For many decades, central banks have preferred to stay in the shadow and talk as little as possible. For some, communications have been a distraction, for others, an extracurricular activity. However, the world has changed, and so has the central banking community.
In the modern world, transparency is a means of survival for central banks. They can no longer afford to be silent technocrats. Today, openness to dialogue, eagerness to explain policy decisions and clarify policy prospects, responsibility for words and actions, and accountability are key to gaining trust, tackling populism, and preserving the independence of central banks. Moreover, communications have also become a powerful policy tool that reinforces the effectiveness of policy decisions by shaping expectations and altering stakeholder behavior.
So, how much should central banks communicate then? Can talking too much cause even more uncertainty? Are communications equally effective in different areas of policy?
To discuss these and many other questions, join us for the fourth Annual Research Conference 2019, organized by the National Bank of Ukraine and Narodowy Bank Polski and supported by the Canada-IMF Technical Assistance Project NBU Institutional Capacity Building, the Kyiv School of Economics, and the Journal of Monetary Economics.
The two-day conference will provide a broad platform where central bankers, communications specialists, central banks’ stakeholders, and researchers from all over the world can share expertise and experience.
During the conference, policy makers and experts from central banks of Canada, Lithuania, Poland, Sweden, the Unites States of America, the United Kingdom, the European Central Bank, the International Monetary Fund, and the world’s leading universities will present their views regarding central bank transparency. The highlight of the conference will be the key speech by Riksbank Governor Stefan Ingves.
Carlo Altavilla is the Head of Bank Lending Conditions Section at the European Central Bank. He received a PhD in Economics from the Catholic University of Leuven. Before joining the ECB, he taught econometrics and economic policy at the University of Naples and Université libre de Bruxelles and was a visiting scholar and professor at Columbia University and University College London, respectively. His research has appeared in several journals including the Journal of Monetary Economics, the Journal of Money, Credit, and Banking, and the Journal of Applied Econometrics.
Rüdiger Bachmann is currently a Stepan Family Associate Professor of economics at the department of economics at the University of Notre Dame (with tenure). At Notre Dame he is also a fellow of the Nanovic Institute for European Studies. He is a research affiliate with the Centre for Economic Policy Research (CEPR), a CESifo research network fellow and an external research professor at the ifo institute in Munich. Bachmann also serves as an associate editor for the Journal of Economic Dynamics and Control, and is a member of the macroeconomics committee of the German Economic Association. Bachmann’s research area is macroeconomics, where he specializes in the macroeconomics of heterogeneous agents. He is interested in the implications of uncertainty and expectation formation on macroeconomic outcomes. For his research he uses the econometric tools of empirical macroeconomics as well as state-of-the-art numerical simulation techniques. He has also branched out into using surveys, in particular firm surveys, to address macroeconomic questions. He has published amongst other journals in the American Economic Review, the Journal of Monetary Economics, the American Economic Journal: Macroeconomics, and the American Economic Journal: Economic Policy.
Marco Bassetto is a senior economist and research advisor in the economic research department at the Federal Reserve Bank of Chicago. He was on a leave of absence in 2013–2015, when he was a Professor of Macroeconomics at University College London. Before joining the Chicago Fed in July 2005, Mr Bassetto was an assistant professor at the University of Minnesota. His research focuses on applications of game theory to macroeconomics and the design and consistency of macroeconomic policy. Mr Bassetto is an honorary professor at University College London and an international research fellow at the Institute for Fiscal Studies in London. He is an editor of the Review of Economic Dynamics and associate editor of Theoretical Economics. Mr Bassetto’s research has been published in Econometrica, the Quarterly Journal of Economics, the Journal of Economic Theory, the Journal of Monetary Economics, the Review of Economic Studies, the Review of Economic Dynamics, and the Journal of Economic Dynamics and Control.
Carola Binder is an Assistant Professor of Economics at Haverford College with a PhD from U.C. Berkeley. Her research focuses on expectations, inflation, and central bank communication, and she teaches a course on the Federal Reserve. She has published over a dozen papers in peer-reviewed journals, including the Journal of Monetary Economics, Explorations in Economic History, and Economic Inquiry.
