Wataru Takahashi – författare

The papers collected in this volume are contributions to T.I.Tech./K.E.S. Conference on Nonlinear and Convex Analysis in Economic Theory, which was held at Keio University, July 2-4, 1993. The conference was organized by Tokyo Institute of Technology (T. I. Tech.) and the Keio Economic Society (K. E. S.) , and supported by Nihon Keizai Shimbun Inc .. A lot of economic problems can be formulated as constrained optimiza­ tions and equilibrations of their solutions. Nonlinear-convex analysis has been supplying economists with indispensable mathematical machineries for these problems arising in economic theory. Conversely, mathematicians working in this discipline of analysis have been stimulated by various mathematical difficulties raised by economic the­ ories. Although our special emphasis was laid upon "nonlinearity" and "con­ vexity" in relation with economic theories, we also incorporated stochastic aspects of financial economics in our project taking account of the remark­ able rapid growth of this discipline during the last decade. The conference was designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who were seeking for effective mathematical weapons for their researches. Thirty invited talks (six of them were plenary talks) given at the conf- ence were roughly classified under the following six headings : 1) Nonlinear Dynamical Systems and Business Fluctuations, . 2) Fixed Point Theory, 3) Convex Analysis and Optimization, 4) Eigenvalue of Positive Operators, 5) Stochastic Analysis and Financial Market, 6) General Equilibrium Analysis.

The papers collected in this volume are contributions to T.I.Tech./K.E.S. Conference on Nonlinear and Convex Analysis in Economic Theory, which was held at Keio University, July 2-4, 1993. The conference was organized by Tokyo Institute of Technology (T. I. Tech.) and the Keio Economic Society (K. E. S.) , and supported by Nihon Keizai Shimbun Inc .. A lot of economic problems can be formulated as constrained optimiza­ tions and equilibrations of their solutions. Nonlinear-convex analysis has been supplying economists with indispensable mathematical machineries for these problems arising in economic theory. Conversely, mathematicians working in this discipline of analysis have been stimulated by various mathematical difficulties raised by economic the­ ories. Although our special emphasis was laid upon "nonlinearity" and "con­ vexity" in relation with economic theories, we also incorporated stochastic aspects of financial economics in our project taking account of the remark­ able rapid growth of this discipline during the last decade. The conference was designed to bring together those mathematicians who were seriously interested in getting new challenging stimuli from economic theories with those economists who were seeking for effective mathematical weapons for their researches. Thirty invited talks (six of them were plenary talks) given at the conf- ence were roughly classified under the following six headings : 1) Nonlinear Dynamical Systems and Business Fluctuations, . 2) Fixed Point Theory, 3) Convex Analysis and Optimization, 4) Eigenvalue of Positive Operators, 5) Stochastic Analysis and Financial Market, 6) General Equilibrium Analysis.

This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.