Home » Press centre » News » Archive » 2018

New Issue of Visnyk NBU: Recommendations for Monetary and Macroprudential Policies

14 May 2018

Press Release


The new issue of the quarterly research journal Visnyk of the National Bank of Ukraine (NBU) deals with practical issues that are relevant for achieving the central bank’s strategic goals. In their research, the authors give empirically supported recommendations on implementing monetary and macroprudential policies and describe wide opportunities for applying big data to track inflation trends.


In this issue of Visnyk NBU authors focused on the following topics:


      Neutral Real Interest Rate in a Small Open Economy


The opening article was written by Anton Grui, Volodymyr Lepushynskyi and Sergiy Nikolaychuk Neutral Real Interest Rate in a Small Open Economy: Application to Ukraine. The authors measure the real interest rate that has a neutral effect on the NBU monetary policy. In the past, short-term rates have shown to be lower than the neutral rate causing high and steady inflation. The researches argue that in the near future the gap between the NBU key policy rate and the neutral rate should remain positive for achieving disinflation and inflation target.


      Big Data for Calculating the Consumer Price Index


Oleksandr Fаrynа, Oleksandr Talavera, and Tetiana Jukhymenko in What Drives the Difference between Official and Online Price Indexes apply big data on retail prices of consumer goods extracted by the NBU using web-scraping and calculate the online consumer price index in Ukraine. The authors conclude that online price indices present a new potential instrument that could be used by the central bank to investigate price behaviour.


      Implementation of the capital conservation buffer for maintaining financial stability


The final article of this issue is Macroeconomic Effects of Introducing a Capital Conservation Buffer in the Ukrainian Banking Sector by Pervin Dadashova, Magnus Jonsson, and Hanna Onyshchenko. The researchers study the outcomes of scheduled implementation of a new regulatory instrument by the NBU, i.e. capital conservation buffer. The authors show that preannouncing and gradually implementing the capital conservation buffer, along the lines that have already been advanced by the NBU, can reduce the short-term output loss and ensure financial stability in the long run.



Please note that Visnyk NBU is indexed by IDEAS/RePEc, Index Copernicus International, and UlrichsWeb. Since September 2015, Visnyk NBU is released for public access on the official NBU site quarterly in English and Ukrainian. The journal features articles that express views and ideas of the authors and not an official position of the NBU.


The editorial board invites researchers, experts, financial analysts and representatives of the banking academic community to join research within the scope of the journal and send research materials for review and publication to email: journal@bank.gov.ua.


For more information on requirements to articles please go to

Visnyk of the National Bank of Ukraine

Visnyk of the National Bank of Ukraine

Last modification   14.05.2018