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 ([31KB PDF])
Monday, July 3
| Opening Speech: | Masaru Hayami ([17KB PDF]) <Japanese version ([15KB PDF])> Governor, Bank of Japan |
| Keynote Speeches: | Allan H. Meltzer ([95KB PDF]) Carnegie Mellon University John B. Taylor ([74KB PDF]) 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 ([380KB PDF]) | |
| Naruki Mori, Shigenori Shiratsuka, and Hiroo Taguchi | |
| Comments: Georg Rich Charles Collyns |
|
| Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan ([130KB PDF]) | |
| Thomas F. Cargill | |
| Comments: Marten Blix Shin-ichi Fukuda |
|
| Session 2: | Transmission Mechanism and Structural Rigidities |
| Financial Stability, Deflation, and Monetary Policy ([128KB PDF]) | |
| 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? ([180KB PDF]) | |
| Hiroshi Fujiki, Sachiko Kuroda Nakada, and Toshiaki Tachibanaki | |
| Comments: Jane T. Haltmaier Grant Kirkpatrick |
Tuesday, July 4
| Session 3: | Expectation Formation and Monetary Policy |
| Acknowledging Misspecification in Macroeconomic Theory ([106KB PDF]) | |
| Lars Peter Hansen, and Thomas J. Sargent | |
| Comments: Fumio Hayashi Tiff Macklem |
|
| Financial Crises as the Failure of Arbitrage : Implications for Monetary Policy ([482KB PDF]) | |
| 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 ([185KB PDF]) | |
| 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 ([197KB PDF]) | |
| Nobuyuki Oda, and Kunio Okina | |
| Comments: Spencer Dale Jack H. Beebe |
|
| Concluding Panel: | The Role of Monetary Policy under Low Inflation ([96KB PDF]) |
| 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 ([343KB PDF]) | |
| Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka | |