On 25 November, the National Bank of Ukraine hosted the Workshop Inflation Targeting in a World of Large and Persistent Shocks. This year, the event was organized in cooperation with the Euro Area Business Cycle Network (EABCN).
The event was attended by 140 representatives from different countries. The speakers were representatives of central banks, academia, international financial institutions, and research centers from Ukraine, Poland, the United States, the Czech Republic, Germany, Spain, Colombia, Georgia, and other countries.
The panelists discussed the specifics of the effective implementation of the inflation targeting policy in a period of large and persistent shocks to the global economy caused by the COVID-19 pandemic and the full-scale russian aggression against Ukraine.


Key Takeaways

  • A consistent monetary policy and its stable credibility are prerequisites for effective monetary transmission 
  • Maintaining balance between fiscal and monetary policies is important for macrofinancial stability
  • The goal of the inflation targeting policy is to manage inflation expectations of economic agents
  • For preserving the credibility of inflation targeting, the commitment to price stability is important 



12:00 - 12:30

Opening remarks

  • Andriy Pyshnyy, Governor, National Bank of Ukraine  7a10b6ccc691e1af3c763ab08d83f4b9.png
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 7a10b6ccc691e1af3c763ab08d83f4b9.png

  • Shalva Mkhatrishvili, National Bank of Georgia
    Integrated Policy Framework for Inflation Targeting: Case of Georgia 7a10b6ccc691e1af3c763ab08d83f4b9.png

  • Jaime Jaramillo-Vallejo, Central Bank of Colombia
    Transmission Mechanisms: Some Challenges 7a10b6ccc691e1af3c763ab08d83f4b9.png
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 7a10b6ccc691e1af3c763ab08d83f4b9.png
15:30 - 16:00


16:00 - 17:00

Keynote speech. The Art and Science of Managing Inflation Expectations

  • Yuriy Gorodnichenko, University of California, Berkeley 7a10b6ccc691e1af3c763ab08d83f4b9.png
17:00 - 18:30

Session 3. Inflation Targeting with Varying Credibility

  • Moderated by
    Volodymyr Lepushynskyi, National Bank of Ukraine 
  • Refet Gürkaynak, Bilkent University
    Exchange Rate and Inflation Under Weak Monetary Policy: Turkey Verifies Theory 7a10b6ccc691e1af3c763ab08d83f4b9.png
  • Federico Sturzenegger, Harvard Kennedy School
    Central Banking When Credibility Is at Stake 7a10b6ccc691e1af3c763ab08d83f4b9.png
  • Carlos Carvalho, Kapitalo Investimentos, PUC-Rio
    Price Setting when Expectations are Unanchored 7a10b6ccc691e1af3c763ab08d83f4b9.png
  • Oleg Korenok, Virginia Commonwealth University
    Inflation and Attention Thresholds 7a10b6ccc691e1af3c763ab08d83f4b9.png
18:30 - 18:40

Closing Remarks

  • Sergiy Nikolaychuk, Deputy Governor, National Bank of Ukraine