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.

Thursday, 23 May 2019
08:00 – 09:00
Welcome coffee
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

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

Central Bank Announcements: Big News for Little People?
Michael Lamla, University of Essex
Carola Conces Binder, Haverford College
11:00 – 11:30
Coffee break
11:30 – 12:30
Keynote Lecture
Stefan Ingves, Sveriges Riksbank
12:30 – 13:30
13:30 – 15:00
Policy Panel 1: Central banks vs populists: ignore or fight

Olga Stankova, International Monetary Fund
Gareth Ramsay, 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

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

Monetary Policy Announcements and Expectations: Evidence from German Firms
Zeno Enders, University of Heidelberg
Rüdiger Bachmann, University of Notre Dame
18:00 – 21:00
Gala Dinner

Friday, 24 May 2019
08:30 – 09:00
Welcome coffee
09:00 – 10:30
Session 3: Effects of forward guidance

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

Can More Public Information Raise Uncertainty? The International Evidence on Forward ( Guidance)
Michael Ehrmann, European Central Bank
Jeffrey Campbell, Federal Reserve Bank of Chicago
10:30 – 11:00
Coffee break
11:00 – 12:30
Policy Panel 2: Central banks policy signals in informational noise

Christopher Jeffery, Central Banking Publications
Vitas Vasiliauskas, Bank of Lithuania
Christine Graeff, European Central Bank
Clemens Grafe, Goldman Sachs
Piotr Szpunar, Narodowy Bank Polski
Swaha Pattanaik, Reuters Breakingviews
12:30 – 13:30
13:30 – 15:00
Session 4: Communicating future path of policy instruments

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

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

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

The Long-Run Information Effect of Central Bank Communication
Michael McMahon, University of Oxford
Jenny Tang, Federal Reserve Bank of Boston
17:00 – 17:15
Closing remarks
Tymofiy Mylovanov, Kyiv School of Economics
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
Stefan Ingves
Sveriges Riksbank
Klodiana Istrefi
Banque de France
Marek Jarocinski
European Central Bank
Michael Lamla
University of Essex
Michael McMahon
University of Oxford
Emanuel Mönch
Deutsche Bundesbank
Tymofiy Mylovanov
Kyiv School of Economics (KSE)
Swaha Pattanaik
Reuters Breakingviews
Gareth Ramsay
Bank of England
Miroslav Singer
Generali CEE Holding
Dmytro Sologub
National Bank of Ukraine
Yakiv Smolii
National Bank of Ukraine
Paweł Szałamacha
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
Fairmont Grand Hotel Kyiv
Naberezhno-Khreshachatyts'ka St, 1, Kyiv, 04070, Ukraine
TEL. +38(044)322-88-88
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