Inquiries on Translating Research Findings in Data Analysis, Economics, and Public Policy Strategy into Practical Applications in the Realm of Reality
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In the heart of Armenia, the Central Bank of Armenia is spearheading a significant shift in policymaking, with Director Gevorg Minasyan at the helm. Minasyan, a graduate of the MITx MicroMasters Program in Data, Economics, and Design of Policy (DEDP), has brought a new approach to policymaking, one that emphasises evidence-based decision-making and continuous learning.
Minasyan's transformation began with the DEDP program, which he found to be highly impactful. The program honed his technical and analytical skills, providing him with tools directly applicable to real economic and policy challenges faced by Armenian firms. But more significantly, it instilled a mindset oriented towards evidence-based decision-making, emphasising openness to questioning assumptions, transparency about uncertainty, and using data to challenge intuition.
This mindset shift, rather than just tool application, has been critical in developing effective policy design through continuous learning from implementation feedback loops. For instance, Minasyan, inspired by a course like 14.760 (Firms, Markets, Trade, and Growth), developed a similar course at the American University of Armenia, integrating program insights into local firm performance research.
Minasyan's commitment extends beyond enhancing his own skills. He is working on building internal capacity, rethinking how research informs policy, and fostering partnerships that promote a culture of data-driven decision-making. He is leading the effort to scale evidence-based decision-making across a broader ecosystem of public institutions in Armenia.
The shift towards embedding a stronger feedback culture in policymaking requires more experimentation, piloting, and iteration before committing to large-scale rollouts of public programs. To this end, the Central Bank of Armenia recently collaborated with J-PAL Europe to co-design and host a policy design and evaluation workshop.
The goal is to institutionalise the use of policy evaluation as a standard practice in Armenia. Minasyan's role is critical in shaping real-world policy in Armenia, particularly in the national push toward a cashless economy. His work is not just about proposing regulatory adjustments for the cashless economy reform; it's about fostering a culture where data drives decisions, and learning from implementation feedback loops drives policy design.
In conclusion, the DEDP program has empowered Minasyan to engage deeply with both the theoretical and practical aspects of policymaking, fostering transformative personal and professional growth reflected in his academic and teaching endeavours. Through his leadership, Armenia is embarking on a journey towards evidence-based policymaking, setting a precedent for other nations to follow.
[1] MITx MicroMasters Program in Data, Economics, and Design of Policy (DEDP) - https://micromasters.mit.edu/programs/data-economics-and-policy/overview/ [2] 14.760 (Firms, Markets, Trade, and Growth) - https://ocw.mit.edu/courses/economics/14-760-firms-markets-trade-and-growth-fall-2018/ [3] American University of Armenia - https://aua.am/ [4] J-PAL Europe - https://europe.povertyaction.org/
- Gevorg Minasyan's approach to policymaking, as the Director of the Central Bank of Armenia, emphasizes evidence-based decision-making and continuous learning, a shift he attributed to his time in the MITx MicroMasters Program in Data, Economics, and Design of Policy (DEDP).
- Through the DEDP program, Minasyan honed technical and analytical skills, gaining tools directly applicable to real economic and policy challenges faced by Armenian firms.
- The DEDP program also instilled in Minasyan a mindset oriented towards evidence-based decision-making, emphasizing openness to questioning assumptions, transparency about uncertainty, and using data to challenge intuition.
- This mindset shift has been critical in developing effective policy design through continuous learning from implementation feedback loops, as seen in Minasyan's creation of a similar course at the American University of Armenia, integrating program insights into local firm performance research.
- Minasyan is not just focused on enhancing his own skills; he is working on building internal capacity, rethinking how research informs policy, and fostering partnerships that promote a culture of data-driven decision-making.
- The Central Bank of Armenia recently collaborated with J-PAL Europe to co-design and host a policy design and evaluation workshop, with the goal of institutionalising the use of policy evaluation as a standard practice in Armenia.
- Through these efforts, Armenia is embarking on a journey towards evidence-based policymaking, setting a precedent for other nations to follow in fostering a culture where data drives decisions and learning from implementation feedback loops drives policy design.
