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See the agenda for timing of specific conference segments.
Event Details
Date & Time
November 22, 2024
9:30am – 3:00pm
November 22, 2024
9:30am – 3:00pm
Location
This was a hybrid event, with most panelists participating in-person and the general audience attending virtually.
This was a hybrid event, with most panelists participating in-person and the general audience attending virtually.
Audience
The conference was open to the public, academics, practitioners, and policymakers virtually.
The conference was open to the public, academics, practitioners, and policymakers virtually.
Media
All remarks were on the record, with a recording made available afterward. For Media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
All remarks were on the record, with a recording made available afterward. For Media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
Conference Organizers
Richard Audoly
Marco Del Negro
Davide Melcangi
Rachel Schuh
Richard Audoly
Marco Del Negro
Davide Melcangi
Rachel Schuh
Agenda
Agenda
| 9:30am-9:35am | Introduction: Marco Del Negro (New York Fed) (00:00:14 in video) |
| 9:35am-11:05am | Session 1: Measuring Slack in the Labor Market (00:01:44 in video) How should we measure slack/tightness in the labor market? What are the desirable properties of a good measure of labor market slack? Are there specific indicators we should track besides the traditional ones (unemployment, vacancies, etc.)? Is the gap between u* and the unemployment rate a useful measure of labor market slack? How should we define and estimate u*, and what are the merits and limitations of existing measures of u*(CBO, etc.)? Has the Beveridge curve shifted post-pandemic and, if so, what are some possible factors? What is the link between labor market slack and immigration? Chair: Richard Audoly Panelists: Pascal Michaillat (University of California, Santa Cruz) | Presentation, Giuseppe Moscarini (Yale University) | Presentation, Ayşegül Şahin (Princeton University) | Presentation |
| 11:10am-12:40pm | Session 2: Wage and Price Dynamics (01:32:43 in video) Is there a wage Phillips curve? Is it linear or nonlinear? Given the developments in the economy post-Covid, have wages behaved as we would have expected? How are nominal wages set in the U.S. economy? Do we observe changes in wage-setting in the post-pandemic period? How do wage dynamics affect price stability? What do we know about the passthrough of wages to prices, and of the possible feedback loop between the two? What is the role of inflation expectations in determining wages? Chair: Davide Melcangi Panelists: Erik Hurst (University of Chicago) | Presentation, Laura Pilossoph (Duke University) | Presentation, Stephanie Schmitt-Grohé (Columbia University) | Presentation |
| 12:40pm-1:30pm | Lunch |
| 1:30pm-3:00pm | Session 3: Competition in the Labor Market and the Behavior of Labor Share (03:04:06 in video) How should we measure competition in the U.S. labor market? Is the U.S. labor market competitive? If not, how are rents shared in the labor market? What, if any, are the implications for monetary policy? What will happen to the labor share over the next decade? How does competition affect gender and racial gaps in the labor market? Chair: Rachel Schuh Panelists: Sydnee Caldwell (University of California, Berkeley) | Presentation, Simon Mongey (Federal Reserve Bank of Minneapolis) | Presentation, Pascual Restrepo (Yale University) | Presentation |
