Announcement
Triggered by subprime loan-related issues, the financial crisis that started in the United States has now spread all over the world. It is a matter of great urgency to envisage a new role for monetary policy corresponding to this crisis.
On the other hand and partly because of intensified globalization, domestic income inequality has been widening. Consequently, optimizing labor market policies is also of great importance. Although monetary policy and labor market issues are often discussed separately, they are in fact closely related from a macroeconomic point of view.
In the current economic crisis with rising resource costs and food prices, an increase in interest rates is desirable to prevent inflation. However, higher interest rates can curb employment and depress the labor market even further. It may be said that a complicated trade-off exists between monetary policy and labor policy.
In this seminar, macroeconomists from Japan and Europe will participate in an academic discussion focused on the relationship between monetary policy and labor, and examine the implications on economic policies.
Information
- Time and Date: 10:00-16:55, Friday December 19, 2008 (Open: 9:45 a.m.)
- Venue: RIETI's seminar room (1121,11th Floor, METI ANNEX)
1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo - Language: English (no interpretation available)
- Hosts: Centre for Economic Policy Research (CEPR)
Research Institute of Economy, Trade and Industry (RIETI) - Contact: Ms. Kyoko Inoue
Research Institute of Economy, Trade and Industry (RIETI)
TEL: 03-3501-8398 FAX: 03-3501-8416
*This Workshop is NOT for quotation.
Agenda
10:00 - 10:10 Opening Remarks by RIETI
FUJITA Masahisa (President and Chief Research Officer, RIETI / Professor, Konan University / Adjunct Professor, Institute of Economic Research, Kyoto University)
10:10 - 10:55 Session 1
Chairperson:HOSHINO Mitsuhide (Director of Research, RIETI)
10:10 - 10:40 Presentation "The Effects of Technology Shocks on Hours and Output: A Robustness Analysis" (with David LOPEZ-SALIDO and Claudio MICHELACCI)
Fabio CANOVA (ICREA Research Professor, Universitat Pompeu Fabra /Research Fellow, CEPR)
10:40 - 10:55 Discussion
10:55 - 11:10 Coffee Break
11:10 - 11:55 Session 2
Chairperson:HOSHINO Mitsuhide (Director of Research, RIETI)
11:10 - 11:40 Presentation "Nominal Rigidities, News-Driven Business Cycles, and Monetary Policy" (with NUTAHARA Kengo)
11:40 - 11:55 Discussion
11:55 - 12:15 Break
12:15 - 13:15 Working Lunch
Chairperson:KOBAYASHI Keiichiro (Senior Fellow, RIETI)
12:15 - 12:25 Comments : CEPR researchers' view
Morten RAVN (Professor of Economics, University of Southampton / Professor of Economics, European University Institute / Research Fellow, CEPR)
12:25 - 12:35 Comments : CEPR researchers' view
Fabio CANOVA (ICREA Research Professor, Universitat Pompeu Fabra /Research Fellow, CEPR)
12:35 - 12:45 Comments : CEPR researchers' view
Jordi GALI (Director and Senior Researcher, Centre de Recerca en Economia Internacional / Professor, Department of Economics, Universitat Pompeu Fabra/ Research Fellow, CEPR)
12:45 - 13:15 Discussion
13:15 - 13:30 Break
13:30 - 14:15 Session 3
Chairperson:KOBAYASHI Keiichiro (Senior Fellow, RIETI)
13:30 - 14:00 Presentation "The Vanishing Procyclicality of Labor Productivity and the Great Moderation" (with Thijs van RENS)
Jordi GALI (Director and Senior Researcher, Centre de Recerca en Economia Internacional / Professor, Department of Economics, Universitat Pompeu Fabra/ Research Fellow, CEPR)
14:00 - 14:15 Discussion
14:15 - 15:00 Session 4
Chairperson:KOBAYASHI Keiichiro (Senior Fellow, RIETI)
14:15 - 14:45 Presentation "TFP Growth Slowdown and the Labor Market in Medium Run:The Case of Japan in the 1990s" (with NAKAJIMA Ryo and TANAKA Ryuichi )
14:45 - 15:00 Discussion
15:00 - 15:15 Coffee Break
15:15 - 16:00 Session 5
Chairperson:KOBAYASHI Keiichiro (Senior Fellow, RIETI)
15:15 - 15:45 Presentation "Investment Specific Change and the Dunlop-Tarshis Observation"
Morten RAVN (Professor of Economics, University of Southampton / Professor of Economics, European University Institute / Research Fellow, CEPR)
15:45 - 16:00 Discussion
16:00 - 16:45 Session 6
Chairperson:KOBAYASHI Keiichiro (Senior Fellow, RIETI)
16:00 - 16:30 Presentation "Optimal Monetary Policy When Asset Markets are Incomplete"
NAKAJIMA Tomoyuki (Faculty Fellow, RIETI / Associate Professor, Institute of Economic Research, Kyoto University)
16:30 - 16:45 Discussion
16:45 - 16:55 Closing Remarks by CEPR
Jordi GALI (Director and Senior Researcher, Centre de Recerca en Economia Internacional / Professor, Department of Economics, Universitat Pompeu Fabra/ Research Fellow, CEPR)
*This workshop is funded by the Great Britain Sasakawa Foundation.