As the organizers of the conference, we would like to express our sincere appreciation to our honorary advisers, Bennet T. McCallum and Maurice Obstfeld, and all other participants at the conference for their fruitful presentations and discussions. Our special thanks go to Junko Miyoshi and other staff members of the Institute for Monetary and Economic Studies, who devotedly helped to organize the conference. The views expressed in this paper do not necessarily reflect the views of the Bank of Japan.
Views expressed in the paper are those of the authors and do not necessarily reflect those of the Bank of Japan or Institute for Monetary and Economic Studies.