3 • 2012

Are search frictions important for aggregate adjustment?  

Nowadays it seems almost indisputable to argue that most market transactions in reality involve various forms of impediments to trade or frictions that tend to slow the adjustment of the relevant markets to shocks and policy changes. These frictions need not present themselves in any simple, uniform form and they may be generated from many sources, such as worker and firm heterogeneity, imperfect information, and costs of adjustment and transportation. 
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Search frictions and labour market dynamics  

The Bank of Finland, CEPR and Federal Reserve Bank of Philadelphia jointly hosted a two-day conference on Search Frictions and Aggregate Dynamics in Helsinki on 18-19 October, 2012. The purpose of the conference was to attract international researchers working on various aspects of the topic to debate the importance of search and matching frictions for aggregate business cycle dynamics.
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Conference on European Economic Integration   

Bank of Finland and Oesterreichische Nationalbank (Austrian central bank) organized jointly Conference on European Economic Integration (CEEI) in Helsinki on November 26 and 27. Theme of the CEEI was “Achieving balanced growth in the CESEE countries”, but discussions also touched upon issues related to the whole EU and its member countries. This includes, for example, adjustment to the rapidly changing capital flows is very topical issue in many euro area members. Also issues related to long-term growth prospects of different countries were discussed.
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