Thursday, February 16, 2017, 12:00 - 13:30
A comparative international analysis of the successes and failures of unconventional policy.
Language: The speech and Q & A will be in English.
Unconventional monetary policy (UMP) as practiced by the world's leading central banks in recent years has had mixed reviews both with regard to its effectiveness in achieving price stability and its ability to support economic growth. Probably its greatest success has been at the hands of the U.S. Federal Reserve where UMP helped to stabilize the financial system after the 2008 global financial crisis.
With the Bank of Japan (BoJ) and the European Central Bank (ECB) however, the jury is out on whether quantitative and qualitative monetary easing has been a success, either in achieving its price targets or as a means of bolstering growth. It is certainly no longer seen as a panacea for economic ills as fiscal policy moves back toward center stage.
Sayuri Shirai, author of "Mission Incomplete: Reflating Japan's Economy"has analyzed in depth the BoJ's experience with unconventional monetary policy, both as an "insider" – she was a member of the BoJ's Policy Board from 2011 to 2016 – and as an economist and prominent scholar. By virtue of having studied various central banks' experiences, Shirai is able to offer a comparative international analysis of the successes and failures of unconventional policy.
Shirai is currently a professor at Keio University and a visiting scholar at the Asian Development Bank Institute.Previously an economist at the International Monetary Fund (1993-98), she graduated from Keio University and holds a Ph.D. in Economics from Columbia University. The author of numerous articles in professional journals, she has published 10 books and co-authored one book on China's exchange rate system, Japan’s macroeconomic policy, IMF policy, ODA policy, and European sovereign debt crisis, etc.
Please reserve in advance, 3211-3161 or on the website (still & TV cameras inclusive). The charge for members/members' guest is 1,750/2,700 yen; non-members eligible to attend may pay in cash by e mail reservation (front@fccj.or.jp). (Menu: sautéed swordfish with tomato sauce) Reservations canceled less than one hour in advance for working press members, and 24 hours for all others, will be charged in full. Reservations and cancellations are not complete without confirmation. For meal service, please enter the room by 12:25.*Working Pressは1時間、Associate, non-memberは24時間以内のキャンセルはフルチャージとなりますのでご注意ください。なおキャンセルは電話でのみ承ります。
Professional Activities Committee
