[Session 5: Policies I (Monetary Policy)]

This session will discuss the role of monetary policy in avoiding low inflation traps and the monetary instruments that can be used once nominal interest rates hit an effective lower bound. An important consideration will be the policy implications of the current global context of lower natural rates of interest and of asymmetric inflation risks in that environment. Under this condition, what policy mix can exert the most impact in consideration of other policy constraints? Does monetary policy need to be redesigned in the new normal era?

Moderator

 
Il Houng Lee

Member of Monetary Policy Board, BOK
 

Speakers 

Joseph Gagnon

Senior Fellow, PIIE

"Monetary Policy“

Douglas Laxton

Division Chief, IMF

 "Monetary Policy in the New Mediocre"

Discussants 

Seung-Cheol Jeon

Deputy Governor, BOK

Shigenori Shiratsuka

Director General, Bank of Japan