Michał Brzoza-Brzezina is Deputy Director of the Research Department at Narodowy Bank Polski (National Bank of Poland) and Associate Professor at the Warsaw School of Economics. His research interests include monetary economics and business cycle theory. He has previously worked at the European Central Bank.
Jeff Campbell is a Senior Economist and Research Advisor at the Federal Reserve Bank of Chicago. His research covers consumer finance, optimal monetary policy, forward guidance, price adjustment and dynamic industrial organization; and his papers have appeared in the American Economic Review, Econometrica, the International Economic Review, the Review of Economic Dynamics, the Journal of Monetary Economics and the Journal of Industrial Economics. He received his PhD from Northwestern University in 1995.
Fernando Duarte is an Economist in the Capital Markets Function at the Federal Reserve Bank of New York, with main research interests in inflation, monetary policy, systemic risk, asset pricing, and the connections between macroeconomics and finance. Mr Duarte Fernando received his PhD in Economics from MIT in 2011.
Michael Ehrmann is Head of the Monetary Policy Research Division in the ECB’s Directorate General Research. Previously, he worked as Director in the International Department and as Head of Research at the Bank of Canada and held various positions at the ECB, including Head of the Financial Research Division. His research covers central bank communication, monetary policy transmission, international finance, and household finance. It has been published in leading academic journals, including the Journal of Finance and the Review of Economics and Statistics. He holds a PhD in Economics from the European University Institute in Florence, Italy.
Zeno Enders is a Professor at the University of Heidelberg, Germany and a Fellow member of CESifo Network. Before joining the University of Heidelberg in 2011, Mr Enders worked as an Assistant Professor at the University of Bonn, Germany. His research interests are in the areas of monetary economics, international macroeconomics, and financial macroeconomics. Among his recent publications are the following: Heterogeneous Consumers, Segmented Asset Markets, and the Effects of Monetary Policy, The Economic Journal; Global Banking, Trade, and the International Transmission of the Great Recession with Alexandra Born, The Economic Journal; International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through with Almira Enders and Mathias Hoffmann, Journal of International Economics (2018). In 2010, Mr Enders received the Klaus-Liebscher Award of the Oesterreichische Nationalbank. From 2003-2006, he was awarded Campilli-Formentini grant of the European Investment Bank.
Jonas D. M. Fisher is a vice president and director of macroeconomic research in the economic research department of the Federal Reserve Bank of Chicago. Mr Fisher conducts research and analysis on business cycles, housing, growth, and monetary and fiscal policy. Prior to his current position, Mr Fisher served as a senior economist and economic advisor in the economic research area. He began his career at the Chicago Fed as a staff economist in 1996. Before joining the bank, he was an assistant professor of economics at the University of Western Ontario. Mr Fisher’s research has been published in the Journal of Political Economy, Econometrica, American Economic Review, The Review of Economic Studies, International Economic Review, NBER Macroeconomics Annual, Brookings Papers on Economic Activity, Review of Economic Dynamics, Journal of Monetary Economics, Journal of Economic Theory, Journal of Money, Credit and Banking, Macroeconomic Dynamics, and the Journal of Economic Dynamics and Control. Mr Fisher received a BSc in economics and quantitative methods from the University of Toronto, an MA in economics from Queens University (Kingston, ON), and a PhD in economics from Northwestern University.
Yuriy Gorodnichenko, a native of Ukraine, is a professor at the Department of Economics, University of California — Berkeley. He received his BA and MA at EERC/Kyiv-Mohyla Academy (Kyiv, Ukraine) and his PhD at the University of Michigan. A significant part of his research has been about monetary policy (effects, optimal design, inflation targeting), fiscal policy (countercyclical policy, government spending multipliers), taxation (tax evasion, inequality), economic growth (long-run determinants, globalization, innovation, financial frictions), and business cycles. Yuriy serves on many editorial boards, including the Journal of Monetary Economics and VoxUkraine (www.voxukraine.org). Yuriy is a prolific researcher. His work was published in leading economics journals (e.g., American Economic Review, Journal of Political Economy, Review of Economic Studies) and was cited in policy discussions and media. Mr Gorodnichenko has received numerous awards for his research.
