The National Bank of Ukraine continues a series of open research seminars and encourages all interested stakeholders to participate in the next research seminar to be conducted on  29 April 2016  at 2:00 p.m.

Mr. David Wheat, Professor at University of Bergen (Norway), whose research focuses on dynamic economic systems,will present the findings of his  paper on  Endogenous Feedback Perspective on Money in a Stock-Flow Consistent Model.

This paper looks at endogenous theories of money creation.  The exogenous theories that dominate textbooks on economics assume that a central banks regulates the money supply through the money multiplier. In contrast, the endogenous view acknowledges the power of the central bank to set the price of money but not its supply. According to such theories, money supply is explained as the banking sector’s response to demand for credit that arises from within the economy. Mr. David Wheat proposes a consensus-building definition of endogenous money and a dynamic simulation model for the money creation process. Additionally, the researcher comes up with a new approach to teaching endogenous money to students by using a dynamic simulation model. Professor David Wheat applied this method to students at University of Management and Economics in Lithuania.

Please follow the link to view the research paper: http://www.wheatresources.com/WP/Wheat%20Endogenous%20Feedback%20Perspective%20on%20Money%20WP.pdf.

The working language of the seminar will be English.

In order to participate in a seminar, all interested stakeholders  must submit an application that indicates the surname and first name of the applicant, place of employment, and contact information (telephone, e-mail) by the end of the day  on 28 April 2016 via e-mail to  [email protected]. Given the limited seats available, the NBU reserves the right to accept or reject applications.The NBU will inform each applicant as to acceptance or rejection of an application by 11.00 a.m. on 29 April 2016.

Seminar venue: room 206, 9, Instytutska St., Kyiv. The venue can be accessed via the central entrance. All participants are required to have a passport or any other ID document. Registration of participants will be take place from 1:45 p.m. to 1:55 p.m.

The National Bank of Ukraine launched a series of research seminars in July 2015. During these seminars, representatives from the academic and expert community, international financial institutions, other central banks, and the NBU offer the opportunity to share their research findings and discuss them within a narrow circle of experts. With the aim of arranging further research seminars, we encourage potential contributors to collaborate with us and present the findings of their research studies on issues related to the activities of the NBU and financial system operations.

Please send proposals (with an indication of a suitable date for the seminar, and attached presentation materials, an executive summary and/or draft contributions) to the NBU Research Division of the Monetary Policy and Economic Analysis Department for consideration via e-mail at the following addresses: [email protected] або [email protected].