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2007. november 29-30.: 6th Macroeconomic Policy Research Workshop on Labor markets, wage behavior and inflation dynamics

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Sixth Macroeconomic Policy Research Workshop on

Labor Markets, Wage Behavior and Inflation Dynamics

November 29-30, 2007

Organized by the Magyar Nemzeti Bank, in Collaboration with the Eurosystem Wage Dynamics Network

Final Program

November 29, Thursday

12:00 – 13:00 Lunch and Registration

  (Magyar Nemzeti Bank, Address: Szabadság tér 8-9.)

13:15 – 13:30 Welcome address

András Simor (Governor, Magyar Nemzeti Bank)

Session 1

Chair: Péter Tabák (Magyar Nemzeti Bank)

13:30 – 14:20

Katarzyna B. Budnik (National Bank of Poland and Warsaw School of Economics), Search Equilibrium with Migration: the Case of Poland

Discussant: Anna Naszódi (Magyar Nemzeti Bank)

14:20 – 15:10

Juan F. Jimeno (Banco de Espana), Does Immigration Affect the Phillips Curve? Some Evidence for Spain (joint with Samuel Bentolila and Juan J. Dolado)

Discussant: Alex Cukierman (Tel Aviv University)

15:10 – 15:30 Coffee break

Session 2

Chair: Frank Smets (European Central Bank)

15:30 – 16:20

Nicolas Groshenny (Bocconi University), An Estimated New-Keynesian Business Cycle Model with Equilibrium

Discussant: Juuso Vanhala (Bank of Finland)

16:20 – 17:10

István Kónya (Magyar Nemzeti Bank and Central European University), An Open Economy DSGE Model with Labor Market Frictions (joint with Zoltán Jakab)

Discussant: Keith Kuester (European Central Bank)

19:30   Danube cruise with dinner

 November 30, Friday

Session 3

Chair: Ákos Valentinyi (University of Southampton)

9:20 – 10:10

Alessia Campolmi (Magyar Nemzeti Bank and Central European University), Labor Market Institutions and Inflation Volatility in the Euro Area(joint with Ester Faia)

Discussant: Fabio Rumler (Oesterreichische Nationalbank)

10:10 – 11:00

David M. Arseneau (Federal Reserve Board), Optimal Fiscal and Monetary Policy with Costly Wage Bargaining(joint with Sanjay K. Chugh)

Discussant: Ester Faia (Universitat Pompau Fabra)

11:00 – 11:20 Coffee break

Chair: György Szapáry (Former Vice Governor of Magyar Nemzeti Bank)

11:20 – 12:10

Keynote Speech

Robert Hall (Stanford University), Five Years of Progress in Understanding Unemployment and Wage Dynamics

12:10 – 13:30 Lunch

Session 4

Chair: Gábor Oblath (Magyar Nemzeti Bank)

13:30 – 14:20

Antonella Trigari (Bocconi University), An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining (joint with Luca Sala and Mark Gertler)

Discussant: Stephen Millard (Bank of England)

14:20 – 15:10

Olivier Pierrard (Banque Centrale du Luxembourg and Université Catholique de Louvain), Nominal Wage Rigidities in a New Keynesian Model with Frictional Unemployment (joint with Gregory De Walque, Henri R. Sneessens and Raf Wouters)

Discussant: Katalin Szilágyi (Magyar Nemzeti Bank)

15:10 – 15:30 Coffee break

Session 5

Chair: Júlia Király (Vice Governor, Magyar Nemzeti Bank)

15:30 – 16:20

Fredrik Wulfsberg (Norges Bank), How Strong is the Macroeconomic Case for Downward Real Wage Rigidity? (joint with Steinar Holden)

Discussant: Attila Rátfai (Central European University)

16:20 – 17:10

Christian Haefke (Institute for Advanced Studies Vienna), Wage Rigidity and Job Creation (joint with Marcus Sonntag and Thijs van Rens)

Discussant: Ádám Reiff (Magyar Nemzeti Bank)

17:30   Wine tasting

Organizing committee:

István Kónya (MNB)

Ádám Reiff ( MNB)

Frank Smets (ECB)