Christine Graeff has been Director General of Communications at the European Central Bank since 2013. She heads the Communication function both for the ECB and for the SSM, the European Banking Supervisor. She started her career as an investment banker in the Corporate Finance team at Kleinwort Benson and later worked for the strategic communications firm Brunswick. As a founding partner at Brunswick Germany she established and developed the Group’s German business, focusing in particular on the financial sector. In 2015, she was awarded an honorary doctorate from Middlesex University. Christine is chairing the English Theatre Board and serves on the Board of TalentNomics, a non-profit organization supporting and empowering women in leadership. She is also a member of the World Economic Forum of Young Global Leaders and supports various communications networks and initiatives.
Clemens Grafe is co-head of New Markets Economic Research and has primary responsibility for the firm’s economic research in Russia and Turkey. He is also a member of the European Economics team. Clemens joined the firm as a managing director in 2010. Prior to joining the firm, he was an executive director at UBS and was co-head of the EMEA Economics team. Clemens was also the principal economist for Russia at the European Bank for Reconstruction and Development. He lived and worked in Russia in the mid-1990s as an advisor to the Russian government. Clemens has held advisory roles for Her Majesty’s Treasury and the European Commission on public finances and exchange rate policies in the EU. He has also been a lecturer at the University of London. Clemens trained as a physicist and mathematician. He earned an MSc and PhD in Economics from the London School of Economics.
Wouter J. Den Haan is Professor of Economics at the London School of Economics (since 2011), co-director of the Centre for Macroeconomics (CFM), and program director of the Centre for Economic Policy Research (CEPR). Professor Den Haan earned his MA at Erasmus University in Rotterdam (cum laude) and his PhD at Carnegie Mellon University in Pittsburgh in 1991. His dissertation won the Alexander Henderson Award for excellence in economics. After earning his PhD he became an assistant professor at the University of California at San Diego, where he became a professor in 2001. He also held positions as professor at the London Business School and the University of Amsterdam. He served as editor of the Economic Journal and the Journal of Economic Dynamics and Control. His research focuses on macroeconomic models with heterogeneous agents in which frictions in labor and financial markets play a key role.
Klodiana Istrefi is a Research Economist at the Monetary and Financial Analysis Division at the Banque de France. She holds a PhD in Economics from Goethe University Frankfurt, a MSc in Economics and Psychology at Paris1, Pantheon-Sorbonne University, and a MSc in European Economic Studies at Tirana University. Prior to the current position and her PhD studies, she was a Senior Economist at the Research Department of the Bank of Albania. Ms Istrefi also worked at the Institute for Monetary and Financial Stability (IMFS) and at the Center of Excellence SAFE in Frankfurt. Her research interests are monetary economics, international economics, applied macroeconomics, and behavioral economics. Her current work focuses on studying the macroeconomic effects of policy uncertainty. Particularly, Ms Istrefi is interested in building measures of uncertainty as perceived by market participants with respect to monetary policy (i.e., subjective interest rate uncertainty, perceived policy preferences) stemming from surveys or narrative approaches and studying their effect on the economy.
Marek Jarociński has been working at the European Central Bank since 2006 in the Directorate General Research, Directorate General International, and Directorate General Economics. He received a PhD in Economics from Universitat Pompeu Fabra, Barcelona in 2006. Prior to that, Mr Jarociński worked for the Center for Social and Economic Research (CASE) in Warsaw. His research interests are macroeconomics and Bayesian econometrics. He taught at the Barcelona Graduate School of Economics, London Business School, and Goethe University Frankfurt. He has published his studies, among other, in The Review of Economics and Statistics, American Economic Journal: Macroeconomics, the Journal of Econometrics, and the Journal of International Economics.
Christopher Jeffery is Editor-in-chief of Central Banking Publications, which includes the Central Banking Journal, CentralBanking.com and Central Banking On Air. He has more than 15 years of journalistic experience covering banking, business, economics, finance and public policy in London, Hong Kong and New York. Recent interviews include those with Agustín Carstens, Stanley Fisher, Stefan Ingves, Christian Noyer, Raghuram Rajan, Robert Schiller and Christopher Sims. Chris is founder of the Central Banking Awards, set up to recognise excellence in the central banking community; as well as the IFF China Report, a publication offering insight and opinion from China’s top policy-makers. Chris was previously Editor of Asia Risk in Hong Kong and Deputy Editor of Risk in London, and before that was Managing Editor of Lafferty Publications.
