Hayk Kamalyan
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CBE Assistant Professor Dr. Hayk Kamalyan Publishes in Economics Letters

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YEREVAN, Armenia — American University of Armenia (AUA) Manoogian Simone College of Business and Economics (CBE) Assistant Professor Dr. Hayk Kamalyan has published his study on “Data Revisions and the Effects of Monetary Policy Volatility’’ in Economics Letters.

Economics Letters is a scholarly peer-reviewed journal of economics dedicated to publishing concise communications (letters), thereby serving as a channel for rapid and efficient dissemination of new research findings, models and methods in all subfields of economics. Thus, the journal aims to be a valuable source of specialist literature.

In the article, Dr. Kamalyan quantifies the role of data revisions in estimating the impact of monetary policy-induced volatility on business cycle fluctuations. To that end, he constructs real-time and final data-based measures of policy volatility. The results suggest that the effects of both measures are qualitatively similar. However, the impact of real-data volatility on output is lower than that of final data volatility. These research findings suggest that the business cycle implications of policy-induced volatility, found in the literature, are possibly overstated.

“Improperly accounting for data revisions may lead to a distorted picture of the impact of policy-induced volatility on the economy,” says Dr. Kamalyan.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate, graduate, and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.