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Wage developments in the aftermath of the crisis

12th joint ECB/CEPR Labour Market Workshop

Tuesday, 13 and Wednesday, 14 December 2016ECB Eurotower building, Room C2.03, Frankfurt am Main


Tuesday, 13 December 2016

* indicates the presenter

Registration and coffee


Luc Laeven (European Central Bank and CEPR)


Keynote address Income Inequality and Income Risk: Old Myths vs New Facts Presentation Fatih Guvenen (University of Minnesota)

Chair: Juan F. Jimeno (Banco de España and CEPR)

Coffee break

Session I Policies, labour market institutions and employment adjustment

The Fiscal Multiplier

Marcus Hagedorn (University of Oslo and CEPR)* Iourii Manovskii (University of Pennsylvania and CEPR) Kurt Mitman (IIES Stockholm University, University of Oslo and CEPR)

Discussant: Tommaso Monacelli (IGIER, Bocconi University and CEPR) Presentation

No Extension without Representation? Evidence from a Natural Experiment in Collective BargainingPaper, Presentation

Alexander Hijzen (OECD)* Pedro S. Martins (Queen Mary University of London)

Discussant: Andrea Weber (Vienna University of Economics and Business and CEPR) Presentation


Session II Reservation wages

Unemployment Insurance and Reservation WagesPaper, Presentation

Thomas Le Barbanchon (IGIER, Bocconi University, J-PAL and CEPR)* Roland Rathelot (University of Warwick, J-PAL, CReAM and CEPR) Alexandra Roulet (Harvard University)

Discussant: Patrick Arni (University of Bristol and IZA) Presentation

Reservation wages and the wage flexibility puzzlePaper, Presentation

Felix Koenig* and Alan Manning (both London School of Economics) Barbara Petrongolo (Queen Mary University of London and CEPR)

Discussant: Thijs van Rens (University of Warwick and CEPR) Presentation

Coffee break

Session III Reservation wages

How do regulated and unregulated labour markets respond to shocks?Paper

Michele Tuccio (University of Southampton)* Sergei Guriev (European Bank for Reconstruction and Development and CEPR) Biagio Speciale (Paris School of Economics)

Discussant: Marco Manacorda (Queen Mary University of London and CEPR) Presentation

Economic Shocks and Internal MigrationPaper, Presentation

Joan Monras (CEMFI)*

Discussant: Anna Rosso (University of Milan) Presentation

Coffee break

Evidence form the Wage Dynamics NetworkPaper

Juan F. Jimeno (Banco de España and CEPR) Mario Izquierdo (Banco de España) Dora Kosma (Bank of Greece) Ana Lamo (European Central Bank) Stephen Millard (Bank of England) Tairi Rõõm (Eesti Pank) Eliana Viviano (Banca d’Italia)

Discussant: Julián Messina (Inter-American Development Bank) Presentation


Wednesday, 14 December 2016

* indicates the presenter


Registration and coffee


Session IV Explaining wages: the role of flexible pay and hours

Revisiting the Relationship Between Unemployment and WagesPaper, Presentation

Giovanni Gallipoli* João Alfredo Galindo da Fonseca Yaniv Yedid-Levi (all Vancouver School of Economics, University of British Columbia)

Discussant: Axel Gottfries (University of Cambridge) Presentation

Downward Wage Rigidity in the United States: New Evidence from Worker-Firm Linked DataPaper, Presentation

André Kurmann (Drexel University)* Erika McEntarfer and James Spletzer (both US Census Bureau)

Discussant: Salomé Baslandze (Einaudi Institute for Economics and Finance) Presentation

Coffee break

Since you’re so rich, you must be really smart: Talent and the Finance Wage PremiumPresentation

Michael Böhm (University of Bonn)* Daniel Metzger (Stockholm School of Economics) Per Strömberg (Stockholm School of Economics and CEPR)

Discussant: Giovanni Pica (University of Milan) Presentation

Policy Shocks and Wage Rigidity: Empirical Evidence From Regional Effects of National ShocksPaper, Presentation

Damjan Pfajfar (Board of Governors of the Federal Reserve System)* Maarten de Ridder (University of Cambridge)

Discussant: Davide Furceri (International Monetary Fund) Presentation

End of workshop

General information


Participants are requested to arrange their own transfers, unless indicated otherwise

Workshop language


Session timings

30 mins presenter, 10 mins discussant, 5 mins discussion Key note address: 60 mins presentation, 15 mins general discussion

Workshop organisers

Styliani Christodoulopoulou, European Central Bank Ana Lamo, European Central Bank Marco Manacorda, Queen Mary University of London and CEPR Claudio Michelacci, Einaudi Institute for Economics and Finance and CEPR Sebastian Weber, European Central Bank


Margareth Tai Directorate General Economics Country Surveillance Division

Phone: +49 69 1344 6618

Email: margareth.tai@ecb.europa.eu

Website CEPR