Amid the evolving landscape of global economics, policymakers and economists continuously deliberate on the intricate dynamics of central banking. In times of severe crises and large shocks this question receives a renewed attention as traditional policy frameworks face new challenges and constraints. This in turn pushes central banks to adapt their policies and improve analytical toolkits.

Today, the world faces a new normal marked by hurdles of post-pandemic recovery, russian full-scale aggression against Ukraine, and other structural shifts of the global environment. This prompts a question of how the central banks should navigate the changing landscape without compromising their independence and credibility.

The 8th Annual Research Conference jointly organized by the National Bank of Ukraine and the Narodowy Bank Polski with the support of USAID “Investments for Business Sustainability” and IMF will delve into the intricacies of central banking in times of large shocks and extreme uncertainty. Covering a broad range of topics, from monetary policy frameworks and financial stability considerations to post-war recovery, sanctions, and transition towards sustainable practices.

Gita Gopinath, First Deputy Managing Director of the International Monetary Fund, and Frank Smets, Adviser in the Counsel to the Executive Board at the European Central Bank, are confirmed keynote speakers.

The two-day event will take place in a hybrid format on 20-21 June 2024 in Kyiv (Ukraine).


Video
Day 1 (20 June)

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Agenda
20 June 2024, EEST (UTC+03:00)
Online
10:30 – 10:40
Opening Remarks
Yuriy Gorodnichenko, University of California, Berkeley, National Bank of Ukraine
10:40 – 12:00
Research Session 1. Constraints for Monetary Policy Transmission
Moderator:
Volodymyr Lepushynskyi, National Bank of Ukraine

Anton Nakov, European Central Bank
Large Shocks, Production Networks and State-Dependent Pricing Download presentation: Large Shocks, Production Networks and State-Dependent Pricing
Discussant:
Oleksandr Talavera, University of Birmingham Download presentation: Large Shocks, Production Networks and State-Dependent Pricing

Yevhenii Skok, University of Liverpool Download presentation: Interest-Rate Smoothing and Financial Stability: Is Faster Monetary Tightening Really Rattle the Financial System?
Interest-Rate Smoothing and Financial Stability: Is Faster Monetary Tightening Really Rattle the Financial System?
Discussant:
Anton Grui, National Bank of Ukraine Download presentation: Interest-Rate Smoothing and Financial Stability: Is Faster Monetary Tightening Really Rattle the Financial System?
12:00 - 12:20
Break
12:20 - 14:20
Research Session 2. Innovative Tools to Combat High Inflation
Moderator:
Aaron Mehrotra, Bank for International Settlements

Santiago Ernesto Alvarez-Blaser, University of Basel Download presentation: Inflation and Price Dispersion: New Cross-Sectoral and International Evidence
Inflation and Price Dispersion: New Cross-Sectoral and International Evidence
Discussant:
Oleksiy Kryvtsov, Bank of Canada Download presentation: Inflation and Price Dispersion: New Cross-Sectoral and International Evidence

Damien Capelle, International Monetary Fund Download presentation: Optimal Taxation of Inflation
Optimal Taxation of Inflation
Discussant:
Mihnea Constantinescu, National Bank of Moldova, University of Amsterdam

Oleksandr Faryna, National Bank of Ukraine, National University of Kyiv-Mohyla Academy Download presentation: The Role of Financial Literacy in Anchoring Inflation Expectations: The Case of Ukraine
The Role of Financial Literacy in Anchoring Inflation Expectations: The Case of Ukraine
Discussant:
Vitaliia Yaremko, Trinity College Dublin Download presentation: Discussion: The Role of Financial Literacy in Anchoring Inflation Expectations: The Case of Ukraine
14:20 - 15:00
Lunch
15:00 - 16:00
Keynote Lecture: Fiscal Backing and Inflation in US Business Cycles
Frank Smets, European Central Bank Download presentation: Fiscal Backing and Inflation in US Business Cycles

Moderator:
Jakub Growiec, Narodowy Bank Polski
16:00 - 17:20
Research Session 3. Revisiting the Real Effects of Monetary Policy
Moderator:
Marek Jarociński, European Central Bank

