Understanding the Sluggish Recovery from the Great Recession


Mon., Nov. 11, 2013 - Tue., Nov. 12, 2013
10 a.m. - 12 a.m.

Kiel, Germany


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 which will take place at the Kiel Institute in Germany on November 11-12, 2013. The conference aims to bring together researchers working on theoretical and empirical issues related to the patterns of recovery from the Great Recession. Among the areas of interest are:

  1. The role of labor markets in macroeconomic rebalancing (in particular, the euro area)
  2. Jobless recoveries
  3. The emergence of long-term unemployment and policy responses
  4. Hysteresis in the labor market
  5. The interaction of credit and labor markets over the business cycle
  6. The welfare costs of unemployment


Researchers with an interest in labor market economics



(Presenters in BOLD)


9:20 a.m.
Meeting point: Hotel Maritim

9:30 a.m. – 10:00 a.m.
Registration at the Kiel Institute

10:00 a.m. – 12:00 p.m.
SESSION 1: Worker and Job Flows over the Business Cycle

"Cyclicality of Job and Worker Flows: New Data and a New Set of Stylized Facts"
Rüdiger Bachmann, Christian Bayer, Stefan Seth and Felix Wellschmied
Discussant: James Costain

"Accounting for Unemployment: The Long and Short of It"
Andreas Hornstein
Discussant: Michael Reiter

12:00 p.m. – 1:00 p.m.
Lunch Break

1:00 p.m. – 3:00 p.m.
SESSION 2: Heterogeneities and the Business Cycle

"The Heterogeneity-Based Matching Function"
Britta Kohlbrecher, Christian Merkl and Daniela Nordmeier
Discussant: Edgar Preugschat

"Slow Recoveries, Worker Heterogeneity and the Zero Lower Bound"
Federico Ravenna and Carl Walsh
Discussant: Antonella Trigari

3:00 p.m. – 3:30 p.m.
Coffee Break

3:30 p.m. – 4:30 p.m.
SESSION 3: Reallocation Over the Cycle

"Unemployment and Endogenous Reallocation Over the Business Cycle"
Carlos Carrillo-Tudela and Ludo Visschers
Discussant: Anja Bauer

4:45 p.m. – 6:15 p.m.
SESSION 4: Policy Session
Recovery from the Crisis - The Role of Macroeconomic Policies

  • Marcel Fratzscher, DIW
  • Karl Pichelmann, European Commission
  • Dennis Snower, IfW
  • John Weinberg, Richmond Fed

Moderator: Olaf Storbeck (Reuters)

7:40 p.m.
Meeting point: Hotel Maritim for Dinner at Hotel Kieler Kaufmann


9:00 a.m. – 10:00 a.m.
SESSION 1: Keynote Speech
"Did the Job Ladder Fail During the Great Recession?"
Fabien Postel-Vinay

10:00 a.m. – 10:30 a.m.
Coffee Break

10:30 a.m. – 12:30 p.m.
SESSION 2: Unemployment Benefits and Unemployment

"Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects"
Marcus Hagedorn, Fatih Karahan, Iourri Manovskii and Kurt Mitman
Discussant: Marios Karabarbounis

"Macroeconomic Evaluation of Labor Market Reform in Germany"
Tom Krebs and Martin Scheffel
Discussant: Michael Krause

12:30 p.m. – 1:30 p.m.
Lunch Break

1:30 p.m. – 3:30 p.m.
SESSION 3: Credit and the Business Cycle

"When Credit Dries Up: Job Losses in the Great Recession"
Samuel Bentolila and Marcel Jansen
Discussant: Markus Demary

"Corporate Cash and Employment"
Philippe Bacchetta, Kenza Benhima and Céline Poilly
Discussant: Ansgar Rannenberg

PDF version of agenda



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Research Department
(804) 697-8000