CIGS Joint Seminar on Macroeconomics

(Prof. Imrohoroglu, Dr. Braun, Prof. Kobayashi from the left）

Seminar outline

Title 1: "Headwinds and Turbulence since 1990s: Japan's Economic and Fiscal Performance over the Next Decade"
Speaker: Prof. Selahattin Imrohoroglu, International Senior Fellow, CIGS / Professor of Finance and Business Economics, Marshall School of Business, University of Southern California
Title 2: "Monetary Policy in the 21st Century: Challenges and Prescriptions"
Speaker: Dr. R. Anton Braun, International Senior Fellow, CIGS / Research Economist and Senior Policy Advisor, Federal Reserve Bank of Atlanta,
Moderator: Keiichiro Kobayashi, Research Director, CIGS

Program

ProgramPDF：108KB

Presentation slides (Prof. Imrohoroglu)

Presentation by Prof. ImrohorogluPDF：1983KB

Presentation outline (Prof. Imrohoroglu)

Japanese economic slowdown is now about 25 years old, with not much tailwinds to help jumpstart growth. Previous research has highlighted three issues for the poor economic and fiscal performance: 1) macroeconomic policy mistakes, 2) failure to reform the banking system, and, 3) failure to implement microeconomic/structural reforms. This paper re-visits the economic growth experience of Japan since 1990s, evaluates the proposed reasons for poor economic performance, and, 3) reviews recent academic research to outline a research program designed to measure which policies have the biggest bang-for-the-buck to propel Japan's economy forward. The focus of policy makers is on short run economic objectives. Macroeconomic research suggests, instead, to focus on growth enhancing policies in the medium and the long run that will also help achieve fiscal sustainability.

Speech summary (Prof. Imrohoroglu)

Prof. Imrohoroglu Speech summaryPDF：129KB

Presentation slides (Dr. Braun)

Presentation by Dr. BraunPDF：630KB

Presentation outline (Dr. Braun)

Although we are only 14 years into the 21st century, it is already clear that the turn of the century marks a turning point for the conduct of monetary policy. The global financial crisis of 2008 and the ensuing super low policy interest rates have led central bankers to adopt new tools for macro-economic stabilization. His presentation provides an overview of current monetary policy issues and policy responses including: quantitative easing (Japan, USA), negative policy rates (Europe), exchange rate pegs (Switzerland) and strategies for normalizing interest rates with a large balance sheet (Japan and USA).

Speech summary (Dr. Braun)

Dr. Braun Speech summaryPDF：58KB