The policy challenges for the Biden Administration in the international sphere will be defined on the one hand by the secular stagnation of the advanced economies, and on the other by the political constraints of a divided US society and legislature. This gives quite a bit of clarity on macroeconomic and financial issues in terms of desired outcomes, but little room to pursue them in the near-term. The approach to China and to major allies such as Japan and the EU is likely to be importantly different from the Trump Administration - the inability to make credible lasting commitments in international agreements, however, will remain. The US government remains ill-prepared to reckon with a world economy moving on without the US. The future of CPTPP and agreements on technology oversight could be helpful gaiatsu on US policymakers, as could efforts to address climate change. Japan should continue to pursue principled plurilateralism as it has for the most part in recent years as a constructive pressure on the Biden Administration.
- Time and Date: 12:15-13:15, Thursday, January 14, 2021 (Registration opens at 12:00)
- Language: English
- Admission: Free
- Host: Research Institute of Economy, Trade and Industry (RIETI)
- Contact: Ms. YUHARA, Conference Section, RIETI
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- Speaker: Adam S. POSEN (President, Peterson Institute for International Economics)
Adam S. Posen is president of the Peterson Institute for International Economics. Under his leadership, since January 2013, the Institute has grown to 42 world-renowned fellows and won global recognition – including being named North American Economics Think Tank of the Year by Prospect four years in a row (2016 thru 2019). The author, co-author, or editor of eight books, Posen has contributed to research and public policy in the areas of G20 monetary and fiscal policies, European economic integration since the euro, Japan's recovery from its Great Recession, and China-US economic relations. From 2009 to 2012, Posen served as an external voting member of the Bank of England's rate-setting Monetary Policy Committee (MPC), where he was a leading voice globally for active policy response to the financial crisis. Posen served seven terms on the Panel of Economic Advisers to the US Congressional Budget Office (2005-19), and co-authored Inflation Targeting with Bernanke, Laubach, and Mishkin while at the Federal Reserve Bank of New York (1994-97). He received his BA and PhD from Harvard University.
- Moderator: WATANABE Tetsuya (Vice President, RIETI)