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The NES 25th Anniversary Conference
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New Economic School Congratulates All With the Start of the New Academic Year!

And so the 2017–2018 Academic Year began! We congratulate all students and professors!

On September 1, 2017, Mr. Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation, Chairman of the Board of Directors of NES, visited the School. He greeted our freshmen on the beginning of the academic year and wished them excellent grades and interesting studies.

Professor Shlomo Weber, NES Rector, also addressed the students, and Zarema Kasabieva, Vice-Rector for Educational and Students Affairs, spoke about NES, its history and achievements.

The new academic year at NES kicked-off with the orientation for the first-year students. >>>

NES-HCEO Summer School on Socioeconomic Inequality

On August 28–September 1, Center for the Study of Diversity and Social Interactions at New Economic School (NES CSDSI) and the Human Capital and Economic Opportunity Global Working Group (HCEO) at the University of Chicago jointly organized the NES-HCEO Summer School on Socioeconomic Inequality (SSSI Moscow) which took place at NES.

34 participants from 25 universities and 13 countries studied the current research on inequality and program evaluation and presented their own research. The experts of the school were professors Lawrence Blume (Cornell University and IHS Vienna), Steven Durlauf (University of Chicago), Ruben Enikolopov (NES and Pompeu Fabra University), Jeffrey Smith (University of Michigan), Petra Todd (University of Pennsylvania), and Shlomo Weber, NES Rector. >>>

NES-HCEO Summer School’s page (description, program, and slides) >>>
3 Questions with Shlomo Weber on the HCEO website >>>

New Book by Ashley Squires

This book describes the presence of Christian Science in American literature at the turn of the 20th century

On August 7, Ashley Squires’s book, Healing the Nation: Literature, Progress, and Christian Science, was released by Indiana University Press. Squires is an assistant professor at the Department of Humanities and Languages and Director of the Writing and Communication Center at NES. Congratulations to the author!

Exploring the surprising presence of Christian Science—a Protestant religious denomination—in American literature at the turn of the 20th century, Ashley Squires reveals the rich and complex connections between religion and literature in American culture. Mary Baker Eddy’s Church of Christ, Scientist, founded in the middle of the 19th century, was one of the fastest growing and most controversial religious movements in the United States, and it is no accident that its influence touched the lives and work of many American writers, including Frances Hodgson Burnett, Theodore Dreiser, and Mark Twain.

In a moment when the struggle between religion and science framed debates about how the United States was to become a modern nation, the Christian Science movement contributed to popular narratives about how to heal the nation and advance the cause of human progress, Squires concludes. >>>

Ashley Squires’s book on Amazon >>>

The paper by Denis Davydov, Alexander Shapoval, and Shlomo Weber "Linguistic equilibrium with local and world languages: challenges of globalization" has been accepted for publication in The World Economy
BankEx Fin-Tech Startup Announces Pre-ICO Result of 1.5 Million USD

BankEx was founded in 2016 as an independent fin-tech laboratory by Igor Khmel (MAE’2006)

August 1. BankEx, a fin-tech startup offering blockchain-based financial products and fund-raising solutions, has raised the equivalent of 1.5 million USD in token private placement. BankEx was founded in 2016 as an independent fin-tech laboratory by Igor Khmel, a former head of the fin-tech laboratory at Sberbank, graduate of the Moscow Institute of Physics and Technology, New Economic School (MAE’2006), and Stanford Business School.

During a pre-sale via the Waves and Ethereum platforms, 6m PBKX tokens worth 1.5m USD (at the exchange rate registered on August 1, 2017) were sold. 90% of the tokens were sold in private placement with entry barrier set at 10 BTC. At the ICO start, all current PBKX tokens held by buyers will be converted into public BKX tokens at an exchange rate of 1:1.

Professional financial market and crypto industry participants were the main buyers, among which were Asian and European crypto tycoons (Japan, the Netherlands) and several Russian crypto funds.

In total, BankEx has received 70 pre-ICO inquiries from 70 buyers from 12 countries, including Canada, Japan, Australia, France, Austria, Switzerland, the Netherlands, Norway, Croatia, Romania, Russia, and Latvia.

According to BankEx founder and CEO Igor Khmel, the first BankEx Foundation ICO issue is planned in autumn 2017. During ICO, 100-150m BankEx tokens worth no less than $20-50m will be sold, mainly to institutional clients. BankEx has already received hard commitments on ICO participation from accredited investors in New York and Palo Alto, including family offices of major New York financiers. In the United States, BankEx tokens will have the status of securities and will be distributed among professional market participants only.

