NBER/CEPR/CIRJE/EIJS

JAPAN PROJECT MEETING

Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, Charles Horioka, Anil Kashyap, and

David Weinstein, Organizers

September 1-2, 2004

Asian Development Bank Institute

Kasumigaseki Building 8F

2-5, Kasumigaseki 3-chome

Chiyoda-ku

Tokyo 100-6008, Japan

PROGRAM

WEDNESDAY, SEPTEMBER 1:

8:30 AM Continental Breakfast

9:00 AM DAIJI KAWAGUCHI, University of Tsukuba

WENJIE MA, Osaka University

The Causal Effect of Graduating from a Top University on Promotion:

Discussant: EDWARD MIGUEL, UC, Berkeley and NBER

10:00 AM Coffee Break

10:30 AM HIROSHI ONO, Stockholm School of Economics

KAZUHIKO ODAKI, Ministry of Economy, Trade and Industry

Foreign Ownership and the Structure of Wages in Japan

Discussant: MARIANNE BERTRAND, University of Chicago and NBER

11:30 AM KAZUO OGAWA, Osaka University

Debt, R&D Investment and Technological Progress:

A Panel Study of Japanese Manufacturing Firms in the 90s

Discussant: LEE BRANSTETTER, Columbia University and NBER

12:30 PM Lunch

Speaker: KATSUYA OKADA, President, Democratic Party of Japan

2:00 PM KATHRYN DEWENTER and ALAN HESS, University of Washington

YASUSHI HAMAO, University of Southern California

Are the Major Japanese Banks Uniform or Unique?

Discussant: JOE PEEK, University of Kentucky

3:00 PM HEATHER MONTGOMERY, Asian Development Bank Institute

SATOSHI SHIMIZUTANI, Cabinet Office

The Effectiveness of Bank Recapitalization in Japan

Discussant: RANDALL KROSZNER, University of Chicago and NBER

4:00 PM Coffee Break

4:30 PM Panel Session on Models

Chair: WARWICK MCKIBBIN, Australian National University

Speakers: IPPEI FUJIWARA, Bank of Japan

PETER MCADAM, European Central Bank

JOHN ROBERTS, Federal Reserve Board

Monetary Policy Strategies for Limiting the Consequences of the Zero Bound on Interest Rates

6:15 PM Adjourn

6:30 PM Reception (cocktails and hors d'oeuvres)

Swedish Embassy

1-10-3-100 Roppongi

Minato-ku, Tokyo

THURSDAY, SEPTEMBER 2:

8:30 AM Continental Breakfast

9:00 AM FUMIO HAYASHI, University of Tokyo and NBER

EDWARD PRESCOTT, Federal Reserve Bank of Minneapolis and NBER

The Depressing Effect of Agriculture Institutions on the Prewar Japanese Economy

Discussant: JOHN FERNALD, Federal Reserve Bank of Chicago

10:00 AM Coffee Break

10:30 AM DANIEL LEIGH, Johns Hopkins University

Monetary Policy and the Dangers of Deflation: Lessons from Japan

Discussant: ALAN AUERBACH, UC, Berkeley and NBER

11:30 AM WAKO WATANABE, Osaka University

Prudential Regulation, the "Credit Crunch" and the Ineffectiveness of Monetary Policy:

Evidence from Japan

Discussant: TAKEO HOSHI, UC, San Diego and NBER

12:30 PM Adjourn

8/11/04