Turning Japanese? Lessons from Japan's Lost Decades and Challenges for the World

Note: This seminar is off the record. And, we regret that we are unable to accommodate media representatives at this event.

Turning Japanese?
Lessons from Japan's Lost Decades and
Challenges for the World

Friday, October 4, 2019 | 12:30-1:30 PM (Lunch will be served.)
Rm 140, Uris Hall, Columbia Business School

Featuring:


Masazumi Wakatabe (TBC)
Deputy Governor
Bank of Japan

Moderated by:
Takatoshi Ito
Professor, School of International and Public Affairs
Columbia University

Synopsis:

Back in the 1980s, the Japanese economy was hailed as the model for the world. Then, after more than a decade long deflationary stagnation, it became a counterexample that one should not follow. Although we have witnessed substantial improvements after the Bank of Japan initiated large-scale quantitative and qualitative easing in 2013 as a part of the so-called Abenomics, the Bank of Japan has not yet achieved its 2% inflation target. In the meantime, the world seems to be facing similar challenges to policymakers as Japan has faced, as the word "Japanification" becomes popular.

In the talk, Mr. Wakatabe will use Japan's Lost Decades as a case study to highlight some lessons and challenges for economists and policymakers. In particular, he will describe what exactly the harmful effects of deflation on the economy have been, questioning the usual assumption of separating cycles from growth. Also, he will talk about challenges which the Bank of Japan has faced during the Lost Decades including demographics, re-anchoring inflation expectations, lower profitability in the banking sector, and so on. Lastly, Mr. Wakatabe would like to draw broader lessons and remaining issues for the economists and policymakers of the world.

Biography:

Masazumi Wakatabe is a Deputy Governor of the Bank of Japan. Prior to joining the Bank of Japan, he was a Professor of Economics at the Faculty of Political Science and Economics at Waseda University from April 2005, and also a visiting fellow at the Center on Japanese Economy and Business of Columbia Business School from March 2017 to February 2018. He wrote extensively on economic crises such as the Great Depression, and his books include Japan's Great Stagnation and Abenomics, published in 2015. He holds a B.A. in Economics from Waseda University, and a M.A. in Economics both from Waseda University and from the University of Toronto.

Lunch will be served. Advance registration is required.*

*This seminar is off the record. And, we regret that we are unable to accommodate media representatives at this event.

General Contact: Emiko Mizumura, cjeb@gsb.columbia.edu

Please kindly note the following:

• Registration will begin at 12:00 pm. All guests must be seated by 12:30 pm.
• Please arrive early as seating will be filled on a first-come, first-served basis. The registration does not guarantee your admission.
• Your presence at this event indicates your willingness to appear in any photos or videos produced by Columbia and by third parties pre-authorized by Columbia. If this is an issue, please let us know in advance. Thank you.
• This seminar is off the record. And, we regret that we are unable to accommodate media representatives at this event.