Michael Lamla is a Full Professor at the University of Essex, UK. He received his BA and MA from the University of Bonn and his PhD from the University of Zurich. He is affiliated Research Professor at the ETH Zurich — Swiss Federal Institute of Technology, KOF and conducted several consultancy projects for the World Bank. His research interests cover areas in Monetary Economics, particularly central bank communication and how households form their expectations, international economics, and political economy. His research has been published in journals such as the International Economic Review, the Journal of Money, Credit and Banking, the European Economic Review amongst others.
Michael McMahon is Professor of Economics at University of Oxford, Fellow at St Hugh’s College and a research fellow of the CEPR. His undergraduate degree is in Economics from Trinity College Dublin, and he holds MSc, MRes and PhD degrees from LSE. He previously worked at the Bank of England before he joined Warwick University in 2008. His research, published in journals including the QJE, ReStud, JME, and ReStat, focuses on macroeconomic policy using interdisciplinary methodologies. He was 2017 RES Conference Deputy Programme Chair and currently serves on the Executive Committee of the RES as Conference Secretary. He served as Treasurer of the MMF research group, Impact Director at CAGE (Warwick) and he co-edits the CEPR and Centre for Macroeconomics Survey.
Emanuel Moench is the Head of Research of Deutsche Bundesbank and Professor of Economics at Goethe University Frankfurt. Prior to joining the Bundesbank, Emanuel was a Research Officer at the Federal Reserve Bank of New York. His research focuses on the intersection of macroeconomics and finance and has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Monetary Economics among others. He received the Journal of Finance’s Amundi Smith Breeden First Prize in 2015 and the European Economic Association’s Young Economist Award in 2008. Emanuel obtained a PhD and an MA in Economics from Humboldt University Berlin and an MA in Statistics from ENSAE.
Emma Murphy has been head of the Content and Strategy Division in the Communications area of the Bank of England since 2014. As well as overseeing the Bank’s overall strategy, her role focuses on leading on internal communications, and all content development and production, including digital assets, social media and the website. Before her current role, Emma worked on a number of strategically focused projects including the development of the One Bank strategy, the transition of the Prudential Regulation Authority into the Bank (with a focus on data strategy and cultural change) and also helped to set up the new Financial Policy Committee. These projects built upon a wide ranging analytical career with the Financial Stability and Markets areas of the Bank. Emma has a MSc in Economics from the London School of Economics and a BA(Econ) from Manchester University.
Tymofiy Mylovanov is the Honorary President of Kyiv School of Economics (KSE). He received his Master degree in Economics from the Kyiv School of Economics in 1999. Tymofiy Mylovanov earned his PhD in Economics from the University of Wisconsin Madison in 2004 and has taught at the University of Bonn, the University of Pennsylvania, and the University of Pittsburgh afterwards. His research on game theory, contract theory, and institutional design has been published in major international academic journals like the Review of Economic Studies and the Journal of Economic Theory. Tymofiy Mylovanov is a co-founder of VoxUkraine and has been a member of the academic advisory board of the KSE for several years. Since October 2016 — Deputy Chairman of the Council of the National Bank of Ukraine.
Swaha Pattanaik is Global Economics Editor at Reuters Breakingviews, based in London. Previously Reuters’ EMEA Financial Markets Editor, she writes about global financial markets, macroeconomics, policymaking, and France. She was posted to Paris as Reuters’ senior economics correspondent and to Brussels as its European economic and monetary affairs correspondent. Before then she was the head of the Reuters FX reporting desk in London. Prior to joining Reuters, she worked for Bloomberg, Euromoney, and consulting firm IDEA. She has an MSc in Political Theory and Political Sociology from Birkbeck and a BSc (Econ) in Mathematical Economics and Econometrics from the London School of Economics.
