• Recent Bard economics alums (Juan Bages, Stergios Mentesidis, Ahnaf Khan and Nicolai Eddy) sharing their experiences with current students at a career advising panel organized by alumni and the Career Development Office at Morningstar, World Trade Center, NYC  Sept 2017
  • Simon Simoski '17 presenting his research on household-debt driven growth.  In the fall, he will join the Masters program at the Levy Institute at Bard.
  • Professors Mike Martell, Ani Mitra and Sanjay DeSilva at the annual picnic - May 2017
  • Prof. Pavlina Tcherneva with students at the annual program picnic - May 2017
  • Prof. Olivier Giovannoni, Nathan Reece and Arielle Weiner-Bronner discussing their research poster at the Bard Summer Research Institute 2014.
  • Eva-Marie Quinones '17 (joint economics and global and international studies major) presenting her research on economic factors that enabled the spread of far-right political parties in Western Europe. She will proceed to the Ph.D. program in political science at Yale this fall.
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Tuesday, January 29, 2019

The Forgotten Lands: A Comparative Analysis of Transition Economies

Liudmila Malyshava
Visiting Instructor of Economics, Siena College When the Soviet Union collapsed in the early 1990s, mainstream economists blamed centralized planning and state ownership of the means of production, advising the newly independent economies to embrace a system of free markets and private ownership. While some countries were able to weather the institutional shocks of change with minimal spillover effects, others remained desperately poor. The unsuccessful countries remained stuck in the “transition trap” even after the imposition of supposedly efficient and self-regulating free market reforms.
This inquiry suggests that the transition process of the former USSR economies has been constrained by the existing institutional organization and stagnating technological progress, the improvement of which requires structural reforms targeted at the dynamic transformation of production structures with conducive macroeconomic conditions and financial stability. To this purpose, the analysis explores the relationship between problems inherent in the physical production process of a soviet-style economy, the underdevelopment of the financial sphere, and disparities in economic structures. The interconnectedness of these problems often remains overlooked by policy makers and encourages policy mismatch. The paper then concludes that there is a need for structural reforms aimed at transforming input allocation to increase productivity, economic growth, and export competitiveness. Olin, Room 102 

Monday, January 28, 2019

Recovery from Financial Crises in Peripheral Economies, 1870–1913

Peter Bent
Assistant Professor of Economics
The American University of Paris What drives recoveries after financial crises? Bent addresses this question for the 1870–1913 “first era of globalization,” a period when international economic integration meant that terms of trade movements could have significant national-level impacts, but before governments were engaged in widespread economic management. Protectionism was one of the few economic policy options available at this time. The impacts of these two factors—terms of trade and tariff rates—over this period have been studied before. But previous studies have not looked specifically at how these factors influenced recoveries from financial crises. Bent finds that tariff shocks had a positive impact on GDP in post-crisis periods, while terms of trade shocks had a slightly negative impact. The tariff results are especially pronounced in temperate economies. Overall, this suggests that national governments, through trade policies, played a more significant role in shaping economic outcomes during this period than is typically recognized. Olin, Room 102