The full-scale russian invasion of Ukraine on 24 February 2022 has resulted in huge human losses and massive economic damage. Through its targeted destruction of public infrastructure and private capital, russia has damaged the foundation of Ukraine’s economy still reeling after the COVID19 pandemic. The ensuing internal displacement and emigration further reinforce the loss of productive capacity. Swift action by key policy institutions and international support have limited and partially reversed the negative effects of war. Much work remains to be done to restore the long-term potential of the Ukrainian economy while rebuilding damaged cities and communities.

The 7th Annual Research Conference jointly organized by National Bank of Ukraine (NBU) and the Narodowy Bank Polski (NBP) with the support of the International Monetary Fund (IMF) will focus on the design and implementation of policies to support the economy during the war and to facilitate recovery after the war. Considering a broad range of topics, from monetary policy and financial stability tradeoffs in a period of long and persistent shocks to optimal communication and FX market interventions to interactions of fiscal and monetary authorities, the event will explore various policy designs and their associated long-term costs and benefits.

The two-day event, taking place in Kraków (Poland), will feature keynotes, policy panels and presentations of research papers in a blended online/onsite format.

Confirmed keynote speakers are Barry Eichengreen, the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, and Boris Vujčić, Governor of the Croatian National Bank.

Thursday, 22 June 2023 (GMT+2, Central European Summer Time)
Venue: NBP Regional Office (Basztowa 20, 30-960 Kraków)
08:00 – 09:00
Registration and Welcome Coffee
09:00 – 09:30
Opening Remarks
Andriy Pyshnyy, National Bank of Ukraine
Marta Kightley, Narodowy Bank Polski
Vahram Stepanyan, International Monetary Fund
09:30 – 11:30
Academic Session 1: Trade and Sanctions
Michał Brzoza-Brzezina, Narodowy Bank Polski

International Trade and Macroeconomic Dynamics with Sanction
Fabio Ghironi, University of Washington
Marcin Bielecki, Narodowy Bank Polski

Euroasian Roundabout: Trade Flows into Russia through the Caucasus and Central Asia
Beata Javorcik, European Bank for Reconstruction and Development, University of Oxford
Iikka Korhonen, The Bank of Finland Institute for Emerging Economies (BOFIT)

Sanctions and Russian Online Prices
Luigi Palumbo, Bank of Italy
Oleksandr Talavera, University of Birmingham
11:30 – 12:00
Coffee Break
12:00 – 13:00
Keynote Lecture
Barry Eichengreen, University of California, Berkeley

Jacek Suda, Narodowy Bank Polski
13:00 – 14:15
14:15 – 16:15
Academic Session 2: Local and Regional Effects of War
Krzysztof Makarski, Narodowy Bank Polski

Supply Chain Shocks and Inflation in Europe
Jacob Mućk, Narodowy Bank Polski
Oleksiy Kryvtsov, Bank of Canada

Sparse Warcasting
Mihnea Constantinescu, National Bank of Ukraine
Annukka Ristiniemi, European Central Bank

Labor Markets during War Time: Evidence from Online Job Ads
Tho Pham, University of York
Paweł Strzelecki, Narodowy Bank Polski
16:15 – 16:45
Coffee Break
16:45 – 18:15
Policy Panel: Supporting Ukraine: More critical than ever
Yuriy Gorodnichenko, University of California, Berkeley

Luis Garicano, Columbia Business School and Chicago Booth
Torbjörn Becker, Stockholm School of Economics
Piotr Żuk, Narodowy Bank Polski

Friday, 23 June 2023 (GMT+2, Central European Summer Time)
Venue: NBP Regional Office (Basztowa 20, 30-960 Kraków)
08:30 – 09:00
Registration and Welcome Coffee
09:00 – 11:00
Academic Session 3: Policy during Large and Asymmetric Shocks
Olesia Verchenko, Kyiv School of Economics

