New Developments in the Macroeconomics of Labor Markets


Thu., November 1, 2012 - Fri., November 2, 2012
9 a.m.

Richmond Office, Richmond, Va.



The Federal Reserve Bank of Richmond and the Kiel Institute for the World Economy, as part of the Ensuring Economic and Employment Stability network, are organizing a conference on new developments in macroeconomics and labor economics. The conference, which will take place at the Richmond Fed on November 1-2, 2012, brings together high-quality research that is at the intersection of labor economics and macroeconomics. Sluggish labor markets pose challenges and difficult trade-offs for policymakers. The objective of the conference is to understand better the sources and causes of this sluggishness and to explore the ramifications for policymaking.



Researchers with an interest in labor market economics


Thursday, November 1

8:30 a.m. – 9:00 a.m.
Registration and Continental Breakfast

9:00 a.m. – 10:00 a.m.
"Why Did the US Unemployment Rate Used to Be So Low? (and Why it Will Be Very Low Again)," Regis Barnichon (CREI and UPF) and Andrew Figura (Federal Reserve Board)
Discussant: Andreas Hornstein (FRB Richmond)
Paper | Presenter Slides | Discussant Slides

10:00 a.m. – 11:00 p.m.
"Labor-Market Polarization over the Business Cycle," Christopher Foote (FRB Boston) and Richard Ryan (FRB Boston)
Discussant: Kit Reicher (IfW Kiel)
Paper | Presenter Slides | Discussant Slides

11:00 a.m. – 11:30 a.m.

11:30 a.m. – 12:30 p.m.
"Firing Costs and Labor Market Fluctuations: A Cross-Country Analysis," Gonzalo Llosa (UCLA), Lee Ohanian (UCLA), Andrea Raffo (Federal Reserve Board), Richard Rogerson (Princeton)
Discussants: Anja Bauer (Institute for Employment Research) and Christian Merkl (University Nuremberg-Erlangen)
Paper | Presenter Slides | Discussant Slides

12:30 p.m. – 2:00 p.m.

2:00 p.m. – 3:30 p.m.
Keynote Address: "New Evidence and New Research Directions in the Macroeconomics of Labor Markets"
Steven Davis (GSB Chicago)
Presenter Slides

3:30 p.m. – 4:00 p.m.

4:00 p.m. – 5:00 p.m.
"Recall and Unemployment," Shigeru Fujita (FRB Philadelphia) and Giuseppe Moscarini (Yale)
Discussant: Toshihiko Mukoyama (Federal Reserve Board)
Paper | Discussant Slides

5:00 p.m.

6:00 p.m.
Dinner, Executive Dining Room

Friday, November 2

8:30 a.m. – 9:00 a.m.
Continental Breakfast

9:00 a.m. – 10:00 a.m.
"Viewing Job-Seekers' Reservation Wages and Acceptance Decisions Through the Lens of Search Theory," Robert Hall (Stanford University) and Andreas Mueller (Columbia Business)
Discussants: Andreas Mueller (Columbia Business) and Tamas Papp (IHS Vienna)
Paper | Presenter Slides

10:00 a.m. – 10:30 a.m.

10:30 a.m. – 11:30 p.m.
"Macroeconomic Dynamics in a Model of Goods, Labor and Credit Market Frictions," Nicolas Petrosky-Nadeau (Carnegie-Mellon)and Etienne Wassmer (Sciences Po)
Discussant: Andre Kurmann (Federal Reserve Board)
Paper | Presenter Slides

11:30 a.m. – 12:30 p.m.
"Heterogeneous Workers, Optimal Job Seeking, and Aggregate Labor Market Dynamics," Brendan Epstein (Federal Reserve Board)
Discussant: Murat Tasci (FRB Cleveland)
Paper | Presenter Slides | Discussant Slides

12:30 p.m.
Box Lunch and Departure




Deadline: November 1, 2012

Registration has closed. Thank you for your interest.

Contact Us


Research Department
(804) 697-8000