About BankEx

BankEx develops a proof-of-asset protocol for real, financial and crypto assets on blockchain-based infrastructure. The system will function based on the so-called smart assets (internal tokens), which will be issued so that authorized participants can digitalize their assets and raise funds using the benefits of the global market. >>>

NES 25 Family Boat Trip & Fun

On July 29, NES 25 Family Boat Trip & Fun event—boat trip for NES community members—took place. Professors, staff, students, alumni, NES friends, and the families of NES people—all were guests aboard the Port Arthur river cruise ship.

At the beginning of the trip, Zarema Kasabieva, Vice-Rector for Educational and Students Affairs, said that such journeys were the NES’s old tradition.

This trip was full of different funny activities, many of which were dedicated to the NES’s 25th anniversary. It was a genuine NES holiday! >>>

Ruben Enikolopov Will Become Rector of the New Economic School on September 1, 2018

Professor Shlomo Weber will serve in the position of NES rector until September 1, 2018

NES professor Ruben S. Enikolopov will be appointed rector of the New Economic School on September 1, 2018. This comes as a decision by the School’s Board of Directors, which met for the 59th time on July 12, 2017. In addition, professor Enikolopov will join NES Board of Directors effective immediately.

Meanwhile, professor Shlomo Weber will remain in the position of NES rector until September 1, 2018. NES board has decided further that on September 1, 2018, professor Weber will assume the post of the President of the NES. At the same time, academician of the Russian Academy of Sciences Valery Makarov, currently the President of NES, will become the President Emeritus of NES from September 1, 2018.

On behalf of the whole NES community, we congratulate professor Ruben Enikolopov, as well as professor Shlomo Weber and academician Valery Makarov on their appointments!

Ruben Enikolopov, NES graduate of 2002 (MAE’2002), also holds a PhD in Economics from Harvard University and MSc in Physics from Moscow State University. He is an ICREA research professor at the Universitat Pompeu Fabra, Barcelona, and the Peter Aven associate professor of finance at NES. He was a member of the Institute for Advanced Study in Princeton in 2012-2013. His research interests include political economy, economics of mass media, and development economics. He has published in American Economic Review, Quarterly Journal of Economics, Review of Economic Studies, Proceedings of National Academy of Science, American Political Science Review, American Economic Journal: Applied Economics, and Journal of Public Economics.

Said Arkady Dvorkovich, Deputy Prime Minister of the Russian Federation and Chairman of the Board of Directors at NES: “We are very pleased to welcome Ruben Enikolopov, a graduate of NES, and are confident that his solid academic experience will ensure continuity of the School’s strategy for development and the steady expansion of educational programs. The decision, based on the recommendations of the search committee presented to us, underscores our commitment to strengthening the role of graduates in the School management and strengthening the management team.”

Mr. Dvorkovich sincerely thanked professor Weber for his energy and organizational skills, which he used to guide the School at through sometimes difficult times for it, and expressed gratitude for agreeing to become president of NES for continuing work for the benefit of the School. Mr. Dvorkovich also sincerely thanked academician Makarov, who was at the core of NES formation, for his colossal work on the creation of the School and its transformation into the leading economic university of the Russian Federation, and wished Valery Leonidovich further success in his selfless and fruitful work in the field of science, public education, and enlightenment.

New Economic School (NES) is a unique higher education and research institute established in 1992.
The mission of the New Economic School – modern economic education and research for the Russian society, business, and government.
The quality of education at NES relies mainly on a strong faculty of Russian and foreign professors with PhD in economics and finance from the world’s leading universities, and a strong body of students. NES degree is highly regarded in Russia and abroad. NES graduates build careers in prestigious international and Russian companies; continue their studies towards PhD or MBA degrees at leading universities around the world.
The main scope of NES activities is: education, research, corporate training, development of economic education in Russia and the CIS countries. >>>

NES Commencement 2017 Took Place at the Moscow International Performing Arts Center

102 NES graduates received diplomas!

On July 7, New Economic School held its 24th Commencement Ceremony in the Chamber Hall of the Moscow International Performing Arts Center.

By tradition, the event was led by Zarema Kasabieva, NES Vice-Rector for Educational and Students Affairs. Professor Shlomo Weber, NES Rector, greeted the School graduates and guests of the event.

The annual Yegor Gaidar honorary lecture on economic policy is traditionally part of the NES Commencement. The eighth lecture held this year, on “How Economic Science Helps Central Banks Make Decisions,” was delivered by Elvira Nabiullina, the Governor of the Central Bank of the Russian Federation.

Ms. Nabiullina also delivered a warm congratulatory message to the graduates of 2017.

