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Announcement: open research seminar on the role of financial factors in assessing potential output

01 February 2019

Press Release


On 14 February 2019, the National Bank of Ukraine (NBU) will host an open research seminar in which Professor Mihnea Constantinescu will discuss the interaction between the financial and real cycles and the important role financial information play in estimating the level and dynamics of potential output.


Those topics are particularly important for the effective implementation of monetary policy because decisions by a central bank on a key policy rate typically depend on whether the economy is below or above potential.


During the seminar, Mr. Constantinescu will present two research papers he co-authored with Anh D. M. Nguyen of the Bank of Lithuania:


·          The first paper, titled A Century of Gaps, considers the role of financial information in the estimation and dynamics of the US output gap over more than a century;


·          The second paper, titled Unemployment or credit: Which one holds the potential? Results for a small open economy with a low degree of financialization, investigates the importance of financial information in a small open economy.


Mr. Mihnea Constantinescu is Chief Product Officer of PrepayWay AG. He is also a lecturer at the University of Amsterdam and the University of Zurich. Previously, he worked as Head of Research at the Bank of Lithuania for four years where he oversaw the design and implementation of the bank’s strategic plan, the management of research activities, talent attraction and retention, as well as representation in international circles. Mr. Constantinescu holds a PhD from the University of Zurich (Swiss Finance Institute). His research interests cover a wide range of topics in economics and finance.


The research papers are available at link and at link.

The seminar will be held in English.


Location: National Bank of Ukraine, 9, Instytutska St., Kyiv, Room 206. Please use the NBU’s central entrance to access the venue.


The seminar will start at 2 p.m. Registration of participants will take place from 1:45 to 1:55 p.m. The NBU is a restricted access facility and photo identification is required to be admitted.

To participate in the seminar, please submit an application containing your name, surname, place of employment, and contact details (telephone, e-mail) to research@bank.gov.ua. Applications must be submitted by 2 p.m. on 13 February 2019. A limited number of spots are available and the NBU reserves the right to accept or reject applications. Applicants will be notified via email whether their application has been accepted or rejected.


The NBU started hosting open research seminars in July 2015. The seminars provide an opportunity to academics and experts, representatives of international financial institutions, other central banks, and the NBU to share research findings and discuss those finding with peers.


The NBU invites researchers to present the findings of studies that are related to the NBU’s activities and the operation of the financial system at the NBU’s research seminars.  Please email proposals (stating a desired seminar date, presentation materials, an executive summary, and/or draft contributions) to the NBU Research Division of the Monetary Policy and Economic Analysis Department (research@bank.gov.ua).


The materials of past open research seminars are available at link.




Last modification   01.02.2019