Monetary Policy: Its Effects and Implementation: Summary of the 2015 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan

The Institute for Monetary and Economic Studies (IMES) of the Bank of Japan (BOJ) held the 2015 BOJ-IMES Conference, titled "Monetary Policy: Its Effects and Implementation," on June 4-5, 2015 at the BOJ Head Office in Tokyo. The conference was attended by about 90 distinguished participants from academia, international organizations, and central banks. The participants discussed a wide range of issues concerning the effects and implementation of unconventional monetary policy. In his opening remarks, the BOJ Governor Kuroda raised several issues that central banks currently faced, for instance, the effects of unconventional monetary policy and its transmission channels. In the policy panel discussion, five panelists from central banks and academia, together with conference participants, discussed the issues and the thesis of secular stagnation, which had attracted growing attention in recent years. There were also five paper sessions presented by professors and central bank economists, which addressed various issues including relationship between maturity structure and supply factors in Japanese government bond markets. The conference closed with the Mayekawa Lecture on secular stagnation.