PEGFA Seminar Series 2024/25: Wildaeur & Rabensteiner

10th Dec 2024 1pm - 2:30pm

Campus

The Institute of Political Economy, Governance, Finance and Accountability (PEGFA) invites you to its Research Seminar Series 2024/25.

Our first Research Seminar will take place on 10th December 2024 in SL107 & Online, featuring PEGFA speakers Rafael Wildauer and Thomas Rabensteiner.

Rafael Wildauer will be discussing 'Wage and price inflation in a comprehensive model'.

"The surge in inflation after the COVID pandemic and Russia’s invasion of Ukraine has triggered a debate about causes of inflation and how to deal with the distributional consequences. Post-Keynesian theories of conflict inflation have been presented as an alternative to mainstream understanding of inflation. This paper presents a unified framework of wage bargaining and mark up price setting which can either result in an accelerationist Phillips curve implying a vertical long run aggregate supply curve and a unique level of natural output or rate of unemployment (NAIRU). However, under a different parameterization the model can also yield a standard Keynesian Phillips curve with an output-inflation trade-off and therefore no NAIRU. It demonstrates that an accelerationist Phillips curve is a special case and the steepness of the Phillips curve (or aggregate supply curve) depends on the institutional framework in labour and product markets, which might change over time. This framework provides a potentially useful starting point for teaching intermediate macroeconomics and can serve as an intellectual point of reference in macroeconomic research."

Thomas Rabensteiner will be speaking on 'The rise of the supervisory wage premium'.

'Over recent decades, wage inequality has reached historic highs, making it a well-known concern.  This paper analyses a neglected driver of wage inequality: the supervisory wage premium, i.e. the wage gap between supervisory and non-supervisory workers in Europe. We address three main questions: First, has the supervisory wage premium increased in European countries? Second, what are the drivers of changes in the supervisory wage premium? Third, how does the rise in the supervisory wage premium contribute to overall wage inequality?  Using individual-level wage data from the European Union Survey of Income and Living Conditions (EU SILC) for 15 Western European countries from 2003 to 2022 and employing microeconometric methods, we reveal a significant increase in the supervisory wage premium in most European countries from 2003 to 2022. Moreover, we show that the increase in the supervisory wage premium is particularly pronounced in industries and countries with a higher prevalence of employee monitoring technologies and outsourcing. Our results suggest that these practices reduce the bargaining power of non-supervisory workers, thereby contributing to wage inequality.'

The MS Teams meeting can be accessed here.

We look forward to seeing you there!

The full schedule for the 2024/25 PEGFA Seminar Series can be found here.

BOOKING REQUIRED

Further details