International Monetary Fund
2025 - present: Economist
Development and implementation of FPAS in member countries
Analytical work on macro modeling and monetary policy / exchange rate regimes
Developing / delivering training on monetary policy-related courses for the ICD
2018 - 2024: Short-Term Expert (for ICD and MCM)
Development and implementation of FPAS in different central banks
Training central banks’ staff on operating the FPAS (mostly in MATLAB)
Meeting with top management of central banks on behalf of IMF missions
National Bank of Georgia
2021 - 2025: Head of Macroeconomics and Statistics Department
Chief Economist of Monetary Policy Committee and Financial Stability Committee
Leading the Forecasting and Policy Analysis System application
Important part of the inflation targeting reform at the NBG from early years on
2017 - 2021: Head of Macroeconomic Research Division
Leading the development of macro models (semi-structural, DSGE, NTF)
Spearheading production of Monetary Policy Report (forward-looking analysis)
Leading the macro part of the task force dealing with the COVID pandemic
2013 - 2017: Research Economist
Operating the macroeconomic model (GEMO) - the core of the FPAS
Building and developing macro-financial (DSGE) models
Supporting the NBG’s communication by relevant research papers
Vrije Universiteit Amsterdam
Degree: PhD in Economics (candidate)
Thesis: Essays on Central Bank Digital Currencies
Tinbergen Institute
Degree: PhD Research Qualification (earned in 2025)
Thesis: Essays on Central Bank Digital Currencies
Humboldt-Universität zu Berlin
Degree: MSc in Economics (earned in 2013)
Thesis: (Un)anticipated Monetary Policy in a DSGE Model with a Shadow Banking System
Tbilisi State University
Degree: BBA in Finance (earned in 2011)
Thesis: Inflation Targeting in Georgia
ISET
Terms: 2019 - 2024, fall
Subject: Macroeconomic Policy / Money and Banking
Ilia State University
Terms: 2018 - 2020, spring
Subject: Macroeconomics
University of Georgia
Terms: 2015 - 2018, fall
Subject: Economics
Georgian-American University
Terms: 2015, spring
Subject: International Macroeconomics
Mkhatrishvili, S. (2025). Inside (the) Money Machine: Modeling Liquidity, Maturity and Credit Transformations. (No. 2015/166) International Monetary Fund.
Pampusa, Marjorie, Ashwin Moheeput, Atish Babboo, Rajlukshmee Tengur, Rideema Cunniah, Sharmeen Gariban, Iaroslav Miller, Shalva Mkhatrishvili, and Valeriu Nalban. (2025). Mauritius QPM: A Quarterly Projection Model for the Bank of Mauritius (No. 2025/215). International Monetary Fund.
Laxton, D., Igityan, H., & Mkhatrishvili, S. (2025). Monetary policy credibility, avoiding dark corners, and risk management: a response to Ben Bernanke's review of monetary policy-making at the Bank of England. Oxford Review of Economic Policy, graf019.
Metreveli, S., Mosakhlishvili, A., Mkhatrishvili, S., Tutberidze, D., & Sopromadze, T. (2025). A Novel Minimum Variance Portfolio Approach to Understanding Dollarization: Case of Georgia. NBG Working Papers 01/2025, National Bank of Georgia.
Abradu-Otoo, P., Acquah, J. K., Attuquaye, J., Harvey, S., Loloh, F., Mkhatrishvili, S., & Quansah, M. (2024). Quarterly Projection Model for the Bank of Ghana: Extensions and Applications (No. 2024/237). International Monetary Fund.
Laxton, D., Igityan, H., & Mkhatrishvili, S. (2024). Endogenous Credibility and Economic Modeling: Adapting the Forecasting and Policy Analysis System to Modern Challenges. NBG Working Papers 03/2024, National Bank of Georgia.
Mkhatrishvili, S., Tsutskiridze, G., & Arevadze, L. (2024). Sterilized Interventions May Not Be So Sterilized. International Journal of Central Banking, 20(4), 371-413.
Tchanturia, M., Laxton, J., Laxton, D. and Mkhatrishvili, S.(2024). Covid-19 and the Return of the 3-Star Consumption Functions in the US. NBG Working Papers 03/2024, National Bank of Georgia.
Arevadze, L., Mkhatrishvili, S., Metreveli, S., Tsutskiridze, G., Mdivnishvili, T. and Khinashvili, N.. (2024). DSGE Model for Georgia: LEGO with Emerging Market Features. NBG Working Papers 02/2024, National Bank of Georgia.
Mkhatrishvili, S., Laxton, D., Sopromadze, T., Tchanturia, M., Nizharadze, A., Gadelia, S., Gigineishvili, G. and Laxton, J.. (2024). Core Inflation Requiem: Paving the Way for a Dual-Component CPI in FPAS Central Banks. NBG Working Papers 01/2024, National Bank of Georgia.
Pantsulaia, V., Jangveladze, A. and Mkhatrishvili, S. (2023). Negative Externalities of Financial Dollarization. NBG Working Papers 01/2023, National Bank of Georgia.
Mkhatrishvili, S. and Boonstra, W. (2022). Under-researched areas of CBDC. SUERF Policy Brief, No 453
Mkhatrishvili, S. and Boonstra, W. (2022). What we know on Central Bank Digital Currencies (so far). NBG Working Papers 01/2022, National Bank of Georgia.
Gadelia, S., Mdivnishvili, T. and Mkhatrishvili, S. (2021). Monetary Policy Transmission in Georgia: empirical evidence. NBG Working Papers 02/2021, National Bank of Georgia.
Sopromadze, T., Barbakadze, G. and Mkhatrishvili, S. (2021). Dominant Currency Paradigm: Financial Dollarization View . NBG Working Papers 01/2021, National Bank of Georgia.
