Price and Wage-Setting in Advanced Economies — High-profile Conference of the European Central Bank in Sintra/Portugal ended

Over 120 invited participants, central bankers, scientists and policymakers from Europe and around the world discuss pressing economic issues on “Price and Wage – Setting in Advanced Economies” on 18-20 June 2018 in Sintra, Portugal. The prestigious conference center Penha Longa Resort hosted again the famous and influential ECB Forum on Central Banking. Organized by the European Central Bank, it brought again together an excellent selection of speakers and participants. Program and more details.

Among speakers and participants were Mario Draghi, Lawrence H. Summers, Jens Weidmann, Otmar Issing, Beatrice Weder di Mauro, James H. Stock, Lucrezia Reichlin, Uta Schönberg, Charles Wyplosz, Sabine Lautenschläger, Erica Groshen, Richard Portes, Richard Baldwin, Michael Burda, Daniel Gros, and Andre Sapir.

Klaus F. Zimmermann, President of the Global Labor Organization (GLO), UNU-MERIT and Maastricht University, was also present as an invited speaker on the “microeconomics of price and wage-setting”.

The conference discussed the causes of slow wage growth after the recent Great Recession. The Phillips curves (either in form of the inflation unemployment trade-off or the wage growth unemployment trade-off) have flattened sharply in most developed countries. The natural rate of unemployment has also fallen substantially making employment creation  easier. However, underemployment has not returned to pre-crisis levels with the exception of Germany. Wage growth is expected to increase, however.

After arrival with a view from the balcony of the hotel room.

Investigating the agenda

On the way to work

View on the center

Aerial view of lush green land with walkways, trees and a sprawling building complex


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