Paolo Cavallino, Bank for International Settlements Download presentation: Life-cycle forces make monetary policy transmission wealth-centric
Life-Cycle Forces Make Monetary Policy Transmission Wealth-Centric
Discussant:
Michał Brzoza-Brzezina, Narodowy Bank Polski

Kilian Huber, University of Chicago Download presentation: Sticky Discount Rates
Sticky Discount Rates
Discussant:
Alex Nikolsko-Rzhevskyy, Lehigh University Download presentation: Sticky Discount Rates
17:20 - 17:40
Break
17:40 - 19:40
Research Session 4. Implications of Large and Asymmetric Shocks
Moderator:
Viacheslav Sheremirov, Federal Reserve Bank of Boston

Ander Perez-Orive, Federal Reserve Board Download presentation: Monetary Policy under Multiple Financing Constraints
Monetary Policy Under Multiple Financing Constraints
Discussant:
Jacek Suda, Narodowy Bank Polski Download presentation: Jacek Suda, discussion: Monetary Policy Under Multiple Financing Constraints

Sebnem Kalemli-Ozcan, University of Maryland, CEPR, NBER Download presentation: Sebnem Kalemli-Ozcan, discussion: Monetary Policy Under Multiple Financing Constraints
Pandemic-Era Inflation Drivers and Global Spillovers
Discussant:
Mishel Ghassibe, Centre de Recerca en Economia Internacional

Łukasz Postek, Narodowy Bank Polski Download presentation: Immigration (from Ukraine) and Labour Market in Poland: Evidence from Bayesian VAR
Immigration (from Ukraine) and Labour Market in Poland: Evidence from Bayesian VAR
Discussant:
Serhiy Stepanchuk, University of Southampton Download presentation: Serhiy Stepanchuk, discussion: Immigration (from Ukraine) and Labour Market in Poland: Evidence from Bayesian VAR

21 June 2024, EEST (UTC+03:00)
09:30 - 10:00
Welcome Coffee and Registration
10:00 - 11:00
Opening Remarks
Andriy Pyshnyy, National Bank of Ukraine
Paweł Szałamacha, Narodowy Bank Polski
Uma Ramakrishnan, International Monetary Fund
Jeffrey Lehrer, USAID Mission to Ukraine

11:00 - 12:30
Policy Panel 1. Challenges for a Central Bank in New Normal
Moderator:
David Vavra, OGResearch

Andriy Pyshnyy, National Bank of Ukraine
Paweł Szałamacha, Narodowy Bank Polski Download presentation: Challenges for a Central Bank in the New Normal
Gediminas Šimkus, Bank of Lithuania
12:30 - 13:30
Lunch
13:30 - 15:00
Policy Panel 2. Towards Recovery: Sanctions, Reparations, and Use of Seized Assets
Moderator:
Jacob Funk Kirkegaard, Peterson Institute for International Economics

Elina Ribakova, Kyiv School of Economics, Peterson Institute for International Economics
Nicolas Véron, Bruegel, Peterson Institute for International Economics
Denys Maliuska, Ministry of Justice of Ukraine
Dmytro Oliinyk, National Bank of Ukraine
15:00 - 16:00
Keynote Lecture: Navigating Fragmentation, Conflict, and Large Shocks
Gita Gopinath, International Monetary Fund Download presentation: Navigating Fragmentation, Conflict, and Large Shocks

Moderator:
Sergiy Nikolaychuk, National Bank of Ukraine
16:00 - 16:30
Break
16:30 – 18:00
Policy Panel 3. Post-War Recovery through European Integration
Moderator:
Tymofiy Mylovanov, Kyiv School of Economics, University of Pittsburgh

