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.
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
9.30-10.00
Check-in and coffee
10.00-10.05
Welcome remarks
Guntram B. Wolff, Former 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, Senior 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, Interim 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
Senior 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
Former Director
Location & Contact
Matilda Sevon
[email protected]
