ECONOMIST with 10+ years of experience working on macro modeling and policy analysis at the central bank of Georgia and 5+ years of experience participating in IMF TA missions to different country central banks as a Technical Advisor (short-term expert of ICD), helping them conduct macroeconomic model-based policy analysis. 

Work experience

           National Bank of Georgia 

• 2021 - present: 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 

• 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 

           International Monetary Fund 

• 2018 - present: Technical Advisor (STX for FPAS missions)

  • • Development and implementation of FPAS models 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 

Education

Vrije Universiteit Amsterdam

• Degree: PhD in Economics (candidate, in progress)

• 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

Teaching 

ISET

• Terms: 2019 - present, 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

Publications / working papers

• Mkhatrishvili, S., Tsutskiridze, G. and Arevadze, L. (forthcoming). Sterilized interventions may not be so sterilized. International Journal of Central Banking

• 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. 

Selected work in progress

• Building a new DSGE model for Georgia that, in addition to already-standard bells and whistles, incorporates two new features/frictions: (1) dollar-invoicing in the export and import sectors and (2) portfolio balance adjustment costs in the FX market. These additions seem to result in important policy implications, frequently overlooked by other models.

• Integrating CBDC benefits, costs/risks and design choices in a systematic way as well as building a banking model that will incorporate the possibility of a CBDC issuance. The model will be used to show the nuanced link between the CBDC issuance, on the one hand, and the cost of financial intermediation and the probability of bank runs, on the other.

Selected presentations

• Money creation in the real world and central bank liquidity (presentation). Online, Better Policy Project, Jan-2022

• Workshop on Dollarization Issues in CCAM Region (presentation). Online, CCAMTAC, IMF, Sept-2021

• 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