Deutsches Institut für Japanstudien
German Institute for Japanese Studies

DIJ Roundtable
Co-organized by
Institute for Economic Policy,
University of Leipzig

Wednesday, 30 November 2016, 16.00 – 20.00 hEffects of Zero Interest Rate Monetary
Policy on Banks and Society
In Japan, zero interest rate monetary policy and unconventional easing measures have prevailed foralmost two decades. It is possible that these policies have had incisive side-effects aside fromeffects on inflation (expectations). Our roundtable will focus on the implications of these measuresfor banks and society by way of macro-economic theory as well as empirical evidence.

16:00 Welcome and introduction
Franz Waldenberger, German Institute for Japanese Studies (DIJ)
16:15 The Impact of Japan's Unconventional Monetary Policy on the Japanese Banking Sector
Gunther Schnabl, Institute for Economic Policy, Leipzig University
Comments by Nao Sudo, Bank of Japan
16:45 Redistribution Effects of Unconventional Monetary Policy: Real Wages and Income Inequality
Sophia Latsos, German Institute for Japanese Studies (DIJ)
Comments by Ayako Saiki, SOAS, University of London
17:15 Q&A and open discussion
18:00 Buffet reception at DIJ

Participation is free, but by invitation only. Please register by e-mail with dijtokyo@dijtokyo.org.

Sophia Latsos is Ph.D. Candidate at the Institute for Economic Policy, Leipzig University, andcurrently a Ph.D Student at the German Institute for Japanese Studies in Tokyo. Her research
focuses on central bank decision making and redistribution effects of monetary policy. She has
previously worked as Research Analyst for the Japan Desk of the European Central Bank, andearned a Master of Science in Economic History (London School of Economics) as well as aMaster of Science in Economics (University College London).
Ayako Saiki has a Ph.D. in Economics from Brandeis University in Massachusetts. She is now
Visiting Scholar at SOAS, University of London. Previously, she worked at the Dutch Central Bankas an Economist for 11 years. Her research has concentrated on the issues of international financeand monetary economics. Her recent work, joint with Jon Frost (DNB), on the income distribution
impact of unconventional monetary policy has been cited in the Press several times. She iscurrently working with Professor Ulrich Volz, Head of Economics Department of SOAS, Universityof London, on the spill-over effect of quantitative easing of monetary policy and the governance ofthe recipient emerging economies. Their work will be published soon within the Working Paper
Series of the Asian Development Bank Institute.
Gunther Schnabl is a professor for international economics and economic policy at Leipzig
University. He earned his Ph.D. at the University of Tübingen and was a visiting researcher at theBank of Japan, Stanford University, the University of Tokyo, Catholic University Leuven, Deutsche
Bundesbank, Federal Reserve Bank of New York and the European Central Bank. His research
focus is on exchange rate economics and international monetary systems with a regional focus onJapan, East Asia and Europe. He has published his policy-oriented research in a wide range ofrefereed international journals such as Journal of Comparative Economics, Kyklos, Review ofInternational Economics, World Economy, and Journal of Policy Modeling. He is ranked in theIDEAS research ranking in the top 3% of Germany and Europe.
Nao Suda is director and deputy head of Policy Studies Division of Monetary Affairs Department ofthe Bank of Japan. He earned his Ph.D. at Boston University. His research focus is on
macroeconomics in general including monetary economics, financial stability, and inequality issues.
He has published his research in a wide range of refereed international journals such as Journal ofMonetary Economics, Review of Economic Dynamics, and Journal of Money, Credit, and Banking.
He has also served for some working groups under Basel Committee on Banking Supervision(BCBS) and Financial Stability Board (FSB), including the Macroeconomic Assessment Group onDerivatives (MAGD) and Risk Measurement Working Group and Joint Working Group on CCPs.
Franz Waldenberger obtained his Ph.D. in economics from the University of Cologne. After
positions with the German Monopolies Commission and the German Institute of Japanese Studies(DIJ), he became Professor for Japanese Economy at LMU Munich. He has been visiting professor
at various Japanese universities, including the University of Tokyo, University of Tsukuba,Hitotsubashi University and Osaka City University. He serves as editor in chief of Contemporary
Japan and as member of the editorial board of Asian Business & Management. Presently, he is on
leave from LMU Munich to head the DIJ Tokyo. His research focuses on the Japanese economyand corporate governance. Professor Waldenberger is member of the German Japan Forum andmember of the board of the Japanese-German Business Association (DJW).