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

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 third 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.

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.


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 - tbc)

On the Merits of Conventional Vs Unconventional Fiscal Policy

Jesper Lindé, Sveriges Riksbank

Sticky Wages, Private Consumption and Fiscal Multipliers

Bill Dupor, Federal Reserve Bank of St. Louis

Central Bank Balance Sheet Policies without Rational Expectations

Dmitriy Sergeyev, Bocconi University

11:15 – 11:45

Coffee break

11:45 – 13:30

Research session 2: Responses to fiscal and monetary policy

(Chair – tbc)

Crowding in vs. Crowding Out: the Impact of Government Expenditures on Private Consumption

Paweł Kopiec, Narodowy Bank Polski


Olivier Coibion, University of Texas at Austin

Effect of Unconventional Fiscal Policy on Consumption Expenditure

Michael Weber, University of Chicago

13:30 – 14:30


14:30 – 16:15

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

(Moderator – Jonathan Ostry, International Monetary Fund)


Alan Auerbach, University of California, Berkeley


Cecilia Skingsley, Sveriges Riksbank


Carlo Cottarelli, Università Cattolica del Sacro Cuore and Università Commerciale Luigi Bocconi


Kristin Forbes, Massachusetts Institute of Technology

16:15 – 16:45

Coffee break

16:45 – 18:30

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

(Chair - tbc)

Monetary Commitment and the Level of Public Debt

Stefano Gnocchi, Bank of Canada

Dire Effects of the Lack of Monetary and Fiscal Coordination

Francesco Bianchi, Duke University

When Should Public Debt Be Reduced?

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 – tbc)

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Kristin Forbes, Massachusetts Institute of Technology

Unbundling of Quantitative Easing: Taking a Cue from Treasury Auctions

Yuriy Gorodnichenko, University of California, Berkeley


Iourii Manovskii, University of Pennsylvania

11:15 – 11:45

Coffee break

11:45 – 12:45

Keynote lecture: tbc

Alan Auerbach, University of California, Berkeley

12:45 – 14:00


14:00 – 15:45

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

(Moderator – tbc)


Koba Gvenetadze, National Bank of Georgia

Monetary and Fiscal Policy as a Nash Equilibrium

Lars Svensson, Stockholm School of Economics

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

Jerzy Osiatyński, Narodowy Bank Polski

15:45 – 16:15

Closing remarks



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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