In August, the 48th Jackson Hole Economic Policy Symposium brought together academic experts and policymakers from around the world to explore how demographics, technology, and macroeconomic policy have historically shaped labor markets—and how they are likely to do so in coming decades. The discussion was anchored by academic papers and panels featuring both academics and central bank governors. Over the course of two days, discussion returned to two themes: the effect of declining fertility rates and an aging population on the macroeconomy and the effect of generative artificial intelligence (AI) on productivity growth and labor markets. Click here to read more about this year's symposium.
Materials for the symposium, during which participants discussed economic issues, implications and policy options, are posted below.
To learn about the symposium's history, read In Late August.
View this year's list of attendees. Read about the 2025 speakers here.
Agenda
Day 1:
Opening Reception and Dinner
Jeffrey Schmid
Day 2:
Friday Session
Janice C. Eberly
| Chair Professor, Northwestern UniversityOpening Remarks
Jerome Powell
| Keynote Chair, Board of Governors, Federal Reserve System-
external Video Remarks -
external Written Remarks
Demographic Trends in Global Labor Markets
Claudia Goldin
| Author Professor, Harvard University-
pdf Goldin Paper -
pdf Goldin Handout
Chad Jones
| Discussant Professor, Stanford University-
pdf Jones Handout
General Discussion
Macroeconomic Consequences of Declining Labor Mobility
Linda Tesar
| Author Professor, University of Michigan-
pdf Tesar Paper -
pdf Tesar Handout
Steven J. Davis
| Discussant Senior Fellow and Director of Research, Hoover Institution at Stanford University-
pdf Davis Handout
General Discussion
Panel: Technology and the Labor Market
Lawrence Katz
| Panelist Professor, Harvard University-
pdf Katz Handout
Ufuk Akcigit
| Panelist Professor, University of Chicago-
pdf Akcigit Handout
Laura Veldkamp
| Panelist Professor, Columbia University-
pdf Veldkamp Handout
General Discussion
Luncheon Address
Ruth Porat
| Speaker President and Chief Investment Officer, Alphabet and Google-
external Remarks -
pdf Discussion Transcript
Day 3:
Saturday Session
Maurice Obstfeld is the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics and a Professor of Economics Emeritus at the University of California-Berkeley. Previously, he served on the Council of Economic Advisers and as chief economist at the International Monetary Fund. His research focuses on the global economy.
Mr. Obstfeld is a distinguished fellow of the Centre for Economic Policy Research, a research associate of the National Bureau of Economic Research, and a fellow of the Econometric Society and the American Academy of Arts and Sciences.
Maurice Obstfeld
| Chair Senior Fellow, Peterson Institute for International EconomicsBalancing Labor Markets and Inflation
Emi Nakamura
| Author Professor, University of California-Berkeley-
pdf Nakamura Paper -
pdf Nakamura Handout
Jordi Galí
| Discussant Senior Researcher and Professor, Center for Research in International Economics, Pompeu Fabra University-
pdf Galí Handout
General Discussion
Labor Markets and Fiscal Sustainability
Ludwig Straub
| Author Professor, Harvard University-
pdf Straub Paper -
pdf Straub Handout
Karen Dynan
| Discussant Professor, Harvard University-
pdf Dynan Handout
General Discussion
Panel: The Policy Implications of Labor Market Transition
Andrew Bailey
| Panelist Governor, Bank of England-
pdf Bailey Handout
Christine Lagarde
| Panelist President, European Central Bank-
pdf Lagarde Handout -
external Remarks
Kazuo Ueda
| Panelist Governor, Bank of Japan-
pdf Ueda Handout -
external Remarks