Professor of economics

Aalto University School of Business
P.O. Box 21240, FI-00076 Aalto                                                                       
Helsinki, Finland                                                                                                       
Visiting address: Economicum, Room A207, Arkadiankatu 7, Helsinki
Phone: +358 40 581 5390
E-mail: pekka.ilmakunnas (at)



Research in progress

A. Hyytinen, P. Ilmakunnas, E. Johansson & O. Toivanen: "Heritability of lifetime income"

P. Ilmakunnas & S. Ilmakunnas: "Health, retirement and anticipated retirement"

P. Böckerman & P. Ilmakunnas: "Working conditions, management practices, retirement intentions and actual retirement"

P. Ilmakunnas: "Age dissimilarity and separations"

P. Ilmakunnas, M. Maliranta & H. Pesola: "Spillovers from multinationals to domestic firms: An empirical analysis of the profitability effects of labour flows"

Recent publications

(For older publications, see CV)

P. Böckerman, P. Ilmakunnas & J. Vainiomäki: "Using twins to resolve the twin problem of having a bad job and a low wage", Manchester School, forthcoming

P. Ilmakunnas, M. Maliranta: "How does the age structure of worker flows affect firm performance?", Journal of Productivity Analysis, 2016, Vol. 46, 43-62

A. Hyytinen, P. Ilmakunnas & M. Maliranta: "Olley-Pakes productivity decomposition: Computation and inference", Journal of the Royal Statistical Society, A: Statistics in Society  2016, Vol. 179, 749–761

P. Ilmakunnas & S. Ilmakunnas: "Hiring older employees: Do age limits of early retirement and contribution rates of firms matter?", Scandinavian Journal of Economics, 2015, Vol. 117, 164-194

P. Ilmakunnas & S. Ilmakunnas:  "Age segregation and hiring of older employees: Low mobility revisited" , International Journal of Manpower, 2014, Vol. 35, 1090-1115

P. Ilmakunnas & H. Piekkola: "Intangible investment in people and productivity", Journal of Productivity Analysis, 2014,  Vol. 41, 443-456

P. Böckerman,  A. Bryson & P. Ilmakunnas,  “Does high involvement management lead to higher pay?”, Journal of the Royal Statistical Society, A: Statistics in Society, 2013, Vol. 176, 861-885

A. Hyytinen, P. Ilmakunnas & O. Toivanen: "The return- to-entrepreneurship puzzle", Labour Economics, 2013, Vol. 20, 57-67

P. Ilmakunnas & T. Miyakoshi: "What are the drivers of TFP in the Aging Economy? Aging labor and ICT capital", Journal of Comparative Economics, 2013, Vol. 41, 201-211

P. Böckerman, P. Ilmakunnas, M. Jokisaari & J. Vuori: "Who stay unwillingly in a job? A study based on a representative random sample of employees", Economic and Industrial Democracy, 2013, Vol. 34, 25-43

P. Böckerman,  A. Bryson & P. Ilmakunnas,  "Does high involvement management improve worker wellbeing?", Journal of Economic Behavior and Organization, 2012, Vol. 84, 660-680

P. Böckerman & P. Ilmakunnas: "The job satisfaction-productivity nexus: A study using matched survey and register data", Industrial and Labor Relations Review, 2012, Vol. 65, 244-262

P. Böckerman, P. Ilmakunnas & E. Johansson: "Job security and employee well-being: Evidence from matched survey and register data", Labour Economics, 2011, Vol. 18, 547-554

P. Ilmakunnas & S. Ilmakunnas: "Diversity at the workplace: Whom does it benefit?", De Economist, 2011, Vol. 159, Special issue on ageing workforces, 223-255

Recent articles in Finnish

P. Böckerman & P. Ilmakunnas,  “Työolojen ja johtamisen yhteys eläköitymisaikeisiin ja toteutuneeseen eläkkeelle jäämiseen” (The connections of working conditions and management on retirement intentions and actual retirement), Järnefelt, N., ed., Työolot ja työurat – Tutkimuksia työurien vakaudesta ja eläkkeelle siirtymisestä (Working conditions and Working Careers – Studies on the Stability of Working Careers and Retirement), Helsinki: Finnish Center for Pensions, 2016, 147-173

A. Hyytinen & P. Ilmakunnas, "Koulutus ja tulot" (Education and income), A. Latvala & K. Silventoinen, eds., Käyttäytymisgenetiikka - geeneistä yhteiskuntaan (Behavioral Genetics – From Genes to Society), Gaudeamus: Helsinki, 2014, 262-276

P. Ilmakunnas & M. Maliranta, "Suomen työpaikka- ja työntekijävirtojen käänteitä: toimialojen elinkaaret ja finanssikriisi" (Turning points in the Finnish job and worker flows: The life-cycles of branches and financial crisis”), Työpoliittinen aikakauskirja (Finnish Labour Review), 2/2011, 6-23


Makrotaloustiede (Intermediate Macroeconomics), Spring 2017

Economics capstone seminar, 2016-2017



Finnish Academy of Science and Letters (Suomalainen Tiedeakatemia), member of board and treasurer

Research Institute of the Finnish Economy (ETLA), senior fellow