Alberto Fernandez-Diez, EU Delegation to Ukraine
Oleksii Sobolev, Ministry of Economy of Ukraine
Hlib Vyshlinsky, Centre for Economic Strategy
Vladyslav Rashkovan, International Monetary Fund Download presentation: Post War Recovery through European Integration
18:00 - 18:15
Closing Remarks
Sergiy Nikolaychuk, National Bank of Ukraine
Speakers
Andriy Pyshnyy
National Bank of Ukraine
Sergiy Nikolaychuk
National Bank of Ukraine
Paweł Szałamacha
Narodowy Bank Polski
Michał Brzoza-Brzezina
Narodowy Bank Polski
Jacek Suda
Narodowy Bank Polski
Oleksiy Kryvtsov
Bank of Canada
Mihnea Constantinescu
National Bank of Moldova, University of Amsterdam
Yuriy Gorodnichenko
University of California, Berkeley
Mishel Ghassibe
Barcelona School of Economics, CREi
Aaron Mehrotra
Bank for International Settlements
Oleksandr Faryna
National Bank of Ukraine
Anton Grui
National Bank of Ukraine
Anton Nakov
European Central Bank
Elina Ribakova
Kyiv School of Economics, Peterson Institute for International Economics
Frank Smets
European Central Bank
Łukasz Postek
Narodowy Bank Polski
Nicolas Véron
Bruegel, Peterson Institute for International Economics
Sebnem Kalemli-Ozcan
University of Maryland, CEPR, NBER
Yevhenii Skok
University of Liverpool
Jacob Funk Kirkegaard
Peterson Institute for International Economics
Marek Jarociński
European Central Bank
Volodymyr Lepushynskyi
National Bank of Ukraine
Damien Capelle
International Monetary Fund
Paolo Cavallino
Bank for International Settlements
Alex Nikolsko-Rzhevskyy
Lehigh University
Kilian Huber
University of Chicago
Alberto Fernandez-Diez
EU Delegation to Ukraine
Oleksandr Talavera
University of Birmingham
Ander Perez-Orive
Federal Reserve Board
Denys Maliuska
Ministry of Justice of Ukraine
Jakub Growiec
Narodowy Bank Polski
Santiago Ernesto Alvarez-Blaser
University of Basel
Viacheslav Sheremirov
Federal Reserve Bank of Boston
Vitaliia Yaremko
Trinity College Dublin
Hlib Vyshlinsky
Centre for Economic Strategy
Gediminas Šimkus
Bank of Lithuania
Serhiy Stepanchuk
University of Southampton
David Vavra
OGResearch
Tymofiy Mylovanov
Kyiv School of Economics, University of Pittsburgh
Vladyslav Rashkovan
International Monetary Fund
Dmytro Oliinyk
National Bank of Ukraine
Gita Gopinath
International Monetary Fund
Uma Ramakrishnan
International Monetary Fund
Jeffrey Lehrer
USAID Mission to Ukraine
Oleksii Sobolev
Ministry of Economy of Ukraine
With the support of

The USAID Investment for Business Resilience (IBR) Activity

The USAID Investment for Business Resilience (IBR) Activity is a five-year program implemented by DAI Global LLC that supports systemic changes in Ukraine’s economy and increases the supply of finance available to Ukrainian businesses. IBR aims to transform the country’s financial sector into a well-functioning and competitive market that is aligned with European Union standards and integrated into international financial systems, while directly providing financing to enterprises for sustained economic growth. For additional information about the IBR, please visit its Facebook page at: www.facebook.com/IBRUAproject

International Monetary Fund

Ukraine became a member of the International Monetary Fund (IMF) in 1992. The main areas of Ukraine’s and the NBU’s cooperation with the IMF are as follows: cooperation related to the programs that support the balance of payments (the stand-by arrangement and the extended fund facility), annual consultations under Article IV of the Articles of Agreement of the International Monetary Fund, technical assistance, and other activities envisaged by Ukraine’s membership of the IMF.

The IMF has been supporting Ukraine since the full-scale invasion broke out. In March 2022, Ukraine received USD 1.4 billion in aid within the Rapid Financing Instrument (RFI). In October, the IMF provided USD 1.3 billion in additional assistance under the RFI’s food shock window to help countries survive the food crisis triggered by russia’s full-scale war against Ukraine. In March 2024, the IMF approved a 48-month extended arrangement for Ukraine under the Extended Fund Facility (EFF) with an amount of SDR 11.6 billion (or about USD 15.6 billion).

Since 2016, the IMF has been supporting the Annual Research Conference jointly organized by the NBU and Narodowy Bank Polski. Antonio Spilimbergo, Christopher Erceg, Davide Furceri, Jesper Linde, Maurice Obstfeld, Jonathan Ostry, and Olga Stankova are among the IMF-affiliated speakers that joined the event in previous years.

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