Sergey E. Pekarski

Head, Professor:Faculty of Economic Sciences / Department of Theoretical Economics
Leading Research Fellow:Faculty of Economic Sciences / Laboratory for Macroeconomic Analysis

Tenured Professor (2014)
Member of the HSE Academic Council

Sergey E. Pekarski has been at HSE since 1998.

Education and Degrees

2006
Candidate of Sciences* (PhD) in Economic Theory
Higher School of Economics
2006
PhD
Erasmus Universiteit Rotterdam
Thesis Title: Fiscal and Monetary Policy Interaction and the Sustainability of Public Debt
1998
Master in Economics
Higher School of Economics, Economics
1998
Diploma in Mathematics
Moscow State Institute of Electronics and Mathematics, Applied Mathematics

* Candidate of Sciences
According to the International Standard Classification of Education (ISCED) 2011, Candidate of Sciences belongs to ISCED level 8 - "doctoral or equivalent", together with PhD, DPhil, D.Lit, D.Sc, LL.D, Doctorate or similar. Candidate of Sciences allows its holders to reach the level of the Associate Professor.

Awards and Accomplishments

Best Teacher – 2017, 2016, 2015, 2013, 2012

Young Faculty Support Program (Group of Young Academic Professionals)
Category "Future Professoriate" (2007)

Student Term / Thesis Papers

Bachelor
A. Borisov «Non-market Debt Placement and Productive Government Spending». Faculty of Economic Sciences, 2017
V. Zabolotskiy «Fiscal and Monetary Policy Interaction in an Export-Oriented Economy». Faculty of Economic Sciences, 2017
A. Sharipov «Effects of Financial Repression: an Empirical Estimation for Russia». Faculty of Economic Sciences, 2017
D. Sidoruk «Financial Repression and Economic Growth». Faculty of Economic Sciences, 2017
M. Shutikova «Fiscal and Monetary Policy Interaction and Financial Repression». Faculty of Economic Sciences, 2017
I. Kravtcova «Financial Repression and Economic Growth: Empirical Evidence». Faculty of Economic Sciences, 2016
A. Vardanyan «Monetary Policy with Interest on Reserves in FTPL». Faculty of Economic Sciences, 2016
A. Vasilenko «Interaction between monetary and macroprudential policy, unconventional monetary policy and interbank market». Faculty of Economic Sciences, 2014
A. Marty'nov «The Interaction of Fiscal and Monetary Policy in the Euro Area. The Participation of Financial Intermediaries.». Faculty of Economic Sciences, 2014
A. Karpova «Fiscal Limits and Monetary Policy in the EMU». Faculty of Economic Sciences, 2014
O. Kiseleva «The Sustainability of Public Debt in Presence of Fiscal Limits». Faculty of Economic Sciences, 2014
Master
A. Kofnov «A Continuous-Time Stochastic Model of the Fiscal Theory of the Price Level and Consistency of Its Critique». Faculty of Economic Sciences, 2017
A. Akhtyamova «Is There an Asset Price Bubble in Financial Markets Nowadays? The Role of Unconventional Monetary Policy in Its Creation». International College of Economics and Finance, 2017
M. Coppo «Exchange Rate Regimes in Fuel Exporting Countries: Сhoices and Сonsequences». Faculty of World Economy and International Affairs, 2016
I. Bakalova «Macroeconomic Policy under Sovereign Default Risk». Faculty of Economic Sciences, 2014

Full list of of student term / thesis papers

Courses (2017/2018)

Macroeconomics-2 (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 1, 2 module)Rus
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 1 year, 3, 4 module)Rus
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 2 year, 1-3 module)Rus
Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; programme "Applied Economics"; 1 year, 2-4 module)Rus
Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; programme "Applied Economics"; 2 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 4 year, 1-3 module)Rus
Past Courses

Courses (2016/2017)

Economic Theory (Bachelor’s programme; Faculty of Business and Management; programme "Management"; 1 year, 1-4 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 3 year, 1, 2 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics and Statistics"; 3 year, 1, 2 module)Rus
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 1 year, 3, 4 module)Rus
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 2 year, 1-3 module)Rus
Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; programme "Applied Economics"; 1 year, 2-4 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 4 year, 1-3 module)Rus

Courses (2015/2016)

Economic Theory (Bachelor’s programme; Faculty of World Economy and International Affairs; programme "International Relations"; 1 year, 1, 2 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics and Statistics"; spec. "Экономика и статистика"; 3 year, 1, 2 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 3 year, 1, 2 module)Eng
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 2 year, 1-3 module)Rus
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 1 year, 3, 4 module)Rus
Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; programme "Applied Economics"; 1 year, 2-4 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 4 year, 1-3 module)Rus

Courses (2014/2015)

Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Corporate Finance"; 1 year, 2, 3 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Financial Markets and Financial Institutions"; 1 year, 1, 2 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Stock Market and Investment"; 1 year, 2, 3 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 1, 2 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Finance"; 1 year, 1, 2 module)Rus
Research Seminar "Macroeconomic Analysis" (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 1 year, 3, 4 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics"; 4 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; 2 year, 1-3 module)Rus
Theory and Practice of Macroeconomic Policy (Master’s programme; Faculty of Economic Sciences; programme "Economics"; 2 year, 1, 2 module)Rus

Courses (2013/2014)

Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 1-3 module)Rus
Macroeconomics (Bachelor’s programme; School of Statistics, Data Analysis and Demography; 2 year, 3, 4 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; 2 year, 3, 4 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Financial Markets and Financial Institutions"; 1 year, 1-3 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Corporate Finance"; 1 year, 2, 3 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Stock Market and Investment"; 1 year, 2, 3 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Finance"; 1 year, 2, 3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; 2 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; 1 year, 1-4 module)Rus
Theory and Practice of Macroeconomic Policy (Master’s programme; Faculty of Economic Sciences; programme "Economics"; 2 year, 1, 2 module)Rus

Courses (2012/2013)

Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Financial Markets and Financial Institutions"; "Банки и банковская деятельность", "Управление рисками и актуарные методы", "Финансовые рынки"; 1 year, 1-3 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 1-3 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Corporate Finance"; 1 year, 2, 3 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; 2 year, 2-4 module)Rus
Macroeconomics (Bachelor’s programme; School of Statistics, Data Analysis and Demography; 2 year, 2-4 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Stock Market and Investment"; 1 year, 2, 3 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Finance"; 1 year, 2, 3 module)Rus
Microenomic Modelling (Bachelor’s programme; Faculty of Economic Sciences; spec. "Economics and Economic Policy"; 4 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 2 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; 1 year, 1-4 module)Rus

Courses (2011/2012)

Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; 2 year, 2-4 module)Rus
Macroeconomics (Bachelor’s programme; School of Statistics, Data Analysis and Demography; spec. "Статистика и анализ данных"; 3 year, 1, 2 module)Rus
Macroeconomics (Bachelor’s programme; School of Statistics, Data Analysis and Demography; 2 year, 2-4 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Finance"; 1 year, 2 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 2 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 2, 3 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Corporate Finance"; 1 year, 2 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Stock Market and Investment"; 1 year, 2 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 2, 3 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; programme "Financial Markets and Financial Institutions"; "Управление рисками и актуарные методы", "Финансовые рынки", "Банки и банковская деятельность"; 1 year, 2, 3 module)Rus
Microenomic Modelling (Bachelor’s programme; Faculty of Economic Sciences; spec. "Economics and Economic Policy"; 4 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 2, 4 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 2 year, 2, 4 module)Rus
Theory and Practice of Macroeconomic Policy (Master’s programme; Faculty of Economic Sciences; programme "Economics"; "Macroeconomics and Macroeconomic Policy", "Microeconomics: Theory and Policy Application"; 2 year, 2 module)Rus

Courses (2010/2011)

Macroeconomics (Bachelor’s programme; School of Statistics, Data Analysis and Demography; spec. "Демография"; 3 year, 1, 2 module)Rus
Macroeconomics (Bachelor’s programme; School of Statistics, Data Analysis and Demography; 2 year, 2-4 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 1, 2 module)Rus
Macroeconomics (Bachelor’s programme; Faculty of Economic Sciences; 2 year, 2-4 module)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Finance"; 1 year, 1 semester)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Corporate Finance"; 1 year, 1 semester)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Risk Management"; 1 year, 1 semester)Rus
Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Stock Market and Investment"; 1 year, 1 semester)Rus
Macroeconomics-3 (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Socio-economics and management of intangible assets"; 1 year, 1 semester)Rus
Macroeconomics-3 (Master’s programme; Faculty of Economic Sciences; programme "Financial Markets and Financial Institutions"; spec. "Финансовые рынки"; 1 year, 1, 2 semester)Rus
Macroeconomics-3 (Master’s programme; Faculty of Economic Sciences; programme "Strategic Corporate Finance"; 1 year, 1, 2 semester)Rus
Macroeconomics-3 (Master’s programme; School of Statistics, Data Analysis and Demography; programme "Statistical Analysis of Economic and Social Processes"; 1 year, 1, 2 semester)Rus
Macroeconomics-3 (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 1, 2 semester)Rus
Microenomic Modelling (Bachelor’s programme; Faculty of Economic Sciences; spec. "Economics and Economic Policy"; 4 year, 1-3 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 2 year, 1, 2 semester)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 1, 2 semester)Rus
Theory and Practice of Macroeconomic Policy (Master’s programme; Faculty of Economic Sciences; programme "Economics"; spec. "Microeconomics: Theory and Policy Application"; 2 year, 1 semester)Rus

