A seminar-discussion was held at the Institute of Economics after M. Kotanyan of the National Academy of Sciences of Armenia (NAS RA), organized jointly with the Scientific Research Financial Institute of the Ministry of Finance of the Russian Federation (NIFI), on the topic “The Impact of External and Internal Economic Shocks on the Economy and Budget: CGE Models and DSGE Modeling.”
The seminar was opened with welcoming remarks from S.S. Lazaryan, Head of the Center for Macroeconomic Research at NIFI of the Ministry of Finance of Russia, and M.G. Manucharyan, Ph.D. in Economics and Director of the Institute of Economics after M. Kotanyan of the NAS RA.
During the seminar, representatives from NIFI of the Ministry of Finance of Russia, N. Pilnik, A. Zinchenko, and A. Votinov, presented the following issues:
- The objectives of applying general equilibrium models, along with examples and the principles of these models;
- The classification of general equilibrium models and methods of their application, the essence of CGE models for analyzing various sectors, and their potential extensions;
- An assessment of the consequences of trade liberalization between a country and a trade union (using the example of Uzbekistan and the EAEU);
- DSGE models for examining the medium-term effects of shocks on the economy and budget, types of shocks, and stages of modeling.
The seminar was held in a bilateral discussion format, with active participation from representatives of both institutes. At the conclusion of the seminar, the Heads of the respective Institutes delivered closing remarks and comments. An agreement was reached to implement programs of mutual interest, including the organization of seminars, consultations, and the formation of joint working groups.