神戸大学金融研究会（兼松セミナー共催）
Monetary Economics Seminar of Kobe University (Jointly supported by Kanematsu Seminar)
| 日時 (Date&Time) |
2017年11月18日（土）午後2時30分から (Saturday, November 18, 2017, 2:30pm-) |
|---|---|
| 会場 (Place) |
神戸大学経済経営研究所 会議室（研究所新館2階） Meeting Room at RIEB (Annex, 2nd Floor) |
| 対象 (Intended Audience) |
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。 The seminar is primarily for the workshop members. But non-members are also welcome to attend. |
| 備考 (Note) |
論文のコピーは共同研究推進室にてご用意いたします。 Copies of the paper will be available at the Office of Promoting Research Collaboration. セミナー後に懇親会を予定しております。セミナーへ参加を希望される方はお手数ですが、懇親会へのご出欠と併せご氏名、ご所属、ご連絡先（メールアドレス）を開催日の1週間前までに共同研究推進室へご連絡下さい。なお、懇親会の詳細については追ってご連絡いたします。 There will be a reception held after the seminar. If you would like to attend this seminar, please email us at Office of Promoting Research Collaboration your name, affiliation, email address and whether you will attend the reception or not, by a week before the workshop. Details will be notified later. |
2:30pm～3:20pm
| 報告者 (Speaker) |
北野 重人 氏 (Shigeto KITANO) |
|---|---|
| 所属 (Affiliation) |
神戸大学経済経営研究所（Research Institute for Economics and Business Administration, Kobe University） |
| 論題 (Topic) |
Capital Controls, Macroprudential Regulation,and the Bank Balance Sheet Channel |
| 概要 (Abstract) |
We incorporate a banking sector with balance sheet frictions into a model of a small open economy and compare the effectiveness of capital controls and macroprudential regulation.We show that the welfare-improving effect of capital controls is larger than that of macroprudential regulation if the degree of financial friction between domestic banks and foreign investors is high, while the welfare-improving effect of macroprudential regulation is larger than that of capital controls if the degree of financial friction is low.We also show that the welfare ranking of the two policies depends on whether an economy suffers from liability dollarization. |
3:30pm～5:00pm
| 報告者 (Speaker) |
服部 正純 氏 (Masazumi HATTORI) |
|---|---|
| 所属 (Affiliation) |
一橋大学経済研究所（Institute of Economic Research, Hitotsubashi University） |
| 論題 (Topic) |
The Evolution of Inflation Expectations in Japan |
| 概要 (Abstract) |
We model inflation forecasts as monotonically diverging from an estimated long-run anchor point towards actual inflation as the forecast horizon shortens. Fitting the model with forecasts made by individual professional forecasters for Japan, we find that the estimated anchors across forecasters have tended to rise in recent years, along with the dispersion in estimates across forecasters. Further, the degree to which these anchors pin down inflation expectations at longer horizons has increased, but remains considerably lower than found in a similar study of Canadian and US forecasters. Finally, the wide dispersion in estimated decay paths across forecasters points to a diverse set of views across forecasters about the inflation process in Japan. |
5:30pm～
| 懇親会 (Reception) |
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