MSE Faculty - College of Business and Economics (CBE)  

MSE Faculty

Dr. Vache Gabrielyan
Dean of Manoogian Simone College of Business and Economics
Dr. Vache GabrielyanDean of Manoogian Simone College of Business and Economics

Vache Gabrielyan specializes in public administration and economics. He studied at the Yerevan State University and received his Doctor of Philosophy in Public Administration from Rutgers University. He has served as Vice-Governor of the Central Bank of Armenia (2008-2010), Minister of Finance (2010-2012), Minister-Chief of Government Staff (2013-2014), Chief Advisor to the Prime Minister (May – November 2014), as well as the Deputy Prime Minister of Armenia, and the Minister of International Economic Integration and Reforms (2014-2018). Effective January, 2019 Dr. Vache Gabrielyan has been appointed as Dean of the Manoogian Simone College of Business and Economics (CBE). Dr. Vache Gabrielyan is the author of a number of scientific papers published in Armenia and abroad.

PhD, Rutgers University

Areas of research and teaching specialization
Public Administration, Public Policy, Research Methods

Courses currently taught:
PA 340 Introduction to Public Administration

Selected Publications

Books and Symposia:

  • Red Tape from Red Square: Bureaucratic Commentary in Soviet Graphic Satirical Art, with Marc Holzer, Iryna Illiash and Lyudmila Kuznetsova, National Sector for Public Productivity, 2010.
  • “Bureaucracy on the Silver Screen: A World-Wide Perspective.” Co-editor: Marc Holzer, Public Voices, Vol. 4, No. 2 (2000).
  • “Post-Soviet Bureaucracy: Change and Continuity,” Co-editor: Marc Holzer, special issue of the International Journal of Public Administration, Vol. 22, No. 1, 1999.

Articles (Peer Reviewed Journals):

  • “Discourse in Comparative Policy Analysis: Privatization Policies in Britain, Russia and the United States,” Policy and Society, Vol. 25, No. 2, 2006, pp. 47-75.
  • “The Origins and Transformation of Policy Ideas: Case study: Education Law of Armenia’with Gayane Selimyan, NISPAcee Occassional Papers,Volume IV – No. 3 Summer 2003.
  • “Investing in Corporate Securities: Prospects in Armenia,” with Gnel Sahakyan, Information Technologies and Management, No. 2, 2002, pp. 212-225 (in Armenian).
  • “The Rise and Fall of Soviet Screen Bureaucrat,” Public Voices, 2000. Vol. 4, No. 2, Spring 2000, pp. 61-72.
  • “Post-Communist Bureaucracies: Organizational Modes of Transition,” International Journal of Public Administration, Vol. 22, No. 1, 1999, pp. 69-99.
  • “Public Administration in Ancient China: Practice and Theory,” Public Voices, Vol. 2, No. 1, Spring 1996, pp. 25-44.

Chapters and Book articles:

  • “Challenges of Economics and Armenian Economy,” in Yerevan State University Department of Economics Yearbook, Yerevan: YSU Publishing, 2013, pp. 5-11 (in Armenian).
  • “Introduction” and “Government Regulation of Banking,” in Asatryan, Bagrat (ed.) Banking, Second edition, Yerevan: Gir Publishers, 2013, pp. 16-22 and 443-458 (in Armenian).
  • Vache Gabrielyan and Gayane Selimyan, “Public Management Reforms: Armenia,” in Bouckaert Geert, Nemec Juraj, Nakrosis Vitalis, Hajnal Gyorgy, Tonnisson Kristiina (Eds.) Public Management Reforms in Central and Eastern Europe. NISPAcee Press, Bratislava, 2009, pp. 27-50.
  • “Qualitative Research Methods: An Overview,” with Kaifeng Yang and Susan Spice, in Gerald J. Miller and Kaifeng Yang (eds.). Handbook of Research Methods in Public Administration, New York: Second edition, New York: CRC Press, 2007, pp. 141-171.
  • “Five Great Ideas of American Public Administration,” with Marc Holzer, and Kaifeng Yang in Rabin, Jack, Hildreth, W. B. and Gerald J. Miller (eds.). Handbook of Public Administration, Third edition, New York: CRC Press, 2007, pp. 49-103.
  • “Comparative and International Administration,” with George M. Guess, in Rabin, Jack et al. (eds.), Handbook of Public Administration, Third edition, New York: CRC Press, 2007, pp. 565-605.
  • “Capital Account Liberalization Experiences in Armenia,” with Armine Khachatryan, in Bakker, Age F.P. and Bryan Chapple (eds). Capital Liberalization in Transition Countries: Lessons from the Past and for the Future. Cheltenham: Edward Elgar, 2003.
  • International Encyclopedia of Public Policy and Administration. Jay Shafritz, Editor-in-Chief.  Harper-Collins/Westview Press. 1998. Author/co-author of the following entries:“Outsourcing,” pp. 1590-1596.
    “Cost-Effectiveness Analysis,” pp. 563-566.
  • “Reforming Eastern European Bureaucracy: Does American Experience Apply?” with Frank Fischer, in Asmerom, Haile K. and Reis E. (eds.) Democratization and Bureaucratic Neutrality: Experience From Developed and Third World; London: MacMillan; New York: St. Martin’s Press, 1996, pp. 109-127.


[email protected]

(+374 60) 61 26 10

Office location
222W (PAB)

Office hours
By appointment

Gurgen Aslanyan, Ph.D.
Assistant Professor, MSE Program chair
Gurgen Aslanyan, Ph.D.Assistant Professor, MSE Program chair

Dr Gurgen Aslanyan has served as an adjunct lecturer at the American University of Armenia since 2016. Currently he is a Teaching Fellow at CERGE-EI Prague and a Researcher at the Economics Laboratory of the Ural Federal University. Prior to that he has been teaching (classroom, seminars, trainings) in the Czech Republic, Slovakia, Croatia, Georgia, Russia, the UK, and the US. Dr Aslanyan is a Development Economist with a focus on policy evaluation. Over the years he has consulted private and public sector, such as the Central Bank of Armenia, and as a researcher has been affiliated with the University of Pennsylvania and the Czech Academy of Sciences. Dr Gurgen Aslanyan has presented his research and published internationally, is a recipient of various awards, and currently is elected to serve as the President of the Armenian Economic Association.

