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ESRI International Workshop "Beginning of the new growth"

Date: September 3, 2004

at

Hotel Okura Tokyo (Orchard Room)  <South Wing 2nd Floor>


9:00   Opening by Yutaka Kosai, the president of ESRI
Session 1:Economic stagnation and policy responses in Japan during 1990s and early 2000s
Chair    Shunichiro Ushijima, ESRI

9:10   Alan Auerbach (PDF-Format 124KB), UC Berkeley
"Monetary and Fiscal Policy In a Liquidity Trap"
Discussant: Yasushi Iwamoto [ 1 (PDF-Format 438KB) ] [ 2 (PDF-Format 442KB) ], Hitotsubashi University
9:55   Yutaka Harada (PDF-Format 337KB), Daiwa Research Institute
"Japan's Great Stagnation: An Interpretation by Structural Vector Auto Regression Models"
Discussant: Robert Feldman, Morgan Stanley
Session 2:Financial crisis and banking reform in Japan
Chair    Takatoshi Ito, Tokyo University

10:40   Anil Kashyap (PDF-Format 343KB), University of Chicago
"Solution to Japan's Banking Problems: What might work and what definitely will fail"
Discussant: Masaya Sakuragawa, Keio University
11:25   Joe Peek (PDF-Format 70KB), University of Kentucky
"The Japanese Banking Crisis: It's Not Over Until the Fat Lady Sings"
Discussant: Tsutomu Watanabe (PDF-Format 129KB), Hitotsubashi University
12:10   <Lunch>
Session 3:Changes in the Japanese Economic System
Chair    Richard Jerram, Macquarie

13:00   Kiyohiko Nishimura (PDF-Format 300KB), ESRI, Tokyo University
"Short-Run Fixed-Cost Economy": Understanding Japanese
Industry-wise Labor-Input Adjustment in 1980-2002
Discussant: John Fernald (PDF-Format 25KB), Federal Reserve Bank of Chicago
13:40   Masahiro Hori and Keiko Murata (PDF-Format 100KB), ESRI
"The end of the Convoy System and the Surge of Market Discipline: Evidence from Japanese Small Financial Institutions"
Discussant: Jenny Corbett (PDF-Format 23KB), Australian National University
14:10   Satoshi Shimizutani, Hitotsubashi University
"What survived and what collapsed in the long-term employment and wage seniority during the Lost decade? : Evidence from micro-level data"
Discussant: Kiyoshi Ota, ESRI
[Round table discussion]
14:40   
Session 1:The sustainability of the current economic recovery in Japan and policy requirement
Chair    Kristin Forbes, CEA
Lead speakers:
Hiroshi Yoshikawa, Tokyo University
Randy Kroszner (PDF-Format 73KB), University of Chicago
12:10   <Coffee break>
14:40   
Session 2:How is the financial system likely to be in Japan over the next 25 years (a vision for the financial system after the rebirth of the Japanese economy).
Chair    Akiyoshi Horiuchi, Chuo University
Lead speakers:
Takeo Hoshi (PDF-Format 248KB), UC San Diego
Naoyuki Yoshino (PDF-Format 52KB), Keio University
Yuko Kawamoto, Waseda University
17:45   <Q&A time for press>
18:15   Adjourn
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