Interaction of Fiscal and Monetary Policies

Annual Research Conference of the National Bank of Ukraine organized in cooperation with Narodowy Bank Polski

Kyiv, 31 May – 1 June 2018

#NBUconference18 #NBUresearch #researchconference

About Conference

For the third time the National Bank of Ukraine together with Narodowy Bank Polski are holding the annual research conference supported by the Canada-IMF Technical Assistance Project NBU Institutional Capacity Building and the Kyiv School of Economics.

Experts from central banks of the USA, Canada, Sweden, Poland, the International Monetary Fund, researchers from leading world universities (the University of California, Berkeley, Duke University, University of Chicago, Massachusetts Institute of Technology, University of Taxes at Austin) and other research institutions and expert centers will present their research findings related to the interaction of fiscal and monetary policies and discuss in panel sessions present day challenges encountered by central banks.

The highlight of the conference will be the lecture by Professor Alan Auerbach from University of California, Berkeley.

During the two-day conference the participants will have a unique opportunity to communicate in person with prominent researchers and experts, discuss pressing issues of the fiscal and monetary policies’ interactions and their impact on achieving macroeconomic goals such as stable inflation, fiscal sustainability, financial stability, and economic growth.

Photo of the conference 2018


08:30 – 09:00

Registration and welcome coffee

09:00 – 09:30

Welcome address

Yakiv Smolii, National Bank of Ukraine;

Paweł Samecki, Narodowy Bank Polski

09:30 – 11:15

Research session 1: Fiscal policy when monetary policy is at the lower bound

(Chair – Oleksiy Kryvtsov, Bank of Canada)

On the Merits of Conventional Vs Unconventional Fiscal Policy img

Jesper Lindé, Sveriges Riksbank

Sticky Wages, Private Consumption and Fiscal Multipliers img

Bill Dupor, Federal Reserve Bank of St. Louis

Central Bank Balance Sheet Policies without Rational Expectations img

Dmitriy Sergeyev, Bocconi University

11:15 – 11:45

Coffee break

11:45 – 13:30

Research session 2: Responses to fiscal and monetary policy

(Chair – Olena Ogrokhina, Lafayette College)

Interbank Market Turmoils and the Macroeconomy img

Paweł Kopiec, Narodowy Bank Polski

Inflation Expectations and Firm Decisions: New Causal Evidence img

Olivier Coibion, University of Texas at Austin

Effect of Unconventional Fiscal Policy on Consumption Expenditure img

Michael Weber, University of Chicago

13:30 – 14:30


14:30 – 16:00

Policy Panel 1: Fiscal implications of monetary policy normalization in advanced economies

(Moderator – Jonathan Ostry, International Monetary Fund)

Monetary Policy Normalization and Fiscal Space in the United States img

Alan Auerbach, University of California, Berkeley

Lessons Learned for a Fiscal Framework in a Small Open Economy

Cecilia Skingsley, Sveriges Riksbank

Is it time to normalize monetary policy? New evidence from around the world img

Kristin Forbes, Massachusetts Institute of Technology

16:00 – 16:30

Coffee break

16:30 – 18:30

Research session 3: Fiscal sustainability constraints on monetary and fiscal policies

(Chair – Artem Vdovychenko, National Bank of Ukraine)

Monetary Commitment and the Level of Public Debt img

Stefano Gnocchi, Bank of Canada

Dire Effects of the Lack of Monetary and Fiscal Coordination img

Francesco Bianchi, Duke University

When Is Paying Down Public Debt NOT of the Essence?

Jonathan Ostry, International Monetary Fund


Reception (Hilton Kyiv Hotel)

09:00 – 09:30

Welcome coffee

09:30 – 11:15

Research session 4: Using financial markets for analyses of fiscal and monetary policy

(Chair – Maksym Ivanyna, Joint Vienna Institute)

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability? img

Kristin Forbes, Massachusetts Institute of Technology

Unbundling of Quantitative Easing: Taking a Cue from Treasury Auctions img

Yuriy Gorodnichenko, University of California, Berkeley

The Fiscal Multiplier

Iourii Manovskii, University of Pennsylvania

11:15 – 11:45

Coffee break

11:45 – 12:45

Keynote lecture: Inequality, Aging and Capital Mobility: Implications for Fiscal and Monetary Policy img

Alan Auerbach, University of California, Berkeley

12:45 – 14:00


14:00 – 16:00

Policy Panel 2: Interaction between fiscal and monetary policies under inflation targeting framework

(Moderator – Dmytro Sologub, National Bank of Ukraine)

Development of Inflation Targeting in Georgia – Role of Fiscal Policy img

Koba Gvenetadze, National Bank of Georgia

Monetary and Fiscal Policy as a Nash Equilibrium img

Lars Svensson, Stockholm School of Economics

Central Bank's Independence in Practice: the Case of the Czech Republic

Mojmír Hampl, Czech National Bank

Fiscal, Monetary and Structural Policies under Inflation Targeting - Strictly Separated or Strictly Co-ordinated? img

Jerzy Osiatyński, Narodowy Bank Polski

16:00 – 16:30

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.

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.

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img Hilton Kyiv Hotel
30 Tarasa Shevchenka Blvd, Kyiv, 01030, Ukraine
TEL: +380-44-3935400
FAX: +380-44-3935401
Meeting point – Dallas, М1