National Bureau of Economic Research

Center for Advanced Research in Finance

Center on Japanese Economy and Business

European Institute of Japanese Studies

Australia-Japan Research Centre


Japan Project Meeting


Magnus Blomstrom, Jennifer Corbett, Fumio Hayashi, Charles Horioka,

Anil Kashyap, and David Weinstein, Organizers


June 26-27, 2007


Hotel Okura Tokyo

Orchard Room

2-10-4 Toranomon, Minato-ku

Tokyo 105-8416, Japan




Tuesday, June 26:



8:30 am




9:00 am

Dale Jorgenson, Harvard University


Koji Nomura, Keio University


The Industry Origins of the US-Japan Productivity Gap




Discussant:  James Harrigan, Federal Reserve Bank of New York and NBER 





10:00 am




10:30 am

Linda Allen and Suparna Chakraborty, City University of New York


Revisiting the Level Playing Field:  Domestic and International Implications of the  Divergences in Japanese Bank Capital Requirements from the Basel Accord




Discussant:  Joe Peek, University of Kentucky



11:30 am

Jacob Bikker, De Nederlandsche Bank


Christoffer Kok-Sorensen, European Central Bank


Michiel van Leuvensteijn, CPB Netherlands Bureau for Economic Policy Analysis


Adrian van Rixtel, Banco de Espana


A New Approach to Measuring Competition in the Loan Markets of the Euro Area




Discussant:  Guy Debelle, Reserve Bank of Australia



12:30 pm





Speaker:  Naohiro Yashiro, International Christian University and Prime Minister¬ís Council on Economic and Fiscal Policy



2:00 pm

Akira Otani, Shigenori Shiratsuka, and Takeshi Yamada, Bank of Japan


Distortions in Resource Allocation and Bank Lending: The Malfunction of Financial Intermediation




Discussant:  Nobuhiro Kiyotaki, Princeton University and NBER



3:00 pm




3:30 pm

Rasmus Fatum, University of Alberta


Michael Hutchison, UC, Santa Cruz


Evaluating Foreign Exchange Market Intervention: Self-Selection, Counterfactuals and Average Treatment Effects




Discussant:  Kathryn Dominguez, University of Michigan and NBER



4:30 pm

Panel on Private Equity in Japan


Steven Davis, University of Chicago and NBER


Nobuo Matsuki, MKS Consulting


Alicia Ogawa, Columbia University 


Taisuke Sasanuma, Advantage Partners


Yo Takeuchi, Development Bank of Japan



6:00 pm




7:00 pm 



Australian Embassy 


2-1-14 Mita, Minato-ku 


Tokyo 108-8361





Wednesday, June 27:



8:30 am




9:00 am 

Kazuki Onji, Australian National University


The Response of Firms to Eligibility Thresholds: Evidence from the Japanese Value-Added Tax




Discussant:  Mihir Desai, Harvard University and NBER  



10:00 am




10:30 am

Yusaku Horiuchi, Australian National University


Jun Saito, Wesleyan University


Distributive Consequences of Unequal Participation




Discussant  Matthew Gentzkow, University of Chicago and NBER



11:30 am

Tsutomu Watanabe, Hitotsubashi University


Tomoyoshi Yabu, Bank of Japan


The Great Intervention and Massive Money Injection: The Japanese Experience 2003-2004




Discussant:  John Leahy, New York University and NBER



12:30 pm