FFJ-BANQUE DE FRANCE WORKSHOP

Economics of ageing
Macroeconomics and economic policy, Lessons from theJapanese experience
14 June 2024 | 9:00 - 17:50 (Paris time) | 16:00 - 00:50 (Tokyo time)On-site at Campus Condorcet: Room 50, Centre des colloques, Place du Front Populaire,
93300 Aubervilliers; or online (choose upon registration)
Registration: https://forms.gle/gedKLJjJv1Lf8Uev9
Contact: events_ffj@ehess.fr
Many developed countries have been facing population ageing as the most dominant demographic
trend of the 21st century. Japan has been impacted more severely by the issues in economic,financial performance and public policy effectiveness (such as the long-term solvency of public
pension, health care, and long-term care systems). The experience of Japan could be regarded
as providing lessons for the key macroeconomic and financial outcomes of the ageing economy.
Thus, the BdF-FFJ joint lab aims at bringing together leading researchers from academia, central
banks, and other policy institutions to present research findings related to the importance ofincluding demographic change and ageing in the decision-making of the central banks’ policies.
The two major topics that will be discussed are the following: Fiscal sustainability and pricedynamics in an ageing economy, and Innovation and human capital in an ageing economy.

Programme(Paris time)- MORNING SESSIONS 9:00 - 12:00
9:00 | Opening remarks
Sébastien LECHEVALIER (FFJ-EHESS)
Laurent CLERC (Banque de France)
Makita SHIMOKAWA (Ambassador of Japan in France)
Raphaël KELLER (French Embassy in Japan)

Introduction
AGEING AND ECONOMICS: AN OVERVIEW
9:15 - 9:45
Moderator: Sébastien LECHEVALIER (FFJ-EHESS)
Speaker: Brieuc MONFORT (Sophia University, FFJ-EHESS)

Q&A session | Ask your questions
9:45 - 10:00 | Coffee break

Panel 1AGEING AND MACROECONOMIC DYNAMICS
10:00 - 12:00
Moderator: Brieuc MONFORT (Sophia University, FFJ-EHESS)
Discussants: Urszula SZCZERBOWICZ (Banque de France),Noëmie LISACK (European Central Bank)

Paper 1 | The Saving Behavior of the Elderly in Japan and Europe
Charles HORIOKA (University of Kobe)

Paper 2 | From Population Growth to TFP Growth
Hiroshi INOKUMA (Bank of Japan)
Co-author: Juan SANCHEZ (Federal Reserve Bank of St. Louis)

Paper 3 | Why Aging Induces Deflation and Secular Stagnation
R. Anton BRAUN (GRIPS, CIGS)
Co-author: Daisuke IKEDA (Bank of Japan)

Q&A session | Ask your questions
12:00 - 13:30 | Lunch break- AFTERNOON SESSIONS 13:30 - 17:50
Panel 2AGEING, HUMAN RESSOURCES AND INNOVATION
13:30 - 16:00
Moderator: Urszula SZCZERBOWICZ (Banque de France)
Discussants: Franz WALDENBERGER (DIJ), Hugh WHITTAKER (Oxford University)

Paper 4 | The Effect of Aging on Entrepreneurship and Aggregate Productivity
Takeo HOSHI (The University of Tokyo)
Co-authors: Naomi KODAMA (RIETI), Huiyu LI (Federal Reserve Bank of San Francisco)

Paper 5 | Aging Population and Technology Adoption
Daniele ANGELINI (The University of Konstanz)

Paper 6 | Why Does the Older Population in Japan Work So Much?
Tomohiko MORIYAMA (Japan Institute for Labour Policy and Training)

Paper 7 | The Effect of Ageing on Income and Gender Inequality in France
since 1880
Hippolyte d'ALBIS (Paris School of Economics)
Co-authors: Montserrat BOTEY (Sciences Po), Miguel SANCHEZ-ROMERO (Austrian
Academy of Sciences)

Q&A session | Ask your questions
16:00 - 16:20 | Coffee breakSpecial presentation
CARE - LED INNOVATION: THE CASE OF ELDERLYCARE IN FRANCE AND JAPAN
Project selected by the Priority Research Program PPR "Autonomie",France 2030

