Kristina Hess - Latest

• Exploring Wage Phillips Curves in Advanced Economies

  Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess

  We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Inflation and prices, Labour markets, Monetary policy JEL Code(s): C, C3, C33, E, E3, E31, E32

• Assessing Global Potential Output Growth: April 2019

  Staff Analytical Note 2019-13 Fares Bounajm, Jean-Philippe Cayen, Michael Francis, Christopher Hajzler, Kristina Hess, Guillaume Poulin-Bellisle, Peter Selcuk

  This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon.

  Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Potential output, Productivity JEL Code(s): E, E1, E10, E2, E20, O, O4

• Drivers of Weak Wage Growth in Advanced Economies

  Staff Analytical Note 2019-3 Anne-Katherine Cormier, Michael Francis, Kristina Hess, Guillaume Poulin-Bellisle

  Since the global financial crisis, advanced-economy wage growth has been generally low relative to past recoveries, especially after accounting for the evolution of labour market conditions over this period. This paper investigates a variety of potential explanations for this weakness, drawing on findings from the literature as well as analysis of recent labour market data in advanced economies.

  Content Type(s): Staff research, Staff analytical notes Topic(s): International topics, Labour markets JEL Code(s): E, E3, E31, F, F0, J, J3