Conference 2025, Institute for Monetary and Economic Studies, Bank of Japan

2025 BOJ-IMES Conference
New Challenges for Monetary Policy

May 27-28, 2025
Institute for Monetary and Economic Studies, Bank of Japan

Program

Tuesday, May 27, 2025

  • 9:00

    Opening Remarks

    Speaker:
    Kazuo Ueda, Bank of Japan
    (English [486 KB PDF] / Japanese [402 KB PDF])
    Link to 'Opening Remarks'(YouTube)

  • 9:20

    Mayekawa Lecture: Trust and Macroeconomic Stability: a Virtuous Circle

    Chairperson:
    Seiichi Shimizu, Bank of Japan
    Lecturer:
    Agustín Carstens, Bank for International Settlements
    Link to 'Mayekawa Lecture'(YouTube)

  • 10:30

    Coffee Break

  • 11:00

    Session 1: Reserve Demand, Interest Rate Control, and Quantitative Tightening

    Chairperson:
    Tuomas Välimäki, Bank of Finland
    Paper Presenter:
    Annette Vissing-Jorgensen, Federal Reserve Board
    Discussant:
    Hibiki Ichiue, Keio University
    Link to 'Session 1'(YouTube)

  • 12:00

    Lunch

  • 13:20

    Keynote Speech: Challenges for Monetary Policy and Its Communication

    Chairperson:
    Peter Kažimír, National Bank of Slovakia
    Speaker:
    Athanasios Orphanides, Massachusetts Institute of Technology
    Link to 'Keynote Speech'(YouTube)

  • 14:10

    Break

  • 14:15

    Session 2: Monetary Policy and Inflation Scares

    Chairperson:
    Anna Breman, The Riksbank
    Paper Presenter:
    Christopher J. Erceg, International Monetary Fund
    Discussant:
    Jae Won Lee, Bank of Korea
    Link to 'Session 2'(YouTube)

  • 15:15

    Coffee Break

  • 15:45

    Session 3: The Causal Effects of Inflation Uncertainty on Households' Beliefs and Actions

    Chairperson:
    Rosmarie Schlup, Swiss National Bank
    Paper Presenter:
    Yuriy Gorodnichenko, University of California, Berkeley
    Discussant:
    Taisuke Nakata, The University of Tokyo
    Link to 'Session 3'(YouTube)

  • 16:45

    Break

  • 17:00

    Policy Panel Discussion 1: Monetary Policy Challenges in an Uncertain Economy

    Moderator:
    Takeo Hoshi, The University of Tokyo
    Panelists:
    Mário Centeno, Banco de Portugal
    Andrew Hauser, Reserve Bank of Australia
    Neel Kashkari, Federal Reserve Bank of Minneapolis
    M. Ayhan Kose, The World Bank Group

  • 18:10

  • 18:20

    Buffet Dinner

  • 19:40

    Adjournment of the day

Wednesday, May 28, 2025

  • 9:00

    Fireside Chat

    Moderator:
    Ryozo Himino, Bank of Japan
    Guest Speaker:
    John Williams, Federal Reserve Bank of New York
    Link to 'Fireside Chat'(YouTube)

  • 9:30

  • 9:40

    Session 4: Mind the Gap When Exiting Low-for-Long

    Chairperson:
    Stephen Murchison, Bank of Canada
    Paper Presenter:
    Daisuke Ikeda, Bank of Japan
    Discussant:
    Spencer Krane, Federal Reserve Bank of Chicago
    Link to 'Session 4'(YouTube)

  • 10:40

    Coffee Break

  • 11:10

    Policy Panel Discussion 2: Monetary Policy in a Global Economy

    Moderator:
    Christopher Waller, Federal Reserve Board
    Panelists:
    Pierre-Olivier Gourinchas, International Monetary Fund
    Luc Laeven, European Central Bank
    Clare Lombardelli, Bank of England
    Eli M. Remolona, Jr., Bangko Sentral ng Pilipinas
    Shinichi Uchida, Bank of Japan

  • 12:30

    Adjournment

  • 12:45

    Lunch (optional)

  • 14:00