at MIT, where he delivered research and wrote a higher education as well as government sector came to the Polytech- number of books. His lecture at the NES Commencement ceremony nic Museum for the lecture of the President of the American Finance was devoted to The Lessons of the Global Financial Crisis. Association and the author of bestselling textbook Asset Pricing. In 2012 John H. Cochrane Morgan Stanley Distinguished Lecture in Finance will be delivered by Professor of Finance John Campbell, Harvard university professor. Stanley Fischer at the University Governor of Chicago Booth School of the Bank of Israel of Business 6 7 Events Events Policy Roundtables Supported by the Open Society Institute 29th NES Research Conference In 2010-2011, for the second year in a row, NES supported by the The 29th Research Conference where NES students presented Open Society Institute organizes a series of roundtables to discuss the results of their research was held on 14-16 April 2011. The themes like cooperation between Russia and China, Russia and the conference featured research projects led by the NES faculty European Union, environment protection, and higher education. In Andrei Bremzen, Sergei Stepanov and Anton Suvorov Topics in 2010 we organized four such events: Applied Micro, Contract Theory and Corporate Finance, Ruben Enikolopov, Maria Petrova, Konstantin Sonin and Irina Khovan- • On September 30, “Russia, China and the New World Order” with skaya Advances in Political Economics, Konstantin Styrin and Roundtable the keynote address by Dr.