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Conference on Japan's Bubble, Deflation and Long-term Stagnation


December 11 - 12, 2008

Federal Reserve Board San Francisco


Organized by

The Economic and Social Research Institute (ESRI),
Cabinet Office, Government of Japan,
University of Chicago Graduate School of Business and Columbia Business School


Editorial Committee of the Project

Koichi Hamada, Yale University
Anil Kashyap, The University of Chicago
Kazumasa Iwata, President of the ESRI
David Weinstein, Columbia University



Conference on Japan's Bubble, Deflation and Long-term Stagnation Program

Conference Day 1  (12/11 Thu)

  9:00 - 9:30 Breakfast
9:30   Opening Speech by Kazumasa Iwata, President of ESRI
Speech from David Weinstein, Columbia Univ
Speech from Yasumasa Nagamine, San Francisco Consul General
    (*50 min. for 1 theme: 10 min. presentation, 15 min. comment, 20 min. discussion and 5 min. break.)
          Chair Discussant
10:30   session1     Noriki Hirose, Adviser to the ESRI  
  10:30 - 11:15 Robert Barsky,
"The Japanese Asset Price Bubble: A 'Heterogeneous' Approach"
(PDF-Format 360KB)		 Report 10min    
  Discussion 15min   Terry Odean, Haas (BBS)
  Q&A 20min    
  11:20 - 12:05 Kenn Ariga*, Ryosuke Okazawa,
"Labor Immobility in Japan: Its causes and consequences"
(1 PDF-Format 291KB, 2 PDF-Format 366KB)		 Report 10min    
  Discussion 15min   Garey Ramey, UC San Diego
  Q&A 20min    
  12:05 - 13:00 Lunch
13:00   Round-table Discussion     Moderator David Weinstein, Columbia Univ
  13:00 - 15:00 "The current credit crisis:
such as what are the lessons from Japanese bubble experiences"		   10min Panelist 1 Kazumasa Iwata, President of ESRI
    10min Panelist 2 Ken Singleton, Stanford Univ
    10min Panelist 3 Takatoshi Ito, The Univ of Tokyo
  15:00 - 15:30 Coffee Break
15:30   session2     Koichi Hamada, Yale Univ  
  15:30 - 16:15 Diego Comin,
"An Exploration of the Japanese Slow Down during the 1990s"
(PDF-Format 297KB)		 Report 10min    
  Discussion 15min   John Fernald, FRB SF
  Q&A 20min    
  16:20 - 17:05 Philip R. Lane,
"International Financial Integration and Japanese Economic Performance"
(PDF-Format 403KB)		 Report 10min    
  Discussion 15min   Andy Rose, Haas (BBS)
  Q&A 20min    


Conference Day 2  (12/12 Fri)

  8:30 - 9:00 Breakfast
          Chair Discussant
9:00   session3     Kazumasa Iwata  
  9:00 - 9:45 John Muellbauer, Keiko Murata*,
"Consumption, Land Prices and the Monetary Transmission Mechanism in Japan."
(PDF-Format 401KB)		 Report 10min    
  Discussion 15min   Pierre-Olivier Gourinchas, UC Berkeley
  Q&A 20min    
  9:50 - 10:35 Robert Dekle, Kyoji Fukao,
"The Japan-U.S. Exchange Rate, Productivity, and the Competitiveness of Japanese Industries"
(1 PDF-Format 368KB, 2 PDF-Format 498KB)		 Report 10min    
  Discussion 15min   Ann Harrison, UC Berkeley
  Q&A 20min    
  10:35 - 11:00 Coffee Break
11:00   session4     David Weinstei  
  11:00 - 11:45 Takeo Hoshi*, Ulrike Schaede, Satoshi Koibuchi,
"Changes in Corporate Restructuring Processes in Japan, 1981-2007"
(PDF-Format 374KB)		 Report 10min    
  Discussion 15min   Francisco Perez-Gonzalez, Stanford Univ
  Q&A 20min    
  11:50 - 12:35 Maurice Obstfeld,
"The Yen and Japan's Economy, 1985-2007"
(PDF-Format 469KB)		 Report 10min    
  Discussion 15min   Takatoshi Ito, The Univ of Tokyo
  Q&A 20min    
  12:35 - 14:00 Lunch
14:00   session5     Anil Kashyap  
  14:00 - 14:45 Takao Kato*, Ryo Kambayashi,
"The Japanese Employment System after the Bubble Burst: New Evidence"
(PDF-Format 201KB)		 Report 10min    
  Discussion 15min   Enrico Moretti, UC Berkeley
  Q&A 20min    
  14:50 - 15:35 Joe Peek,
"The Changing Role of Main Banks in Aiding Distressed Firms in Japan"
(PDF-Format 245KB)		 Report 10min    
  Discussion 15min   Jim Wilcox, UC Berkeley
  Q&A 20min    
15:40   Closing