On the 25th year since NES was established, 102 graduates received diplomas from NES: 47 Bachelors of Arts in Economics, 31 Masters of Arts in Economics, eight Masters of Arts in Energy Economics, one Master of Science in Energy Economics, 11 Masters of Science in Finance, and four graduates with a Masters of Finance degree.

The best NES graduates of 2017 were also celebrated: the 34th nominee of the Don Patinkin Award— the highest academic honor for excellence in study, teaching, and research—is Alexey Filippov (MAE’2017), and the honorary diploma Bachelor of Excellence went to Roman Sigalov (BAE’2017), who has already been enrolled in PhD at Harvard University. >>>

Full report (in Russian) >>>
Photos >>>
Video >>>

NES’s Commencement on Its 25th Year Is Marked by a Keynote by Elvira Nabiullina

The head of the Central Bank of Russia said that NES is a natural partner for the regulator

On Friday, July 7, the Commencement Ceremony for the graduates of the New Economic School was marked with a keynote presentation and a sendoff by the Governor of the Central Bank of Russia Elvira Nabiullina.

From the podium of the Moscow International Performing Arts Center, where the ceremony was held, the head of the Central Bank said that her agency is a natural partner of the School.

“This year, when NES celebrates its 25th anniversary, it is a great honor for us to host the head of the country’s central financial regulator,” said NES Rector Professor Shlomo Weber. “As we are already closely cooperating with the Central Bank—and, of course, we will develop this cooperation in the future. The Central Bank should remain one of our important partners.” Professor Weber also stressed that “NES students are very highly rated among employers around the world, and it’s only logical if more of our talents contribute at the key government structure responsible for economic development—at the Central Bank of Russia.” >>>

The paper by Stanislav Anatolyev and Nikolay Gospodinov "Multivariate Return Decomposition: Theory and Implications" has been accepted by Econometric Reviews
The paper by Mikhail Drugov and Dmitry Ryvkin "Biased Contests for Symmetric Players" is published in May issue of Games and Economic Behavior in the John Nash Memorial Special Issue
On June 26, 2017 the 2nd NES - Yegor Gaidar Foundation summer school on modern microeconomics started in the Moscow area. During 2 weeks the young faculty from regional universities learns classical and new models of industrial economics. NES Professor Mikhail Drugov gives lectures and also consults the participants on prepared syllabi.
The paper by Gunes Gokmen "Clash of civilizations and the impact of cultural differences on trade" is published in July issue of Journal of Development Economics.
On June 1-2, 2017, NES has hosted Oligo 2017 workshop devoted to optimal firm behavior and game-theoretic modeling of competition. It was a substantial international academic conference, where 25 papers were presented, with each followed by a moderated discussion and a Q&A. Most papers were centered on the issue of imperfect competition on the markets. Yet, there was a significant variety of related topics: from theoretical game theory (continuous time fictitious play and existence of equilibrium with discontinuous payoffs), experiments (showing that people fail to process implications of correlated information), and practical implications of sharing shipping agreements. Prof. Jacques Thisse delivered an illuminating lecture on the history and future of monopolistic competition models. NES CSDSI Managing Director Professor Sergei Izmalkov and research fellow Dr. Alexander Shapoval presented their research.
Academician Makarov Turns 80

Today, May 25th, marks the 80th birthday of one of the founders of the New Economic School and its President – Academician Valery Leonidovich MAKAROV!

The jubilee of our esteemed scientist Valery Makarov coincided with the anniversary of the School, which celebrates its 25th birthday this year.

The glorious path that NES has taken in a quarter of a century, its solid role in the formation of modern economic education in Russia, our successful graduates actively developing economics and industry around the world – these achievements would have never come about without the effort, noble dedication and truly amazing wisdom of our dear Academician Makarov.

NES community sends our best wishes to our dear colleague and friend! >>>

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New Economic School is celebrating its 25th anniversary this year! We invite you to take part in key event of the celebration: an academic conference in economics and finance which will take place December 18-19, 2017 in Moscow, in the Metropol Hotel. To submit your paper please fill out the form. Submission deadline: September 15. Notifications of paper acceptance: October 1. Registration ends: October 15. If you have any questions, please do not hesitate to contact us at Find out more on the conference website >>>
September 22 / 1.45 pm, r.114 Research SeminarHongda Zhong (LSE) "A Theory of Multi-Period Debt Structure" (joint with Chong Huang, and Martin Oehmke)
More events >>>
NES in Media
14.08.2017 Oil & Gas Financial Journal: Has OPEC Become Predictable? Article by Alexander Malanichev, visiting professor at NES >>>
06.01.2017 Econbrowser: Doug Campbell published a Guest Contribution on the impact of exchange rate shocks on manufacturing workers, based on a newly released academic paper >>>
Media archive >>>

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