16:20 - 16:40
Moderator: Yuki TADA (FFJ-EHESS)
Speaker: Sébastien LECHEVALIER (FFJ-EHESS)

Q&A session | Ask your questions

Roundtable
FROM RECOMMENDATIONS TO POLICIES: HOW TO
IMPLEMENT MEASURES TO ADDRESS THE AGEINGCHALLENGE
16:40 - 17:40
Moderator: Sébastien LECHEVALIER (FFJ-EHESS)
Panelists
Laurent CLERC (Banque de France)
Takeo HOSHI (The University of Tokyo)
Shruti SINGH (OECD)
Junko UENO (Embassy of Japan in France)

Q&A session | Ask your questions
17:40 | Closing remarks
Arthur SOGNO-PEES (Banque de France)
Sébastien LECHEVALIER (FFJ-EHESS)

Remarks and Moderators(alphabetical order)
Laurent CLERC (Banque de France)
Laurent Clerc is Deputy Director General for Statistics, Economics and Internationalat the Banque de France. Previously, he held various positions at the Autorité deContrôle Prudentiel et de Résolution, as Director for Research and Risk Analysis andat the Banque de France, as Director for Financial Stability, Director for Monetary andFinancial Studies and Secretary of the Banque de France Foundation for Research.
He also worked as an economist at the Bank of England, the European Central Bank,the OECD (Monetary and Financial Division) and the Forecasting department of theFrench Economics and Finance Ministry. He is a former student of the École Normale
Supérieure (Paris-Saclay). He holds an “Agrégation” in Social Sciences and Master’s
degrees in economics from the École des Hautes Études en Sciences Sociales(EHESS), the École Normale Supérieure and the École Nationale de la Statistique et de l’Administration
Économique (ENSAE), and the London School of Economics. His main research fields and publications inrefereed journals relate to the areas of monetary economics, financial stability and climate change risks.

Raphaël KELLER (French Embassy in Japan)
Raphael Keller, is an engineer by training (graduated from Ecole Polytechnique andParis Telecom, MSc in cognitive sciences, doctoral course at CREA - Epistemology
Research Center of Ecole Polytechnique) and was a guest researcher at Tokyo
University. A French-German dual national, Raphael occupied several positions asadvisor to French government members (ministries of economy and industry, digital
affairs, education, culture). He was most recently Secretary General at the ministry ofEconomy's directorate general for lndustry and Enterprises, where he planned andexecuted a major re-organisation. He was appointed Minister-counsellor for Economic
Affairs & Head of the Regional Economic Department Japan-Korea) in Tokyo as ofSept. 1st, 2022.

Sébastien LECHEVALIER (FFJ-EHESS)
Sébastien Lechevalier is Economist, Professor at the School of Advanced Studies inSocial Sciences (EHESS) in Paris, specialised in the study of Asian Capitalisms, witha focus on the relations between technologies and societies. He is the founder and thepresident of the Fondation France-Japon de l’EHESS (FFJ). He is also an International
Senior Fellow at the Canon Institute for Global Studies (CIGS). He is editor of SocioEconomic Review. He is the principal investigator of INNOVCARE (2024-2028):“Care-led innovation: the case of eldercare in France and in Japan” (Funded by “PPR
Autonomie, France 2030”).

Brieuc MONFORT (Sophia University, FFJ-EHESS)
Brieuc Monfort is Associate Professor in the Department of French Studies at Sophia
University in Tokyo and Associate Researcher at the Fondation France-Japon del’EHESS (FFJ). He is also a fellow at the European Institute at Sophia University. He
previously worked at the International Monetary Fund in Washington D.C. and at theFrench Ministry of Finance, specifically at INSEE and at the Treasury, respectivelyin Paris and in Tokyo. He holds a Ph.D. in economics from EHESS. His research is
focused on macroeconomic policies, covering both fiscal and monetary policies.

