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Open Research Seminar: The Impact of Fiscal Policy on GDP and Inflation in Ukraine

27 September 2018

Press Release


A traditional open research seminar was held at the National Bank of Ukraine on 27 September 2018. During the seminar, Dr Artem Vdovychenko, a researcher from the NBU, presented the results of his study The Impact of Fiscal Policy on GDP and Inflation in Ukraine.


Dr Vdovychenko started with explaining the motivation for the study, made a brief literature review, and spoke about the contribution of his research. In the body of his presentation, Dr Vdovychenko explained how he used SVAR and the Blanchard-Perotti approach to realize his ideas, what made him choose the values of model parameters, and demonstrated the obtained GDP and CPI responses. The speaker stated that fiscal multipliers were higher and more sustainable for budget expenditures. That said, capital outlays and government consumption had the highest multipliers. Another conclusion drawn by the author was that only custom duties had a statistically significant negative effect on GDP. Budget expenditures had a positive impact on CPI, while the impact of taxes was mixed.


Video of the seminar


We invite potential speakers to take part in the future seminars. Please send the materials on the results of the scientific research (an article and/or a presentation), the author's resume, and the desired date of the seminar to the e-mail of the Research Division of the Monetary Policy and Economic Analysis Department: research@bank.gov.ua.

Last modification   27.09.2018