Event Recap

Labor Market Slack: Assessing and Addressing in Real Time

Details

September 24, 2014
Peterson Institute for International Economics, Washington, DC

Event Summary

Charles Evans, Federal Reserve Bank of Chicago, delivered the keynote speech at an all-day conference on unemployment.

Agenda

Panel 1: Can we reconcile slow wage growth and demographic labor supply decline?
Unedited rush transcript [pdf]

Chair: Erica Groshen, US Bureau of Labor Statistics

Panelists:
David Blanchflower, Dartmouth College and Peterson Institute for International Economics
   presentation [pdf]
Julie Hotchkiss, Federal Reserve Bank of Atlanta
   presentation [pdf]
Michael Kiley, Federal Reserve Board
   presentation [pdf]
Betsey Stevenson, Council of Economic Advisers
   presentation [pdf]
Justin Wolfers, Michigan University and Peterson Institute for International Economics
   presentation [pdf]

Panel 2: Constructing estimates of slack – dimensions of the difficulties
Unedited rush transcript [pdf]

Chair: David Stockton, Peterson Institute for International Economics

Panelists:
Wendy Edelberg, Congressional Budget Office
   presentation [pdf]
Michael Horrigan, US Bureau of Labor Statistics
   presentation [pdf]
Andrew Levin, International Monetary Fund and Dartmouth College
   presentation [pdf]
William Wascher, Federal Reserve Board
   presentation [pdf]

Keynote Speech: Patience Is a Virtue When Normalizing Monetary Policy
Unedited rush transcript [pdf]

Charles Evans, Federal Reserve Bank of Chicago
   prepared remarks
Chair: Adam Posen, Peterson Institute for International Economics

Panel 3: How should monetary policy react to uncertain or persistent labor market slack?
Unedited rush transcript [pdf]

Chair: Angel Ubide, Peterson Institute for International Economics and D.E. Shaw

Panelists:
Laurence Ball, Johns Hopkins University
William Dickens, Northeastern University
   presentation [pdf]
Jan Hatzius, Goldman Sachs & Company
   presentation [pdf]
Steve Oliner, American Enterprise Institute and UCLA
Adam Posen, Peterson Institute for International Economics

Panel 4: What structural reform does the US labor market need?
Unedited rush transcript [pdf]

Chair: Karen Dynan, US Department of the Treasury

Panelists:
Jared Bernstein, Center on Budget and Policy Priorities
   presentation [pdf]
Jennifer Hunt, Rutgers University and US Department of the Treasury
   presentation [pdf]
Jacob Funk Kirkegaard, Peterson Institute for International Economics
   presentation [pdf]
Michael Strain, American Enterprise Institute

Event Materials

Agenda [pdf]

Prepared Remarks: Patience Is a Virtue When Normalizing Monetary Policy
Charles Evans
September 24, 2014

Blog Post: If the lagging labor force rate doesn’t still embody considerable slack, then why does it increasingly predict wage growth?
Jared Bernstein
September 22, 2014