Dissertation for a degree of Candidate of Science

2006

S. E. Pekarski Взаимодействие фискальной и монетарной политики и устойчивость государственного долга

Publications²⁰

Article Pekarski S. E. Tight Money and the Sustainability of Public Debt // International Journal of Central Banking. 2017. Vol. 13. No. 1. P. 191-223.
Article Исаков К. С., Пекарский С. Э. Оценка воздействия финансовой репрессии на доходы бюджета // Экономическая политика. 2016. Т. 11. № 5. С. 28-49. doi
Preprint Isakov K. S., Pekarski S. E. Financial Repression and Laffer Curves / NRU Higher School of Economics. Series WP BRP "Economics/EC". 2015. No. 113/EC/2015.
Preprint Pekarski S. Tight Money and the Sustainability of Public Debt / NRU Higher School of Economics. Series EC "Economics". 2015. No. WP BRP 95/EC/2015.
Article Мерзляков С. А., Пекарский С. Э. Взаимодействие консервативного центрального банка и правительства в экспортоориентированной экономике // Горизонты экономики. 2015. Т. 23. № 4. С. 37-45.
Article Норкина О. А., Пекарский С. Э. Нерыночное размещение долга как финансовая репрессия // Журнал новой экономической ассоциации. 2015. № 28. С. 31-55.
Preprint Pekarski S. E., Norkina O. Optimal financial repression / NRU Higher School of Economics. Series WP BRP "Economics/EC". 2014. No. 81.
Chapter Пекарский С. Э. Лев Львович Любимов: «Не для себя, а для Университета мы трудимся» // В кн.: Поколения ВШЭ. Ученики об учителях. М. : Издательский дом НИУ ВШЭ, 2013. С. 8-12.
Article Малаховская О. А., Пекарский С. Э. Исследования причинно-следственных взаимосвязей в макроэкономике: нобелевская премия по экономике 2011 г. // Экономический журнал Высшей школы экономики. 2012. Т. 16. № 1. С. 3-30.
Article Pekarski S. E. Budget deficits and inflation feedback // Structural Change and Economic Dynamics. 2011. Vol. 22. No. 1. P. 1-11. doi
Preprint Merzlyakov S., Pekarski S. E. Macroeconomic Policy in an Export-Oriented Economy / NRU Higher School of Economics. Series WP12 "Научные доклады лаборатории макроэкономического анализа". 2011. No. 07.
Article Пекарский С. Э., Атаманчук М. А., Мерзляков С. А. Стратегическое взаимодействие фискальной и монетарной политики в экспортно ориентированной экономике // Деньги и кредит. 2010. № 2. С. 52-63.
Article Пекарский С. Э., Атаманчук М. А., Мерзляков С. А. Модель макроэкономической политики в экспортоориентированной экономике // Экономический журнал Высшей школы экономики. 2008. Т. 12. № 3. С. 337-364.
Book Pekarski S.E. Fiscal and Monetary Polocy Interaction and the Sustainability of Public Debt. M. : Higher School of Economics Publishing House, 2007.
Preprint Pekarski S. E. Бюджетные дефициты и эффекты обратной связи от инфляции / NRU Higher School of Economics. Series WP13 "Научные доклады Института фундаментальных междисциплинарных исследований". 2007. No. 12.
Preprint Пекарский С. Э., Атаманчук М. А., Мерзляков С. А. Взаимодействие фискальной и монетарной политики в экспортоориентированной экономике / Высшая школа экономики. Серия WP12 "Научные доклады лаборатории макроэкономического анализа". 2007. № 02.
Preprint Pekarski S. E. “Неприятная монетаристская арифметика”? Роль переходной монетарной динамики / NRU Higher School of Economics. Series WP13 "Научные доклады Института фундаментальных междисциплинарных исследований". 2007. No. 13.
Article Пекарский С. Э. Взаимодействие правительства и центрального банка: можно ли обойти «неприятную монетарную арифметику»? // Экономический вестник. 2004. Т. 4. № 4. С. 653-664.
Article Пекарский С. Э. Координация макроэкономической политики: случай неустойчивой динамики инфляции и государственного долга // Экономический журнал Высшей школы экономики. 2001. Т. 5. № 4. С. 492-518.
Article Пекарский С. Э. Нелинейные эффекты воздействия инфляции на бюджетный дефицит и государственный долг // Экономический журнал Высшей школы экономики. 2000. Т. 4. № 3. С. 309-322.

Timetable for today

Full timetable

Sep

2014

12 HSE Professors Awarded Tenure

On September 26 twelve HSE faculty members were promoted to Tenured Professors.