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ESRI International Conference 2009

"Increasing Importance of Macroeconomic Policy under Economic Crisis in Progress"

Program



Date:   Monday, June 29, 2009
Venue:   Room 406, ESRI, Cabinet Office, Tokyo


 9:45      Opening Remarks : by Kazumasa Iwata, President of ESRI
   
Session 1 :

A New Frontier of Macroeconomic Policy Framework:
Application of DSGE models to the Japanese Economy
Chair: Anil Kashyap, The University of Chicago

 9:50-10:20   Dynamic Stochastic General Equilibrium Models in a Liquidity Trap and Japan's Lost Decade
Presenter: Koiti Yano, Research Fellow, ESRI
[1(PDF-Format158KB)] [2(PDF-Format276KB)]
10:20-10:35   Discussant: Paolo Pesenti, Federal Reserve Bank of New York
[(PDF-Format99KB)]
10:35-10:50   Discussion
10:50-11:00   (Coffee break)
11:00-11:30   Fiscal Policy in an Estimated DSGE Model of the Japanese Economy:
Do Non-Ricardian Households Explain All?
Presenter: Yasuharu Iwata, Deputy Director of Administration Division, ESRI
[1(PDF-Format323KB)] [2(PDF-Format218KB)] [3(PDF-Format401KB)]
11:30-11:45   Discussant: Yasuyuki Iida, Komazawa University
[(PDF-Format180KB)]
11:45-12:00   Discussion
12:00-13:30   (Lunch)
   
Session 2 :

Inflation Expectations of Japanese Households:
Micro Evidence from Monthly Consumer Confidence Survey covering all of Japan
Chair: David Weinstein, Columbia University

13:30-14:00   Inflation Expectations of Japanese Households: Micro Evidence from 
Monthly Consumer Confidence Survey covering all of Japan
Presenter: Masaaki Kawagoe, Director under Director General for 
Economic, Fiscal and Social System, Cabinet Office / 
Masahiro Hori, Research Fellow, ESRI
[1(PDF-Format159KB)] [2(PDF-Format153KB)] [3(PDF-Format458KB)]
14:00-14:20   Discussant: Christopher Carroll, Johns Hopkins University
[(PDF-Format110KB)]
14:20-14:40   Discussion
14:40-14:50   (Coffee break)
   
Session 3 :

Risk Premium Accounting in Macro-Dynamic Term Structure Models
Chair: Koichi Hamada, Yale University

14:50-15:20   Risk Premium Accounting in Macro-Dynamic Term Structure Models
Presenter: Kenneth Singleton, Stanford University
[(PDF-Format502KB)]
15:20-15:40      Discussant: Naoyuki Yoshino, Director for the Financial Research and 
Training Center, Financial Services Agency/ Keio University
[(PDF-Format253KB)]
15:40-16:00   Discussion
16:00-16:10   Q&A Time for Press
           16:10   Closing


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