{"id":2110,"date":"2023-12-11T09:00:20","date_gmt":"2023-12-11T00:00:20","guid":{"rendered":"https:\/\/www.nomurafoundation.or.jp\/en\/?p=2110"},"modified":"2026-01-08T14:24:13","modified_gmt":"2026-01-08T05:24:13","slug":"mcrcnf20231211","status":"publish","type":"post","link":"https:\/\/www.nomurafoundation.or.jp\/en\/macro\/mcrcnf20231211.html","title":{"rendered":"Monetary Policy and its Impact during Inflation"},"content":{"rendered":"\t\t\t<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\t19 October 2023<br>\r\n\t\t\t\t\t\tThe Okura Prestige Tower, 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\/2023\/12\/20231019_Macro-ParticipantList.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\tList of Participants (PDF: 123 KB)\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\uff1aTetsuya Kamiyama, Managing Director, 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\">A brief history of unconventional monetary easing by the Bank of Japan and Japan\u2019s inflation<\/span><br>\r\n\t\t\t\t\t\t\t\t\tTakashi Miwa, Head of Japan Economic Research, 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\/2023\/12\/01_20231019_Miwa_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 912 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\/2023\/12\/02_20231019_Miwa_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 524 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\">Federal Reserve: Conflicts Between Monetary Policy and Bank Regulation in Tackling Inflation<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAaron Klein, Miriam K. Carliner Chair and Senior Fellow, Economic Studies, The 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\/2023\/12\/03_20231019_Klein_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,743 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\/2023\/12\/04_20231019_Klein_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 1,499 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<\/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 Address\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\t\t\t\t\t\t\t\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\">\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Can Japan Achieve a Virtuous Cycle between Wages and Prices? <\/span><br>\r\n\t\t\t\t\t\t\t\t\tTsutomu Watanabe, Professor of Economics,<br>\r\n\t\t\t\t\t\t\t\t\tGraduate School of Economics, The 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\/2023\/12\/05_20231019_Watanabe_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 985 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\t\t\t\t\t\t\t\t\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 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\uff1a 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\">The Best Way to Fight Inflation<\/span><br>\r\n\t\t\t\t\t\t\t\t\tCreon Butler, Director, Global Economy and Finance Programme, Chatham House<br>\r\n\t\t\t\t\t\t\t\t\tYougesh Khatri, Associate Fellow, Global Economy and Finance Programme, Chatham House\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t\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\/2023\/12\/06_20231019_Butler_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 711 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\/2023\/12\/07_20231019_Butler_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 3,171 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\">What do strong labour markets tell us about monetary tightening in the euro area, US and UK?<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZsolt Darvas, Senior Fellow, Bruegel<br>\r\n\t\t\t\t\t\t\t\t\tCatarina Martins, former Research Analyst, 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\/2023\/12\/08_20231019_Darvas_presentation\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 637 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\/2023\/12\/09_20231019_Darvas_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 579 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\">China\u2019s Prices and Policies under Global Inflation<\/span><br>\r\n\t\t\t\t\t\t\t\t\tDaofu Chen, Deputy Director and Researcher, 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\/2023\/12\/10_20231019_Chen_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,159 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\/2023\/12\/11_20231019_Chen_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF:  1,288 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<\/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>\t\t\t\t\r\n\t\t\t\t\t\t\tAkiko Nomura, Managing Director, Nomura Institute of Capital Markets Research\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\t\t\t\t\t\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 19 October 2023 The Okura Prestige Tower, Tokyo List of Par [&hellip;]","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,6],"tags":[],"class_list":["post-2110","post","type-post","status-publish","format-standard","hentry","category-macro_conference","category-macro"],"_links":{"self":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/comments?post=2110"}],"version-history":[{"count":6,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2110\/revisions"}],"predecessor-version":[{"id":11373,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2110\/revisions\/11373"}],"wp:attachment":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/media?parent=2110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/categories?post=2110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/tags?post=2110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}