May 19, 2016
OGResearch Managing Partner David Vavra speaks at this week's inaugural research conference organized by the National Bank of Ukraine (NBU) under the theme of "Transformation of Central Banking".
David leads a panel on inflation targeting challenges, featuring NBU Deputy Governor Dmytro Sologub and Sveriges Riksbank Deputy Governor Per Jansson as key speakers.
David helped a list of central banks move to flexible exchange rate regimes and implement inflation targeting frameworks. Summing up the present challenges, he says:
Formulating monetary policy in a forward-looking manner makes monetary policy predictable and is key in anchoring public’s expectations about inflation. However, acting in such a manner amidst many economic and political uncertainties inevitably involves mistakes, and therefore requires much courage, sound analysis, cautious judgment, and transparent communication.
The impressive conference speakers' list includes, apart from NBU Governor Valeria Gontareva, professor of economics at Dartmouth College Andrew Levin, ex-Governor of the Swiss National Bank Philip Hildebrand, former Czech National Bank Governor Zdenek Tuma, and a one-time member of President Obama’s Council of Economic Advisers Maurice Obstfeld.
The NBU has made great strides towards modernizing the central bank over the past few years, and OGResearch experts have on a regular basis provided assistance and advice in enhancing its policy formulation, decision-making capacity, and a policy communication strategy.
The research conference is aimed at helping the NBU find out how a central bank of the future is going to look like. It is being organized in cooperation with the Narodowy Bank Polski, with the assistance of the Government of Canada and the Kyiv School of Economics.
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