Shigenori Shiratsuka - Appointed in AY2019
Participant Profile
Shigenori Shiratsuka
Monetary Economics, Japanese Economy1987: Graduated from the Faculty of Economics, Keio University, and joined the Bank of Japan. 2000: Received a Ph.D. in Economics [Ph.D. (Economics)] from the Graduate School of Economics, Keio University. After serving in various roles at the Bank of Japan, including Head of the Economic and Financial Studies Division at the Institute for Monetary and Economic Studies, General Manager of the Matsuyama Branch, General Manager of the Kanazawa Branch, Associate Director-General of the Policy Planning Department, and Director of the Institute for Monetary and Economic Studies, he assumed his current position in September 2019. *Profile and position are as of the time of the interview.
Shigenori Shiratsuka
Monetary Economics, Japanese Economy1987: Graduated from the Faculty of Economics, Keio University, and joined the Bank of Japan. 2000: Received a Ph.D. in Economics [Ph.D. (Economics)] from the Graduate School of Economics, Keio University. After serving in various roles at the Bank of Japan, including Head of the Economic and Financial Studies Division at the Institute for Monetary and Economic Studies, General Manager of the Matsuyama Branch, General Manager of the Kanazawa Branch, Associate Director-General of the Policy Planning Department, and Director of the Institute for Monetary and Economic Studies, he assumed his current position in September 2019. *Profile and position are as of the time of the interview.
Monetary policy is both a "science" and an "art." I want students to develop a way of thinking that connects economic theory to practice within the real, living economy.
My Research Theme and How I Encountered It
After graduating from the Faculty of Economics at Keio University in 1987, I joined the Bank of Japan. For 32 years, until August 2019, I was primarily engaged in work as a central bank economist, continuously using economics as a tool of my trade. The challenges that central bank economists tackle are extremely diverse, ranging from the analysis and forecasting of the Japanese economy, policy research on monetary policy and the financial system, to the creation of various economic statistics and the analysis of issues facing regional economies and financial institutions. Drawing on these experiences, I continue to research the problems facing the Japanese economy and the policy responses to them, focusing on monetary policy and the financial system.
The Appeal and Interest of My Research Theme
For nearly 25 years, the Japanese economy has been in a world of zero interest rates, forcing monetary policy to operate in uncharted territory. In this situation, the Bank of Japan has been exploring, developing, and implementing policy measures known as unconventional monetary policy. While this policy management has not always yielded sufficient results and has often been the subject of criticism, it has also contributed, to some extent, to inspiring theoretical and empirical research on unconventional monetary policy. Research that makes full use of economic theory and statistical analysis methods serves as an important guidepost. At the same time, the experience, sensitivity, and creativity to apply this academic knowledge to real-time policy decisions are also crucial. Monetary policy is both a "science" and an "art."
Message to Students
Economics is a field of study that stimulates intellectual curiosity in its own right, but it also provides a foundation for thinking about the various challenges and problems facing the real Japanese economy. I hope that you will not only deepen your understanding of economics but also stay broadly attuned to the real economy and develop a way of thinking that connects economic theory to practice.
(Interview conducted in December 2019)