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 |
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Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan ([130KB PDF]) | |
Thomas F. Cargill | |
Comments: Marten Blix Shin-ichi Fukuda |
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Session 2: | Transmission Mechanism and Structural Rigidities |
Financial Stability, Deflation, and Monetary Policy ([128KB PDF]) | |
Marvin Goodfriend | |
Comments: William R. White Kazuo Ueda |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |