The National Bank of Ukraine (NBU) has updated its priority research areas.
This revised list outlines the key focus of research interests relevant to the NBU in the near future. High-quality economic research comprehensively supports the adoption of effective and well-founded central bank policy decisions. Therefore, the NBU actively promotes the development of modern economic thought.
The NBU invites external experts, researchers, theorists, and practitioners to conduct research in areas that are a priority for the NBU, disseminate their findings, and improve analytical approaches within the central bank’s research initiatives.
The priority research areas include:
1) Monetary Policy and Macroeconomic Stability.
In the context of high uncertainty and external shocks caused by the full-scale war, the study of an integrated policy approach and the use of a mix of central bank instruments, the development of high-frequency indicators for prompt decision-making, the conduct of scenario analysis, and ensuring effective coordination of monetary and fiscal policies are crucial for effective monetary policy and macroeconomic stability.
The following topics are particularly relevant in this area:
- Evolution of the monetary policy transmission mechanism
- Advanced macroeconomic modeling and forecasting
- Inflation expectations, central bank credibility, and effective communication
- Interaction between fiscal and monetary policy and
- Global economic cycles and external shock transmission.
2) Financial Stability and Lending Development.
Ukraine’s banking system is resilient, liquid, well-capitalized, and profitable, continuously performing its functions and supporting the state and the real sector during the war.
At the same time, to ensure financial stability and lending development in the long term, considering the potential for various risks and scenarios to materialize, and as part of Ukraine’s European integration process, the NBU encourages research on the following issues:
- Analyzing and calibrating macroprudential instruments
- Monitoring systemic risks and financial cycles
- Lending drivers and risks
- Impact of macroprudential policy on lending and economic growth
- Cyber risks and financial stability
- Environmental, social, and governance (ESG) considerations in financial stability.
3) Addressing Long-Term Economic Growth Challenges.
The challenges to sustainable economic growth in an increasingly fragmented world require the study of a wide range of factors. The NBU’s research in this area will particularly focus on examining the impact of the global economic environment, ensuring long-term competitiveness, as well as analyzing technological innovations, productivity and human capital development, demographic challenges, and new areas related to energy security and climate concerns.
4) Digitalization, Emerging Technologies, and Artificial Intelligence.
Research into innovative approaches to economic analysis and forecasting, as well as the implementation of modern market technologies, is aimed at transforming the understanding of economic processes and methods using big data, machine learning, and artificial intelligence.
The following topics are particularly relevant in this area:
- Innovative approaches to economic analysis and forecasting
- Big data for economic policy insights
- Artificial intelligence in central banking
- Regulation and impact of digital money and markets
More detailed information on the NBU’s research priorities for the year is available via the following link.