He holds dual doctorate degree from the Charles University in Prague and the University of the State of New York.


  • PhD  in Economics, CERGE-EI and Charles University
  • MA in Economics, CERGE-EI
  • BSc in Economics, Yerevan State University

Courses taught:

  • PSIA 352-Economics for Political Science
  • Bus 233-Public Finance
  • Econ 228-Economics of Development
  • Econ 225-International Economics
  • Econ 229-Special Topics (Policy Evaluation)


Areas of research and teaching specialization

Areas of research: Public Economics, Population Economics, Economics of Reforms, Economics of Education
Areas of teaching: Economic Development and Growth, Labour Economics, Micro- and Micro-Economics, Public Economics, Inernational Economics

Research projects:

  • Non-Selective Migration and Unfunded Public Pensions: Can They Coexist?
  • Melting Pot v Cultural Mosaic: Dynamic Public Finance Approach
  • Financial Literacy and Behaviour: Quasi-Experimental Study (with Derdzyan and Mkhitaryan)
  • Multinationals, Competition and R&D investments (with Torosyan and Levonyan)
  • Bank Reforms and Real Economy: Utilising Synthetic Controls

Published research:

  • Migration Challenge for PAYG, Journal of Population Economics, doi: 10.1007/s00148-014-0516-x

Awards and honours:

  • Alumni Hero Award, CERGE-EI, 2016
  • Armen Alchian Award, Armenian Economic Association, 2014
  • Best Paper Prize, Warsaw International Economic Meeting, 2011


E-mail: [email protected]

Phone: +37460 61 26 11

Office location: 236W(PAB)

Vardan Baghdasaryan, Ph.D.
Associate Professor, MSM Program Chair
Vardan Baghdasaryan, Ph.D.Associate Professor, MSM Program Chair

Vardan Baghdasaryan is Assistant Professor and a Program Chair for MSM. He has been teaching various economic-related courses to BAB, MBA and MSM cohorts since 2014. Dr. Baghdasaryan has been a Senior Consultant at the AVAG Solutions, Ltd, providing consulting to various international donor agencies.  For detailed information, please refer to


  • Graduate School in the Economics and Finance of Public Administration (DEFAP) Catholic University of Milan, Italy, 2009 – 2014
  • PhD in Economics (Aspirantura) Russian-Armenian (Slavonic) University, Yerevan, Armenia, 2004 – 2007
  • Diploma of Manager-Economist (with honorary distinction), Yerevan State Institute of Economy, Department of Management Yerevan, Armenia, 1999 – 2004
  • ACCA affiliate (all exams passed)  Association of Chartered Certified Accountants (ACCA), UK, 2004-2010

Courses Taught: ECON 221 – Intermediate Microeconomics

Research Activities:

1. Baghdasarayan V., Iannantuoni G. and Maggian V., “Electoral Fraud and Voter Turnout: Experimental Study”
Working paper available at:

2. Baghdasaryan V., Manzoni E., “Set them (almost) free. Discretion in Electoral Campaigns”
Working paper available at:

3.  Khachatryan K.,  Baghdasaryan V., Hartarska V., “Role of Deposits in MFI performance in Central Asia and Eastern Europe”


Antinyan A., Baghdasaryan V., Grigoryan A., “Relative position and social capital in South Caucasus“


E-mail[email protected]

Phone: +374 60 61 25 67

Office location: 207W (PAB)

Office hours: Tuesday 13:30-15:00, or by appointment via email

CV: Download

Gayane Barseghyan, Ph.D.
Associate Professor, BAB Program Chair
Gayane Barseghyan, Ph.D.Associate Professor, BAB Program Chair

Gayane Barseghyan has joined the AUA as full time faculty in 2015. Dr. Barseghyan teaches various Economics courses to bachelors and masters students and supervises theses. Prior joining AUA, she held a senior economist position at the Central Bank of Armenia. She has received her PhD degree in Economics from Yerevan State University in 2013. Her research interests are primarily in the areas of Macroeconomics and Monetary Economics. Dr. Barseghyan has received grants and awards for her research and has published articles in international peer-reviewed journals.


  •  PhD, Yerevan State University, 2013

Courses taught:  

  • ECON 122-Principles of Macroeconomics
  • ECON 221-Intermediate Microeconomics
  • ECON 320-Microeconomic Theory



In international peer-reviewed journals:

  • Barseghyan G., Grigoryan A. Competitive Equilibrium with Capacity Constrained Firms: A Classroom Experiment, Journal of Economic Education, forthcoming
  • Barseghyan G., Baghdasaryan V. Optimum Currency Area Theory: Evidence from Post-Soviet Countries and Implications for Eurasian Economic Union, Post-Communist Economies, forthcoming
  • Barseghyan G., Hambardzumyan H. The Effects of Exchange Rate Volatility on Exports: Evidence from Armenia, Applied Economics Letters 25, 1266-1268.


E-mail: [email protected]

Phone: +37460 61 26 04

Office location: 236W (PAB)

Office hours: By appointment only via email

Dr. Aleksandr Grigoryan, Ph.D.
Associate Professor
Dr. Aleksandr Grigoryan, Ph.D.Associate Professor

Dr. Aleksandr Grigoryan has a Ph.D. in Economics from the University of Turin (UOT) and a Master’s degree from the Institute for Advanced Studies, Vienna (IAS). Since 2009, he has worked at the Research Department in the Central Bank of Armenia (CBA) and has taught at the American University of Armenia (AUA), the School of Political Science and International Affairs (PSIA). Since April 2012, he has been appointed as an Assistant Professor of Economics at the College of Business and Economics (CBE) and the College of Humanities and Social Sciences (CHSS) at the AUA. Dr. Grigoryan has served as the chair of the Master of Business Administration (MBA) program at the CBE from 2014-2020. His research covers various development topics, such as microfinance, migration, poverty, gender, monetary policy, and international trade. Dr. Grigoryan has publications in the Journal of Behavioral and Experimental Economics, Empirical Economics, International Migration, Eastern European Economics, International Economic Journal, and Journal of Income Distribution, among other journals. He has a rich experience in economic research and policy consultancy in collaboration with well-known international organizations.

