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Minimum Wage Increases: Recent Evidence and Policy Trade-offs

May 8, 2023 | 9:30 a.m. – 5:00 p.m. CT
Federal Reserve Bank of Minneapolis and virtual
Minneapolis, Minnesota

Minimum Wage Increases: Recent Evidence and Policy Trade-offs
Institute Spring Conference key
Nina Leo/Minneapolis Fed

Despite decades of academic research, both policymakers and economists are still debating the quantitative impact of minimum wages on workers, firms, and regions. This conference will convene economists and policymakers from across the country to shed light on recent evidence on the effects of minimum wage increases on various aspects of the labor market. Minneapolis Fed President Neel Kashkari will moderate a policy panel to discuss how policymakers might think about the trade-offs associated with minimum wage increases and what questions policymakers most need researchers to answer.

Event Details

Federal Reserve Bank of Minneapolis and virtual
Minneapolis, Minnesota

Event Agenda

Monday, May 8, 2023

9:30 a.m. – 10:15 a.m. CT Registration and breakfast
10:15 a.m. – 10:25 a.m. CT Opening remarks
Andrea Raffo, Federal Reserve Bank of Minneapolis
10:25 a.m. – 11:10 a.m. CT “Minimum Wages and Labor Markets in the Twin Cities”
Anusha Nath, Federal Reserve Bank of Minneapolis
11:15 a.m. – 12:00 noon CT “High-Frequency Labor Demand Fluctuations and the Minimum Wage”
Jacob Vigdor, Evans School of Public Policy & Governance, University of Washington
12:00 noon – 1:00 p.m. CT Lunch
1:00 p.m. – 1:45 p.m. CT “What Can We Conclude from the Evidence on Minimum Wages and Employment?”
David Neumark, University of California, Irvine
1:50 p.m. – 2:35 p.m. CT “Minimum Wage Increases and Vacancies”
Murat Tasci, Federal Reserve Bank of Cleveland
2:40 p.m. – 3:25 p.m. CT “Minimum Wages and the Rigid-Wage Channel of Monetary Policy”
Brian Wheaton, UCLA Anderson School of Management
3:25 p.m. – 3:45 p.m. CT Break
3:45 p.m. – 4:45 p.m. CT Policy panel
  • Will Carrington, former Principal Analyst, Congressional Budget Office
  • Ben Harris, Assistant Secretary for Economic Policy, U.S. Department of the Treasury
  • Rajesh Nayak, Assistant Secretary for Policy, U.S. Department of Labor
  • Lee Ohanian, Professor of Economics, University of California, Los Angeles
Neel Kashkari, President and CEO, Federal Reserve Bank of Minneapolis
5:00 p.m. – 6:30 p.m. CT Reception

SESSIONS AT THE UNIVERSITY OF MINNESOTA

Technical sessions
On May 9, the Minnesota Economics Big Data Institute will host daytime sessions that offer technical analyses of the effects of minimum wage increases. Presenters include Jeffrey Clemens, University of California, San Diego; Arindrajit Dube, University of Massachusetts, Amherst; Ellora Derenoncourt, Princeton University; Erik Hurst, University of Chicago Booth School of Business; David Berger, Duke University; and Loukas Karabarbounis, University of Minnesota. These sessions will be held with an invited audience.

Public roundtable
On the evening of May 9, the Heller Hurwicz Economics Institute will host a roundtable discussion that is open to the public. Researchers Anusha Nath, Federal Reserve Bank of Minneapolis, and Jeffrey Clemens, University of California, San Diego, will be joined by moderator Chris Farrell, Minnesota Public Radio. Please visit the University of Minnesota event website for more information and to register for the evening roundtable.


MINIMUM WAGE STUDY

Researchers at the Minneapolis Fed are working on multi-year impact evaluations to examine the ongoing minimum wage increases for Minneapolis and St. Paul.