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, Head of Monetary Policy Department, 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

Head of Monetary Policy Department, 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

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