Upcoming Event

Oct
2
10:00

Europe and Japan: Monetary policies in the age of uncertainty

Register for the event

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

October 2, 2017, 10:00 am Bruegel, Rue de la Charité 33, 1210 Brussels Public | On the Record Livestreamed Topic: Global Economics & Governance

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.

Registrations for this event are not yet open to the public.

Register for this event

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

10.15-11.30

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

11.30-11.45

Coffee break

11.15-13.00

Session II- Forward-looking monetary policy instruments 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

13.00-14.00

Lunch

14.00-15.15

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

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

Read article More on this topic More by this author

Blog Post

The international effects of ECB’s monetary policy

What’s at stake: the literature on monetary policy spillovers is abundant of studies investigating the impact of the US Federal Reserve’s monetary policy announcements and actions on emerging market economies. More recently, economists have been investigating the effect of the ECB’s credit easing as well.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: July 24, 2017
Read article More on this topic More by this author

Blog Post

The forward guidance paradox

What’s at stake: the term “forward guidance” is used in economic jargon to describe central bank communications about the likely future path of policy rates. Standard monetary models imply that far future forward guidance has huge effects on current outcomes, and recent literature has been trying to reconcile this with reality.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: July 10, 2017
Read article More on this topic More by this author

Blog Post

Raising the inflation target: a question of robustness

In an unexpected move, the Federal Reserve Chair Janet Yellen has recently brought up the issue of raising the inflation target. This blog argues that an increase in inflation targets may prove to be beneficial in achieving price stability in the long run. This would increase the credibility of central banks in achieving inflation goals and stave off the distortionary effects of deflation.

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: June 22, 2017
Read article Download PDF More on this topic

External Publication

A New Liquidity Risk Measure for the Chilean Banking Sector

This paper introduces a new metric for central banks – and in particular for the Central Bank of Chile – to measure liquidity risk in their banking sector using the bidding behavior of commercial banks in their open market operations.

By: Grégory Claeys, Sebastián Becerra and Juan Francisco Martínez Topic: Finance & Financial Regulation Date: June 7, 2017
Read about event More on this topic

Past Event

Past Event

Can EMU survive a multi speed Europe?

On 6 April Bruegel, as in previous years, hosted the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2016.

Speakers: Pablo Zalba Bidegain, Maria Demertzis, Fernando Fernandez, Javier Méndez Llera, Karl Pichelmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 6, 2017
Read article More on this topic More by this author

Blog Post

Central bank communication in a low interest rate environment

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by Bruegel, Brussels, 31 March 2017

By: Benoît Coeuré Topic: European Macroeconomics & Governance Date: March 31, 2017
Read about event More on this topic

Past Event

Past Event

Central bank communication in a low interest rate environment

At this event, we are pleased to welcome Mr. Benoît Coeuré, Member of the Executive Board of the European Central Bank at Bruegel.

Speakers: Benoît Coeuré and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 31, 2017
Read article More on this topic

Blog Post

Who would bet on currency unions after EMU crisis?

The European Monetary Union (EMU) was founded with the idea that nominal convergence would bring real convergence, but structural differences between members have proven wide enough to generate lasting asymmetric negative shocks across the euro area.

By: Alicia García-Herrero and David Martínez Turégano Topic: Global Economics & Governance Date: March 29, 2017
Read article More on this topic More by this author

Blog Post

Why was the last TLTRO take-up unexpectedly high?

The final round of TLTRO financing was an unexpected hit with euro area banks. The aim of the programme is to encourage banks to increase lending to the real economy. However, with many now expecting a hike in deposit rates, banks’ enthusiasm might be driven largely by the chance to make a profit from the cheap loans.

By: Justine Feliu Topic: European Macroeconomics & Governance Date: March 27, 2017
Read article More on this topic More by this author

Opinion

Europe should lead the way with multilateralism

Despite the unique partnership with the USA, Europe needs to reflect on its place in an unstable world. Especially if the US Administration moves towards protectionism, the EU will need to build and deepen relationships with other partners.

By: Guntram B. Wolff Topic: Global Economics & Governance Date: March 16, 2017
Read article Download PDF More on this topic More by this author

External Publication

Collapse of the Ruble zone and its lessons

This essay, published by CESifo, aims to summarise the experiences of the two monetary disintegration episodes, i.e. termination of settlements in TR since 1 January 1991 and the gradual collapse of the Soviet ruble area in 1990–1993.

By: Marek Dabrowski Topic: Global Economics & Governance Date: March 15, 2017
Read about event More on this topic

Past Event

Past Event

Intellectual Property and Competition Policy in Europe and Japan

Intellectual property (IP) is a cornerstone for incentivising innovation initiatives. It defines a framework within which firms and individuals can produce creations of intellect.

Speakers: Peter Alexiadis, Reiko Aoki, Michael Koenig, Kai-Uwe Kühn and Georgios Petropoulos Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 14, 2017
Load more posts