NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

TOKYO CENTER FOR ECONOMIC RESEARCH

CHUNG-HUA INSTITUTION FOR ECONOMIC RESEARCH

HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY

KOREA DEVELOPMENT INSTITUTE

PRODUCTIVITY COMMISSION, AUSTRALIA

Fifteenth Annual East Asian Seminar on Economics

Monetary Policy Under Very Low Inflation Rates

Takatoshi Ito and Andrew Rose, Organizers

June 25-27, 2004

Academy Hills

Roppongi Hills, Mori Tower 49F

6-10-1 Roppongi, Minato-ku

Tokyo 106-6149, Japan

PROGRAM

FRIDAY, JUNE 25:

9:00 AM Welcome: TAKATOSHI ITO, University of Tokyo and NBER

ANDREW ROSE, UC, Berkeley and NBER

9:15 AM JIA-DONG SHEA, National Taiwan University

YA-HWEI YANG, Chung-Hua Institution for Economic Research

Deflation and Price Divergence in Taiwan

Discussants: TOSHIKI JINUSHI, Kobe University

SHIGENORI SHIRATSUKA, Bank of Japan

10:30 AM Break

10:45 AM SEOK-KYUN HUR, Korea Development Institute

The Use of the Term Structure of Interest Rates as a Target of Monetary Policy in an Economy with Frictions

Discussants: TONI BRAUN, University of Tokyo

YUZO HONDA, Osaka University

12:00 PM Lunch

1:30 PM MITSUHIRO FUKAO, Keio University

Financial Strains and the Zero Lower Bound: The Japanese Experience

Discussants: PITI DISYATAT, Bank of Thailand

JAMES HARRIGAN, Federal Reserve Bank of New York and NBER

2:45 PM Break

3:00 PM TIM ROBINSON and ANDREW STONE, Reserve Bank of Australia

Monetary Policy, Asset-Price Bubbles, and the Zero Lower Bound

Discussants: PITI DISYATAT, Bank of Thailand

KENNETH KUTTNER, Oberlin College and NBER

4:15 PM Break

4:30 PM BENNETT MCCALLUM, Carnegie Mellon University and NBER

A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap

Discussants: JAMES HARRIGAN, Federal Reserve Bank of New York and NBER

KAZUO UEDA, Bank of Japan

5:45 PM Adjourn

Group Reception and Dinner

Mori Building, 49th Floor, Collabo Room

SATURDAY, JUNE 26:

9:15 AM LAURENCE BALL, Johns Hopkins University and NBER

Helicopter Drops for Japan

Discussants: MITSURU IWAMURA, Waseda University

KIMSONG TAN, Singapore Management University

10:30 AM Break

10:45 AM MITSURU IWAMURA, Waseda University

TAKESHI KUDO and TSUTOMU WATANABE, Hitotsubashi University

Monetary and Fiscal Policy in a Liquidity Trap:

The Japanese Experience 1999-2004

Discussants: FUMIO HAYASHI, University of Tokyo and NBER

KIMSONG TAN, Singapore Management University

12:00 PM Adjourn

12:15 PM Lunch

2:30 PM Tour Bus to Noh Performance

6:00 PM Group Reception and Dinner, ANA Hotel

SUNDAY, JUNE 27:

8:45 AM TAKATOSHI ITO, University of Tokyo and NBER

FREDERIC MISHKIN, Columbia University and NBER

Monetary Policy During the Lost Decade

Discussants: KENNETH KUTTNER, Oberlin College and NBER

KAZUO UEDA, Bank of Japan

10:00 AM Break

10:15 AM DONGCHUL CHO, Korea Development Institute

Housing Prices and Monetary Policy When Interest Rates Decline

Discussants: TOSHIKI JINUSHI, Kobe University

MARIO LAMBERTE, Philippine Institute for Development Studies

11:30 AM Break

11:45 AM WOON GYU CHOI, IMF

DAVID COOK, Hong Kong University of Science and Technology

The Macroeconomic Effects of Stock Market Liquidity: Evidence from Japan

Discussants: SHIN-ICHI FUKUDA, University of Tokyo

MAKOTO SAITO, Hitotsubashi University

1:00 PM Lunch and Adjourn

6/14/04