Dr. Grigoryan is a board member of the Armenian Economic Association (AEA) and served as the AEA president from 2015-2017.



  • Ph.D in Economics, University of Turin, Italy, 2005 – 2008
  • Institute for Advanced Studies (IHS) in Vienna, Austria, 2003 – 2005
  • Yerevan State University of Economics, Armenia, 1996 – 2004
  • Post graduate study, 2001 – 2004
  • Graduate study, 1996 – 2001, Diploma in Economics (with Honor)

Courses taught:

  • Time Series Econometrics (ECON 229)
  • Research Methods (BUS 295)
  • Data Analysis for Business Decisions (BUS 320)


  • Armenak Antinyan, Vardan Baghdasaryan, and Aleksandr Grigoryan (2022). Charitable giving, social capital, and positional concerns. Journal of Behavioral and Experimental Economics, 2022.
  • Aleksandr Grigoryan and Knar Khachatryan (2022). Remittances and emigration intentions: Evidence from Armenia. International Migration, pages 1–37, 2022.
  • Aleksandr Grigoryan, Knar Khachatryan, Knarik Ayvazyan, and Pundarik Mukhopadhaya (2022). Chapter 23: Financial inclusion and poverty: evidence from a developing country. Forthcoming in Handbook of Microfinance, Financial Inclusion and Development. Edited by Valentina Hartarska and Robert Cull. Edward Elgar Publishing, 2022.
  • Vardan Baghdasaryan, Aleksandr Grigoryan, Hrant Davtyan, and Knar Khachatryan (2022). Comparison of econometric and deep learning approaches for credit default classification. Strategic Change, volume 30, pages 257–268, 2021.
  • Narek Ohanyan and Aleksandr Grigoryan (2020). Measuring monetary policy: rules versus discretion. Empirical Economics, volume 61, pages 35–60, 2020.
  • Gor A. Khachatryan and Aleksandr Grigoryan (2020). Export growth dynamics and real exchange rate: Evidence from Armenia. International Economic Journal, volume 34, pages 493–509, 2020.
  • Aleksandr Grigoryan, Knar Khachatryan, and Vahram Ter-Matevosyan (2019). Armenia-Turkey border opening: what determines the attitude of Armenians? Caucasus Survey, volume 7, pages 25–43, 2019.
  • Knar Khachatryan, Valentina Hartarska, and Aleksandr Grigoryan (2017). Performance and capital structure of microfinance institutions in Eastern Europe and Central Asia. Eastern European Economics, volume 55, pages 395–419, 2017.
  • Aleksandr Grigoryan. A model with indivisible investments in different environments (2015). Armenian Economic Journal, volume 1, pages 109–144. Armenian Economic Association, 2015.
  • Aleksandr Grigoryan (2013). A model for anocracy. Journal of Income Distribution, volume 22, pages 3–24, March 2013.


E-mail: [email protected]

Phone: +37460 61 26 14

Office location: 230W (PAB)

Office Hours: 16:30 – 17:30, Tue/Thur and by appointment


Lena Seissian, DBA, CMA
Assistant Professor
Lena Seissian, DBA, CMAAssistant Professor

Dr. Lena Seissian joined the American University of Armenia (AUA) as of 2020 as a full-time faculty.

Currently, she teaches accounting and finance in both undergraduate and graduate programs. She is a financial consultant providing consultancy services to startups and established firms in Lebanon. Dr. Seissian has published several articles in international journals. She holds a Doctorate of Business Administration from the American Graduate School of Business, Switzerland. She is also a Certified Management Accountant (CMA) and a member of Institute of Management Accountants (IMA).



DBA in Corporate Finance, American Graduate School of Business, Switzerland

MSc in Finance, American University of Science and Technology, Lebanon

BSc in Business Accounting, American University of Science and Technology, Lebanon

BSc in Hospitality Management, American University of Science and Technology, Lebanon


Courses taught:

Introduction to Financial Accounting – BUS145

Finance Theory- ECON351

Special Topics in Finance (Valuation)- BUS 239

Intermediate Financial Accounting – BUS 245

Introduction to Managerial Accounting – BUS 146

Introduction to Finance – BUS 230

Intermediate Managerial Accounting – BUS247 


Areas of research and teaching specialization

Areas of research: financial performance, profitability, liquidity, leverage, voluntary disclosure, internet financial reporting, value creation.

Areas of teaching: managerial accounting, financial accounting, corporate finance, Valuation.


Current Research projects: The Impact of Corporate Governance on the Firm’s Value Creation: Empirical Evidence from the French Equity Markets. Determinants of Internet Financial Reporting and Its Role in Improving Trading prospects of the Underlying Common Stock: The Case of Real Estate and Development Companies in the GCC Region.


Published research:

Gharios Robert, Hamdar, Bassam, and Seissian, Lena (2016). “The Economic Impacts of Liquidity and Leverage on the Financial Performance of MENA and GCC listed companies. International Journal of Economics, Commerce and Management (IJECM), Vol.4, 10/15 th October issue.

Seissian, Lena, Gharios, Robert, & Awad, Antoine (2017). “Structural and Market-Related Factors Impacting Profitability: A Cross Sectional Study of Listed Companies”
Arab Economic and Business Journal (AEBJ), Vol. 13, issue 2nd December issue.

Awad, Antoine, Seissian, Lena, and Gharios, Robert (2022). “Corporate Voluntary Disclosures in Emerging Markets: Empirical Evidence from the GCC Equity Markets”
International Journal of Accounting and Financial Reporting, Vol.12, issue 1/February issue. DOI:

Awad, A. B., Gharios, R., Abu Khalaf, B., & Seissian, L. A. (2024). Board Characteristics and Bank Stock Performance: Empirical Evidence from the MENA Region. Risks, 12(5), 81.

Seissian, L. A. (2024). Determinants of internet financial reporting: the case of real estate and development companies in the GCC region. American Journal of Finance and Accounting, 8(1), 28-56.

