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Role of Monetary Policy under Low Inflation:
Deflationary Shocks and Policy Responses

July 3-4, 2000
Ninth International Conference
Institute for Monetary and Economic Studies
Bank of Japan
- Program -

Introduction (PDFfile 31KB)

Monday, July 3

Opening Speech: Masaru Hayami (PDFfile 17KB)
<Japanese version (PDFfile 15KB)>

Governor, Bank of Japan
Keynote Speeches: Allan H. Meltzer (PDFfile 95KB)
Carnegie Mellon University
John B. Taylor (PDFfile 74KB)
Stanford University
Session 1: An Overview of Monetary Policy under Asset Price Fluctuation and Deflation
  Policy Responses to the Post-Bubble Adjustments in Japan: A Tentative Review (PDFfile 380KB)
Naruki Mori, Shigenori Shiratsuka, and Hiroo Taguchi
  Comments:
Georg Rich
Charles Collyns
  Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan (PDFfile 130KB)
Thomas F. Cargill
  Comments:
Marten Blix
Shin-ichi Fukuda
Session 2: Transmission Mechanism and Structural Rigidities
  Financial Stability, Deflation, and Monetary Policy (PDFfile 128KB)
Marvin Goodfriend
  Comments:
William R. White
Kazuo Ueda
  Structural Issues in the Japanese Labor Market: An Era of Variety, Equity and Efficiency or an Era of Bipolarization? (PDFfile 180KB)
Hiroshi Fujiki, Sachiko Kuroda Nakada, and Toshiaki Tachibanaki
  Comments:
Jane T. Haltmaier
Grant Kirkpatrick

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Tuesday, July 4

Session 3: Expectation Formation and Monetary Policy
  Acknowledging Misspecification in Macroeconomic Theory (PDFfile 106KB)
Lars Peter Hansen, and Thomas J. Sargent
  Comments:
Fumio Hayashi
Tiff Macklem
  Financial Crises as the Failure of Arbitrage : Implications for Monetary Policy (PDFfile 482KB)
Makoto Saito, and Shigenori Shiratsuka
  Comments:
Christine M. Cumming
Tim Chung-Ko Ng
Session 4: The Implications of Low Inflation and Interest Rates for the Conduct of Monetary Policy
  The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap (PDFfile 185KB)
Lars E. O. Svensson
  Comments:
Glenn Stevens
Job Swank
  Further Monetary Easing Policies under the Non-negativity Constraints of Nominal Interest Rates: Summary of Discussion Based on Japan's Experience (PDFfile 197KB)
Nobuyuki Oda, and Kunio Okina
  Comments:
Spencer Dale
Jack H. Beebe
Concluding Panel: The Role of Monetary Policy under Low Inflation (PDFfile 96KB)
  Moderator:Kunio Okina
  Panelists:Vitor Gaspar
Donald L. Kohn
Yutaka Yamaguchi

Allan H. Meltzer

John B. Taylor
Background Paper
  The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons (PDFfile 343KB)
Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka

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