Past Event

Europe and Japan: Monetary policies in the age of uncertainty

The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.

Date: October 2, 2017, 10:00 am Topic: Global Economics & Governance

vIDEO AND AUDIO RECORDINGS

SUMMARY

On 2 October Bruegel and the Graduate School of Economics, Kobe University organised their annual conference, this time focusing on monetary policy.

Monetary policies have a transformative potential. Lack of understanding of these conventional and unconventional policies around the world can have a disruptive effect and delay the so much needed proposals in today’s uncertain economic and political environment.

This event discussed whether the European Central Bank (ECB) and the Bank of Japan (BoJ) have a chance of reaching their inflation targets- which is their core mandate. The event will also take a more forward looking view on specific monetary policy instruments, rather than only a general (and a bit backward looking) one on the transmission channels of monetary policy to macro and inflation. We analysed how monetary policy can operate (and “normalize”) with a very large balance sheet, what are the unconventional tools and how to react to the next recession if we are still in a low interest rate environment (particularly relevant in the Japanese case), and how negative rates can be used. In addition, we challenged our experts and audience while debating how independence and accountability of Central Banks did or did not weather the crisis and how this plays in for fiscal/monetary coordination.

EVENT MATERIALS

Presentation by Athanasios Orphanidis

Presentation by Gregory Claeys

 

Schedule

Oct 02, 2017

9.30-10.00

Check-in and coffee

10.00-10.05

Welcome remarks

Guntram B. Wolff, Director

10.05-10.15

Introductory remarks

Tamotsu Nakamura, Dean, Graduate School of Economics, Kobe University

10.15-11.45

Session I- Assessment of unconventional monetary policies on macro and finance

Chair: Zsolt Darvas, Senior Fellow

Kosuke Aoki, Professor, University of Tokyo

Ester Faia, Chair in Monetary and Fiscal Policy, Johann Wolfgang Goethe University, Frankfurt

Benoît Mojon, Director, Monetary and Financial Studies, Banque de France

Athanasios Orphanides, Professor of the Practice of Global Economics and Management, MIT

11.45-12.00

Coffee break

12.00-13.30

Session II- New monetary policy instruments and challenges in Europe and Japan

Chair: Tamotsu Nakamura, Dean, Graduate School of Economics, Kobe University

Ulrich Bindseil, Director General Market Operations, ECB

Grégory Claeys, Research Fellow

Miles Kimball, Professor, Department of Economics, University of Colorado Boulder

Eric Lonergan, macro hedge fund manager, economist, and writer

Tokiko Shimizu, General Manager for Europe and Chief Representative in London, Bank of Japan

13.30-14.30

Lunch

14.30-16.00

Session III- Revisiting central bank governance

Chair: Maria Demertzis, Deputy Director

Martin Hellwig, Director (em.), Max Planck Institute for Research on Collective Goods

Lex Hoogduin, Professor Economics, University of Groningen

Marianne Nessén, Senior Advisor to the Executive Board, Sveriges Riksbank

Wataru Takahashi, Osaka University of Economics, former Director General, Institute for Monetary and Economic Studies, Bank of Japan

16.00

End

Speakers

Kosuke Aoki

Professor, University of Tokyo

Ulrich Bindseil

Director General Market Operations, ECB

Grégory Claeys

Research Fellow

Zsolt Darvas

Senior Fellow

Ester Faia

Chair in Monetary and Fiscal Policy, Johann Wolfgang Goethe University, Frankfurt

Lex Hoogduin

Professor Economics, University of Groningen

Martin Hellwig

Director (em.), Max Planck Institute for Research on Collective Goods

Miles Kimball

Professor, Department of Economics, University of Colorado Boulder

Eric Lonergan

macro hedge fund manager, economist, and writer

Benoît Mojon

Director, Monetary and Financial Studies, Banque de France

Tamotsu Nakamura

Dean, Graduate School of Economics, Kobe University

Marianne Nessén

Senior Advisor to the Executive Board, Sveriges Riksbank

Athanasios Orphanides

Professor of the Practice of Global Economics and Management, MIT

Wataru Takahashi

Osaka University of Economics, former Director General, Institute for Monetary and Economic Studies, Bank of Japan

Tokiko Shimizu

General Manager for Europe and Chief Representative in London, Bank of Japan

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

matilda.sevon@bruegel.org

Read article More by this author

Podcast

Podcast

Director's Cut: Central banking and the problem of unelected power

Bruegel director Guntram Wolff discusses current tensions in central banking governance with Paul Tucker, former deputy governor of the Bank of England and author of the newly released book 'Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State'.