Makita SHIMOKAWA (Ambassador of Japan in France)
Makita Shimokawa is the current Ambassador Extraordinary and Plenipotentiary ofJapan in France. He has an extensive diplomatic career spanning over three decades.
Shimokawa joined the Ministry of Foreign Affairs in 1984 and has held various positionsof increasing responsibility. He served as Director of Economic Integration Division
and National Security Policy Division, and as Deputy Director-General of Asian andOceanian Affairs Bureau. He has also served as Deputy Minister and heldambassadorial posts in Indonesia, Belgium, and NATO. Shimokawa is a graduate of
the University of Tokyo, Faculty of Law. With his expertise and dedication, he strives
to enhance bilateral relations between Japan and France.

Arthur SOGNO-PEES (Banque de France)
Arthur Sogno Pèes joined the Banque de France in 2015 as Deputy Head of theEconomic and Financial Department in its branch office of Grenoble. From 2017 toAugust 2023, he occupied several positions within the General Inspectorate of theBanque de France. Firstly, as On-site banking Supervisor. In this context, he wasseconded twice to the European Central Bank. Secondly, in 2021 and 2022, he wasappointed Internal Auditor to cooperate and then lead, as Deputy Head of mission,audits within the Banque de France. Since September 2023, he has been appointedFinancial Counsellor and Deputy Head of the Regional Economic Department forJapan and South Korea at the Embassy of France in Tokyo, and Banque de France’s
Representative for Japan and South Korea. Arthur Sogno Pèes is a graduate from
Sciences Po Bordeaux, where he received a Master’s Degree in Public Administration (2014). He also started
specialising in banking regulation and financial stability at the London School of Economics and Political
Science (2013).

Urszula SZCZERBOWICZ (Banque de France)
Urszula Szczerbowicz is a Senior Research Economist in the Monetary Policy Divisionat the Banque de France. Her research focuses on issues in monetary and financialeconomics. She worked previously in CEPII and was a Visiting Scholar at Hitotsubashi
University and at the Research Institute of Economy, Trade and Industry (RIETI). She
holds a PhD in Economics from LUISS Guido Carli and Sciences Po. Her thesis on
unconventional monetary policies won the Pirou/Aguirre-Basualdo prize in 2013.

Yuki TADA (FFJ-EHESS)
Yuki Tada is a Ph.D. in economics from The New School for Social Research in the U.S.
She is a member of the post-Keynesian economic society and a member of the boardof editors of the Review of Political Economy. Her research includes macroeconomic
growth and distribution, macro-financial policies, and the comparative political
economy of financialised capitalism in Japan and the US. She has worked on projects
such as 1) financial instability and growth theory with a consistent stock-flow modelingapproach, 2) unconventional monetary policy and income inequality in Japan, and 3)
the role of countercyclical fiscal policy. She would also like to expand her research
field to industrial policy and the role of government infrastructural investment in thecare sector to show how it can endorse sustainable growth through gender income
distribution.

Speakers and Discussants(alphabetical order)
Hippolyte d'ALBIS (Paris School of Economics)
Hippolyte d’Albis is senior researcher at the French National Centre for Scientific
Research (CNRS), currently on leave at the French Ministry of Finance. He is also
professor at the Paris School of Economics, deputy president of the Cercle deséconomistes, columnist at Les Echos, director of the French team of the National
Transfer Accounts network, associate editor of the Journal of Demographic Economics
and the Journal of the Economics of Ageing and member of the editorial advisoryboard of the Public Finance Review. Hippolyte d’Albis holds a Ph.D. in Economics
from Panthéon-Sorbonne University and was previously Assistant Professor at theUniversity of Toulouse 1, Professor at the University of Montpellier 3 and Professor at
Panthéon-Sorbonne University. He was Deputy Director for science at the National Institute for Social Sciencesand Humanities of the National Centre for Scientific Research and Director of the École des Hautes Études
en Démographie, the main graduate school in demography in France. His research mostly focuses on theeconomic consequences of demographic changes and was published in journals in economics, demographyand mathematics but also in generalist revues such as Science, Science Advances, Scientific Reports andPlos One. He has received various academic prices and a starting grant from the European Research Council.