Mdivnishvili, T., Mkhatrishvili, S. and Tutberidze, D. (2020). Cash Flow at Risk assessment for the banking sector of Georgia. NBG Working Papers 03/2020, National Bank of Georgia.
Mkhatrishvili, S., Tsutskiridze, G. and Arevadze, L. (2020). Sterilized FX interventions may not be so sterilized. NBG Working Papers 02/2020, National Bank of Georgia.
Arevadze, L., Sopromadze, T., Tsutskiridze, G. and Mkhatrishvili, S. (2020). Identifying the Phillips Curve in Georgia. NBG Working Papers 01/2020, National Bank of Georgia.
Mkhatrishvili, S., Laxton, D., Tutberidze, D., Sopromadze, T., Metreveli, S., Arevadze, L., Mdivnishvili, T. and Tsutskiridze, G., (2019). Solving non-linear dynamic models (more) efficiently: application to a simple monetary policy model. NBG Working Papers 01/2019, National Bank of Georgia.
Alichi, A., Avetisyan, H., Laxton, M. D., Mkhatrishvili, S., Nurbekyan, A., Torosyan, L., & Wang, H. (2019). Multivariate Filter Estimation of Potential Output for the United States: An Extension with Labor Market Hysteresis. IMF Working Papers No. 19/35, International Monetary Fund.
Alichi, A. and others (2018). Estimates of Potential Output and the Neutral Rate for the US Economy. IMF Working Papers No. 18/152, International Monetary Fund.
Mkhatrishvili, S. (2017). De-Dollarization: Why and How? NBG Journal of Economics and Finance, 5(1 & 2), 71-83 (in Georgian). National Bank of Georgia.
Mkhatrishvili, S. (2016). Inflation Targeting: Main Principle, Characteristics, Prerequisites and Empirical Estimates. NBG Journal of Economics and Finance, 4(2), 9-25 (in Georgian). National Bank of Georgia.
Mkhatrishvili, S., Mdivnishvili, T., Liqokeli, A. (2016). Exchange Rate and Current Account Deficit: Empirical Analysis. NBG Journal of Economics and Finance, 4(2), 67-83 (in Georgian). National Bank of Georgia.
Tvalodze, S., Mkhatrishvili, S., Mdivnishvili, T., Tutberidze, D., Zedginidze, Z. (2016). National Bank of Georgia’s Forecasting and Policy Analysis System. NBG Working Papers 01/2016. National Bank of Georgia.
Mkhatrishvili, S. (2015). Evaluation of National Bank of Georgia’s Monetary Policy Response to the Recent External Shocks. NBG Journal of Economics and Finance, 3(3), 62-74 (in Georgian). National Bank of Georgia.
Mkhatrishvili, S., Zedginidze, Z. (2015). Modeling Macro-Fiscal Interlinkages: Case of Georgia. Central European Journal of Economic Modelling and Econometrics, 7(1), 15-41.
Monetary, fiscal, and financial-policy interactions through a unified balance sheet theory. Develops a theory of price-level determination in which publicly backstopped bank deposits constitute contingent public liabilities, connecting private credit and inside-money creation to fiscal backing. This common balance-sheet channel gives prudential policy a direct role alongside fiscal policy, interest-rate policy, and central-bank balance-sheet policy in determining nominal stability.
Multi-period MVP dollarization. Extends the conventional one-period minimum-variance-portfolio benchmark with a vintage structure by allowing households to evaluate the purchasing power of domestic- and foreign-currency deposits over multiple horizons. The framework shows how cumulative domestic price-level risk and mean-reverting real-exchange-rate risk can make longer-horizon dollarization benchmarks materially different and usually better able to explain observed deposit dollarization.
The CBDC financial-stability trilemma. Argues that, after sufficiently large CBDC adoption, policymakers can achieve at most two of three objectives: preserving financial intermediation, avoiding centralized credit allocation, and preventing moral hazard. The work traces how alternative designs for replacing displaced bank funding ultimately shift credit provision, risk, or contingent liabilities toward the central bank and the public sector.
FX lending and the exchange rate. Develops a portfolio-balance theory of how FX lending affects the exchange rate and shows that the mechanism is closely related to, but distinct from, foreign-exchange intervention (FXI). Both operate through net FX-market pressure and UIP risk-premium effects in shallow FX markets, but FX lending additionally creates transactional deposit demand for loan servicing, future repayment flows, endogenous savings deposit dollarization, and currency-mismatch risks, which can change the final impact on the exchange rate.
Efficient nonlinear filtering and solution methods. Develops a recursive local-linearization approach that repeatedly updates a locally linear representation of a nonlinear model, retaining important nonlinear dynamics while exploiting the computational efficiency of linear solution and filtering techniques. The objective is to make nonlinear DSGE model solution, estimation, and policy analysis substantially more practical than conventional globally nonlinear methods.
Inside Money Machine: Modeling Liquidity, Maturity and Credit Transformations (presentation). Online, Better Policy Project, Sept-2025
Sterilized FX interventions may not be so sterilized (presentation). CBI, Reykjavík, Iceland, May-2024
Money creation in the real world and central bank liquidity (presentation). Online, Better Policy Project, Jan-2022
Money, Macro & Finance Conference (presentation). Online, RCEA, Jul-2021
Central Bank Macroeconomic Modelling Workshop (presentation). CBA, Dilijan, Armenia, Sept-2019
Applications of DSGE Models in Central Banking (presentation). NBU, Kyiv, Ukraine; Nov-2018
Monetary Policy Spillovers (presentation). SNB, Zurich, Switzerland; May-2017