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Monetary Policy Lessons from the Global Crisis
International Journal of Central Banking
Hosted by the Bank of Japan 16 and 17 September 2010

Programme

Thursday, 16 September 2010

8:15am Registration and coffee
8:45am Welcome and Opening Remarks
Wataru Takahashi, Director-General
Institute for Monetary and Economic Studies, Bank of Japan
9:00am Keynote Address
Masaaki Shirakawa, Governor, Bank of Japan
(English / Japanese)

Session I: Unconventional Monetary Policies
  Chair: Carl Walsh (University of California, Santa Cruz), IJCB Co-Editor
9:30am Paper #1: Large‐Scale Asset Purchases by the Federal Reserve: Did They Work? (Paper/ Slide)
Presenters: Joseph Gagnon (Peterson Institute for International Economics) and Julie Remache (Federal Reserve Bank of New York)
10:00am Discussant: Tsutomu Watanabe (Hitotsubashi University)
10:20am Brief Q&A
10:30am Coffee Break
11:00am Paper #2: On the Quantitative Effects of Unconventional Monetary Policies (Paper)
Presenters: Javier García-Cicco (Banco Central de Chile)
11:30am Discussant: Kosuke Aoki (London School of Economics) (Slide)
11:50am Brief Q&A
12:00pm Commentator: Lawrence Christiano (Northwestern University) (Slide)
12:20pm General Discussion
1:00pm Luncheon
Session II: Price Stability and Inflation Expectations
  Chair: Frank Smets (European Central Bank), IJCB Managing Editor
2:30pm Paper #3: Did Easy Money in the Dollar Bloc Fuel the Global Commodity Boom? (Paper/ Slide)
Presenter: Christopher Erceg (Federal Reserve Board)
3:00pm Discussant: Giancarlo Corsetti (European University Institute)
3:20pm Brief Q&A
3:30pm Coffee Break
4:00pm Paper #4: Did the Crisis Affect Inflation Expectations? (Paper)
Presenter: Chen Zhou (De Nederlandsche Bank)
4:30pm Discussant: Shigenori Shiratsuka (Bank of Japan) (Slide)
4:50pm Brief Q&A
5:00pm Commentator: Fumio Hayashi (Hitotsubashi University)
5:20pm General Discussion
6:00pm Reception and Buffet Dinner

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Friday, 17 September 2010

8:30am Coffee
Session III: Monetary Policy and Housing Booms
  Chair: Andrew Levin (Federal Reserve Board), IJCB Co-Editor
9:00am Paper #5: The Effects of Housing Prices and Monetary Policy in a Currency Union (Paper/ Slide)
Presenters: Oriol Aspachs-Bracons (Caixa d'Estalvis i Pensions de Barcelona) and Pau Rabanal (International Monetary Fund)
9:30am Discussant: Robert King (Boston University)
9:50am Brief Q&A
10:00am Paper #6: Risky Mortgages in a DSGE Model (Paper)
Presenters: Chiara Forlati and Luisa Lambertini (École Polytechnique Fédérale de Lausanne)
10:30am Discussant: Tomoyuki Nakajima (Kyoto University)
10:50am Brief Q&A
11:00am Coffee Break
11:30am Commentator: John C. Williams (Federal Reserve Bank of San Francisco)
11:50am General Discussion
12:30pm Luncheon

Session IV: Panel Discussion

2:00pm Monetary Policy Lessons from the Global Crisis
  Moderator: Ryuzo Miyao, Bank of Japan
Participants:
 

Stephen Cecchetti, Bank for International Settlements (Slide)
John Murray, Bank of Canada
Francesco Papadia, European Central Bank (Slide)
Lars Svensson, Sveriges Riksbank (Slide/ Slide Speech)
John B. Taylor, Stanford University (Slide/ Slide Speech)

3:45pm Adjournment

As of November 12, 2010

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