Paper: The Effect of Ageing on Income and Gender Inequality in France
since 1880
Co-authors: Montserrat BOTEY (Sciences Po), Miguel SANCHEZ-ROMERO (Austrian Academyof Sciences)

Daniele ANGELINI (The University of Konstanz)
Daniele Angelini is an applied theorist interested in Macroeconomics, Labor Economics,
Technological Change, and Demographic Transition. His research investigates theinteraction between technological and demographic changes and their consequenceson the labor market, market structure, economic growth, and inequality. He obtained
his Ph.D. from the European University Institute and is currently working as a Postdoc
researcher at the University of Konstanz. In October 2024, he will be joining theEconomics Department at the University of Vienna as an Assistant Professor.

Paper: Aging Population and Technology Adoption
R. Anton BRAUN (GRIPS, CIGS)
R. Anton Braun is a Professor of Economics at the National Graduate Institute of Policy
Studies (GRIPS) and an International Senior Fellow at the Canon Institute for Global
Studies. Professor Braun’s research area is macroeconomics and his recent researchanalyzes the roles of public and private insurance for risks faced by the elderly and themacroeconomic consequences of aging for monetary and fiscal policy. Prior to joining
GRIPS in February of 2024, Professor Braun was a research economist and senioradvisor at the Federal Reserve Bank of Atlanta from 2010-2024. Prior to that Professor
Braun was a full professor of economics at the University of Tokyo from 2001 to 2010.
His other previous appointments include International University of Japan, the Federal
Reserve Bank of Minneapolis and the University of Virginia. Professor Braun haspublished research in: Econometrica, the Japanese Economic Review, the Journal of Monetary Economics,
the Journal of Political Economy, the Review of Economic Studies and other peer reviewed journals.

Paper: Why Aging Induces Deflation and Secular Stagnation
Co-author: Daisuke IKEDA (Bank of Japan)

Charles HORIOKA (University of Kobe)
Charles Yuji Horioka received his B.A. magna cum laude with High Honors inEconomics and his Ph.D. degree in Business Economics, both from Harvard University.
He worked at Kyoto and Osaka Universities, the University of the Philippines, and theAsian Growth Research Institute before assuming his present position as Professor at
Kobe University in 2019. In 2001, he was awarded the Seventh Japanese Economic
Association-Nakahara Prize, and he has published more than 150 scholarly articles,
most of them in highly ranked journals in economics. His path-breaking 1980 article
on the so-called “Feldstein-Horioka Puzzle or Paradox” is one of the most widely cited
papers in economics. He is the previous President of the Society of Economics ofthe Household and the Japanese Economic Association and President-Elect of theInternational Association for Research on Income and Wealth.

Paper: The Saving Behavior of the Elderly in Japan and Europe
Takeo HOSHI (The University of Tokyo)
Takeo Hoshi is Professor of Economics and Director of Tokyo College at the Universityof Tokyo. His research area includes corporate finance, banking, monetary policy andthe Japanese economy. He is also Co-Chairman of the Academic Board of the Centerfor Industrial Development and Environmental Governance (Tsinghua University). His
past affiliations include Stanford University and University of California, San Diego.
His books include The Japanese Economy, 2nd Edition (co-authored with Takatoshi
Ito), and The Political Economy of the Abe Administration and Abenomics Reforms(co-edited with Phillip Lipscy). Takeo Hoshi received his B.A. from the University ofTokyo and a Ph.D. in Economics from the Massachusetts Institute of Technology.

Paper: The Effect of Aging on Entrepreneurship and Aggregate Productivity
Co-authors: Naomi KODAMA (RIETI), Huiyu LI (Federal Reserve Bank of San Francisco)

Hiroshi INOKUMA (Bank of Japan)
Hiroshi Inokuma has been Director and Senior Economist of the Institute for Monetaryand Economic Studies, Bank of Japan, since June 2024. He joined the Bank ofJapan in 2014 and was mainly engaged in economic research as an economist in
the International Department. He obtained his Ph.D. from Washington University inSt. Louis in 2023, and he joined the Institute for Monetary and Economic Studies inJuly 2023. His research interests are in macroeconomics and labor economics, andhis major field includes economic growth, firm dynamics, and technological change.

