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

Thursday, May 28, 2009

Session 6: Central Banking in the Credit Turmoil([76KB PDF])
Chairperson: David Altig,
Federal Reserve Bank of Atlanta
Paper presenter: Marvin Goodfriend,
Carnegie Mellon University
Discussant: Frank Smets[PDF],
European Central Bank
Discussant: Hiroshi Ugai[PDF],
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[PDF],
Bank of England
Hiroshi Nakaso[PDF],
Bank of Japan
Adjournment

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