Fifteenth Annual BIS CCA Research Conference on "Labour markets"

Wednesday 29 October 2025

09:00–09:20

Opening remarks

Alexandre Tombini, Chief Representative, Bank for International Settlements Americas Office 

Keynote address: "Puzzling Post-Pandemic Labor Market Dynamics"

Aysegül Sahin, Professor of Economics and Public Affairs, Princeton University 
Moderator: Ilhyock Shim (Bank for International Settlements)

Session I: Monetary policy
Chair: Julio Carrillo (Bank of Mexico)

• "Labor demand and labor supply channels of monetary policy"
  Sebastian Graves (University of Cambridge), Christopher Huckfeldt (Federal Reserve Board) and Eric T Swanson (University of California, Irvine) 
  Discussant: Jorge Alonso (ITAM)
• "Labour market flows, unemployment and the Phillips curve"
  Enisse Kharroubi (Bank for International Settlements) and Marius Koechlin (University of Lausanne)
  Discussant: Julio Leal (Bank of Mexico)
• "Seen and unseen: NAIRU, informal labour market and talking points for monetary policy"
  César Carrera (Central Reserve Bank of Peru) and Marko Razzo (Central Reserve Bank of Peru)
  Discussant: Cristina O Roriz (Central Bank of Brazil)

Session II: Wages
Chair: Ilhyock Shim (Bank for International Settlements)

• "Wage adjustments: a network approach"
  Kanat Isakov (University of Maryland, College Park) and Leonardo Bonilla (Central Bank of Colombia)
  Discussant: Horacio Aguirre (Central Bank of Argentina)
• "Minimum wages and firm outcomes"
  Elias Albagli, Sofía Bauducco, Roberto Gillmore, Juan Guerra-Salas and David Kohn (Central Bank of Chile) 
  Discussant: Alain Pineda (Bank of Mexico)

Session III: Implications of labour market policies
Chair: Jim MacGee (Bank of Canada)

• "Work, law, and labour market structure: insights from regulatory changes in Brazil"
  Cristina O Roriz (Central Bank of Brazil)
  Discussant: César Carrera (Central Reserve Bank of Peru)
• "The great resignation and optimal unemployment insurance"
  Zhifeng Cai (Rutgers University) and Jonathan Heathcote (Federal Reserve Bank of Minneapolis)
  Discussant: Carlos Urrutia (ITAM)
• "Matching and local labor market size in Mexico"
  Jorge Pérez Pérez (Bank of Mexico), Jorge Mélendez (The University of British Columbia) and José Nuño-Ledesma (University of Guelph)
  Discussant: Gabriela Galassi (Bank of Canada)

Thursday 30 October 2025

08:30–09:40

Session IV: Immigration
Chair: Juan Esteban Carranza (Central Bank of Colombia)

• "The shift in Canadian immigration composition and its effect on wages"
  Julien Champagne (Bank of Canada), Antoine Poulin-Moore (Bank of Canada) and Mallory Long (Western University)
  Discussant: Javier Cano (Bank of Mexico)
• "Immigrants' skills and capital deepening: evidence from Chile"
  Alessandra Anna Palazzo (University of Maryland, College Park) and Carlos Madeira (Central Bank of Chile)
  Discussant: Lorenzo Aldeco (Bank of Mexico)

Session V: Distributional impact
Chair: Leonardo Gambacorta (Bank for International Settlements)

• "Automation and inequality: how robots shift income between workers and owners"
  Gabriela Galassi (Bank of Canada) and Gaelan MacKenzie (Bank of Canada)
  Discussant: Eva Arceo (CIDE)

• "The distributional impact of inflation: tax incidence and financial strategies of Argentine households"
  Horacio Aguirre, Federico Grillo and Matías Orgoñez (Central Bank of Argentina)

  
  Discussant: Enisse Kharroubi (Bank for International Settlements)

11:10–12:20

Panel on policy-oriented approaches to pressing labour market challenges
Chair: Christian Upper (Bank for International Settlements)

Panellists: Jim MacGee (Bank of Canada), Juan Esteban Carranza (Central Bank of Colombia), Anna Lipinska (Federal Reserve Board) and Leonardo Gambacorta (Bank for International Settlements)

Closing remarks
Ilhyock Shim, Head of Economics for the Americas, Bank for International Settlements Americas Office