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 about event More on this topic

Past Event

Past Event

Spitzenkandidaten series: Frans Timmermans

The sixth event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European Elections of six parties and is jointly organised by Bruegel and the Financial Times in March and April 2019.

Speakers: Mehreen Khan, André Sapir and Frans Timmermans Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 11, 2019
Read about event More on this topic

Past Event

Past Event

Spitzenkandidaten series: Manfred Weber

The fifth event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European Elections of six parties and is jointly organised by Bruegel and the Financial Times in March and April 2019.

Speakers: Anne-Sylvaine Chassany, Manfred Weber and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 9, 2019
Read about event More on this topic

Past Event

Past Event

Spitzenkandidaten series: Jan Zahradil

The fourth event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European Elections of six parties and is jointly organised by Bruegel and the Financial Times in March and April 2019.

Speakers: Jim Brunsden, Maria Demertzis and Jan Zahradil Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 4, 2019
Read about event More on this topic

Past Event

Past Event

Spitzenkandidaten series: Luis Garicano

The third event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European Elections of six parties and is jointly organised by Bruegel and the Financial Times in March and April 2019.

Speakers: Luis Garicano, Mehreen Khan and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 3, 2019
Read about event More on this topic

Past Event

Past Event

Spitzenkandidaten series: Bas Eickhout

The second event in the The Road to Europe - Brussels Briefing Live: Spitzenkandidaten series. The series features the lead candidates for the European Elections of six parties and is jointly organised by Bruegel and the Financial Times in March and April 2019.

Speakers: Bas Eickhout, Guntram B. Wolff and Rochelle Toplensky Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 2, 2019
Read about event More on this topic

Past Event

Past Event

Rethinking industrial policy in the digital age: challenges for Europe

All-day conference about how the European policy-making will have to adapt to the digital transformation.

Speakers: Philipp-Bastian Brutscher, Teunis Brosens, Maarten Camps, Lise Fuhr, Padmashree Gehl Sampath, Andreas Geiss, Tony Graziano, Mathew Heim, Thorsten Käseberg, Thomas Kramler, Robert Kroplewski, Timothy Lamb, J. Scott Marcus, Philip Marsden, Jan Mischke, Joakim Reiter, Megan Richards, Valentino Rossi, Marietje Schaake, Reinhilde Veugelers, Guntram B. Wolff and Georg Zachmann Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 21, 2019
Read article More on this topic More by this author

Opinion

China’s debt is still piling up – and the pile-up is getting faster

With looser monetary policy, China's policymakers hope to encourage banks to lend more to the private sector. This seems to imply a change from the deleveraging drive begun in mid-2017. Although this should be good news for China's growth in the short term, such a continued accumulation of debt cannot but imply deflationary pressures and a lower potential growth further down the road.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: March 19, 2019
Read about event More on this topic

Past Event

Past Event

A new climate strategy for the EU

At a pivotal point in time, three major EU sides come together to discuss the future climate strategy.

Speakers: Silke Karcher, Andrei Marcu, Raffaele Mauro Petriccione, Kathleen Van Brempt and Georg Zachmann Topic: Energy & Climate Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 19, 2019
Read article More on this topic More by this author

Podcast

Podcast

Director's Cut: The case for a legislative remedy for recessions

Bruegel's Maria Demertzis welcomes Yale Law School professor Yair Listokin to this Director's Cut of 'The Sound of Economics', to discuss how law might be deployed as a macroeconomic tool to counter financial crisis.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: March 12, 2019
Read about event More on this topic

Past Event

Past Event

Law and macroeconomics: legal responses to recessions

This event will feature an academic lecture on the use of law as a macroeconomic tool.

Speakers: Yair Listokin and Maria Demertzis Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 12, 2019
Read about event More on this topic

Past Event

Past Event

Saving the right to asylum

How to improve the European asylum policy?

Speakers: Karen Mets, Nicolas Bauquet, Marc-Olivier Padis, Elina Ribakova, Jean-Paul Tran Thiet and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 5, 2019
Read about event More on this topic

Past Event

Past Event

Diverging narratives: European policies and national perceptions

Who tends to get the blame for the Euro crisis in national media? What do national politicians think about the EU and EMU?

Speakers: Pierre Boyer, Juha Pekka Nurvala, Giuseppe Porcaro and Laura Shields Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 27, 2019
Load more posts