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.

Відео
Reporting video

Thursday, 23 May 2019

Friday, 24 May 2019
Program
Thursday, 23 May 2019
08:00 – 09:00
Registration (Main Foyer)
08:00 – 09:00
Welcome coffee (Ballroom Foyer)
09:00 – 09:30
Opening remarks
Yakiv Smolii, National Bank of Ukraine
Paweł Szałamacha, Narodowy Bank Polski
09:30 – 11:00
Session 1: Central bank communication to enhance public trust and understanding
Chair:
Krzysztof Makarski, Narodowy Bank Polski

Enhancing Central Bank Communications with Behavioral Insights
Presenter:
Eryk Walczak, Bank of England img
Discussant:
Klodiana Istrefi, Banque de France img

Central Bank Announcements: Big News for Little People?
Presenter:
Michael Lamla, University of Essex img
Discussant:
Carola Binder, Haverford College img
11:00 – 11:30
Coffee break
11:30 – 12:30
Keynote Lecture
Cecilia Skingsley, Sveriges Riksbank img
How to open up a central bank – and why stay open
12:30 – 13:30
Lunch (Atrium Hall, Fairmont Grand Hotel Kyiv)
13:30 – 15:00
Policy Panel 1: Central banks vs populists: ignore or fight
Moderator:
Olga Stankova, International Monetary Fund
Speakers:
Emma Murphy, Bank of England
Yuriy Gorodnichenko, University of California, Berkeley
Dmytro Sologub, National Bank of Ukraine
Miroslav Singer, Generali CEE Holding
15:00 – 15:30
Coffee break
15:30 – 17:00
Session 2: Monetary policy communication and expectation formation
Chair:
Olesia Verchenko, Kyiv School of Economics

Deconstructing Monetary Policy Surprises: The Role of Information Shocks
Presenter:
Marek Jarocinski, European Central Bank img
Discussant:
Wouter den Haan, London School of Economics img

Monetary Policy Announcements and Expectations: Evidence from German Firms
Presenter:
Zeno Enders, University of Heidelberg img
Discussant:
Rüdiger Bachmann, University of Notre Dame img
18:00 – 21:00
Gala Dinner (Atrium Hall, Fairmont Grand Hotel Kyiv)

Friday, 24 May 2019
08:30 – 09:00
Registration (Main Foyer)
08:30 – 09:00
Welcome coffee (Ballroom Foyer)
09:00 – 10:30
Session 3: Effects of forward guidance
Chair:
Oleksiy Kryvtsov, Bank of Canada

Forward Guidance: Communication, Commitment, or Both?
Presenter:
Marco Bassetto, Federal Reserve Bank of Chicago img
Discussant:
Fernando Duarte, Federal Reserve Bank of New York img

Can More Public Information Raise Uncertainty? The International Evidence on Forward Guidance
Presenter:
Michael Ehrmann, European Central Bank img
Discussant:
Jeffrey Campbell, Federal Reserve Bank of Chicago img
10:30 – 11:00
Coffee break
11:00 – 12:30
Policy Panel 2: Central banks policy signals in informational noise
Moderator:
Christopher Jeffery, Central Banking Publications
Speakers:
Vitas Vasiliauskas, Bank of Lithuania img
Christine Graeff, European Central Bank img
Clemens Grafe, Goldman Sachs img
Piotr Szpunar, Narodowy Bank Polski img
Swaha Pattanaik, Reuters Breakingviews
12:30 – 13:30
Lunch (Atrium Hall, Fairmont Grand Hotel Kyiv)
13:30 – 15:00
Session 4: Communicating future path of policy instruments
Chair:
Oleksandr Faryna, National Bank of Ukraine

The Limits of Forward Guidance
Presenter:
Jonas Fisher, Federal Reserve Bank of Chicago img
Discussant:
Michał Brzoza-Brzezina, Narodowy Bank Polski img

Monetary Policy Communication, Policy Slope, and the Stock Market
Presenter:
Michael Weber, University of Chicago img
Discussant:
Emanuel Mönch, Deutsche Bundesbank img
15:00 – 15:30
Coffee break
15:30 – 17:00
Session 5: Communication signals to financial markets
Chair:
Oleksandr Talavera, University of Birmingham

Measuring Euro Area Monetary Policy
Presenter:
Carlo Altavilla, European Central Bank img
Discussant:
Jonathan Wright, John Hopkins University img

The Long-Run Information Effect of Central Bank Communication
Presenter:
Michael McMahon, University of Oxford img
Discussant:
Jenny Tang, Federal Reserve Bank of Boston img
17:00 – 17:15
Closing remarks
Tymofiy Mylovanov, Kyiv School of Economics
Speakers
Carlo Altavilla
European Central Bank
Rüdiger Bachmann
University of Notre Dame
Marco Bassetto
Federal Reserve Bank of Chicago
Carola Conces Binder
Haverford College
Michał Brzoza-Brzezina
Narodowy Bank Polski
Jeffrey Campbell
Federal Reserve Bank of Chicago
Fernando Duarte
Federal Reserve Bank of New York
Michael Ehrmann
European Central Bank
Zeno Enders
University of Heidelberg
Jonas Fisher
Federal Reserve Bank of Chicago
Yuriy Gorodnichenko
University of California, Berkeley
Christine Graeff
European Central Bank
Clemens Grafe
Goldman Sachs
Wouter den Haan
London School of Economics
Klodiana Istrefi
Banque de France
Marek Jarocinski
European Central Bank
Christopher Jeffery
Central Banking Publications
Michael Lamla
University of Essex
Michael McMahon
University of Oxford
Emanuel Mönch
Deutsche Bundesbank
Emma Murphy
Bank of England
Tymofiy Mylovanov
Kyiv School of Economics (KSE)
Swaha Pattanaik
Reuters Breakingviews
Miroslav Singer
Generali CEE Holding
Cecilia Skingsley
Sveriges Riksbank
Yakiv Smolii
National Bank of Ukraine
Dmytro Sologub
National Bank of Ukraine
Olga Stankova
International Monetary Fund
Paweł Szałamacha
Narodowy Bank Polski
Piotr Szpunar
Narodowy Bank Polski
Jenny Tang
Federal Reserve Bank of Boston
Vitas Vasiliauskas
Bank of Lithuania
Eryk Walczak
Bank of England
Michael Weber
University of Chicago
Jonathan Wright
John Hopkins University
Venue
fairmont.jpg
Fairmont Grand Hotel Kyiv
Naberezhno-Khreshachatyts'ka St, 1, Kyiv, 04070, Ukraine
TEL. +38(044)322-88-88
Press-center
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