ESRI International Collaboration Project ESRI-CEPREMAP Joint Workshop 2011 "Frontiers of Empirical DSGE Modeling"

Economic and Social Research Institute
Cabinet Office

PURPOSE of the Workshop

Economic and Social Research Institute is planning to hold the following workshop, which is open to the public. This workshop aims to discuss 'Frontiers of Empirical DSGE Modeling'. Experts with extensive academic experience are invited from the United States, Canada, and France to engage in lively discussions with ESRI researchers.

1. Date:

February 8th (Tue.), 2011

 Time:

9:50 to 17:30

2. Venue:

Tokyo International Forum (Room G701)

3. Language

English

4. Program

Chaired by Takashi Sakuma (ESRI, Executive Research Fellow)

• 9:50 (5min.)
  Opening Remark by Yoshiyasu Ono (ESRI, President)
• 10:00-10:30 (30min.)
  "Accuracy of the Extended Path Simulation Method in a New Keynesian Model with Zero Lower Bound on the Nominal Interest Rate" (with S. Adjemian)

  Presenter: Michel Juillard(Bank of France, Advisor/CEPREMAP, Senior Researcher)

• 10:30-10:45 (15min.)
  Discussant: Koiti Yano (Komazawa University, Associate Professor)
• 10:45-11:00 (15min.)
  Q&A from the floor
• 11:00-11:20 (20min.)
  < Coffee Break >
• 11:20-11:50 (30min.)
  "How Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich Environment" (with H. Iiboshi, T. Matsumae, and R. Namba)

  Presenter: Shin-Ichi Nishiyama (ESRI, Research Fellow)

• 11:50-12:05 (15min.)
  Discussant: Nao Sudo (Bank of Japan, Deputy Director)
• 12:05-12:20 (15min.)
  Q&A from the floor
• 12:20-14:00 (100min.)
  < Lunch Break >
• 14:00-14:30 (30min.)
  "How Useful are Estimated DSGE Model Forecasts for Central Bankers?" (with R.S. Gurkaynak)

  Presenter: Rochelle Edge (Federal Reserve Board, Chief)

• 14:30-14:45 (15min.)
  Discussant: Ippei Fujiwara (Bank of Japan, Director)
• 14:45-15:00 (15min.)
  Q&A from the floor
• 15:00-15:30 (30min.)
  "Uncertainty and the Zero Lower Bound: A Theoretical Analysis"

  Presenter: Rhys Mendes (Bank of Canada, Assistant Chief)

• 15:30-15:45 (15min.)
  Discussant: Keiichiro Kobayashi (Hitotsubashi University, Professor)
• 15:45-16:00 (15min.)
  Q&A from the floor
• 16:00-16:20 (20min.)
  < Coffee Break >
• 16:20-16:50 (30min.)
  "Japan's Banking Crisis and Lost Decades" (with N. Sudo and K. Ueda)

  Presenter: Naohisa Hirakata (Bank of Japan, Deputy Director)

• 16:50-17:05 (15min.)
  Discussant: Tomohiro Hirano (Financial Services Agency, Research Fellow)
• 17:05-17:20 (15min.)
  Q&A from the floor
• 17:20 (5min.)
  Closing Remark by Michel Juillard (Bank of France, Advisor/CEPREMAP, Senior Researcher)