Macro Economy

Monetary Policy Normalization Ten Years after the Great Recession

Program Overview

Macro Economy Research Conference
24 October 2018
Urbannet Otemachi Building, Tokyo

Program

Opening Remarks
Koji Nagai, President, Nomura Foundation
Morning Session
Moderator: Chi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research

Uncertain Inflation Outlook and Monetary Policy Normalization in the Heterogeneous Euro Area
Zsolt Darvas, Senior Fellow, Brussels European and Global Economic Laboratory (Bruegel)

Comment
Stephen Pickford, Senior Consulting Fellow, Chatham House

Incorporating Macro-prudential Financial Regulation into Monetary Policy
Aaron Klein, Fellow, Brookings Institution

Comments
Masahiro Kawai, Project Professor, University of Tokyo

Luncheon Talk

BOJ’s Communication Strategy for Policy Normalization
Takahide Kiuchi, Executive Economist, Nomura Research Institute

Afternoon Session
Moderator: Tomo Kinoshita, Chief Market Economist, Nomura Securities

Monetary Policy Normalization and Global Spillovers: The US, China and the Rest
Paola Subacchi, Royal Institute of International Affairs (Chatham House) & Paul van den Noord, University of Amsterdam

Commentst
Aaron Klein, Fellow, Brookings Institution

Growth Potential and Monetary Policy Orientation in China’s Economic Transition Period
WU Zhenyu, Director-General, Research Institute of Finance, Development Research Center of the State Council

Comments
Chi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research

Potential Issues with BOJ’s exit from Unconventional Monetary Policy
Takashi Miwa, Chief Japan Economist, Nomura Securities

Comments
Zsolt Darvas, Senior Fellow, Brussels European and Global Economic Laboratory (Bruegel)

Closing Remarks
Tetsu Ozaki, Vice Chairman, Nomura Holdings