Sargsyan, E., & Seissian, L. A. (2024). Company-specific financial and corporate governance factors affecting the quality of earnings: Empirical study on the Spanish stock market. Business Performance Review, 2(1), 16–32.

E-mail: [email protected]

Phone: +37460 61 26 95

Office location: 223W(PAB)


Hayk Kamalyan, Ph.D.
Assistant Professor
Hayk Kamalyan, Ph.D.Assistant Professor

Dr. Hayk Kamalyan received his Ph.D. in economics from Goethe University Frankfurt. Prior to that, he worked as an economist at the Central Bank of Armenia. Dr. Kamalyan joined the American University of Armenia as a full-time faculty member in 2020. Currently, he is an assistant professor/scholar in residence at the Manoogian Simone College of Business and Economics and a teaching fellow at CERGE-EI Prague. His research interest lies in macroeconomics, primarily in the fields of monetary economics and international macroeconomics. His ongoing research projects include, among others, studying the effects of macroeconomic uncertainty in emerging economies and possible asymmetries in the propagation of macroeconomic shocks over the business cycle.



Ph.D. in Economics, Goethe University Frankfurt

M.S. in Quantitative Economics, Goethe University Frankfurt

B.A. in Management, Armenian State University of Economics


Courses taught

ECON385, Economic Research Seminar

 ECON320, Microeconomic Theory

ECON310, Quantitative Methods for Economists

ECON330, Macroeconomic Theory

ECON122, Principles of Macroeconomics

ECON101, Introduction to Economics


Awards and honors

 DAAD (Deutscher Akademischer Austauschdienst) scholarship, 2015-2016

Deutschlandstipendium (“Germany scholarship”), 2014-2015

Grigor Artzruni Award for the second best paper, Armenian Economic Association Annual Conference, 2013


E-mail: [email protected]

Phone: +37460 612624

Office location: 234W(PAB)

Sevak Alaverdyan, Ph.D.
Assistant Professor
Sevak Alaverdyan, Ph.D.Assistant Professor

Dr. Sevak Alaverdyan received his Ph.D. degree in Economics from Bielefeld Graduate School of Economics and Management (BiGSEM) of Bielefeld University (Germany). Dr. Sevak Alaverdyan has served as an adjunct lecturer at the American University of Armenia since 2018. Currently, he is an Assistant Professor at the Manoogian Simone College of Business and Economics and a Teaching Fellow at CERGE-EI Prague. His research interests are primarily in the areas of Labour Economics and Job Search and Matching Theory. Prior to joining AUA, he completed multiple teaching and research projects for regional offices of WHO and CDC, Ministry of HTI of RA, etc.



Ph.D. in Economics from Bielefeld University, Bielefeld, Germany

MA in Economics from School of Economics at TSU, Tbilisi, Georgia 

MA in Economics and Management Enterprises from State Engineering University of Armenia

BA in Economics and Management Enterprises from State Engineering University of Armenia


Courses taught

ECON 342 – Labor Economics

ECON 318 – Advanced Econometrics I

MGMT 300 – Quantitative Tools for Management

MGMT 325 – Business Analytics

BUS 109 – Business Mathematics 1

BUS 209 – Business Mathematics 2

BUS 295 – Research Methods

HHM 350 – Basic Quantitative Tools



Alaverdyan, Sevak, and Anna Zaharieva. “Immigration, social networks and

occupational mismatch.” Economic Modelling (2022): 105936.

Usmanova, Ruzilya, Nargiza Parpieva, Hayk Davtyan, Olga Denisiuk, Jamshid Gadoev,

Sevak Alaverdyan, Kostyantyn Dumchev, Irina Liverko, and Barno Abdusamatova.

“Treatment Compliance of Multidrug Resistant Tuberculosis in Uzbekistan: Does

Practice Follow Policy?.” International Journal of Environmental Research and Public

Health 18, no. 8 (2021): 4071.

Turaev, Laziz, Ajay Kumar, Dilyara Nabirova, Sevak Alaverdyan, Nargiza Parpieva, and

Barno Abdusamatova. “Universal Access to Xpert MTB/RIF Testing for Diagnosis of

Tuberculosis in Uzbekistan: How Well Are We Doing?.” International Journal of Environmental Research and Public Health 18, no. 6 (2021): 2915.

Nabirova, Dilyara, Ryszhan Taubayeva, Ainur Maratova, Alden Henderson, Sayagul

Nassyrova, Marhzan Kalkanbayeva, Sevak Alaverdyan et al. “Factors Associated with

an Outbreak of COVID-19 in Oilfield Workers, Kazakhstan, 2020.” International Journal

of Environmental Research and Public Health 19, no. 6 (2022): 3291.

Khushvakhtov, Shodmon, Hayk Davtyan, Sevak Alaverdyan, Anthony Harries, Olim

Kabirov, Shahnoza Azamova, Firuza Sharipova, Safarkhon Sattorov, and Asliddin

Rajabov. “Scale-up and impact of digital and molecular diagnostic technologies on TB

diagnosis and timely linkage to care in Tajikistan.” The Journal of Infection in

Developing Countries 15, no. 09.1 (2021): 58S-65S.

Sayfutdinov, Zayniddin, Ajay Kumar, Dilyara Nabirova, Jamshid Gadoev, Laziz Turaev,

Sanjar Sultanov, Sevak Alaverdyan, and Nargiza Parpieva. “Treatment Outcomes of

Isoniazid-Resistant (Rifampicin Susceptible) Tuberculosis Patients in Uzbekistan,

2017–2018.” International Journal of Environmental Research and Public Health 18, no.

6 (2021): 2965.

Zhdanova, Elena, Olga Goncharova, Hayk Davtyan, Sevak Alaverdyan, Aelita Sargsyan,

Anthony D. Harries, and Bolot Maykanaev. “9-12 months short treatment for patients

with MDR-TB increases treatment success in Kyrgyzstan.” The Journal of Infection in

Developing Countries 15, no. 09.1 (2021): 66S-74S.