Miroslav Singer (*1968) ranks amongst the most significant Czech economists. He graduated in Mathematical Methods Applied to Economy at the University of Economics in Prague. In 1995 he received his Ph.D. from the University of Pittsburgh. Before his appointment to the Bank Board of the Czech National Bank in 2001 he held senior management positions in the group Expandia (finance and industry) and PricewaterhouseCoopers (advising in restructuring). Between 2005 and 2010 he was Vice-Governor and between 2010 and 2016 he was Governor of the Czech National Bank. Since January 2017, he has been the Director of Institutional Relations and Chief Economist at Generali CEE Holding responsible for Austria, CEE & Russia Region, since January 2018 he is also member of the Executive Committee of the Holding. Among other prestigious appraisals he was awarded Central Banker of the Year in Europe for 2014 by The Banker — FT group.
Cecilia Skingsley took up the post of Deputy Governor of the Riksbank on 22 May 2013 with a term of office of six years.
Skingsley´s term of office has been extended with six years until 21 May 2025.
International assignments
Yakiv Smolii — Governor of the National Bank of Ukraine (NBU) since 15 March 2018. Acting Governor of the NBU since 11 May 2017. First Deputy Governor of the NBU since October 2016. Before, he worked as NBU Deputy Governor. Member of the NBU Board since April 2014. Yakiv Smolii has been working in the banking system of Ukraine for more than 25 years, since its establishment after Ukraine’s got independence. In 1991-1994 he worked at the NBU Regional Office in Ternopil oblast. In 1994- 2005, he served as deputy chairman of the board at JS Postal Pension Bank Aval. In 2005-2014, held the office of Banking Business Director at Prestige-Group. Holds a PhD in Economics.
Deputy Governor of the NBU since March 2015. Dmytro Sologub is responsible for monetary policy, macroprudential policy to ensure financial stability, economic analysis, collection and analysis of statistics and reporting, and central bank research. In 2002, he started his career as a research associate at the Institute for Economic Research and Policy Consulting (IER). From 2004, he worked as a research economist at the IMF Resident Representative Office in Ukraine. From 2007 to 2015, prior to joining the NBU, he was head of analysis and research at Raiffeisen Bank Aval PJSC.
Mr Sologub graduated from the Belarus National University with a major in Economic Theory. Later, he obtained a Master’s Degree in Economics (EERC) at the National University of Kyiv-Mohyla Academy. He is a CFA Charterholder.
Olga Stankova is Special Assistant to the Director of the IMF’s Communications Department. She currently leads technical assistance and conducts research on economic policy communications, and manages outreach on the Fund’s strategy and policy work. Previously, she was responsible for communications on the World Economic Outlook and the Global Financial Stability Report, as well as monetary and financial sector policies. Prior to that, she was senior press officer for all of the countries of the Former Soviet Union, including Ukraine, as well as some countries in Europe and Middle East, including Egypt, Ireland, and the United Kingdom. She also worked at the European Central Bank during the global financial crisis, and previously as Director of Marketing with Russian investment bank Troika Dialog and as Chief of the Banking and Investment Division of the United States Agency for International Development in Moscow.
Paweł Szałamacha, Member of the Management Board of the NBP, was born on 24 January 1969 in Gorzów Wielkopolski. He is a graduate of the Faculty of Law and Administration at the Adam Mickiewicz University in Poznań and of Collège d’Europe in Bruges (Belgium). He completed legal training in the Regional Chamber of Legal Counsels in Poznań. He pursued studies in public management at the John F. Kennedy School of Government at Harvard University, where he received a Master’s degree in Public Administration (Mid-Career MPA). From 2005 to 2007 he was Deputy Minister of Treasury. He was co-founder of the Sobieski Institute and its chairman from 2008 to 2011. He was a deputy of the Sejm of the Seventh Term and a member of parliamentary committees on treasury and public finance. In 2010 he joined the National Development Council to the President of the Republic of Poland. From 2015 to 2016 he was Minister of Finance. On 6 October 2016, the President of the Republic of Poland Andrzej Duda appointed Paweł Szałamacha a member of the Management Board of Narodowy Bank Polski.
