Employment Dynamics, Labor Markets, Phillips Curve, and Inflation

Friday, May 3, 2024
Hoover Institution | Stanford University
The Hoover Institution Economic Policy Working Group hosts “Getting Global Monetary Policy on Track," its annual monetary policy conference on Thursday, May 2, 2024 at Stanford University.
Steven J. Davis covered the work from home trend, showing how it is increasing employee satisfaction, but also allowing somewhat lower wages.
Marianna Kudlyiak presented her research arguing that the slow decline in unemployment characteristic of most recoveries does not represent “lack of demand” remediable by more stimulus, but the slow search and matching process of normal labor markets.
Emi Nakamura presented research on the Phillips curve, the relation between inflation and unemployment. It moves around a lot, and forecasts are systematically wrong.
“Getting Global Monetary Policy on Track" was the theme this year following up on last year’s theme “How to Get Back on Track," and the previous year’s theme “How Monetary Policy Got Behind the Curve.” A key goal of the conference is to examine how to get back and stay on track and, thereby, how to reduce the inflation rate without slowing down economic growth. This year the key policy issues are largely international, with special discussions of Europe and Asia. This is a policy-oriented conference consisting of formal presentations, policy panels, and in-depth discussions.
Steven Davis, Stanford University (slides)
www.hoover.org/sites/default/...
Marianna Kudlyak, Federal Reserve Bank of San Francisco (slides)
www.hoover.org/sites/default/...
Emi Nakamura, University of California, Berkeley (slides)
www.hoover.org/sites/default/...
(source 1)
eml.berkeley.edu/~enakamura/p...
(source 2)
eml.berkeley.edu/~enakamura/p...
Chair: Valerie Ramey, Stanford University
For more information, visit www.hoover.org/events/getting....