1IMES Newsletter
September 2015

The Institute for MonetaryandEconomicStudies(IMES) was founded in 1982
as an internal organ of theBankofJapan,inof

thecentennial.

Thecommemoration
Bank’s2015 BOJ-IMES Conference

IMES conducts a wide rangeof studies on the theoretical,
institutional, and historicalaspects of monetary andeconomic issues. It

alsogathers

monetaryandeconomic

researchandprovides it to the public.

The Institute for Monetary and Economic Studies (IMES) of the Bankof Japan (BOJ) held the 2015 BOJ-IMES Conference, titled“Monetary Policy: Its Effects and Implementation,” on June 4–5,
2015 at the BOJ Head Office in Tokyo.

The conference was attended
by about 90 distinguishedparticipants from academia,
international organizations, andcentral banks. They discussed awide range of issues related tothe effects and implementationof unconventional monetarypolicy.

BOJ Governor Haruhiko
Kuroda delivers his opening
remarks.

Highlight of This Issue
2015 BOJ-IMES
Conference

The IMES Newsletter aims
to announce to the publicmajor events held by theIMES on a timely basis.
Conference participants
IMES Newsletter September 2015

2

The conference began with the opening
remarks delivered by BOJ Governor Haruhiko
Kuroda. In his opening remarks, he raised threecurrent issues related to the conduct ofmonetary policy: (1) the effects ofunconventional monetary policy and its
transmission
channels;(2)
inflation
expectations and the decline in crude oil prices;and (3) how to deal with international spillovers
induced by diverging directions in monetary
policy among advanced economies. Thereafter,in light of recent discussions over slow
post-financial crisis recoveries in academic andcentral bank circles, he discussed several policy
issues, including secular stagnation, from along-term perspective.
At the policy panel discussion moderated byProfessor Takatoshi Ito (Columbia University,National Graduate Institute for Policy Studies),
there were five panelists: Professor Stephen G.
Cecchetti (Brandeis International BusinessSchool),
Professor
MarvinGoodfriend(Carnegie Mellon University), Managing
Director Ravi Menon (Monetary Authority ofSingapore), Deputy Governor Hiroshi Nakaso(BOJ), and Honorary Governor Lucas
Papademos (Bank of Greece). They discussed

Professor Jonathan H. Wright (Johns HopkinsUniversity) presents his paper, “ForwardGuidance and Asset Prices.”

Moderator and panelists (from left): Honorary
Governor Lucas Papademos (Bank of Greece),
Deputy Governor Hiroshi Nakaso (BOJ),
Managing Director Ravi Menon (Monetary
Authority of Singapore), Professor Marvin
Goodfriend (Carnegie Mellon University),
Professor Stephen G. Cecchetti (Brandeis
International Business School), and Professor
Takatoshi Ito (Columbia University, National
Graduate Institute for Policy Studies). Their
affiliation is as of the time of the conference.

the issues raised by Governor Kuroda’s
opening remarks, together with conference
participants. There were also five paper
sessions presented by professors and central
bank economists. The conference closed with
the Mayekawa Lecture, delivered by Professor
Barry Eichengreen (University of California atBerkeley).

Executive Vice President James J. McAndrews(Federal Reserve Bank of New York) delivers
his presentation, “Money Markets andMonetary Policy.”
IMES Newsletter September 2015

3Dr. Roland Straub (European Central Bank)
presents his paper, “On the International
Spillovers of US Quantitative Easing.”

Dr. Ichiro Fukunaga (BOJ) presents his paper,“Maturity Structure and Supply Factors inJapanese Government Bond Markets.”

Professor Neil R. Mehrotra (Brown University)presents his paper, “A Model of SecularStagnation.”

Professor Barry Eichengreen (University ofCalifornia at Berkeley) delivers the Mayekawa
Lecture, “Wall of Worries: Reflections on theSecular Stagnation Debate.”

A summary of the conference can be checked at the IMES website(http://www.imes.boj.or.jp/english/publication/conf/2015confsppa.html).

IMES Newsletter September 2015
Do not reprint or reproduce without permission.
All correspondence about this issue should be sent toInstitute for Monetary and Economic Studies (IMES), Bank of Japan
2-1-1, Nihonbashi-Hongokucho, Chuo-ku, Tokyo 103-8660, Japan
Phone: +81-3-3279-1111
Fax: +81-3-3510-1265
E-mail: imes.journals-info@boj.or.jp
URL: http://www.imes.boj.or.jp/english/index.html
IMES Newsletter September 2015