Sergey E. Pekarski

Dean:Faculty of Economic Sciences
Professor:Faculty of Economic Sciences / Department of Theoretical Economics
Laboratory Head:Faculty of Economic Sciences / International 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's in Economics
Higher School of Economics, Economics
1998
Degree 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
E. Korneeva «Financial Repression and Russian Banking Sector». Faculty of Economic Sciences, 2018
A. Titova «Conjoint Effect of Fiscal Rule and Inflation Targeting on the Development of Countries with Resource-Based Economies». Faculty of Economic Sciences, 2018
D. Matviienko «Revenue From Financial Repression: A Cross-Country Comparison». Faculty of Economic Sciences, 2018
A. Sharipov «Effects of Financial Repression: an Empirical Estimation for Russia». Faculty of Economic Sciences, 2017
M. Shutikova «Fiscal and Monetary Policy Interaction and Financial Repression». Faculty of Economic Sciences, 2017
D. Sidoruk «Financial Repression and Economic Growth». Faculty of Economic Sciences, 2017
V. Zabolotskiy «Fiscal and Monetary Policy Interaction in an Export-Oriented Economy». Faculty of Economic Sciences, 2017
A. Borisov «Non-market Debt Placement and Productive Government Spending». Faculty of Economic Sciences, 2017
A. Vardanyan «Monetary Policy with Interest on Reserves in FTPL». Faculty of Economic Sciences, 2016
I. Kravtcova «Financial Repression and Economic Growth: Empirical Evidence». Faculty of Economic Sciences, 2016
A. Vasilenko «Interaction between monetary and macroprudential policy, unconventional monetary policy and interbank market». Faculty of Economic Sciences, 2014
O. Kiseleva «The Sustainability of Public Debt in Presence of Fiscal Limits». 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
Master
E. Nemtinova «Deviations from Covered Interest Rate Parity». Faculty of Economic Sciences, 2018
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
L. Smirnov «Time-Consistent Optimal Fiscal Policy». Faculty of Economic Sciences, 2017
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
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 (2018/2019)

Advanced Macroeconomics (Master’s programme; Faculty of Economic Sciences; programme "Economics: Research Programme"; 1 year, 1-4 module)Eng
Macroeconomics-2 (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics and Statistics", "Economics"; 3 year, 1, 2 module)Rus
Macroeconomics - 3 (Master’s programme; Faculty of Economic Sciences; programme "Applied Economics"; 1 year, 3, 4 module)Eng
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 (2017/2018)

Macroeconomics-2 (Bachelor’s programme; Faculty of Economic Sciences; programme "Economics and Statistics", "Economics"; 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

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; "Macroeconomics and Macroeconomic Policy"; field of study "080100.68 Экономика", field of study "080100.68 Экономика", field of study "080100.68 Экономика"; 1 year, 2 module)Rus
Macroeconomics (Advanced Level, Macroeconomics 3) (Master’s programme; Faculty of Economic Sciences; "Macroeconomics and Macroeconomic Policy", "Управление рисками и актуарные методы", "Финансовые рынки", "Банки и банковская деятельность"; field of study "080100.68 Экономика"; 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; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 2, 4 module)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; spec. "Macroeconomics and Macroeconomic Policy"; 2 year, 2, 4 module)Rus
Theory and Practice of Macroeconomic Policy (Master’s programme; Faculty of Economic Sciences; "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; field of study "080100.68 Экономика", field of study "080100.68 Экономика", field of study "080100.68 Экономика", field of study "080100.68 Экономика"; 1 year, 1 semester)Rus
Macroeconomics-3 (Master’s programme; Faculty of Economic Sciences; spec. "Экономика труда"; 1 year, 1 semester)Rus
Macroeconomics-3 (Master’s programme; Faculty of Economic Sciences; "Управление рисками и актуарные методы", "Macroeconomics and Macroeconomic Policy"; field of study "080100.68 Экономика"; 1 year, 1, 2 semester)Rus
Macroeconomics-3 (Master’s programme; School of Statistics, Data Analysis and Demography; 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; spec. "Macroeconomics and Macroeconomic Policy"; 2 year, 1, 2 semester)Rus
Research Seminar "Macroeconomics and Macroeconomic Policy" (Master’s programme; Faculty of Economic Sciences; spec. "Macroeconomics and Macroeconomic Policy"; 1 year, 1, 2 semester)Rus
Theory and Practice of Macroeconomic Policy (Master’s programme; Faculty of Economic Sciences; 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

Publications²¹

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 Пекарский С. Э., Исаков К. С. Эффективность фискального стимулирования в условиях финансовой репрессии // Журнал экономической теории. 2017. № 4. С. 59-68.
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., 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 WP BRP 55/LNG/2017 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 WP BRP 55/LNG/2017 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

May

2019

‘Don’t Be Afraid to Dream and Set New Goals for Yourself’

Every year HSE graduates get accepted to postgraduate schools at the world’s leading universities. Vladislav Semerikov is just now completing his fourth year in the Bachelor’s Programme ‘Economics’, and he has already been accepted to a PhD programme at Pennsylvania State University.

Feb

2019

Sergey Pekarski Elected New Dean of Faculty of Economic Sciences

The HSE Academic Council announced that Sergey Pekarski, Head of the Department of Theoretical Economics, will take over as Dean of Faculty from Oleg Zamulin, who will join Sberbank’s Centre of Macroeconomic Research as Director. Professor Zamulin will retain his position of professor at the faculty and continue teaching.

Sep

2014

12 HSE Professors Awarded Tenure

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