E-mail: [email protected]

Phone: +37460 612611

Office location: 209W(PAB)

Sevag Agop, PhD.
Assistant Professor
Sevag Agop, PhD.Assistant Professor

Dr. Sevag Agop has served as an adjunct lecturer at the American University of Armenia since

  1. He has extensive experience in teaching mathematics and economics in Armenia, Italy,

and Syria. His main research interests are macroeconomic models that incorporate

microfoundations. He has developed DSGE models with financial frictions, and currently is

working on CGE models that can be implemented for policy analysis in Armenia.



PhD in Economics, Catholic University of Milan

MS in Economics, American University of Armenia

MS in Mathematical Analysis, University of Aleppo

BS in Mathematics, University of Aleppo


Courses taught:

Econ 310 – Economic Statistics

Econ 311 – Econometrics

Econ 315 – Financial Econometrics and Time Series Analysis

BUS 110 – Applied Statistics


Areas of research and teaching specialization:

Areas of research: Macroeconomics, DSGE Models, CGE Models.

Areas of teaching: Macroeconomics, Microeconomics, Econometrics, Statistics, Mathematics.


Research projects:

Building Computable General Equilibrium Model of Armenia (with Gurgen Aslanyan).

Loan Defaults in Endogenous Firm Entry Framework.

Sunk Costs and Endogenous Firm Entry: Borrowing From Imperfect Banks.

New-Keynesian Philips curve with Bertrand competition and endogenous entry in a small open

economy (with Gayane Barseghyan).


Awards and honors:

Grigor Artzruni Award, Armenian Economic Association 2017

​​Bassel Academic Prize, University of Aleppo, 2005- 2006- 2007.


E-mail: [email protected]

Phone: +37460 61 2646

Office Location: 210W (PAB)

Narek Ohanyan
Assistant Professor
Narek OhanyanAssistant Professor

Narek Ohanyan joined the American University of Armenia as an adjunct lecturer in 2016, teaching in the Bachelor of Arts in Business (BAB) and Master of Science in Economics (MSE) programs. He also worked in the Financial system forecasting division at the Central Bank of Armenia and received a Letter of Appreciation from the Chairman of the Central Bank of Armenia for his research performance.

Narek Ohanyan’s experience encompasses consulting services to the World Bank and Asian Development bank in the areas of poverty and targeting of social security programs in Armenia, opportunities of inclusive growth in Armenia and economic opportunities associated with Armenia’s entry into the Eurasian Economic Union.

Currently, he is a Ph.D. candidate at Universitat Pompeu Fabra, Barcelona, Spain.



MRs in Economics, Finance and Management, Universitat Pompeu Fabra

M.S. in Economics and Finance, Barcelona School of Economics

M.S. in Economics, American University of Armenia

B.S. in Finance, Gavar State University


Courses taught:

Econ 315 – Time Series Analysis and Financial Econometrics

Econ 340 – International Trade

Econ 311 – Econometrics I

Bus 110 – Applied Statistics


Areas of research and teaching specialization:

Areas of research: macroeconomics, monetary economics, time-series econometrics

Areas of teaching: macroeconomics, international economics, econometrics, statistics


Research projects:

Financial Dollarization and Equilibrium Determinacy

Imperfect Information and the Uncertainty Channel of Monetary Policy

Monetary Policy in an Open Economy: the Role of Financial Dollarization


Published research:

Measuring Monetary Policy: Rules Versus Discretion, co-authored  with A. Grigoryan, Empirical Economics 61, pp. 35-60, 2021


Awards and honors:

Best Paper Prize, Armenian Economic Association, 2016, 2017

Letter of Appreciation, Central Bank of Armenia, 2016


Personal website:

E-mail: [email protected]

Phone: +37460 612646

Office location: 210W (PAB)


Dmitriy Kha, Ph.D.
Adjunct Lecturer
Dmitriy Kha, Ph.D.Adjunct Lecturer

Faculty member’s name: Dmitriy Kha

Contacts (E-mail, telephone): [email protected]

Office hours and room: By appointment via email. 223W (PAB)

Short bio-career description of the faculty member:

Dr. Dmitriy Kha joined the AUA College of Business and Economics in 2017, teaching Applied Statistics and Introduction to Econometrics courses to BAB students. Dr. Kha has over 20 years of teaching experience at various international institutions around the world.  He played a key role in developing the International School of Economics in 2010-2014, a joint program run by the London School of Economics and Kazakh-British Technical University in Kazakhstan.

Education and Degrees:

  • Dmitriy Kha, Ph.D. Suffolk University, 2010

CV: Download

Courses taught:

  • BUS 110 Applied Statistics
  • ECON 224 Introduction to Econometrics
  • BUS 234 Market Structure and Strategy


  • Education: Teach with an emphasis on application.
  • Outreach: Reach out to each student regardless of the educational background; motivate students even through the admissions process.
  • Research: Actively work with the students on research papers that can be eventually published.

Areas of specialization:

  • Political Economy, Marriage Economics

Projects and researches conducted:

Title of the research/projects Field/ Disciplines Partners and collaboration



“Three-Candidate Spatial Competition When Candidates Have Valence: Stochastic Voting” (with Haldun Evrenk), Public Choice, June 2011, Volume 147, Issue 3-4, pp. 421-438.


Vahe Movsisyan, PhD
Adjunct Lecturer
Vahe Movsisyan, PhDAdjunct Lecturer

Dr. Movsisyan joined AUA in 2013. He started his professional career at the Central Bank of Armenia (CBA) and worked at the Monetary Police Department (2005-2006), Statistics Department (2007-2015), and Economic Research Department (2015-2020) and left CBA in 2020. He has been a member of the International Statistical Institute (ISI) and the International Association of Survey Statisticians (IASS) for 5-6 years. Dr. Movsisyan is a co-founder of Datamotus LLC, a company that provides Data mining and statistical analysis services.

