About Conference

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The recent years brought fundamental changes to central banking. The crisis triggered a vigorous and extensive debate on the role and tools of central banking. Key issues include the macroeconomic importance of financial stability, non-conventional monetary policy and its interaction with fiscal policy. With the transition from the centrally planned to market economy Central and Eastern European central banks have undergone a deep transition as well.

The Conference, the first of the National Bank of Ukraine (NBU) cycle of research conferences aims at bringing together prominent policy-makers, acclaimed practitioners and renowned scholars to discuss the aforementioned issues. Speakers at the conference include representatives from the world's central banks, international financial institutions, leading scholars and experts. Background information about the speakers is available in the “Speakers” section.

The Conference is co-organized by Narodowy Bank Polski with the support of the Government of Canada and the Kyiv School of Economics.

Conference on-line translation


FRIDAY, 20 MAY 2016


09:00 – 09:30

Registration and welcome coffee

09:30 – 10:00

Welcome address – Valeria Gontareva, National Bank of Ukraine

10:00 – 12:00

Research session 1: Price setting

Chair – Jacek Suda, Narodowy Bank Polski

Price selection, inflation dynamics, and sticky-price models

Oleksiy Kryvtsov, Bank of Canada

Price setting in online markets: Does IT click?

Oleksandr Talavera, University of Sheffield

State-dependent pricing and the paradox of flexibility

Anton Nakov, European Central Bank

12:00 – 12:30

Coffee break

12:30 – 13:00

Research session 2: Monetary policy rules

Chair – Sergiy Nikolaychuk, National Bank of Ukraine

The perils of nominal targets

Roc Armenter, Federal Reserve Bank of Philadelphia

Anchoring inflation expectations

Carlos Viana de Carvalho, Pontifical Catholic University of Rio de Janeiro



14:00 – 15:00

Keynote lecture: Trilemmas and tradeoffs: Living with financial globalization
Maurice Obstfeld, International Monetary Fund

15:00 – 16:00

Research session 3: Macroprudential policy and financial frictions

Chair – Oleksandr Shepotylo, University of Bradford

Could the boom-bust in eurozone's periphery have been prevented?

Marcin Kolasa, Narodowy Bank Polski

Sovereign default and banking

Igor Livshits, University of Western Ontario

16:00 – 16:30

Coffee break

16:30 – 18:00

Policy Panel 1: Capital flows management

Moderator – Zdenеk Tuma, KPMG

Ukrainian experience with capital account liberalization

Oleg Churiy, National Bank of Ukraine

Capital mobility and the design of monetary policy frameworks

Andrew T. Levin, Dartmouth College

Managing capital flows in a globalized economy

Marek Dabrowski, Bruegel

Weighing the costs and benefits of capital market integration

Linda L. Tesar, University of Michigan


Reception (Grand Foyer, Hilton Kyiv Hotel)

FRIDAY, 20 MAY 2016
08:30 – 09:00

Welcome coffee

09:00 – 09:30

Opening remarks: Are central banks out of ammunition?
Philipp Hildebrand, BlackRock

09:30 – 11:00

Policy Panel 2: Institutional building of the modern central bank

Moderator - Marco Škreb, Canada-International Monetary Fund Technical Assistance Project «National Bank of Ukraine Institutional Capacity Building»

Transformation of the NBU: The Big Bang practice

Vladyslav Rashkovan, National Bank of Ukraine

The role of culture, engagement and communication challenges in transforming modern central banks

Emma Murphy, Bank of England

New technologies that central bankers need to be aware of

Andrei Kirilenko, Imperial College Business School

The finances of central banks

David Archer, Bank for International Settlements

11:00 – 11:30

Coffee break

11:30 – 12:00

Keynote lecture: What have we learned about inflation targeting after the global financial crisis?

Marek Belka, Narodowy Bank Polski

12:00 – 12:30

Research session 4: Issues in monetary transmission mechanism

Chair – Krzysztof Makarski, Narodowy Bank Polski

Exchange rate pass-through and cross-country spillovers: Some evidence from Ukraine and Russia

Oleksandr Faryna, National Bank of Ukraine

Monetary-fiscal interactions and the Euro Area’s malaise

Bartosz Maćkowiak, European Central Bank

Rules versus discretion in monetary policy conduct

Alex Nikolsko-Rzhevskyy, Lehigh University

12:30 – 13:30


13:30 – 15:30

Policy Panel 3: Challenges for inflation targeting

Moderator – David Vavra, OGResearch

NBU in the transition to inflation targeting

Dmytro Sologub, National Bank of Ukraine

25 years of inflation targeting: View from Canada

John Murray, Queen’s University

Inflation targeting in emerging world: Lessons from Poland

Dariusz Rosati, European Parliament

Contemporary inflation targeting: Time to change?

Per Jansson, Sveriges Riksbank

15:30 – 16:00

Coffee break

16:00 – 17:30

Research session 5: Issues in labor market and business cycles

Chair – Tom Coupe, Kyiv School of Economics

Measuring resource utilization in the labor market

Marianna Kudlyak, Federal Reserve Bank of San Francisco

Can you cure debt with more debt?

Yuliya Demyanyk, Federal Reserve Bank of Cleveland

Analysis of business cycles of China and its impact on the rest of the world

Iikka Korhonen, Bank of Finland Institute for Economies in Transition

17:30 – 17:45

Closing remarks – Tymofiy Mylovanov, Kyiv School of Economics


With the support of:

Government of Canada


Kyiv School of Economics


Since the beginning of the crisis in Ukraine, Canada has been at the forefront of the international community’s support to the Ukrainian people – especially in their government’s ongoing and important reform efforts.

Since January 2014, Canada has also announced more than $700 million in much-needed assistance to Ukraine, including $400 million in low interest loans to help Ukraine stabilize its economy and over $240 million in bilateral development assistance focusing on democracy, the rule of law, and sustainable economic growth.

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Founded in 1996, the Kyiv School of Economics (KSE) is a world-class, well-respected educational institution, both in Ukraine and abroad. The KSE is ranked among the top schools in Central and Eastern Europe. This educational institution trains the future generation of world-class economists, thus contributing to the development of economics, business, as well as economic policy in Ukraine and neighboring countries.

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