Past Event

Secular Stagnation in Europe and Japan

This is the 3rd conference in a series of events jointly organised by Graduate School of Economics, Kobe University and Bruegel

Date: October 5, 2015, 9:00 am Topic: European Macroeconomics & Governance

Seven years after the global financial crisis there are still insufficient signs of recovery for many economies. Secular stagnation means economies are incapable of creating enough demand to sustain growth, requiring negative real interest rates to equate savings and investment. Simultaneously, an aging population is less open to invest or to spend. If secular stagnation is here to stay, the policies of today are not able to tackle the problem.

This event aims to bring pragmatic proposals for Europe and Japan as to what the solutions could be and what policy measures would support them. Both Europe and Japan can learn from each other’s experience in dealing with unsatisfactory growth and an inability to carry out necessary structural reform.

Event Materials

Bruegel Event Notes
Juan F. Jimeno – Presentation
Yoichi Matsubayashi – Presentation
Xavier Ragot – Presentation
Paul Swaim – Presentation
Coen Teulings – Presentation
Atsuko Ueda – Presentation
Natacha Valla – Presentation
Masahiko Yoshii – Presentation

Schedule

Oct 5, 2015

8.30 - 9.00

Breakfast and registration

9.00 - 9.30

Welcome remarks

Toshiki Jinushi, Dean, Kobe University

Guntram B. Wolff, Director

9.30 - 11.00

The new secular stagnation- review from Japan and Europe

Chair: Guntram B. Wolff, Director

Yoichi Matsubayashi, Deputy Dean and Professor, Graduate school of Economics, Kobe University

Coen Teulings, Montague Burton Chair of Labour Economics and Industrial Relations, University of Cambridge

Natacha Valla, Head of Division, European Investment Bank

11.00 - 11.15

Coffee Break

11.15 - 12.30

Inequalities, ageing societies and secular stagnation

Chair: Masahiko Yoshii, Professor, Graduate School of Economics of Kobe University

Rainer Münz, Special adviser on migration and demography at the European Political Strategy Centre (EPSC)

Paul Swaim, Senior Economist at EAP Division, OECD

Atsuko Ueda, Professor, Waseda University

12.30 - 13.15

Lunch

13.15 - 14.45

Macroeconomic policy, growth strategy and redistribution

Chair: Grégory Claeys, Research Fellow

Juan F. Jimeno, Head of the Research Division, Banco de España

Masahiko Yoshii, Professor, Graduate School of Economics of Kobe University

Naoyuki Yoshino, Dean, Asian Development Bank Institute

14.45 - 15.00

Coffee Break

15.00 - 16.30

What policy lessons to draw?

Chair: Toshiki Jinushi, Dean, Kobe University

Marcia De Wachter, Director, National Bank of Belgium

Philipp Hartmann, Deputy Director General Research, European Central Bank

Ryuzo Miyao, Former Member of Board of Directors, Bank of Japan and Professor at Tokyo University

Xavier Ragot, President OFCE, CNRS

Guntram B. Wolff, Director

Speakers

Grégory Claeys

Research Fellow

Marcia De Wachter

Director, National Bank of Belgium

Philipp Hartmann

Deputy Director General Research, European Central Bank

Juan F. Jimeno

Head of the Research Division, Banco de España

Toshiki Jinushi

Dean, Kobe University

Yoichi Matsubayashi

Deputy Dean and Professor, Graduate school of Economics, Kobe University

Ryuzo Miyao

Former Member of Board of Directors, Bank of Japan and Professor at Tokyo University

Rainer Münz

Special adviser on migration and demography at the European Political Strategy Centre (EPSC)

Xavier Ragot

President OFCE, CNRS

Paul Swaim

Senior Economist at EAP Division, OECD

Coen Teulings

Montague Burton Chair of Labour Economics and Industrial Relations, University of Cambridge

Atsuko Ueda

Professor, Waseda University

Natacha Valla

Head of Division, European Investment Bank

Guntram B. Wolff

Director

Masahiko Yoshii

Professor, Graduate School of Economics of Kobe University

Naoyuki Yoshino

Dean, Asian Development Bank Institute

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

matilda.sevon@bruegel.org +32 2 227 4212

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