SAFE Policy Lecture: Kiyohiko G. Nishimura
Title: Where are we now, and what is ahead of us? Evolving Transmission Mechanisms and Heightened Uncertainty in the Unites States, the Eurozone and Japan
Speaker: Kiyohiko G. Nishimura (Professor of Economics, University of Tokyo)
Moderator: Hans-Helmut Kotz (Research Center SAFE and CFS)
After the Great Financial Crisis, growth rates have been disappointing on a worldwide scale. Kiyohiko Nishimura argues compellingly that this is a composite effect of three simultaneous "seismic" shifts, global in nature: (a) a persistent fall-out from the "great property bubbles/busts", (b) employment-unfriendly technological change of ICT, and (c) a shift from the demographic bonus phase to the onus phase of aging populations in many economies. This lecture discusses the macroeconomic implications of these shifts, both in the short- and long-run, in particular for developed economies. The focus is on the role of and challenges for monetary policy in this new environment.
Kiyohiko Nishimura is Dean of the Graduate School of Economics and Chairman of the Faculty of Economics at the University of Tokyo. He was previously Deputy Governor of the Bank of Japan for five years until March 2013. He received his BA (1975) and MA (1977) from the University of Tokyo, and PhD (1982) from Yale University. He was an Arthur M. Okun Research Fellow (1981-1982) at the Brookings Institute in Washington DC, before joining the Faculty of Economics at the University of Tokyo in 1983, where he was an Associate Professor (1983-1994) and a Professor (1994-2005). He was jointly appointed as Executive Research Fellow of the Economic and Social Research Institute of the Cabinet Office of the Government of Japan between 2003 and 2005, before joining the Bank of Japan as a Member of the Policy Board (2005-2008), and then as Deputy Governor (2008-2013).