Paper: From Population Growth to TFP Growth
Co-author: Juan SANCHEZ (Federal Reserve Bank of St. Louis)Noëmie LISACK (European Central Bank)Noëmie Lisack is a senior economist in the Monetary Policy Strategy Division, DG
Monetary Policy, at the European Central Bank. Previously, she worked as a researcheconomist at the Banque de France and at the Bank of England. She obtained her
PhD in Economics at the European University Institute (Florence, Italy) in 2016,supervised by Árpád Ábrahám and Ramon Marimon. Her main research focuses onmacroeconomics and international macroeconomics, with a strong interest in financial
intermediation, firm behaviour, heterogeneous agent models, as well as international
trade.

Tomohiko MORIYAMA (Japan Institute for Labour Policyand Training)
Tomohiko Moriyama is Assistant Professor at The Japan Institute for Labour Policyand Training (JILPT). He got a Ph.D. in Industrial Relations from the Graduate Schoolof Sociology, Doshisha University. After working as an assistant professor at Doshisha
University and at Shimonoseki City University, he joined JILPT in 2019. Tomohiko
Moriyama research fields are the sociology of work, social stratification and socialmobility. His research interests include employment of older people, non-regular
employment, and the impact of technological innovation on working. Recent study is“How does caregiving affect men's work after age 60? Focusing on socioeconomic
status before age 60” (2024).

Paper: Why Does the Older Population in Japan Work So Much?
Shruti SINGH (OECD)
Shruti Singh is a Senior Economist in the Skills and Employment Division of theOECD. She currently leads the work on Ageing and Employment policies. She joined
the OECD in 2007, and has since then, led and co-authored several landmark reports
in the area of active ageing, career mobility and retention of older workers, promotionof age-inclusive workplaces, age diversity, disability, mental health and work policies.
Shruti also co-leads the award-winning initiative Living, Learning and Earning Longer
to support global companies reshaping employer practices and policies to nurture a
multigenerational workforce. She has had articles, reviews and interviews publishedin a variety of publications including Journal of the Economic of Ageing, Le Mondeand Financial Times.

Junko UENO (Embassy of Japan in France)
Junko Ueno is Financial Counsellor of the Japanese Embassy in France. She joined
the Ministry of Finance in 2004 and held various positions, including Director of theRegional Customs Cooperation Office, and Deputy Director of Budget Projection. She
also served as First Secretary of the Permanent Mission of Japan in Geneva, during
which time she acted as the Chairperson of the Committee on Trade in Financial
Services in the World Trade Organization. She graduated from the University of Tokyo
with a BA in Law, and subsequently obtained an MPhil in International Relations fromthe University of Cambridge, and an MSc in Modern Japanese Studies from theUniversity of Oxford.

Franz WALDENBERGER (German Institute for JapaneseStudies)
Franz Waldenberger is Director of the German Institute for Japanese Studies (DIJ)
in Tokyo. He is on leave from Munich University where he holds a professorship forJapanese Economy. His research focuses on the Japanese Economy, Corporate
Governance and International Management. He is editor in chief of the international
peer reviewed journal Contemporary Japan. His recent publications include the coedited volumes The Future of Financial Systems in the Digital Age (Springer 2022)
and Ageing and Elderly Care as a Challenge for Local Communities (in German,Springer 2022). As member of the Japanese German Forum and the board of theJapanese German Business Association, he has for many years been working for thebetterment of German Japanese relations.

Hugh WHITTAKER (Oxford University)
Hugh Whittaker is Professor in the Economy and Business of Japan at the Nissan
Institute of Japanese Studies, and Fellow of St Antony’s College, University ofOxford. He previously taught at Cambridge, Doshisha and Auckland Universities. An
economic sociologist by background, his research interests include entrepreneurship,
management of innovation, corporate governance, and employment relations inJapan, as well as political economy and economic development in East Asia. His
Ph.D is from Imperial College, London.