Higher Education

2007, PhD in Economics

Moscow State University of Economics, Statistics and Informatics (MESI)

2004, Diploma in Economics

Armenian State Institute of Economics

Courses taught:

  • BUS 110 – Applied Statistics
  • BUS 50 – Pre-term Quantitative Methods
  • BUS 320 – Data Analysis for Business Decisions
  • BUS 321 – Data Mining for Business
  • ECON 310 – Economic Statistics
  • ECON317 – Data Scraping
  • CS 107 – Probability
  • CS 108 – Statistics
  • DS 110 – Statistics 2


  1. Accuracy of Expectations in Business Surveys

Martin Galstyan and Vahe Movsisyan, Central Bank of Armenia

2017 61st ISI World Statistics Congress, Marrakech, Morocco:


  1. Economic Policy Uncertainty for Armenia

Armenian Economic Association 2018 annual Conference, June 15, 2018.


  1. The Relationship between Education and the Dimensions of Social Capital in Armenia

Vahe Movsisyan, Central Bank of Armenia

Social Capital: Definitions, Applications, Cultural contexts: CRRC-Armenia 2013 Conference on Social Capital Proceedings, 6 June 2013. (pp 26-39)


  1. Social Engagement in Armenia

Vahe Movsisyan, Central Bank of Armenia

Caucasus Research Resource Centers (CRRC) – Armenia: A program of Eurasia Partnership Foundation, Yerevan, December 24, 2012.


  1. Quantification of qualitative data: the case of the Central Bank of Armenia

Martin Galstyan and Vahe Movsisyan, Central Bank of Armenia

IFC Bulletin No 33, The IFC’s contribution to the 57th ISI Session, Durban, July 2010.


  1. Consumer Confidence Survey in Armenia

Martin Galstyan and Vahe Movsisyan, Central Bank of Armenia

IFC Bulletin No 30: The use of surveys by central banks, July 2009.


Research database ID:

Office location: 335W/PAB

Office hours: By appointment

Bahareh Teimouri, Ph.D.
Adjunct Lecturer
Bahareh Teimouri, Ph.D.Adjunct Lecturer

Dr. Bahareh Teimouri has been an adjunct lecturer at the American University of Armenia since January 2022. Prior to this, she was an economic consultant in the United States and an adjunct lecturer at the Graduate School USA, where she taught macroeconomics and econometrics to federal government employees. She holds a Ph.D. in economics from the University of Isfahan and a track record of peer-reviewed publications in leading Iranian economic journals. She also served as the deputy chairperson/career networking chairperson of the International Monetary Fund Family Association in the United States.



Ph.D. in Economics, University of Isfahan, Iran

M.S. in Economic Systems Planning, Isfahan University of Technology, Iran

B.S. in Economics, University of Isfahan, Iran


Courses taught:

Introductory Econometrics


ECON315 Financial Econometrics and Time Series Analysis


Areas of research and teaching specialization:

Areas of research: long-run structural macroeconometrics modeling, global vector autoregressive

modeling (GVAR), international economics and trade.

Areas of teaching: Introductory Econometrics, Macroeconomics, Time Series Analysis


Published research:

Teimouri B. and M. Sameti (2012). “A Long Run Structural Macroeconometrics Model for Iran.” Iranian. Journal of Economic Research, 17(50), pp. 99-137, Allame Tabatabaei University, Iran.

Teimouri B., Sameti M., Shajari H., and M. Sameti (2011), “Analyzing the Dynamic Impacts of Shocks in a Long-run Structural Macroeconometrics Model of Iran”, Journal of Iranian Economic Review (Tahghighat- E- Eghtesadi), 46(2), pp. 103–30. Tehran University, Iran.

Raissi M. and B. Teimoori (2006). “The Impact of Integration on International Trade Flows: The Cases of EU, OIC & ECO”, Journal of Iranian Economic Review, 11(16), pp. 111–27, Tehran University, Iran.

Emadzadeh M., Azani M., and B. Teimouri (2004). “Analyzing the Effective Demand for Housing in Iran”, Quarterly Review of Economic Research and Policies, 12(1), Ministry of Economic Affairs and Finance, Iran.


Research Grants:

Measuring the Extent of Job Creation from Information and Communication Technology in Iran.Sponsored by Iran Telecommunication Research Centre, Iran.

Enhancing Job Creation in Different Economic Sectors in Esfahan Province, Sponsored by Budget and Planning Office, Iran.

Optimizing Production, Distribution and Consumption of Bread in Iran, Sponsored by Management and Planning Organization, Iran.


E-mail: [email protected]

Phone: +37460 61 2614

Office location: 230W (PAB)

Lev Lvovskiy, Ph.D.
Adjunct Lecturer
Lev Lvovskiy, Ph.D.Adjunct Lecturer

Dr. Lev Lvovskiy has served as a senior research fellow at the Belarusian Research and Outreach Center (BEROC) since 2017. He is currently a CERGE-EI teaching fellow and has taught in BEROC undergraduate and graduate programs as well as at the European Humanitarian University and a number of special interest courses, such as Economics for Journalists school. 

He holds a doctoral degree from the University of Iowa. 



Ph.D. in Economics, University of Iowa 

M.A. in Applied Mathematics, PSTU

B.A. in Applied Mathematics, PSTU


Areas of research and teaching specialization:

Areas of research: macroeconomics, labor economics, gender economics, demographic economics

Areas of teaching: Introduction to Macroeconomics, Introduction to Microeconomics, Introduction to Statistics, Advanced Econometrics, Labor Economics


Research projects:

Gender Inequality under Laissez-faire Covid-19: Case of Belarus (with K. Bornukova)

Laissez-faire COVID-19: Economy and Society in Belarus Under Government Denial (with K. Bornukova)

Mind The Gap: What Explains Changes in Relative Timing of Marriage and Fertility?

Does Gender Composition Matter for Team Performance? Evidence from Trivia Game (with K. Bornukova)

Why Do Corporate PACs Give So Little Money to Politicians? (with V. Fedaseyeua)

ART vs Abortion: Explaining Trends in Child Adoption.

Accounting for Marriage In a Model of Indirect Income Uncertainty Inference.

On the Uniqueness of Dynamic Non-Stationary Marriage Matching Equilibrium.

The Effect of Viagra on Remarriage Rates.


