Sergey E. Pekarski
- Dean:Faculty of Economic Sciences
- Laboratory Head:Faculty of Economic Sciences / International Laboratory for Macroeconomic Analysis
- Professor:Faculty of Economic Sciences / Department of Theoretical Economics
- Programme Scientific Supervisor of the Educational Track:Economic Analysis
- Tenured Professor (2014)
- Member of the HSE Academic Council
- Sergey E. Pekarski has been at HSE University since 1998.
Education and Degrees
- 2007
PhD
Erasmus University Rotterdam
Thesis Title: Fiscal and Monetary Policy Interaction and the Sustainability of Public Debt - 2006
Candidate of Sciences* (PhD) in Economic Theory
HSE University - 1998
Master's
HSE University - 1998
Master's in Economics
HSE University, Economics - 1998
Degree in Mathematics
Moscow State Institute of Electronics and Mathematics, Applied Mathematics
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.

Young Faculty Support Program (Group of Young Academic Professionals)
Category "Future Professoriate" (2007)
Courses (2022/2023)
- Macroeconomics-2 (advanced course) (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 1, 2 module)Rus
- Макроэкономика финансовых рынков (Mago-Lego; 3 module)Rus
- Mentor's Seminar "Macroeconomics" (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Mentor's Seminar "Macroeconomics" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-3 module)Rus
- Past Courses
Courses (2021/2022)
- Macroeconomics-2 (advanced course) (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 1, 2 module)Rus
- Macroeconomics of Financial Markets (Master’s programme; Faculty of Economic Sciences; 1 year, 3 module)Rus
- Mentor's Seminar "Macroeconomics" (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Rus
Courses (2020/2021)
Macroeconomics-2 (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Rus
- Research Project Seminar (Optional course (faculty); Faculty of Economic Sciences; 1-3 module)Rus
Courses (2019/2020)
- Advanced Macroeconomics (Master’s programme; Faculty of Economic Sciences; 1 year, 2, 3 module)Eng
Macroeconomics-2 (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Rus
- Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; 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
Courses (2018/2019)
- Advanced Macroeconomics (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Eng
Macroeconomics-2 (Bachelor’s programme; Faculty of Economic Sciences; field of study "38.03.01. Экономика", field of study "38.03.01. Экономика"; 3 year, 1, 2 module)Rus
- Macroeconomics - 3 (Master’s programme; Faculty of Economic Sciences; 1 year, 3, 4 module)Eng
- Research Seminar «Macroeconomic Policy» (Master’s programme; Faculty of Economic Sciences; 1 year, 2-4 module)Rus
Publications26
- Article Dajčman S., Kavkler A., Merzlyakov S., Pekarski S. E., Romih D. International Transmission of Conventional and Unconventional Monetary Policy and Financial Stress Shocks from the Euro Area to Russia // Journal of Central Banking Theory and Practice. 2022. Vol. 11. No. 1. P. 227-247. doi
- Article Пак Е. А., Пекарский С. Э. Внешнеэкономические шоки и инфляция в условиях финансовой репрессии // Экономическая политика. 2022. Т. 17. № 6. С. 8-39. doi
- Article Елкина М. А., Пекарский С. Э. Макроэкономические эффекты финансовой репрессии в DSGE-модели с финансовыми фрикциями // Экономический журнал Высшей школы экономики. 2020. Т. 24. № 4. С. 475-502. doi
- Article Merzlyakov S., Kuznetsova O., Pekarski S. E. Confidence in future monetary policy as a way to overcome the liquidity trap / Пер. с рус. // Russian Journal of Economics. 2019. Vol. 5. No. 2. P. 117-135. doi
- Article Кузнецова О. С., Мерзляков С. А., Пекарский С. Э. Воздействие на доверие населения как способ преодоления ловушки ликвидности // Вопросы экономики. 2019. № 6. С. 56-78. doi
- 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 // AlterEconomics (ранее - 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.
Faculty of Economic Sciences Holds Online Mathematics Camp for Incoming Students
In the last two weeks of summer, the HSE University Faculty of Economic Sciences invites future bachelor’s and master’s students to prepare for their upcoming studies. More than 200 international and Russian applicants have signed up for online classes in mathematics, probability theory, and statistics. The classes also allow first-year students to advance their academic achievements, build a foundation for getting involved in the faculty’s research and project activity, and foster cooperation between Russian and foreign students.
