Drawing on the best practices of central banks, the Visnyk of the National Bank of Ukraine, a research and practice journal, has undergone conceptual changes. From now on, the journal, which up until now has been a periodical issued by the regulator for brand identity building purposes, will be exclusively focused on research activity. Each issue of the journal will contain 4-6 high-quality articles in the area of the monetary policy, financial stability, macroeconomic modeling and forecasting and other issues falling within the competence of the central bank. Articles will be peer-reviewed by the leading domestic and foreign experts in the respective field. Thanks to these changes, the central bank aims to turn the NBU Visnyk into the leading research periodical. In addition, the journal will be integrated into the international system of knowledge and publication production to the extent possible. To this end, it will be published not only in Ukrainian, as has been the case in the past, but also in English.
This fall's issue of the journal is devoted to monetary policy issues.
The article “Inflation expectations in Ukraine: A long path to anchoring?” by Olivier Coibion and Yuriy Gorodnichenko investigates various factors that contribute to shaping inflation expectations of economic agents in Ukraine. The authors argue that during the transition period to an inflation targeting regime (ІТ), the policy makers should pay a substantial attention to hryvnia exchange rate fluctuations to minimize the volatility in inflation expectations of households and firms in Ukraine.
The article “A strategic document on monetary policy for the period of the inflation targeting adoption in Ukraine” by Volodymyr Lepushynskyi covers strategic issues of the successful adoption of inflation targeting. The preliminary findings presented in this very article were put at the core of the Draft Monetary Policy Guidelines for 2016-2020 approved by the NBU Board in August.
The article “Inflation targeting experience: Lessons for Ukraine” by David Vavra investigates the experience of select central banks in overhauling the monetary policy framework over the past three decades. The author concludes that the success of the new monetary regime adoption and its credibility hinges crucially on the pace at which the elements of an inflation-targeting framework are developed and implemented by the regulator.
The article “Using macroeconomic models for monetary policy in Ukraine” by Sergiy Nikolaychuk and Yurii Sholomytsky is focused on the effective suite of the macroeconomic models used by the central bank for forecasting and monetary policy analysis. The authors investigate the existing macroeconomic models used by the NBU and confirm their compliance with forgoing needs of the new monetary policy regime of inflation targeting. At the same time, drawing on the international experience aggregation, the authors outline the main areas for further improvement in modeling toolkit.
The new issue of the NBU Visnyk, which will be published in electronic format, has been posted on the NBU’s official website. The journal will be released on a quarterly basis. The next issue of the journal will be published in December 2015. We invite all interested experts and researchers to send their contributions: “We are open to sharing ideas and invite all professionals on banking and financial markets who set themselves ambitious goals to involve and collaborate,” said Chairman of the Editorial Board and Deputy Governor of the National Bank of Ukraine Dmytro Sologub.