Economic growth in recent years has been stubbornly low in developed economies, with the result that increasingly unconventional monetary policy measures have been adopted to provide stimulus. Japan was the first major economy to face these problems, and Professor Kiyohiko Nishimura has had a ring-side seat, having been a member of the Bank of Japan’s Policy Board from 2005-8, and Deputy Governor from 2008-13.
Professor Nishimura will examine the current state of the global economy, focussing on three “seismic” structural changes that have been dampening growth. He will then focus on monetary policy, arguing that “conventional unconventional” monetary policies are entering a phase of declining marginal effectiveness. He will also discuss the Bank of Japan’s negative interest rate policy and “yield-curve control” policy framework from the viewpoint of information and communication. We are fortunate also to have an expert discussant in the form of Professor Jagjit Chadha, Director of the National Institute of Economic and Social Research, who himself has been an advisor to both the Bank of England, where he used to work, and to HM Treasury.
Please arrive before 6:30pm to clear security. Registration prior to the event is essential and you will be asked to present photographic identification and a printed copy of confirmation email upon entry to the Embassy of Japan.
About the contributors
Professor Kiyohiko Nishimura
Professor Kiyohiko Nishimura is Dean of the Graduate School of Economics and Chairman of the Faculty of Economics at the University of Tokyo. He was previously Deputy Governor of the Bank of Japan for five years until March 2013. He received his BA (1975) and MA (1977) from the University of Tokyo, and PhD (1982) from Yale University. He was an Arthur M. Okun Research Fellow (1981-1982) at the Brookings Institute in Washington DC, before joining the Faculty of Economics at the University of Tokyo in 1983, where he was an Associate Professor (1983-1994) and a Professor (1994-2005). He was jointly appointed as Executive Research Fellow of the Economic and Social Research Institute of the Cab net Office of the Government of Japan between 2003 and 2005, before joining the Bank of Japan as a Member of the Policy Board (2005-2008), and then as Deputy Governor (2008-2013). His research interests lie in post-Crisis Central Bank policy, Non-Traditional Formulation of Behaviour under Uncertainty and Property Prices & Macroeconomics.
Professor Jagjit Chadha
Professor Jagjit Chadha is Professor of Economics at the University of Kent and Director of the National Institute of Economic and Social Research (NIESR). The Institute has a long and respected history, providing research, forecasts and advice to Government and beyond on a wide range of important economic and social issues. His research interests lie mostly, but not exclusively, with DSGE models in which he works on developing richer financial mechanisms in these models for example to incorporate money, bank behaviour, inventory and the term structure of interest rates. He is Chair of the Money, Macro and Finance Research Group and specialist adviser to the Treasury Committee. He has acted as an academic adviser to HM Treasury, the Bank of England and many policy-making institutions around the world. He is a member of the Macroeconomics, Growth and History Centre (MaGHiC).
Mr Yusaku Shimizu (Chair)
Mr Yusaku Shimizu is the Financial Minister at the Embassy of Japan in the UK.