Award Ceremony of the Laureates of the Economic Research Competition for Students and PhD Fellows
The Award Ceremony of the laureates of the Second Economic Research Competition for Students and PhD Fellows took place at the Bank of Russia.
The Competition organized by the Bank of Russia and the RJMF is intended to support scholarly economic research in the universities and give an opportunity to young researchers to share their views and findings.
Elvira Nabiullina, Governor of the Bank of Russia, presented certificates to the participants. Nowadays central banks increasingly depend on the research, their policy efficiency – especially in the long-run perspective – strongly depends on the quality of research, forecasting, and understanding of interaction of different factors, the Governor mentioned.
‘That is why it is very important for us, as well as for central banks in other countries, to constantly engage more researchers in studying the central bank issues. We would like to cooperate with you and hear your critics. The main thing is that we speak a common language’, Elvira Nabiullina said.
Greeting the winners and the finalists of the Conpetition, Ksenia Yudaeva, First Deputy Governor of the Bank of Russia, Chief Editor of Russian Journal of Money and Finance, noted the high quality of the finalists’ papers.
‘We are glad to see more and more young economists who provide good researches. We [at the Bank of Russia] has probably the best, though not the biggest, research center for macroeconomics in the country. It is good when the best experts join our team. Нowever, if you join the academic society, it will be a great achievement as well. We appreciate the community that share the knowledge, thus not only rising the research level, but also improving the policy efficiency’, Ksenia Yudaeva said.
The First, Second, and Third Prize winners received the unique opportunity to take part in the Bank of Russia economic conferences.
Filipp Prokopev, First Prize Winner, presented his work at the Bank of Russia and New Economic School International Research Workshop that took place on 7 October 2021. Victor Postonogov, Second Prize Winner, and Sofya Kolesnik, Third Prize Winner, were invited to participate in the Bank of Russia and the RJMF research workshops in October and November 2021.
The editorial team of the RJMF congratulates the winners and finalists.
 |
First Prize: Filipp Prokopev HSE/NES Programme in Economics, 2021 ’Balance Sheet Channel of Monetary Policy: Evidence from Credit Spreads of Russian Firms’ |
| “I study interconnection of the credit spreads and monetary policy shocks. According to the theory of financial market frictions, the bigger the company’s capital is, the less premium it will have to pay for the external funding. The theory of balance sheet channel of monetary policy suggests that monetary shocks affect the company’s capital, particularly through the bonds interest payments. In sum, the two theories predict that the premium for external funding of a more leveraged company will be more sensitive to the monetary policy changes. However, the results obtained in this paper do not confirm this hypothesis”. | |
|
|
|
First Prize: Filipp Prokopev HSE/NES Programme in Economics, 2021 ’Balance Sheet Channel of Monetary Policy: Evidence from Credit Spreads of Russian Firms’ “I study interconnection of the credit spreads and monetary policy shocks. According to the theory of financial market frictions, the bigger the company’s capital is, the less premium it will have to pay for the external funding. The theory of balance sheet channel of monetary policy suggests that monetary shocks affect the company’s capital, particularly through the bonds interest payments. In sum, the two theories predict that the premium for external funding of a more leveraged company will be more sensitive to the monetary policy changes. However, the results obtained in this paper do not confirm this hypothesis”. |
 |
Second Prize: Victor Postonogov NES, 2021 ‘Analysis of the Role of Commodity Terms of Trade News Shocks for Emerging Economies Business Cycle: Bayesian Inference on the SVMA Data Representation’ |