‘One of HSE University’s Strategic Goals is to Make Quality Higher Education Accessible to Students from all Corners of Our Country’
The first graduation ceremony for the joint HSE University and Far Eastern Federal University (FEFU) Bachelor’s Programme in Economics took place in Vladivostok. 43 students were each awarded two diplomas. The programme, launched at the School of Economics and Management of Far Eastern Federal University in 2018, gives students the opportunity to master Russia's strongest programme and earn a diploma from HSE University without leaving the Far East. HSE University currently offers 11 double degree programmes at undergraduate and graduate level with nine Russian universities.
First Time in Three Years Graduation was Held in Person on Campus!
The last three years were absolutely unusual, which makes our new graduates even more special for us. We wish you all the required success in your careers and life!
HSE University Remains Leader in Four Subjects in AC Expert Research Productivity Rankings
HSE University has taken first place in four subjects in the research productivity ranking of Russian universities published by the Expert analytical centre. The university also placed in the top five in eight other subjects.
Anti-lectures, Cake and Soap Bubbles: HSE Faculty of Economic Sciences Celebrates Its 30th Anniversary
This year’s jubilee programme of Economfest turned out to be particularly eventful. Congratulations from university leaders, meetings with teachers, games, contests, quizzes, a job exchange with KPMG and Changellenge, as well as popcorn, cotton candy and cake were prepared for students, applicants and guests of HSE University.
Why Politicians Don't Listen to Economists: First Meeting of Economic Policy Club Takes Place at HSE University
Participants of the HSE Economic Policy Club discussed why politics often serves the interests of a small group of people to the detriment of the welfare of the majority of citizens, and also why the government ignores recommendations from economists. At the same time, economic policy always redistributes resources, and it isn’t possible to achieve the optimal solutions suggested by economic theory.
‘A Rector’s Mission Is to Act in the Interests of Students, Teachers, and Academics’
Nikita Anisimov was appointed Rector of HSE University early this July. In his address to HSE students and staff, he talks about his first working week, his short- and long-term plans, and the university’s vaccination efforts.
The New Master’s Standard: Opinion of the Academic Community
The new unified standard provides a general framework for developing Master’s programmes and delegates the determination of specific professional skills, types of career activities and key learning outcomes to programmes themselves, as well as recommending particular courses to students. Which tracks did programmes select? What are the opportunities and risks under the new standard? How much do students demand individualization and a project component in their education?The HSE Look posed these and other questions to the Dean of the Faculty of Economic Sciences and Academic Supervisors of three programmes offered at HSE University.
Lockdown by Algorithm: A Proposed Model Calculates Optimal Restriction Levels
During the pandemic, countries have endeavoured to protect their citizens without hurting their economies with excessive restrictions. At the seminar ‘Living with Covid-19: Optimal Lockdown Policies’, Hubert Kempf, academic supervisor of HSE University’s International Laboratory for Macroeconomic Analysis, presented a mathematical model that can be used to calculate the optimal level of restrictions.
HSE Ranks Among the World’s Top 50 Universities in Three QS Subject Rankings
HSE University has expanded its presence in the top 50 of QS subject rankings, placing in two additional subject rankings. HSE is represented in 4 of the 5 broad subject areas ranked by QS, and it has significantly improved its performance from last year in almost half of the individual subjects rankings in which it is included.
Economics and Economic Policy Master Program at HSE
Starting September 2021, master programs Applied Economics and Economics: Research Programme will merge to become tracks of the newly established program Economics and Economic Policy. Research track will be taught entirely in English, while in two other tracks - Economic Policy and Applied Economics, instruction will be available in English and Russian.
HSE University Enters THE Top 100 in Economics and Appears in Law Ranking for the First Time
HSE took 94th place in the THE ranking in Business & Economics, outperforming all the other Russian universities in this subject. In addition, the university entered the ranking in Law for the first time (151+ cohort), becoming the only Russian university represented there.
Erasmus University Rotterdam & HSE Celebrate 25 Years of Educational Cooperation in Economics
Students, faculty, and alumni of HSE University and Erasmus University Rotterdam gathered to celebrate the 25th anniversary of educational cooperation between the two universities. Attendees reminisced about the past, discussed the future, and explored career opportuntiies at a roundtable, 'Building a Career with EUR'. The newly renovated Pokrovka complex in Moscow was one of many surprises for the participants, which included representatives of Nuffic Neso Russia and Erasmus University alumni.
‘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.
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.
12 HSE Professors Awarded Tenure
On September 26 twelve HSE faculty members were promoted to Tenured Professors.