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spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=636 style='width:477.0pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=JPMs16">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Japan Project Meeting <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Shiro</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'> Armstrong, Charles <span class=SpellE>Horioka</span>, Takeo Hoshi, Tsutomu Watanabe, and David Weinstein, Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>August 1, 2016 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><span style='font-size:11.0pt'>Asian Development Bank Institute<br> <span style='color:#333333'>Kasumigaseki Building 8F<br> 3-2-5, Kasumigaseki, Chiyoda-<span class=SpellE>ku</span><br> Tokyo 100-6008, Japan</span></span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:7;mso-yfti-lastrow:yes'> <td width=636 valign=top style='width:477.0pt;padding:.75pt .75pt .75pt .75pt'> <h2 align=center style='text-align:center'><u><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>PROGRAM<o:p></o:p></span></u></h2> </td> </tr> </table> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><a href="adbi-map-en.pdf">MAP</a><br> <br> <br> <a href="PART.pdf">Participant List</a><br> <br> <br> </span><i style='mso-bidi-font-style:normal'><span style='font-size:11.0pt'>Suggested Attire for all Events:<span style='mso-spacerun:yes'>  </span>Business Casual</span></i><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=632 colspan=2 valign=top style='width:474.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><u><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><!-- </div> -->Monday, August 1<o:p></o:p></span></u></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><br> 8:30 am<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt'><br> Breakfast/Registration</span><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>8:50 am<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt'>Welcome Remarks by <span class=SpellE>Naoyuki</span> Yoshino, Dean, Asian Development Bank Institute<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>9:00 am<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Robert <span class=SpellE>Dekle</span></span></b><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>, University of Southern California<br> Atsushi Kawakami, <span class=SpellE>Teikyo</span> University<br> <span class=SpellE>Nobuhiro</span> <span class=SpellE>Kiyotaki</span>, Princeton University and NBER<br> Tsutomu <span class=SpellE>Miyagawa</span>, <span class=SpellE>Gakushuin</span> University<br> <i><a href="Dekle_Kawakami_Kiyotaki_Miyagawa.pdf">Product Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level Data</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Kosuke</span> Aoki, University of Tokyo<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>10:00 am<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>David <span class=SpellE>Cashin</span>, Federal Reserve Board<br> <b style='mso-bidi-font-weight:normal'>Takashi <span class=SpellE>Unayama</span></b>, <span class=SpellE>Hitotsubashi</span> University<br> <i><a href="Cashin_Unayama.pdf">The Impact of a Permanent Income Shock on Consumption: Evidence from Japan s 2014 VAT Increase</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Joseph <span class=SpellE>Vavra</span>, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>11:00 am<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>11:30 am<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Jess Diamond</span></b><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>, <span class=SpellE>Hitotsubashi</span> University<br> Kota Watanabe, Meiji University<br> Tsutomu Watanabe, University of Tokyo<br> <i><a href="Diamond_Watanabe_Watanabe.pdf">The Formation of Consumer Inflation Expectations: Evidence from Japan s Deflation Experience</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Stephen Redding, Princeton University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>12:30 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Lunch<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>1:00 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Mark Koyama, George Mason University<br> <b style='mso-bidi-font-weight:normal'>Chiaki <span class=SpellE>Moriguchi</span></b>, <span class=SpellE>Hitotsubashi</span> University<br> Tuan-<span class=SpellE>Hwee</span> <span class=SpellE>Sng</span>, National University of Singapore<br> </span><span style='font-size:11.0pt'><a href="http://www.nber.org/confer/2016/JPMs16/Koyama_Moriguchi_Sng.pdf"><i>Geopolitics and Asia's Little Divergence: State Building in China and Japan After 1850</i><i><span style='font-size:12.0pt'> </span></i></a></span><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Noam <span class=SpellE>Yuchtman</span>, University of California at Berkeley and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>2:00 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span class=SpellE><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Gauti</span></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'> <span class=SpellE>Eggertsson</span>, Brown University and NBER<br> <b style='mso-bidi-font-weight:normal'>Neil <span class=SpellE>Mehrotra</span></b>, Brown University<br> Sanjay Singh, Brown University<br> Lawrence Summers, Harvard University and NBER<br> <i><a href="Eggertsson_Mehrotra_Singh_Summers.pdf">A Contagious Malady? Open Economy Dimensions of Secular Stagnation</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Nobuhiro</span> <span class=SpellE>Kiyotaki</span>, Princeton University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Break<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>3:30 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Hiroshi <span class=SpellE>Fujiki</span>, Chuo University<br> <b style='mso-bidi-font-weight:normal'>Hajime <span class=SpellE>Tomura</span></b>, <span class=SpellE>Waseda</span> University<br> <i><a href="Tomura.pdf">Fiscal Cost to Exit Quantitative Easing: The Case of Japan</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Bruce Preston, </span><span style='font-size:11.0pt'>University of Melbourne</span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>4:30 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt'>Keynote Speaker:<span style='mso-spacerun:yes'>  </span>Minister Taro <span class=SpellE>Kono</span></span><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>6:30 pm<o:p></o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Dinner<br> </span><span class=SpellE><span class=st>Kitaoji</span></span><span class=st> </span><span class=SpellE><em><span style='font-style:normal;mso-bidi-font-style: italic'>Akasaka</span></em></span><em><span style='font-style:normal; mso-bidi-font-style:italic'> <span class=SpellE>Saryo</span> Restaurant</span></em><span style='mso-fareast-font-family:"Times New Roman"'><br> </span><span class=street-address>2-13-5 <span class=SpellE>Nagatacho</span><br> </span><span class=extended-address>B1F Eight One Bldg.<br> </span><span class=locality>Chiyoda 100-0014, </span><span class=formataddress>Tokyo</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=632 colspan=2 valign=top style='width:474.0pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><u><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>Tuesday, August 2<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></u><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'>ESRI Conference <a href="http://www.esri.go.jp/en/international_conference_2016.html">http://www.esri.go.jp/en/international_conference_2016.html</a><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:18;mso-yfti-lastrow:yes'> <td width=99 valign=top style='width:74.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt;mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=531 valign=top style='width:398.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> </table> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'>Emergency contact in Tokyo<span class=GramE>:</span><br> </span></b><span style='mso-fareast-font-family:"Times New Roman"'>Ms. Naoko Ichihara<br> E-mail: <a href="mailto:su-japan@officepolaris.co.jp">su-japan@officepolaris.co.jp</a><br> Mobile: 070-5088-4071 <br> </span><span style='mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin'><br> <br> <br> We are very grateful to the Asian Development Bank Institute for its generous assistance and support.<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span style='font-size:11.0pt;mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </body> </html>