The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.
On 2 October Bruegel and the Graduate School of Economics, Kobe University will organise 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 will discuss 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 will analyse 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 will challenge 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.
Check-in and coffee
Guntram B. Wolff, Director
Tamotsu Nakamura, Professor and Vice Dean, the Graduate School of Economics, Kobe University
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
Athanasios Orphanides, Professor of the Practice of Global Economics and Management, MIT
Additional speakers to be confirmed
Session II- Forward-looking monetary policy instruments in Europe and Japan
Chair: Tamotsu Nakamura, Professor and Vice Dean, the Graduate School of Economics, Kobe University
Ulrich Bindseil, Manager- Financial Operations Services Division, ECB
Miles Kimball, Professor, Department of Economics, University of Colorado Boulder
Eric Lonergan, macro hedge fund manager, economist, and writer
Tokiko Shimizu, Tokiko Shimizu, Head of the London Office, Bank of Japan
Professor, University of Tokyo
Manager- Financial Operations Services Division, ECB
Chair in Monetary and Fiscal Policy, Johann Wolfgang Goethe University, Frankfurt
Professor Economics, University of Groningen
Professor, Department of Economics, University of Colorado Boulder
macro hedge fund manager, economist, and writer
Professor and Vice Dean, the Graduate School of Economics, Kobe University
Professor of the Practice of Global Economics and Management, MIT
Tokiko Shimizu, Head of the London Office, Bank of Japan
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