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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.
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