Understanding the Great Recession: from micro to macro

This event is organised by Richard Blundell (Institute for Fiscal Studies), Helen Miller (Institute for Fiscal Studies) and Alina Barnett (Bank of England)

23 and 24 September 2015, Bank of England.

Wednesday, 23rd September

1.30pm - Coffee and welcome

2.15pm - Opening Remarks: Richard Blundell, UCL & IFS

2.30pm - Session 1: Labour Markets since the crisis

Chair: Robert Wood, HM Treasury

Tito Boeri (Bocconi University and INPS), "Financial frictions, financial shocks and unemployment volatility: lessons from the Great Recession".Steve Machin (UCL), “Real wage trends”.Christian Dustmann (UCL), "Germany and the Great Recession".

4.30pm - Coffee break

5.00pm - Session 2: Speech by Deputy Governor Ben Broadbent

6.00pm - Close

Thursday, 24th September

9.00am - Refreshments

9.30am - Session 3: Trends around the recession Chair: Richard Blundell, UCL

Orazio Attanasio (IFS and UCL), “(S)Cars and the Great Recession”.Hamish Low (Cambridge University and IFS), “Recovering from recessions: household consumption over the business cycle”.Greg Thwaites (BOE), “ The banks that said no: banking relationships, credit supply and corporate outcomes in the UK”.John Fernald (Federal Reserve Bank of San Francisco), “The Pre-Global-Financial-Crisis slowdown in productivity growth.”

12.00pm - Lunch

1.00pm - Session 4: Productivity and the allocation of resourcesChair: Helen Miller, IFS

Helen Miller (IFS), “Capital allocation and productivity”. John Van Reenen (LSE), “Productivity, management and reallocation”. Rebecca Riley (NIESR and CFM), “Productivity dynamics in the wake of the financial crisis: evidence from businesses”.Chiara Criscuolo (OECD), "The future of productivity".

3.00pm - Coffee break

3.30pm - Session 5 Chair: Paul Johnson (IFS)

Keynote Speaker: Robert E. Hall (Stanford University), “Understanding the deep contraction and slow recovery of the U.S. Economy”.

Panel Discussion: Draw comparisons between developments in the US and UK and discuss implications for policy.

• Richard Blundell (UCL and IFS)• Jonathan Haskel (Imperial College)

James Richardson (HM Treasury)Gertjan Vlieghe (MPC, Bank of England)Robert E. Hall (Stanford University)

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Closing Remarks: Gertjan Vlieghe (MPC, Bank of England)

5.30pm - Close