DILIJAN, Armenia — On November 21, 2025, the American University of Armenia (AUA) and the Central Bank of Armenia (CBA) held their annual joint workshop at the CBA Training and Research Center, which also serves as the home of AUA’s Master of Science in Economics (MSE) program. The event became a vivid demonstration of how the University’s academic pipeline is actively informing and shaping Armenia’s economic strategy.
Although the agenda included topics ranging from monetary policy shocks to behavioral economics, the most notable aspect of the day was the roster of speakers. Every presenter was connected to the MSE ecosystem: current faculty members, distinguished alumni, and researchers now contributing directly to the Bank’s policy efforts. This collective presence underscored the depth and maturity of the partnership between AUA and the CBA.
The workshop opened with remarks by Armen Nurbekyan, deputy governor of the CBA, and Dr. Vache Gabrielyan, dean of the AUA Manoogian Simone College of Business and Economics. Both emphasized that the AUA-CBA collaboration has become a fully developed talent pipeline, bridging academic preparation with real-world policy needs and producing tangible outcomes for the country.
Throughout the day, sessions moved seamlessly from theory to application. Dr. Vardan Baghdasaryan, associate professor at AUA, discussed the nuances of policy design in his talk on “Nudging to Pay,” while Naneh Hovanessian, lead researcher at the CBA, presented a timely evaluation of Armenia’s Pensioner Cashback Policy, illustrating how empirical research can directly influence the everyday lives of citizens.
Questions of trust and financial behavior were also at the forefront. Dr. Gayane Barseghyan, chair of AUA’s B.A. in Business program, explored how public confidence in monetary authorities shapes saving and spending decisions, and Mane Pirumyan examined dollarization patterns in Armenia through her presentation, “When Deposits Run Without a Run,” shedding light on household responses to recent economic shocks.
Other sessions highlighted the importance of rigorous data and evidence-based policymaking. Dr. Hayk Kamalyan, chair of AUA’s B.S. in Economics program, analyzed the link between education levels and financial literacy, Artyom Ghazaryan presented a technical look at identifying monetary policy shocks, and Douglas Campbell invited participants to reflect on research reliability in his discussion on the reproducibility of American Economic Review studies.
Between presentations, conversations flowed over coffee and lunch, as students, policymakers, and faculty exchanged ideas and debated findings. For the MSE students in attendance, the workshop offered a rare and meaningful glimpse into their potential future careers, demonstrating just how close a classroom in Dilijan is to the center of national economic decision-making.
By the end of the day, one message stood out clearly: AUA’s MSE program is not only training economists, but contributing directly to the economic future of Armenia. Through its partnership with the CBA, the program continues to prove that academic rigor and policymaking can reinforce one another in powerful and lasting ways.
To learn more about the MSE program and its ongoing collaboration with the CBA, please visit cbe.aua.am.
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 and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.
