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2011 International Conference:
Real and Financial Linkage and Monetary Policy

June 1st - 2nd, 2011
Institute for Monetary and Economic Studies,
Bank of Japan
Preliminary and Subject to Changes

Wednesday, June 1st, 2011

9:00 Opening Session
Chairperson: Tomoo Yoshida,
Bank of Japan
Opening Remark: Masaaki Shirakawa (Remarks: English/ Japanese),

Bank of Japan
Keynote Speech: Maurice Obstfeld, (paper)
University of California at Berkeley
9:40 Session 1: Bubbles, Banks and Financial Stability (Paper)
Chairperson: Jean-Pierre Danthine,
Swiss National Bank
Paper presenter: Kosuke Aoki,
University of Tokyo
Discussant: Piti Disyatat,
Bank of Thailand
Discussant: Christopher J. Waller,
Federal Reserve Bank of St. Louis
10:55 Coffee Break  
11:15 Session 2: Collateral Crises (Paper)
Chairperson: Reuven Glick,
Federal Reserve Bank of San Francisco
Paper presenter: Gary B. Gorton,
Yale University
Discussant: Kazuhiko Ohashi,
Hitotsubashi University
Discussant: Javier Suarez,
CEMFI
12:30 Lunch  
13:30 Mayekawa Lecture (Lecture)
Chairperson: Kazuo Ueda,
University of Tokyo
Lecturer: Charles Goodhart,
London School of Economics
14:30 Session 3: International Recessions (Paper)
Chairperson: Pier Carlo Padoan,
Organisation for Economic Co-operation and Development
Paper presenter: Fabrizio Perri,
University of Minnesota
Discussant: Paolo Pesenti,
Federal Reserve Bank of New York
Discussant: Etsuro Shioji,
Hitotsubashi University
15:45 Coffee Break
16:05 Session 4: Bank Overleverage and Macroeconomic Fragility (Paper)
Chairperson: Jean-Pierre Landau,
Bank of France
Paper presenter: Ryo Kato,
Bank of Japan
Discussant: Frank Smets,
European Central Bank
Discussant: Aleh Tsyvinski,
Yale University
17:20 Adjournment

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Thursday, June 2nd, 2011

9:00 Session 5: Foreclosures, House Prices, and the Real Economy (Paper)
Chairperson: Ryuzo Miyao,
Bank of Japan
Paper presenter: Atif R. Mian,
University of California at Berkeley
Discussant: Jonathan Kearns,
Reserve Bank of Australia
Discussant: Tsutomu Watanabe,
Hitotsubashi University and University of Tokyo
10:15 Coffee Break
10:35 Policy Panel Discussion
Moderator and kickoff speaker: Marvin Goodfriend,
Carnegie Mellon University
Panelists: Choongsoo Kim,
Bank of Korea
Kiyohiko G. Nishimura,
Bank of Japan
Axel A. Weber,
Deutsche Bundesbank
Janet L. Yellen,
Board of Governors of the Federal Reserve System

12:35 Adjournment

Please note that attendance is by invitation only.
As of June 1st, 2011

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