About Conference

The National Bank of Ukraine, jointly with Narodowy Bank Polski, and supported by the Government of Canada and the Kyiv School of Economics, will hold an annual research conference for the second time.

As last year, representatives of central banks, international financial organizations, leading academics and experts will come together to discuss and debate current challenges faced by modern central banks.

On 18-19 May, the economic community, representatives of central banks and financial institutions, both from Ukraine and abroad, will deal with the issue of central banks’ role in economic development.

Since the late 1990s, the National Bank of Ukraine (NBU) has been one of the most active partners of the Narodowy Bank Polski (NBP) technical cooperation programme, including a twinning project.

As a priority beneficiary central bank, the NBU is entitled to receive more comprehensive and long-term NBP expert support in selected areas of central banking. Moreover, the two banks signed a swap-line agreement intended to support the NBU's foreign exchange reserves and actions taken by the NBU to stabilize the financial system of Ukraine.

Photo of the conference 2017


13:00 – 13:30

Registration and welcome coffee

13:30 – 14:00

Welcome address – Yakiv Smolii, National Bank of Ukraine; Anna Trzecińska, Narodowy Bank Polski

14:00 – 16:00

Research session 1: Central Bank's response to a slow economic growth

Chair – Alex Nikolsko-Rzhevskyy, Lehigh University

Stagnation Traps img

Gianluca Benigno, London School of Economics

Secular Stagnation: Policy Options img

Yuriy Gorodnichenko, University of California, Berkeley

Demographic Transition and Monetary Policy in a Small Open Economy img

Marcin Kolasa, Narodowy Bank Polski and Warsaw School of Economics

16:00 – 16:30

Coffee break

16:30 – 18:30

Policy Panel 1: The role of the state in supporting economic growth

Moderator – Tymofiy Mylovanov, Kyiv School of Economics

Transcending the Middle Income Trap – Industrial Policy with Limited State Capacity

Erik Berglof, Institute of Global Affairs

Challenges of the Post-Communist State

Gerard Roland, University of California, Berkeley

What Should the Government Do in Ukraine to Support Growth

Faruk Khan, World Bank

Key Challenges for Central Banks in Developing Countries

Kerstin af Jochnick, Sveriges Riksbank


Reception (the Atrium, Fairmont Grand Hotel Kyiv)

FRIDAY, 19 MAY 2017
08:30 – 09:00

Welcome coffee

09:00 – 11:00

Research session 2: Financial development and economic growth

Chair – Jacek Suda, Narodowy Bank Polski

Identifying Knowledge Spillovers and Competition Effects img

Vadym Volosovych, Erasmus University Rotterdam

Optimal Development Policies with Financial Frictions img

Oleg Itskhoki, Princeton University

Show Me Yours and I’ll Show You Mine: Sharing Borrower Information in a Competitive Credit Market img

Matteo Millone, VU University Amsterdam

11:00 – 11:30

Coffee break

11:30 – 12:30

Keynote lecture – Central Bank Models: Lessons from the Past and Ideas for the Future img

John Taylor, Stanford University

12:30 – 13:30


13:30 – 15:30

Research session 3: Economic development and central banks' objectives and trade-offs

Chair – Volodymyr Vakhitov, Kyiv School of Economics

Tight Money – Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies img

Enrique Mendoza, University of Pennsylvania

What Else Can Central Banks Do? img

Laurence Ball, Johns Hopkins University

Corporate Cash Holdings and Trade Credit: Does Price (In) Stability Matter? img

Andriy Tsapin, National Bank of Ukraine

15:30 – 16:00

Coffee break

16:00 – 17:30

Policy Panel 2: Looking beyond narrow mandates for price stability in central banks

Moderator – David Vavra, OG Research

Financial Stability and Monetary Policy: How Closely Interlinked? img

Frank Smets, European Central Bank

Broader Mandates: Some Issues img

David Archer, Bank for International Settlements

Role of Central Banks and Governments in Securing Price Stability

Andrzej Raczko, Narodowy Bank Polski

17:30 – 17:45

Closing remarks – Dmytro Sologub, National Bank of Ukraine


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.

More information

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.

More information


img Fairmont Grand Hotel Kyiv
1 Naberezhno-Khreshchatytska Street, Kyiv, Ukraine, 04070
TEL: +380-44-3228888 FAX: +380-44-3228899

Registration starts 18.05.2017 at 13:00
Meeting point – Ballroom