FRIDAY, SEPTEMBER 14:

8:30 AM Continental Breakfast

9:00 AM TAEHUN JUNG, YUKI TERANISHI, and

TSUTOMU WATANABE, Hitotsubashi University

Zero Bound on Nominal Interest Rates and Optimal Monetary Policy

Discussant: SERGIO NICOLETTI ALTIMARI, European Central Bank

10:00 AM Break

10:45 AM HIROSHI FUJIKI and SHIGENORI SHIRATSUKA, Bank of Japan

Policy Duration Effect under the Zero Interest Rate Policy in 1999-2000:

Evidence from Japan's Money Market Data

Discussant: MATTHEW SHAPIRO, University of Michigan and NBER

11:45 AM Lunch

Speaker: HEIZO TAKENAKA, Economics Minister of the Japanese

Government

1:15 PM DONALD DAVIS and DAVID WEINSTEIN, Columbia University and NBER

Bones, Bombs, and Break Points:

The Geography of Economic Activity

Discussant: MICHAEL KNETTER, Dartmouth College and NBER

2:30 PM Panel Discussion on the Looming Social Security Crisis in Japan

Chair: CHARLES HORIOKA, Osaka University and NBER

Panelists: TATSUO HATTA, University of Tokyo

MARTEN PALME, Stockholm School of Economics

TOSHIAKI TACHIBANAKI, Kyoto University

4:00 PM RALPH BRYANT, Brookings Institution

WARWICK MCKIBBIN, Australian National University

Incorporating Demographic Change in Multi-Country Macroeconomic Models:

Some Preliminary Results

Discussant: FUMIO HAYASHI, University of Tokyo and NBER

5:00 PM GAVIN CAMERON, Oxford University

The Sun Also Rises: Productivity Convergence between Japan and the USA

Discussant: ARI KOKKO, Stockholm School of Economics

6:00 PM Adjourn

Drinks and Reception to follow - location to be announced

SATURDAY, SEPTEMBER 15:

8:30 AM Continental Breakfast

9:00 AM MASAHARU HANAZAKI, Hitotsubashi University

AKIYOSHI HORIUCHI, University of Tokyo

Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?

Discussant: JENNIFER CORBETT, Oxford University

10:00 AM Break

10:30 AM HEATHER MONTGOMERY, The Asian Development Bank Institute

The Effect of the Basel Accord on Bank Portfolios in Japan

Discussant: JOE PEEK, University of Kentucky

11:30 AM Break

12:00 PM TAKATOSHI ITO, Hitotsubashi University and NBER

KIMIE HARADA, Daito Bunka University

Japan Premium and Stock Prices: Two Mirrors of Japanese Banking Crises

Discussant: KENJI WADA, Keio University

1:00 PM Adjourn

9/6/01