22nd Annual NBER-TCER-CEPR Conference on

Sticky Prices and Inflation Dynamics


December 17-18, 2008


Asian Development Bank Institute

Kasumigaseki Building 8F

3-2-5, Kasumigaseki, Chiyoda-ku

Tokyo, Japan


Jordi Gali, Takeo Hoshi, Anil Kashyap, and Tsutomu Watanabe, Organizers


Sponsors: Center for Economic Policy Research, Hitotsubashi University, National Bureau of Economic Research, and Tokyo Center for Economic Research




December 17, 2008:



Chair: Anil Kashyap, University of Chicago and NBER



9:30 am

Chihiro Shimizu, Reitaku University


Kiyohiko Nishimura, Former Professor of Economics, University of Tokyo


Tsutomu Watanabe, Hitotsubashi University and TCER


Residential Rents and Price Rigidity:  Micro Structure and Macro Consequences




Discussant: Takatoshi Ito, University of Tokyo and NBER



10:30 am

Coffee Break



11:00 am

Kenn Ariga, Kyoto University


Ryo Kambayashi, Hitotsubashi University 


Employment and Wage Adjustments at Firms under Distress in Japan: An Analysis Based upon a Survey




Discussant: Jordi Gali, CREI and NBER



12:00 pm




Chair: Jordi Gali, CREI and NBER



1:30 pm

Fabio Canova, ICREA-UPF


Tobias Menz, University of Bern


Does Money have a Role in Shaping Domestic Business Cycles? An International Investigation




Discussant: Andrew Levin, Federal Reserve Board



2:30 pm

Tea Break



3:00 pm

Morten Ravn, European University Institute and CEPR


Stephanie Schmitt-Grohe, Columbia University and NBER

Martin Uribe, Columbia University and NBER

Lenno Uuskula, European University Institute


Deep Habits and the Dynamic Effects of Monetary Policy Shocks




Discussant: Tomoyuki Nakajima, Kyoto University



4:00 pm

Naohito Abe, Hitotsubashi University


Daiji Kawaguchi, Hitotsubashi University


Incumbent’s Price Response to New Entry: The Case of Japanese Supermarkets




Discussant: Anil Kashyap, University of Chicago and NBER



5:00 pm




6:30 pm



China Garden "IWAEN"

3F Tokyo Club Building

3-2-6 Kasumigaseki, Chiyoda-ku, Tokyo


December 18, 2008:



Chair: Takeo Hoshi, UC, San Diego and NBER



9:30 am

Oleksiy Kryvtsov, Bank of Canada


Virgiliu Midrigan, New York University and NBER


Inventories and Real Rigidities in New Keynesian Business Cycle Models




Discussant: Etsuro Shioji, Hitotsubashi University



10:30 am

Coffee Break



11:00 am

Kevin Clinton, Consultant


Marianne Johnson, Bank of Canada


Ondra Kamenik, International Monetary Fund

Douglas Laxton, International Monetary Fund


Deflation Risks Under Alternative Monetary Policy Rules




Discussant: Gauti Eggertsson, Federal Reserve Bank of New York


12:00 pm

Lunch and Adjourn