Comment on "Great Inflation and Central Bank Independence in Japan"

Frederic S. Mishkin

Chapter in NBER book The Great Inflation: The Rebirth of Modern Central Banking (2013), Michael D. Bordo and Athanasios Orphanides, editors (p. 388 - 392)
Conference held September 25-27, 2008
Published in June 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

---- Acknowledgments ----

---- Disclosure of Financial Relationships for Frederic S. Mishkin ----


(2005 to present, excludes honoraria of $1,000 or less and royalty income from books)

Consulting: Federal Reserve Bank of New York, Bank of Korea; National Bureau of Economic Research, FDIC, Interamerican Development Bank; 4 hedge funds, BTG Pactual, Gavea Investimentos; Reserve Bank of Australia, Federal Reserve Bank of San Francisco, Einaudi Institute, Bank of Italy

Teaching: Study Center Gerzensee, Swiss National Bank

Speeches: Lexington Partners; Tudor Investment, Brevan Howard, UBS, Pension Real Estate Association; Goodwin Proctor, Penn State University, Villanova University, Shroeder’s Investment Management, Premiere, Inc, Muira Global, Bidvest, NRUCF, BTG Asset Management, Futures Industry Association, ACLI, Handelsbanken, National Business Travel Association, Goldman Sachs, Urban Land Institute, Deloitte, Barclays Capital, CME Group; Barclays Capiital, BNP Paribas, Fidelity Investments, Deutsche Bank,, Freeman and Co., Bank America, Treasury Mangement Association, International Monetary Fund; Kairos Investments, Deloitte and Touche, Instituto para el Desarrollo Empreserial de lat Argentina, Handelsbanken, Danske Capital, WIPRO.

Co-Director, U.S. Monetary Policy Forum

Advisory Committee, Alfred P. Sloan Foundation’s Economic and Education Program


National Bureau of Economic Research: “Two Decades of Japanese Monetary Policy and the Deflation Problem,” (with Takatoshi Ito) in Takatoshi Ito and Andrew Rose, eds., Monetary Policy Under Very Low Inflation Rates, NBER East Asia Seminar on Economics, Vol. 15 (University of Chicago Press: Chicago, 2006), pp. 131-193.

Sveriges Riksdag (Swedish parliament): An Evaluation of Swedish Monetary Policy Between 1995 and 2005 (with Francesco Giavazzi) (Sveriges Riksdag: Stockholm, Sweden 2006).

Icelandic Chamber of Commerce: with Tryggvi Herbertson, Financial Stability in Iceland (Reyjavik: Icelandic Chamber of Commerce, 2006).

Bank of Korea: “Getting to a Low Inflation Environment,” in Bank of Korea, Monetary Policy in a Low Inflation Environment: The Bank of Korea International Conference 2006 (Bank of Korea: Seoul 2006): 7-24.

Bank of Canada: “The Inflation Targeting Debate,” Bank of Canada, Annual Conference, (Bank of Canada: Ottawa, 2006), pp. 195-220.

Bank of Spain: “Financial Stability and Globalization: Getting It Right,” in Santiago Fernandez de Lis and Fernando Restoy, eds., Central Banks in the 21st Century (Bank of Spain: Madrid, 2006), pp. 215-253.

Central Bank of Chile: ““Does Inflation Targeting Matter?” (with Klaus Schmidt-Hebbel) in Frederic S. Mishkin and Klaus Scmidt-Hebbel, eds., Monetary Policy Under Inflation Targeting (Central Bank of Chile: Santiago 2007), pp. 291-372.

Swiss National Bank: “Inflation Targeting: True Progress or Repackaging of an Old Idea?” in Swiss National Bank, ed., The Swiss National Bank, 1907-2007 (Neue Zurcher Zeitung Publishing: Zurich, 2007), pp. 599-623.

Deutsche Bundesbank: “Will Monetary Policy Become More of a Science?” in Deutsche Bundesbank, ed., Monetary Policy Over Fifty Years: Experiences and Lessons (Routledge: London 2009), pp. 81-107.

National Bureau of Economic Reserach: “The Financial Crisis and the Federal Reserve,” NBER Macro Annual, 2009, pp. 495-508.

Federal Reserve Bank of San Francisco: “Commentary on ‘Fire, Flood and Lifeboats: Policy Response in the Global Crisis of 2007-2009,” Reuven Glick and Mark M. Spiegel, eds. Asia and the Global Financial Crisis, Asia Economic Policy Conference (San Francisco: Federal Reserve Bank of San Francisco, 2009), pp. 251-257.

U.S. Monetary Policy Forum: “Financial Conditions Indexes: A Fresh Look After the Financial Crisis,” (with Jan Hatzius, Peter Hooper, Frederic Mishkin, Kermit L. Schoenholtz and Mark W. Watson) U.S. Monetary Policy Forum (Chicago: Chicago Booth Initiative on Global Markets, 2010) pp. 3-59.

Brookings Institution: “Comments on Campbell, Shiller, and Viceira” Brookings Papers on Economic Activity (forthcoming).

National Bureau of Economic Research: “Discussion of Takatoshi Ito’s “Great Inflation and Central Bank Independence in Japan,” in Michael Bordo and Athanasios Orphanides, editors, The Great Inflation (University of Chicago Press: Chicago, forthcoming.)

European Central Bank: “Monetary Policy Strategy: Lessons From the Crisis” in Monetary Policy Revisited: Lessons from the Crisis (European Central Bank: Frankfurt, forthcoming.)

Bank of Korea, “Macroprudential Policy in Emerging Market Economies” 2010, and conference version, Federal Reserve Bank of San Francisco.

Reserve Bank of Australia, “How Should Central Banks Respond to Asset-Price Bubbles? The ‘Lean’ versus ‘Clean’ Debate After the GFC? Reserve Bank of Australia Bulletin (June Quarter 2011), pp. 59-69.).

American Enterprise Institute: “The Federal Reserve After the Crisis,” in Vincent Reinhart, editor, No Way Out: Persistent Government Interventions in the Great Contraction (Washington, D.C.: American Enterprise Institute, forthcoming 2012).

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