{"id":1494,"date":"2018-11-19T09:00:25","date_gmt":"2018-11-19T09:00:25","guid":{"rendered":"https:\/\/www.nomurafoundation.or.jp\/en\/?p=1494"},"modified":"2026-03-04T14:10:51","modified_gmt":"2026-03-04T05:10:51","slug":"mcrcnf20181024","status":"publish","type":"post","link":"https:\/\/www.nomurafoundation.or.jp\/en\/macro\/mcrcnf20181024.html","title":{"rendered":"Monetary Policy Normalization Ten Years after the Great Recession"},"content":{"rendered":"<section class=\"content\">\r\n\t\t\t\t<div class=\"section_content_wrap\">\r\n\t\t\t\t\t<h3 class=\"h3_title\">\r\n\t\t\t\t\t\tProgram Overview\r\n\t\t\t\t\t<\/h3>\r\n\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\tMacro Economy Research Conference<br>\r\n\t\t\t\t\t\t24 October 2018<br>\r\n\t\t\t\t\t\tUrbannet Otemachi Building, Tokyo\r\n\t\t\t\t\t<\/p>\r\n\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_Participant_List.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\tList of Participants (PDF: 118KB)\r\n\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t<\/div><!--\/.link_fuchi-->\r\n\t\t\t\t<\/div><!--\/.section_content_wrap-->\r\n\t\t\t\t<div class=\"section_content_wrap\">\r\n\t\t\t\t\t<h3 class=\"h3_title\">\r\n\t\t\t\t\t\tProgram\r\n\t\t\t\t\t<\/h3>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tOpening Remarks\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tKoji Nagai, President, Nomura Foundation\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tMorning Session\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tModerator: Chi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Uncertain Inflation Outlook and Monetary Policy Normalization in the Heterogeneous Euro Area<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZsolt Darvas, Senior Fellow, Brussels European and Global Economic Laboratory (Bruegel)\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_Z_Darvas-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 689 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/12\/20181024_Z_Darvas_revised.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 919 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comment<\/span><br>\r\n\t\t\t\t\t\t\t\t\tPaola Subacchi, Senior Research Fellow, Royal Institute of International Affairs (Chatham House)\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_P_Subacchi-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 530 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Incorporating Macro-prudential Financial Regulation into Monetary Policy<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAaron Klein, Fellow, Brookings Institution\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_A_Klein-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 2.2 MB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_A_Klein.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 391 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comments<\/span><br>\r\n\t\t\t\t\t\t\t\t\tMasahiro Kawai, Project Professor, University of Tokyo\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_M_Kawai-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1.3 MB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tLuncheon Talk\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">BOJ\u2019s Communication Strategy for Policy Normalization<\/span><br>\r\n\t\t\t\t\t\t\t\t\tTakahide Kiuchi, Executive Economist, Nomura Research Institute\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_T_Kiuchi.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 2.8 MB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tAfternoon Session\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tModerator: Tomo Kinoshita, Chief Market Economist, Nomura Securities\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Monetary Policy Normalization and Global Spillovers: The US, China and the Rest<\/span><br>\r\n\t\t\t\t\t\t\t\t\tPaola Subacchi, Royal Institute of International Affairs (Chatham House) & Paul van den Noord, University of Amsterdam\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_P_Subacchi_Noord-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 7.5 MB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_P_Subacchi_Noord.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 1.3 MB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Commentst<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAaron Klein, Fellow, Brookings Institution\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Growth Potential and Monetary Policy Orientation in China\u2019s Economic Transition Period<\/span><br>\r\n\t\t\t\t\t\t\t\t\tWU Zhenyu, Director-General, Research Institute of Finance, Development Research Center of the State Council\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_Z_WU-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1.6 MB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_Z_WU.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 322 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comments<\/span><br>\r\n\t\t\t\t\t\t\t\t\tChi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_CH_Kwan-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 566 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Potential Issues with BOJ\u2019s exit from Unconventional Monetary Policy<\/span><br>\r\n\t\t\t\t\t\t\t\t\tTakashi Miwa, Chief Japan Economist, Nomura Securities\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_T_Miwa-PPT.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 328 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_T_Miwa.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 104 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Comments<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZsolt Darvas, Senior Fellow, Brussels European and Global Economic Laboratory (Bruegel)\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2018\/11\/20181024_Z_Darvas-Comment.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 138 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tClosing Remarks\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tTetsu Ozaki, Vice Chairman, Nomura Holdings\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t<\/div><!--\/.section_content_wrap-->\r\n\t\t\t<\/section><!--\/.content-->","protected":false},"excerpt":{"rendered":"Program Overview Macro Economy Research Conference 24 October 2018 Urbannet Otemachi Building, Tokyo List of P 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