By: The Sound of Economics Topic: Finance & Financial Regulation, Global Economics & Governance Date: June 5, 2018
Read about event More on this topic

Past Event

Past Event

News from the South. Proposal to strengthen the European Monetary Union: Combining fiscal discipline with risk sharing

On 4 June Bruegel, as in previous years, will host the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2017.

Speakers: Cristina Cabrera, Maria Demertzis, Fernando Fernandez, Massimo Giuliodori, Javier Méndez Llera and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 4, 2018
Read about event More on this topic

Past Event

Past Event

Unelected Power: the quest for legitimacy in central banking and the regulatory state

We are pleased to host the presentation of Paul Tucker's latest book.

Speakers: Maria Demertzis, Joanne Kellermann, Jean Pisani-Ferry and Paul Tucker Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 31, 2018
Read article Download PDF

External Publication

The changing fortunes of central banking

What are the major challenges of central banks today? This book discusses the developing role of central banks and the policies they pursue in seeking monetary and financial stabilisation, while also giving suggestions for model strategies.

By: Philipp Hartmann, Haizhou Huang and Dirk Schoenmaker Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: May 29, 2018
Read article Download PDF

External Publication

Central banking in turbulent times

Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in town', and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government.

By: Francesco Papadia and Tuomas Valimaki Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: May 22, 2018
Read about event More on this topic

Past Event

Past Event

Central banking in turbulent times

This event looked at fundamental questions about the central banking systems and how the Great Recession might have prompted a reassessment of the old central banking model.

Speakers: Maria Demertzis, Paul De Grauwe, Marianne Nessén and Francesco Papadia Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 25, 2018
Read article More on this topic More by this author

Blog Post

Milton Friedman's " The role of monetary policy" - 50 years later

In March 1968, Milton Friedman’s “The Role of Monetary Policy” - after his famous presidential address to the American Economic Association - was published in the American Economic Review. 50 years later, economists reflect on this famous work.

By: Silvia Merler Topic: Global Economics & Governance Date: April 3, 2018
Read about event More on this topic

Past Event

Past Event

Bank assets and business models: addressing complexity

At this event, we discussed the lack of transparency and problems in valuing correctly significant parts bank assets in the euro area based on an extensive study by the Bank of Italy.

Speakers: Simon Ainsworth, Paolo Angelini, Josina Kamerling, Martin Merlin, Alexander Lehmann and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 21, 2018
Read article More on this topic More by this author

Blog Post

Central banks in the age of populism

Two years of elections have shown that we live in an age of increasing political and economic populism. What are the consequences of that for central banks? We explore opinions about it, from both 2017 and more recently.

By: Silvia Merler Topic: Finance & Financial Regulation Date: March 19, 2018
Read article More on this topic

Blog Post

The (economic) ties that bind: The western Balkans and the EU

The western Balkan economies are already closely integrated with the EU; the EU is their largest trade partner, their largest source of incoming foreign investment and other financial flows, and the main destination for outward migration. Monetary and financial systems in the region are strongly dependent on the euro. Progress in EU accession can further strengthen economic ties between six western Balkan countries and the EU, with benefits for both sides.  

By: Marek Dabrowski and Yana Myachenkova Topic: European Macroeconomics & Governance Date: March 14, 2018
Read about event More on this topic

Past Event

Past Event

The future of the EU budget: MFF post-2020

Which should be the priorities for the Multiannual Fiscal Framework post 2020?

Speakers: Roger Havenith, Günther H. Oettinger, Charlotte Ruhe, Margit Schratzenstaller-Altzinger and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 7, 2018
Read about event

Past Event

Past Event

(How) could European safe assets be constructed?

At this event we looked at the ESRB task force’s investigation on safe assets.

Speakers: Levin Holle, Sam Langfield, Anne A. Leclercq and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 1, 2018
Load more posts