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The 23rd NBER-TCER-CEPR Conference on
Fiscal Policy and Crisis

December 16-17, 2010

Organizers: Shin-ichi Fukuda, Takeo Hoshi, and Eric Leeper
Sponsors: Center for Economic Policy Research, National Bureau of Economic Research, Tokyo Center for Economic Research, and University of Tokyo

Venue: University of Tokyo, Hongo, Bunkyo-ku, Tokyo




Thursday, December 16

Chair: Takeo Hoshi

10:15 am          Troy Davig, Federal Reserve Bank of Kansas City
Eric Leeper, Indiana University and NBER
Temporarily Unstable Government Debt and Inflation

Discussant: Etsuro Shioji, Hitotsubashi University and TCER


11:15 am          Shin-ichi Fukuda and Junji Yamada, University of Tokyo and TCER
”Stock Price Targeting” and Fiscal Deficit in Japan: Why was Japan’s Fiscal Deficit Accelerated in the Lost Decades?


Discussant: Yosuke Takeda, Sophia University and TCER

12:15 pm          Lunch

Chair: Eric Leeper

1:30 pm            Kaoru Hosono, Gakushuin University

Masaya Sakuragawa, Keio University
Fiscal Sustainability in Japan

Discussant: Takero Doi, Keio University and TCER


2:30 pm            Coffee Break

2:45 pm            Michael Devereux, University of British Columbia and NBER
David Cook, Hong Kong University of Science and Technology
Cooperative Fiscal and Monetary Policy at the Zero Lower Bound

Discussant: Takatoshi Ito, University of Tokyo, NBER, CEPR and TCER

3:45 pm            Arata Ito, Hitotsubashi University
Tsutomu Watanabe, Hitotsubashi University and TCER
Tomoyoshi Yabu, Keio University
Estimating Fiscal Policy Rules for Japan, U.S. and U.K

                        Discussant: Tatsuyoshi Okimoto, Hitotsubashi University

4:45 pm            Adjourn

6:00 pm            Dinner- Inshotei Japanese restaurant, Ueno

Friday, December 17

Chair: Shin-ichi Fukuda

9:30 am            Bruce Preston, Columbia University and NBER

Stefano Eusepi, Federal Reserve Bank of New York
The Maturity Structure of Debt, Monetary Policy and Expectations Stabilization

Discussant: Kosuke Aoki, Bank of Japan

10:30 am          Takero Doi, Keio University and TCER

                        Takeo Hoshi, UC, San Diego, NBER, and TCER

Tatsuyoshi Okimoto, Hitotsubashi University
Japanese Government Debt and Sustainability of Fiscal Policy

Discussant: Yasushi Iwamoto, University of Tokyo and TCER

11:30 am          Lunch and Adjourn