Pekka Ilmakunnas

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. Ilmakunnas & S. Ilmakunnas, “Haastaako työmarkkinoiden polarisaatio eläkepolitiikan?(Does the polarization of labor markets challenge pension policy?), Talous ja yhteiskunta, 2/2017, 2-9

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 työuratTutkimuksia työurien vakaudesta ja eläkkeelle siirtymisestä (Working conditions and Working Careers – Studies on the Stability of Working Careers and Retirement), Helsinki: Finnish Centre for Pensions, 2016, 147-173

A. Hyytinen & P. Ilmakunnas, "Koulutus ja tulot" (Education and income), A. Latvala & K. Silventoinen, eds., Käyttäytymisgenetiikka - geeneistä yhteiskuntaan (Behavioral GeneticsFrom 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


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

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