| “My research focuses on the developing economies – Argentina, Brasil, Chile, and Columbia, who export restricted number of goods, which have big weight in their GDP. I show that trade conditions shocks appear to be an important determinant of the fluctuations of business cycles in these countries and can explain on average 75% of the fluctuations. The methodology I use in my research has never been used in any relevant work before, so my results could be of high value for researchers when analysing macroeconomic interconnections, especially for resource dependent developing economies”. | |
|
|
|
Second Prize: Victor Postonogov NES, 2021 ‘Analysis of the Role of Commodity Terms of Trade News Shocks for Emerging Economies Business Cycle: Bayesian Inference on the SVMA Data Representation’ “My research focuses on the developing economies – Argentina, Brasil, Chile, and Columbia, who export restricted number of goods, which have big weight in their GDP. I show that trade conditions shocks appear to be an important determinant of the fluctuations of business cycles in these countries and can explain on average 75% of the fluctuations. The methodology I use in my research has never been used in any relevant work before, so my results could be of high value for researchers when analysing macroeconomic interconnections, especially for resource dependent developing economies”. |
 |
Third Prize: Sofya Kolesnik Lomonosov Moscow State University ‘Modelling the Consequences of Unconventional Monetary Policy Measures in the Conditions of a Heterogeneous Composition of a Monetary Union’ |
| “My paper examines the impact of the ECB stimulating unconditional monetary policy on the output and inflation in the Eurozone. Using a model, which considers cross-country interrelation, I evaluate the heterogeneity of the impact and find out that it depends on each country’s level of integration in commodity and financial markets. I also show that the efficiency of the ECB deflation control policy has been underestimated, since it’s mostly determined by indirect effects, i.e. spread of the monetary shocks through trade and financial interconnections with the largest economies of the EU”. | |
|
|
|
Third Prize: Sofya Kolesnik Lomonosov Moscow State University ‘Modelling the Consequences of Unconventional Monetary Policy Measures in the Conditions of a Heterogeneous Composition of a Monetary Union’ “My paper examines the impact of the ECB stimulating unconditional monetary policy on the output and inflation in the Eurozone. Using a model, which considers cross-country interrelation, I evaluate the heterogeneity of the impact and find out that it depends on each country’s level of integration in commodity and financial markets. I also show that the efficiency of the ECB deflation control policy has been underestimated, since it’s mostly determined by indirect effects, i.e. spread of the monetary shocks through trade and financial interconnections with the largest economies of the EU”. |
Finalists:
|
Alexander Ermilov HSE, International College of Economics and Finance ‘Strategic Trading with Uncertain Level of Competition’ |
|
|
|
Alexander Ermilov HSE, International College of Economics and Finance ‘Strategic Trading with Uncertain Level of Competition’ |
|
Alexey Kipriyanov HSE, International College of Economics and Finance ‘Comparison of Models for Growth-at-Risk Forecasting’ |
|
|
|
Alexey Kipriyanov HSE, International College of Economics and Finance ‘Comparison of Models for Growth-at-Risk Forecasting’ |
|
Elena Ledenyova Lomonosov Moscow State University ‘The Impact of Monetary Policy Transparency on the Effectiveness of Inflation Targeting’ |
|
|
|
Elena Ledenyova Lomonosov Moscow State University ‘The Impact of Monetary Policy Transparency on the Effectiveness of Inflation Targeting’ |
|
Timur Magzhanov Lomonosov Moscow State University ‘Econometric Estimation of Inflation Costs in Russia’ |
|
|
|
Timur Magzhanov Lomonosov Moscow State University ‘Econometric Estimation of Inflation Costs in Russia’ |
|
Dmitry Petrov NES ‘Introduction of Evening Trading Session on the Moscow Exchange, a Case Study’ |
|
|
|
Dmitry Petrov NES ‘Introduction of Evening Trading Session on the Moscow Exchange, a Case Study’ |
|
Yulia Poltaranina Tomsk State University ‘Estimation of the Activity of Stock Markets Traded in Russian On-Exchange Trading’ |
|
|
|
Yulia Poltaranina Tomsk State University ‘Estimation of the Activity of Stock Markets Traded in Russian On-Exchange Trading’ |
|
Anastasia Yaschenko HSE ‘Manipulation Detection in the Bitcoin Market’ |
|
|
|
Anastasia Yaschenko HSE ‘Manipulation Detection in the Bitcoin Market’ |