Conference on Japan's Bubble, Deflation and Long-term Stagnation

Participant Lists
(Alphabetical Order)

Kenn Ariga
Professor, Institute of Economic Research, Kyoto University Session 1. <Researcher>
Robert Barsky
Professor of Economics and Faculty Associate, Survey Research Center University of Michigan Session 1. <Researcher>
Diego Comin
Associate Professor, Harvard University Session 2. <Researcher>
Robert Dekle
Professor, Department of Economics University of Southern California Session 3. <Researcher>
John Fernald
Vice President, Macroeconomic Research, Federal Reserve Bank of San Francisco Session 2. <Discussant>
Kyoji Fukao
Professor of Hitotsubashi University Session 3. <Researcher>
Pierre-Olivier Gourinchas
Assistant Professor of Economics University of California, Berkeley Session 3. <Discussant>
Koichi Hamada
Tuntex Professor of Economics, Yale University Session 2. <Chair>
Ann Harrison
Professor of Agricultural and Resource Economics University of California, Berkeley College of Natural Resources Session 3. <Discussant>
Noriki Hirose
Adviser to the ESRI Session 1. <Chair>
Takeo Hoshi
Professor; University of California, San Diego Session 4. <Researcher>
Takatoshi Ito
University of Tokyo Round-table Discussion <Panelist 3> / Session 5. <Discussant>
Kazumasa Iwata
President of ESRI Round-table Discussion <Panelist 1> / Session 3. <Chair>
Ryo Kambayashi
Associate Professor, Hitotsubashi University Session 4. <Researcher>
Anil Kashyap
Edward Eagle Brown Professor of Economics and Finance, University of Chicago Session 5. <Chair>
Takao Kato
W.S. Schupf Professor of Economics and Far Eastern Studies, Colgate University Session 4. <Researcher>
Satoshi Koibuchi
Faculty of commerce and Economics, Chiba University of Commerce Session 4. <Researcher>
Philip R.Lane
Professor of International Macroeconomics, Trinity College Dublin and CEPR Session 2. <Researcher>
Enrico Moretti
Professor of Economics, University of California, Berkeley Session 4. <Discussant>
John Muellbauer
Professor of Economics, Oxford University Session 3. <Researcher>
Keiko Murata
Professor of Tokyo Metropolitan University Session 3. <Researcher>
Yasumasa Nagamine
Consul General of Japan in San Francisco
Maurice Obstfeld
Professor of University of California, Berkeley Session 5. <Researcher>
Terrance Odean
Professor of Haas School of Business University of California, Berkeley Session 1. <Discussant>
Ryosuke Okazawa
Graduate School of Economics, Kyoto University Session 1. <Researcher>
Joe Peek
Professor of University of Kentucky Session 5. <Researcher>
Francisco Pérez-González
Assistant Professor of Finance, Graduate School of Business Stanford University Session 4. <Discussant>
Garey Ramey
Professor, Department of Economics, University of California, San Diego Session 1. <Discussant>
Andrew K. Rose
Professor of Haas School of Business University of California, Berkeley Session 2. <Discussant>
Ulrike Schaede
Professor of University of California Session 4. <Researcher>
Kenneth Singleton
Adams Distinguished Professor of Management Graduate School of Business, Stanford University Round-table Discussion <Panelist 2>
David Weinstein
Carl S. Shoup Professor of Japanese Economy, Columbia University Round-table Discussion <Moderator> / Session 4. <Chair>
James A. Wilcox
Professor of Haas School of Business University of California, Berkeley Session 5. <Discussant>


Proceedings (Day1 PDF-Format 375KB, Day2 PDF-Format 325KB)


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