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2009 International Conference:
Financial System and Monetary Policy Implementation

May 27 - 28, 2009
Institute for Monetary and Economic Studies,
Bank of Japan
- Program -

Wednesday, May 27, 2009

Opening Session
Chairperson: Kiyohiko G. Nishimura,
Bank of Japan
Introductory Speech: Masaaki Shirakawa,
Bank of Japan
(English / Japanese)
Keynote Speeches: Bennett T. McCallum,
Carnegie Mellon University
Topic: The Role of 'Determinacy' in Monetary Policy Analysis
Maurice Obstfeld
University of California at Berkeley
Topic: Lenders of Last Resort in a Globalized World
Session 1: Liquidity, Business Cycles, and Monetary Policy(PDFfile:439KB)
Chairperson: Wataru Takahashi,
Bank of Japan
Paper presenter: Nobuhiro Kiyotaki,
Princeton University
Discussant: Zheng Liu,
Federal Reserve Bank of San Francisco
Discussant: Marianne Nessen,
Sveriges Riksbank
Coffee Break
Session 2: Segmentation in the U.S. Dollar Money Markets During the Financial Crisis(PDFfile:1,024KB)
Chairperson: John Murray,
Bank of Canada
Paper presenter: James J. McAndrews,
Federal Reserve Bank of New York
Discussant: Katrin Assenmacher,
Swiss National Bank
Discussant: Shin-ichi Fukuda,
University of Tokyo
Session 3: A Financial System Perspective on Japan's Experience in the Late 1980s(PDFfile:514KB)
Chairperson: Shigenori Shiratsuka,
Bank of Japan
Paper presenter: Masazumi Hattori,
Bank of Japan,
Hyun Song Shin,
Princeton University, and
Wataru Takahashi,
Bank of Japan
Discussant: Grant Spencer,
Reserve Bank of New Zealand
Discussant: Tsutomu Watanabe,
Hitotsubashi University
Session 4: The Procyclical Effects of Bank Capital Regulation(PDFfile:411KB)
Chairperson: Shigenori Shiratsuka,
Bank of Japan
Paper presenter: Javier Suarez,
Centro de Estudios Monetariosy Financieros
Discussant: Haibin Zhu,
Bank for International Settlement
Discussant: Christopher Kent,
Reserve Bank of Australia
Coffee Break
Session 5: Credit Risk and the Macroeconomy: Evidence from an Estimated DSGE Model(PDFfile:453KB)
Chairperson: Hans Genberg,
Hong Kong Monetary Authority
Paper presenter: Simon Gilchrist,
Boston University
Discussant: Todd Clark,
Federal Reserve Bank of Kansas City
Discussant: Tomoyuki Nakajima,
Kyoto University

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Thursday, May 28, 2009

Session 6: Central Banking in the Credit Turmoil(PDFfile:76KB)
Chairperson: David Altig,
Federal Reserve Bank of Atlanta
Paper presenter: Marvin Goodfriend,
Carnegie Mellon University
Discussant: Frank Smets,
European Central Bank
Discussant: Hiroshi Ugai,
Bank of Japan
Coffee Break
Policy Panel Discussion
Chairperson: Kazuo Ueda,
University of Tokyo
Panelists: Jaime Caruana,
Bank for International Settlement
Donald L. Kohn,
Board of Governors of the Federal Reserve System
Paul Tucker,
Bank of England
Hiroshi Nakaso,
Bank of Japan

Please note that attendance is by invitation only.
As of May 25, 2009

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