Email: [email protected]

Phone: +37460 61 2646

Office location: 210W (PAB)

David Rosenfeld
Adjunct Lecturer
David RosenfeldAdjunct Lecturer

David Rosenfeld is an experienced economist and data scientist in the UK and international public sector, including managerial roles. His expertise spans real-time economic monitoring, macroeconomics, global economics, science and innovation, and development. He is proficient in R and SQL and has some familiarity with Python. In addition to native fluency in English and French, Rosenfeld is fluent in Portuguese and Spanish and has intermediate proficiency in Russian.



M.S.. in Data Science, Barcelona Graduate School of Economics

M.S. in Economics , London School of EconomicsB.A. in Economics and Politics, University of Sussex

B.A. in Economics and Politics, University of Sussex


Courses taught

ECON319, Data Analytics


E-mail: [email protected]

Phone: +37460 612628

Office location: 229W(PAB)


Dr Tomáš Lichard, Ph.D
Adjunct lecturer
Dr Tomáš Lichard, Ph.DAdjunct lecturer

Dr Tomáš Lichard has served as an adjunct lecturer at the American University of Armenia since 2023. Currently, he is an assistant professor at the Faculty of Informatics and Statistics of the Prague University of Economics and Business, and a CERGE-EI Teaching Fellow. Dr Lichard’s area of research is empirical public and labor economics, and applied microeconomics. He has also served as an expert in the public sector, such as the Ministry of Labor and Social Affairs of the Czech Republic, and as an OECD local expert. As a researcher, he has been affiliated with the University of Pennsylvania and the Czech Academy of Sciences. 

He holds dual doctorate degree from the Charles University in Prague and the University of the State of New York.



  • PhD  in Economics, CERGE-EI and Charles University
  • MA in Economics, CERGE-EI
  • MSc in International Relations, University of Economics in Bratislava

Areas of research and teaching specialization

Areas of research: Public Economics, Labor Economics, Applied Microeconometrics
Areas of teaching: Quantitative Methods in Economics, Microeconomics, Development Economics, Public Economics

Current Research projects:

Firm Responses to Corporate Income Tax Minimums: New Evidence From Tax Records in Slovakia (with Ján Palguta, Jaroslav Bukovina, and Branislav Žúdel)
Effects of Tax Designation Mechanism on Tax Compliance: An Experimental Study  (with Luboš Cingl and Tomáš Miklánek)
Every Vote Counts: Evidence on Corruption Culture Peer Effects from Representatives’ Voting Attendance
Labor Markets in Central Europe in Challenging Times

Selected publications:

Lichard, T., Pertold F., & Škoda, S. Do Women Face Glass Ceiling at Home? The Division of Household Work Among Dual-earner Couples, The Review of Economics of the Household, 19, 1209–1243 (2021).
Lichard, T., Hanousek, J. & Filer, R.K. Hidden in Plain Sight: Using Household Data to Measure the Shadow Economy, Empirical Economics, 60, 1449–1476 (2021).
Filer, R.K., Hanousek, J., Lichard, T., & Torosyan, K. (2019). ‘Flattening’ the Tax Evasion: Evidence from the Post- Communist Natural Experiment, Economics of Transition and Institutional Change, 27 (1), 223-246 (2019).
Lavička, H., Lichard, T., & Novotný, J. (2016). Sand in the Wheels or the Wheels in Sand? Tobin Taxes and Market Crashes, International Review of Financial Analysis, 47, 328-342 (2016).


E-mail: [email protected]

Phone: +37460 61 26 11

Office location:

Azamat Valei, Ph.D
Adjunct lecturer
Azamat Valei, Ph.DAdjunct lecturer


Azamat Valei is an Adjunct Assistant Professor. He has taught various courses in Microeconomics, Industrial Organization, Innovation Economics, and Game Theory in Russian and Czech universities. His PhD dissertation was devoted to the economic effects of advertising in markets with search friction and consumption externalities.


PhD in Economics – CERGE-EI, Charles University in Prague (2017)

MA in Economics and Econometrics – CERGE-EI (2010)

BA in Economics – Ural State University (2008)

Courses Taught

ECON 221 – Intermediate Microeconomics; ECON 320 – Microeconomic Theory

Areas of Research and Teaching Specialization, Applied Microeconomics, Industrial Organization, Information Economics, and Voting Theory. 

Current Research Projects

Vorobyev, D., Valei, A., & Matveenko, A. (2023). Approval vs. Participation Quorums. University of Bonn and University of Mannheim, Germany.

Published Research

Matveenko, A., Valei, A., & Vorobyev, D. (2022). Participation quorum when voting is costly. European Journal of Political Economy, 73, 102126.

E-mail: [email protected]

Office location: 230W (PAB)

Douglas Laxton
Adjunct lecturer
Douglas LaxtonAdjunct lecturer

Douglas Michael Laxton is an adjunct lecturer. He is a Canadian economist and founder of Saddlepoint Research and The Better Policy Project. He was the Head of the Economic Modeling Division of the Research Department at the IMF before he retired from the Fund in October 2018.



MA in economics- University of Western Ontario (1981)

Bachelor of Commerce (High Honors Economics)- University of Saskatchewan (1980)

Published Books:

Laxton D., M. Galstyan, and V. Avagyan, 2024, Prudent Risk Management Approach To Monetary Policy, Central Bank of Armenia, Forthcoming.

Adrian and others, 2018, Frontiers of Monetary Policy Making, edited by T. Adrian, D. Laxton, and M. Obstfeld. 

Saccomanni, Fabrizio., and S. Romano, “Challenges for Global Macroeconomic Stability and the Role of the G7,” Proceedings of a Conference organized by IAI Rome, Macroeconomic Policy Coordination, Chapter 3, 27 and 28 March 2017 IAI Research Papers.


Published Papers:

Kostanyan A., D. Laxton, J. Romero, V. Avagyan, H. Avetisyan, M. Galstyan, E. Hovhannisyan, H. Igityan,H. Karapetyan, J. Laxton, A. Manukyan, A. Nurbekyan, A. Papikyan and N. Yeritsyan, 2023a, “FPAS Mark II Central Bank Transparency and Credibility Measures, January 2023” CBA Working Paper 2023/06, January 2023.

Laxton D. and C. Rhee, 2022a, “Reassessing Constraints on the Economy and Policy: Some Lessons from Unconventional Monetary Policy for Small Open Economies and Emerging Markets,” Economic Policy Symposium – Jackson Hole, Federal Reserve Bank of Kansas City.

Laxton D. and C. Rhee, 2022b, “Implementing Summers’ “Adversarial Collaboration” with Scenarios-Based Conventional Forward Guidance,” BoK upcoming Working Paper.

Avagyan V., H. Avetisyan, M. Galstyan, M. Gevorgyan, E. Hovhannisyan, H. Igityan, J. Gilbert, H.Karapetyan, Kostanyan A., D. Laxton, J. Laxton, A. Matinyan, A. Nurbekyan, A. Papikyan, and N. Yeritsyan, 2022a, “FPAS Mark II Monetary-Policy-Relevant Output Gaps,” Forthcoming CBA Working Paper, November 2022.


Email: [email protected]

Ella Sargsyan
Adjunct Lecturer
Ella SargsyanAdjunct Lecturer

Ella Sargsyan is an adjunct lecturer. She is a Ph.D. candidate and Junior researcher at CERGE-EI in Prague, Czech Republic. Doctor Sargsyan is an empirical economist with research interests  mainly in the field of Development Economics. She particularly studies how conflicts affect households in developing countries, exploring their social, economic, and political outcomes. Additionally, Doctor Sargsyan currently works on a project that examines the role of home production in child nutrition during the transformation crisis of the 1990s in post-Soviet countries.


Ph.D. in Economics – CERGE-EI (Center for Economic Research and Graduate

Education – Economics Institute), 2024 (expected)

Master of Arts in Economics- ISET(International School of Economics at TSU), 2016

BA and MA in Economics – Armenian State University of Economics, 2011

Courses taught:

Economic Statistics


Capstone Course

Current research projects:

Junior Researcher – CERGE-EI, 09/2018-current

Research Assistant for Vasily Korovkin – Czech Science Foundation (GACR) Grant, 2023-current

Published Research:

Sargsyan, E. (2022). Violent Conflicts and Child Gender Preferences of Parents: Evidence from Nigeria. CERGE-EI Working Paper Series, (723).

Email: [email protected]

Phone: 060 61 2600


Levon Haroyan
Adjunct lecturer
Levon HaroyanAdjunct lecturer

Levon Haroyan is an adjunct lecturer. Currently he works as an investment portfolio manager at Ardshinbank CJSC with a focus on fixed-income, derivatives, structured products and currency management. He also worked at the Central Bank of Armenia as a risk manager within the team of FX Reserves management. 



MS in Financial Mathematics – Yerevan State University, 2016-2018

BS in Actuarial and Financial Mathematics – Yerevan State University, 2014-2016


Courses Taught:

Special Topics in Finance, undergraduate

Financial Engineering, graduate

Quantitative Methods for Economists, graduate


Research Interests:

Portfolio Management, Quantitative Finance, Financial Engineering, Risk Management


Current Research Projects:

Alternative Methods of Strategic Asset Allocation, Currency Overlay


Published Research:

  1. On Some Properties of M^n Risk Measure

Proceedings of Engineering Academy of Armenia, Scientific and Technological Collected Articles, ISSN 1829-0043, XIV, Volume 4, pp.542-546 · Dec 1, 2017

  1. On Some Properties of Macaulay’s Duration

Proceedings of Engineering Academy of Armenia, Scientific and Technological Collected Articles, ISSN 1829-0043, XIV, Volume 2, pp.200-206 · Jun 1, 2017

co-authors: V.Melik-Parsadanyan, A. Galstyan

  1. Informational Efficiency of Armenian Treasury Bond Market

Yerevan State University, Faculty of Economics and Management, Current Economic Problems 5th International Conference of Students, Postgraduates and Young Scientists, Proceedings, ISSN 1829-4987, pp. 256-262 · Jan 1, 2017

  1. An Approximation of Internal Rate of Return with Spot Rates

Proceedings of Engineering Academy of Armenia, Scientific and Technological Collected Articles, ISSN 1829-0043, XIII, Volume 4, pp.426-431 · Dec 1, 2016

co-author: V.Melik-Parsadanyan




Narine Yegoryan
Adjunct lecturer
Narine YegoryanAdjunct lecturer


Dr. Narine Yegoryan is an adjunct lecturer. She is also a postdoctoral research assistant at the Institute of Marketing at Humboldt University Berlin and a member of the Collaborative Research Center (CRC) Rationality and Competition, funded by the German Research Foundation. Her research expertise lies at the intersection of quantitative marketing and behavioral economics. She studies behavioral biases, especially consumer inattention, and their impact on consumer behavior and quantitative approaches to accommodating these in consumer choice models. Alongside her research, Dr. Yegoryan has taught a range of courses at Humboldt University Berlin since 2014 and achieved a finalist status for the Humboldt Prize for Excellence in Teaching in 2022 for her course “Customer Analytics and Customer Insights.” She has also shared her expertise at summer schools in Armenia and Cuba.


Dr.rer.pol. Business Administration – Humboldt University Berlin (Germany), 2020

M.Sc. in Economics and Management – Humboldt University Berlin (Germany), 2014

Master’s degree in Economics – Yerevan State University (Armenia), 2010

Bachelor’s degree in Economics (with honors) – Yerevan State University (Armenia), 2008


Research interests:

Quantitative Marketing, Marketing Research, Customer Analytics, Choice Modeling, Inattention, Choice Experiments


Current Research Projects:

Yegoryan, N., Guhl, D., and Paetz, F. (2023). When Zeros Count: Confounding in Preference Heterogeneity and Attribute Non-Attendance, working paper.

Published Research:

Dowling, K., Guhl, D., Klapper, D., Spann, M., Stich, L., and Yegoryan, N.(2020). Behavioral Biases in Marketing. Journal of the Academy of Marketing Science, 48(3), 449-477.

Yegoryan, N., Guhl, D., and Klapper, D. (2020). Inferring Attribute Non-attendance Using Eye Tracking in Choice-based Conjoint Analysis. Journal of Business Research, 111, 290-304.