NBER/CEPR/CIRJE/EIJS
JAPAN PROJECT MEETING
Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, Anil Kashyap, and David Weinstein, Organizers
September 19-20, 2003
Asian Development Bank Institute
Kasumigaseki Building 8F
2-5, Kasumigaseki 3-chome
Chiyoda-ku
Tokyo 100-6008, Japan
PROGRAM
FRIDAY, SEPTEMBER 19:
8:30 AM Continental Breakfast
9:15 AM Opening Remarks
9:20 AM Session 1
Chair: ANIL KASHYAP, University of Chicago and NBER
ALAN AUERBACH and MAURICE OBSTFELD, UC, Berkeley and NBER
The Case for Open-Market Purchases in a Liquidity Trap
Discussant: SUSANTO BASU, University of Michigan and NBER
GÜNTER COENEN and VOLKER WIELAND, European Central Bank
The Zero-Interest-Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan
Discussant: DAVID GRUEN, Australian Department of the Treasury
11:20 AM Break
11:45 AM Session 2
Chair: FUMIO HAYASHI, University of Tokyo and NBER
I. SERDAR DINC, University of Michigan
PATRICK MCGUIRE, Bank for International Settlements
Did Investors Regard Real Estate as "Safe" during the "Japanese Bubble" in the 1980s?
Discussant: KENNETH SINGLETON, Stanford University and NBER
12:45 PM Lunch
Speaker: DANIEL PLACENTRA, Co-Head of Morgan Stanley Global
High Yield Group
Topic: Distressed Debt Markets in Japan
2:15 PM Session 3
Chair: MAGNUS BLOMSTROM, Stockholm School of Economics and NBER
RICARDO CABALLERO, MIT and NBER
TAKEO HOSHI, UC, San Diego and NBER
ANIL KASHYAP, University of Chicago and NBER
Zombie Lending and Depressed Restructuring in Japan
Discussant: TONI BRAUN, University of Tokyo
ROBERT DEKLE, University of Southern California
KENNETH KLETZER, UC, Santa Cruz
Discussant: DAVID SMITH, Federal Reserve Board
4:15 PM Break
4:45 PM Session 4
Chair: DAVID WEINSTEIN, Columbia University and NBER
TETSUJI OKAZAKI, University of Tokyo
MICHIRU SAWADA, Hitotsubashi University
Bank Merger Movement and Evolution of Financial System:
Experiences in Prewar Japan
Discussant: TAKEO HOSHI, UC, San Diego and NBER
5:45 PM Adjourn
6:30 PM Conference Reception (cocktails and hors d'oeuvres)
Swedish Embassy
1-10-3-100, Roppongi
Minato-ku
Tokyo 106-0032
SATURDAY, SEPTEMBER 20:
8:30 AM Continental Breakfast
9:30 AM Session 5
Chair: JENNIFER CORBETT, Australian National University
YOSHIRO MIWA, University of Tokyo
J. MARK RAMSEYER, Harvard University
Who Appoints Them, What Do They Do?
Evidence on Outside Directors from Japan
Discussant: RANDALL MORCK, University of Alberta and NBER
GAUTI EGGERTSSON, International Monetary Fund
MICHAEL WOODFORD, Princeton University and NBER
Optimal Monetary Policy in a Liquidity Trap
Discussant: KAZUO UEDA, Bank of Japan
11:30 AM Adjourn
9/8/03