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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

25th Annual East Asian Seminar on Economics
Unconventional Monetary Policy

Takatoshi Ito and Andrew Rose, Organizers

June 20-21, 2014
Tokyo, Japan

Local Sponsors:  Tokyo Center for Economic Research and Canon Institute for Global Studies

Additional support from Tsutomu Watanabe and Kosuke Aoki, Center for Advanced Research in Finance, University of Tokyo


Program

Participant List

Friday, June 20:

Breakfast at Marunouchi Hotel

Venue Day 1

Canon Institute for Global Studies
11th Floor, ShinMarunouchi Building
5-1 Marunouchi 1-chome, Chiyoda-ku
Tokyo 100-6511

9:00 am

Welcome Remarks and Speech:
Toshihiko Fukui, President of CIGS and Former Governor of the Bank of Japan


9:15 am

Takatoshi Ito, National Graduate Institute for Policy Studies and NBER
We Are All QE-sians Now

Discussants:
 
Mark Spiegel, Federal Reserve Bank of San Francisco
Kazuo Ueda, University of Tokyo

10:15 am

Break

10:30 am

Lars Svensson, Stockholm School of Economics and NBER
Inflation Targeting and Leaning Against the Wind: A Case Study

Discussants: 
Ippei Fujiwara, Keio University

Chalongphob Sussangkarn, TDRI

11:30 am

Anna Cieslak, Northwestern University
Adair Morse,
University of California at Berkeley and NBER
Annette Vissing-Jorgensen, University of California at Berkeley and NBER
Stock Returns over the FOMC Cycle

Discussants: 
Kosuke Aoki, University of Tokyo
Lars Svensson, Stockholm School of Economics and NBER

12:30 pm

Lunch

2:00 pm

John Fernald, Federal Reserve Bank of San Francisco
Mark Spiegel, Federal Reserve Bank of San Francisco
Eric Swanson, Federal Reserve Bank of San Francisco
Monetary Policy Effectiveness in China: Evidence from a FAVAR Model

Discussants:
Ryuzo Miyao, Bank of Japan
Yosuke Takeda, Sophia University

3:00 pm

Break

3:30 pm

Woon Gyu Choi, Bank of Korea
Taesu Kang, Bank of Korea
Byongju Lee, Bank of Korea
Geun-Young Kim, Bank of Korea
U.S. Monetary Policy Normalization and EME Policy Mix from a Global Liquidity Perspective

Discussants:
Felipe Medalla,
Bangko Sentral ng Pilipinas
Perry Warjiyo, Deputy Governor, Bank of Indonesia

4:30 pm

Randall Morck, University of Alberta and NBER
M. Deniz Yavuz, Purdue University
Bernard Yeung, National University of Singapore
State-Controlled Banks and the Effectiveness of Monetary Policy

Discussants:
Etsuro Shioji, Hitotsubashi University
Chalongphob Sussangkarn, TDRI


5:30 pm

Adjourn

6:15 pm

Dinner
Club Kanto
19F, Tokyo Ginko Kyokai Building
1-3-1, Marunouchi 1-chome,Chiyoda-ku
Tokyo 100-0005


Welcome Remarks:
Toshihiko Fukui, President of CIGS and Former Governor of the Bank of Japan


Saturday, June 21:



Venue Day 2



Breakfast at Marunouchi Hotel

Fukuracia Tokyo Station
2-6-1, Otemachi, Chiyoda-ku
Tokyo 100-0004

9:00 am

Gu Jin, Hong Kong University of Science and Technology
Tao Zhu, Hong Kong University of Science and Technology
Non Neutrality of Money in Dispersion: Hume Revisited


Discussants:
Akinari Horii, CIGS
Felipe Medalla,
Bangko Sentral ng Pilipinas

10:00 am

Break

10:30 am

Leo Krippner, Reserve Bank of New Zealand and CAMA
Measuring the Stance of Monetary Policy in Conventional and Unconventional Environments


Discussants:
Martin Berka, University of Auckland   SLIDES
Kozo Ueda, Waseda University

11:30 am

Chung-Shu Wu, Chung-Hua Institution for Economic Research
Jin-Lung Lin, National Dong-Hwa University
Chun-Neng Peng, Chung-Hua Institution for Economic Research
Hsiang-Yu Chin, National Chengchi University

Capital Flows and Unconventional Monetary Policy

Discussants:
Dongchul Cho, Korea Development Institute
Kazuo Ueda, University of Tokyo

12:30 pm

Lunch

Keynote Speaker: 
Haruhiko Kuroda, Governor, the Bank of Japan

2:00 pm

Manuel Bertoloto, PriceStats
Alberto Cavallo, MIT and NBER
Roberto Rigobon, MIT and NBER
Using Online Prices to Anticipate Official CPI Inflation

2:30 pm

Kota Watanabe, Meiji University
Tsutomu Watanabe, University of Tokyo
Estimating Daily Inflation Using Scanner Data: A Progress Report

3:00 pm

Panel Discussion on Daily CPI and Real Time Monitoring by the Central Bank
Takatoshi Ito (Moderator)

Roberto Rigobon,
MIT and NBER
Tsutomu Watanabe, University of Tokyo
Naohito Abe, Hitotsubashi University
Masahiro Higo, Bank of Japan

3:45 pm

Break

4:15 pm

Ippei Fujiwara, Keio University
Yoshiyuki Nakazono, Yokohama City University

Kozo Ueda, Waseda University
Policy Regime Change against Chronic Deflation? Policy Option under a Long-Term Liquidity Trap

Discussants:
Martin Berka, University of Auckland  SLIDES
Takatoshi Ito, National Graduate Institute for Policy Studies and NBER

5:15 pm

Adjourn

5:30 pm

Buffet Party

Fukuracia Tokyo Station








Standing Co-Organizer Institutions:

National Bureau of Economic Research, Inc.
Tokyo Center for Economic Research

Australian National University

China Center for Economic Research

Chung-Hua Institution for Economic Research

Hong Kong University of Science and Technology

Korea Development Institute

National University of Singapore