At the event, representatives of central banks, academia, international financial institutions and research centers will discuss the specifics of the effective implementation of the inflation targeting policy in a period of large and persistent shocks for the global economy caused by the COVID-19 pandemic and the full-scale russian aggression against Ukraine. The language of the workshop is English.


The workshop is organized in cooperation with the Euro Area Business Cycle Network (EABCN).



12:00 - 12:30

Opening remarks

  • Andriy Pyshnyy, Governor, National Bank of Ukraine
12:30 - 14:00

Session 1. Effectiveness of Inflation Targeting with Limited Monetary Policy Transmission

  • Moderated by
    Viktor Koziuk, National Bank of Ukraine
  • Tomáš Holub, Czech National Bank
    Czech Monetary Transmission Mechanism: Stylized Facts and the Role of FPAS
  • Shalva Mkhatrishvili, National Bank of Georgia
    Integrated Policy Framework for Inflation Targeting: Case of Georgia
  • Jaime Jaramillo-Vallejo, Central Bank of Colombia
    Transmission Mechanisms: Some Challenges
14:00 - 15:30

Session 2. Optimal Balance between Fiscal and Monetary Policy

  • Moderated by
    Mihnea Constantinescu, National Bank of Ukraine
  • Joanna Niedźwiedzińska, Narodowy Bank Polski
    Fiscal and monetary policy responses to recent crises – a comparison
  • Paulo Medas, International Monetary Fund
    The Return to Fiscal Rules
  • Matthias Meier, University of Mannheim
    Systematic Monetary Policy and the Effects of Government Spending
15:30 - 16:00


16:00 - 17:00

Keynote speech. The Art and Science of Managing Inflation Expectations

  • Yuriy Gorodnichenko, University of California, Berkeley
17:00 - 18:30

Session 3. Inflation Targeting with Varying Credibility

  • Moderated by
    Volodymyr Lepushynskyi, National Bank of Ukraine (tbc)
  • Refet Gürkaynak, Bilkent University
    Exchange Rate and Inflation Under Weak Monetary Policy: Turkey Verifies Theory
  • Federico Sturzenegger, Harvard Kennedy School
    Central Banking When Credibility Is at Stake
  • Carlos Carvalho, Kapitalo Investimentos, PUC-Rio
    Price Setting when Expectations are Unanchored
  • Oleg Korenok, Virginia Commonwealth University
    Inflation and Attention Thresholds
18:30 - 18:40

Closing Remarks

  • Sergiy Nikolaychuk, Deputy Governor, National Bank of Ukraine