Mr Piotr J. Szpunar was appointed as Director of the Economic Analysis Department at Narodowy Bank Polski (NBP) on 20 March 2017. Since 1995, he has held several positions at NBP in the areas of monetary policy and financial stability, incl. Deputy Director of Macroeconomic Analysis Department, Director of Financial System Department and Advisor to the President of the NBP. In 2011–2014, Mr Szpunar served as a member of the Advisory Technical Committee (ATC) of the European Systemic Risk Board (ESRB). In 2011 he chaired a working group preparing the first set of recommendations of the ESRB. In 2014 — 2017, he also served as a member of the Assessment Team of the ESRB in charge of evaluating macroprudential policy measures applied by UE member states. Mr Szpunar graduated in Philosophy at the Academy of Catholic Theology in Warsaw and continued his education at Otto-Friedrich University in Bamberg (Germany) and the National School of Public Administration in Warsaw. He earned his doctoral degree in Economics from the Warsaw School of Economics in 1999.
Jenny Tang is an economist in the Research Department of the Federal Reserve Bank of Boston. Her research interests include macroeconomics, monetary policy, and international finance. She earned her BSc in economics and international business at New York University and her MA and PhD in economics at Harvard University.
Since 2011, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, governing the institution for his second five-year term, organizes the central bank’s activities and represents it both in Lithuania and abroad. As a Member of the Governing Council of the European Central Bank, Vitas Vasiliauskas, together with other members of the Council, takes decisions relating to euro area monetary policy. He is also a Member of the Board of Governors of the International Monetary Fund, one of the largest financial organizations in the world. Mr Vasiliauskas graduated from Vilnius University in 1996 and obtained his PhD in Social Sciences (Law) in 2004.
Eryk Walczak is a data scientist in the Advanced Analytics Division at the Bank of England. He is also a PhD candidate in the Department of Experimental Psychology at the University College London. Prior to joining the central bank, Mr Walczak worked in analytic roles for a fintech and social media company. His research interests involve applying data science and experimental methods to macroeconomic studies.
Michael Weber joined Chicago Booth in 2014 and currently is Associate Professor of Finance and Fama Research Fellow. He is also a faculty research fellow at the National Bureau of Economic Research in the Monetary Economics and Asset Pricing groups, a member of the Macro Finance Society, and a research affiliate at the CESifo Research Network. Mr Weber’s research interests include asset pricing, macroeconomics, international finance, and household finance. His work on downside risk in currency markets and other asset classes earned the 2013 AQR Insight Award. He has published his studies in leading economics and finance journals, such as the American Economic Review, the Review of Economic Studies, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Monetary Economics. Mr Weber earned a PhD and an MS both in Finance from the Haas School of Business at the University of California, Berkeley.
Jonathan Wright is a professor of economics at Johns Hopkins University. His research is focused on econometrics, empirical macroeconomics, and empirical finance, with an emphasis on forecasting, studying the effects of macroeconomic news announcements, and reverse-engineering investors’ expectations from asset prices. Before joining the faculty at Johns Hopkins, Prof. Wright worked for nine years at the Federal Reserve Board, ending as Deputy Associate Director in the division of Monetary Affairs, contributing to his interest in questions at the intersection of academic research and policy. He also taught at the University of Virginia, and did his PhD at Harvard University. Prof. Wright is a co-editor of the Journal of Applied Econometrics, an associate editor of the Journal of Monetary Economics. He is also a research associate at the National Bureau of Economic Research.
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 announced more than CAD 750 million in much-needed assistance to Ukraine, including CAD 400 million in low-interest loans to help Ukraine stabilize its economy and over CAD 245 million in bilateral development assistance.
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.
The Journal of Monetary Economics is a peer-reviewed academic journal covering research on macroeconomics and monetary economics. Since 2018, its editors are Urban Jermann and Yuriy Gorodnichenko.
The Journal of Monetary Economics publishes important research contributions to a wide range of modern macroeconomic topics including work along empirical, methodological and theoretical lines. It is widely regarded as one of the most prestigious academic journals in economics and consistently ranked as top 10 among all economics journals.
The Journal of Monetary Economics has eight regular issues per year. The research papers selected for presentation at the Annual Research Conference 2019 will be featured in the JME’s special issue.