Can Energy Subsidies Help Slay Inflation?
Jesper Linde, International Monetary Fund
Mathias Trabandt, Goethe University Frankfurt

Keynesian Micromanagement
Mishel Ghassibe, Barcelona School of Economics, CREi
Paweł Kopiec, Narodowy Bank Polski

Fiscal Deficits and Inflation Risks: the Role of Fiscal and Monetary Regimes
Aaron Mehrotra, Bank for International Settlements
Oleksandr Faryna, National Bank of Ukraine
11:00 – 11:30
Coffee Break
11:30 – 12:30
Keynote Lecture on Croatian Experience and Lessons from the Economic and Financial Post-War Recovery, Including the Characteristics/Success of the Stabilization Program
Boris Vujčić, Croatian National Bank

Sergiy Nikolaychuk, National Bank of Ukraine
12:30 – 13:45
13:45 – 15:15
Policy Panel: Post-War Policy Priorities
Antonio Spilimbergo, International Monetary Fund

Stefan Ingves, Toronto Centre
Alexander Pivovarsky, European Bank for Reconstruction and Development
John Power, Bank of England
Jan Svejnar, Columbia University
Andriy Pyshnyy
National Bank of Ukraine
Marta Kightley
Narodowy Bank Polski
Vahram Stepanyan
International Monetary Fund
Michał Brzoza-Brzezina
Narodowy Bank Polski
Fabio Ghironi
University of Washington
Marcin Bielecki
Narodowy Bank Polski
Beata Javorcik
European Bank for Reconstruction and Development, University of Oxford
Iikka Korhonen
The Bank of Finland Institute for Emerging Economies (BOFIT)
Luigi Palumbo
Bank of Italy
Oleksandr Talavera
University of Birmingham
Barry Eichengreen
University of California, Berkeley
Oleksiy Kryvtsov
Bank of Canada
Mihnea Constantinescu
National Bank of Ukraine
Tho Pham
University of York
Yuriy Gorodnichenko
University of California, Berkeley
Torbjörn Becker
Stockholm School of Economics
Piotr Żuk
Narodowy Bank Polski
Jesper Linde
International Monetary Fund
Mathias Trabandt
Goethe University Frankfurt
Mishel Ghassibe
Barcelona School of Economics, CREi
Paweł Kopiec
Narodowy Bank Polski
Aaron Mehrotra
Bank for International Settlements
Oleksandr Faryna
National Bank of Ukraine
Sergiy Nikolaychuk
National Bank of Ukraine
Antonio Spilimbergo
International Monetary Fund
Stefan Ingves
Toronto Centre
Alex Pivovarsky
European Bank for Reconstruction and Development
With the support of

International Monetary Fund

Ukraine became a member of the International Monetary Fund (IMF) in 1992. The main areas of Ukraine’s and the NBU’s cooperation with the IMF are as follows: cooperation related to the programs that support the balance of payments (the stand-by arrangement and the extended fund facility), annual consultations under Article IV of the Articles of Agreement of the International Monetary Fund, technical assistance, and other activities envisaged by Ukraine’s membership of the IMF.

The IMF has been supporting Ukraine since the full-scale invasion broke out. In March 2022, Ukraine received USD 1.4 billion in aid within the Rapid Financing Instrument (RFI). In October, the IMF provided USD 1.3 billion in additional assistance under the RFI’s food shock window to help countries survive the food crisis triggered by russia’s full-scale war against Ukraine. In March 2023, the IMF approved a 48-month extended arrangement for Ukraine under the Extended Fund Facility (EFF) with an amount of SDR 11.6 billion (or about USD 15.6 billion).

Since 2016, the IMF has been supporting the Annual Research Conference jointly organized by the NBU and Narodowy Bank Polski. Christopher Erceg, Davide Furceri, Jesper Linde, Maurice Obstfeld, Jonathan Ostry, and Olga Stankova are among the IMF-affiliated speakers that joined the event in previous years.

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