National Bureau of Economic Research

Center for Advanced Research in Finance

Center on Japanese Economy and Business

European Institute of Japanese Studies

Australia-Japan Research Centre

Japan Project Meeting

Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, Charles Horioka,

Anil Kashyap, and David Weinstein, Organizers

June 26-27, 2007

Hotel Okura Tokyo

Orchard Room

2-10-4 Toranomon, Minato-ku

Tokyo 105-8416, Japan

Program

Tuesday, June 26:

8:30 am	Breakfast/Registration

9:00 am	Dale Jorgenson, Harvard University
	Koji Nomura, Keio University
	The Industry Origins of the US-Japan Productivity Gap

	Discussant: James Harrigan, Federal Reserve Bank of New York and NBER


10:00 am	Break

10:30 am	Linda Allen and Suparna Chakraborty, City University of New York
	Revisiting the Level Playing Field: Domestic and International Implications of the Divergences in Japanese Bank Capital Requirements from the Basel Accord

	Discussant: Joe Peek, University of Kentucky

11:30 am	Jacob Bikker, De Nederlandsche Bank
	Christoffer Kok-Sorensen, European Central Bank
	Michiel van Leuvensteijn, CPB Netherlands Bureau for Economic Policy Analysis
	Adrian van Rixtel, Banco de Espana
	A New Approach to Measuring Competition in the Loan Markets of the Euro Area

	Discussant: Guy Debelle, Reserve Bank of Australia

12:30 pm	Lunch

	Speaker: Naohiro Yashiro, International Christian University and Prime Ministers Council on Economic and Fiscal Policy

2:00 pm	Akira Otani, Shigenori Shiratsuka, and Takeshi Yamada, Bank of Japan
	Distortions in Resource Allocation and Bank Lending: The Malfunction of Financial Intermediation

	Discussant: Nobuhiro Kiyotaki, Princeton University and NBER

3:00 pm	Break

3:30 pm	Rasmus Fatum, University of Alberta
	Michael Hutchison, UC, Santa Cruz
	Evaluating Foreign Exchange Market Intervention: Self-Selection, Counterfactuals and Average Treatment Effects

	Discussant: Kathryn Dominguez, University of Michigan and NBER

4:30 pm	Panel on Private Equity in Japan
	Steven Davis, University of Chicago and NBER
	Nobuo Matsuki, MKS Consulting
	Alicia Ogawa, Columbia University
	Taisuke Sasanuma, Advantage Partners
	Yo Takeuchi, Development Bank of Japan

6:00 pm	Adjourn

7:00 pm	Reception
	Australian Embassy
	2-1-14 Mita, Minato-ku
	Tokyo 108-8361


Wednesday, June 27:

8:30 am	Breakfast

9:00 am	Kazuki Onji, Australian National University
	The Response of Firms to Eligibility Thresholds: Evidence from the Japanese Value-Added Tax

	Discussant: Mihir Desai, Harvard University and NBER

10:00 am	Break

10:30 am	Yusaku Horiuchi, Australian National University
	Jun Saito, Wesleyan University
	Distributive Consequences of Unequal Participation

	Discussant Matthew Gentzkow, University of Chicago and NBER

11:30 am	Tsutomu Watanabe, Hitotsubashi University
	Tomoyoshi Yabu, Bank of Japan
	The Great Intervention and Massive Money Injection: The Japanese Experience 2003-2004

	Discussant: John Leahy, New York University and NBER

12:30 pm	Adjourn



6/21/07