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BEGIN:VEVENT
DTSTAMP:20260513T125856Z
DTSTART;VALUE=DATE-TIME:20180424T160000
DTEND;VALUE=DATE-TIME:20180424T173000
SUMMARY:Applied Economics\, Econometrics\, Public Policy (CAGE) Seminar -
  Magne Mogstad (Chicago)
TZID:Europe/London
UID:20180424-8a17841b5d7a0a6e015dac6d9846368e@warwick.ac.uk
CREATED:20170804T084729Z
DESCRIPTION:Magne Mogstad (Chicago) https://sites.google.com/site/magnemo
 gstad/ Title: Imperfect Competition and Rent Sharing in the U.S. Labor M
 arket Abstract: The goal of this paper is to quantify the importance of 
 imperfect competition in the U.S. labor market by estimating the size of
  rents earned by American employers and workers from ongoing employment 
 relationships. To this end\, we construct matched employer-employee data
  by combining the universe of U.S. business and worker tax records for t
 he period 2001-2015. Using this panel data\, we provide two empirical fi
 ndings on the role that firms play in the wage determination in the U.S.
  The first finding is that idiosyncratic productivity shocks to a firm t
 ransmit significantly to the earnings of its workers. Controlling for ti
 me-invariant firm and worker heterogeneity through a difference-in-diffe
 rences strategy\, we estimate that a 10 percent increase in the value ad
 ded of a firm leads to a 1.7 percent increase in the earnings of incumbe
 nt workers. The second finding is that little of the variation in earnin
 gs is due to workers being employed in different firms. Estimating a two
 -way (worker and firm) fixed effect model\, we find that firm effects ex
 plain no more than 4 percent of the variation in workers' earnings. To i
 nterpret these two findings\, we develop a model of the labor market whe
 re multiple employers compete with one another for workers who have hete
 rogeneous preferences over non-wage job characteristics or amenities. Th
 ese heterogeneous preferences give rise to imperfect competition and ren
 ts. The model suggests a significant amount of rents and imperfect compe
 tition in the U.S. labor market. Workers are\, on average\, willing to p
 ay 17 percent of their wage to stay in the current jobs. Comparing these
  worker rents to those earned by employers suggests that total rents are
  divided relatively equally between firms and workers. The model also re
 veals that the finding of small firm effects does not imply that labor m
 arkets are competitive or that rents are negligible. Instead\, firm effe
 cts are small because productive firms tend to have good amenities\, whi
 ch pushes down the wages that these firms have to pay. As a result\, fir
 ms contribute much less to earnings inequality than what is predicted by
  the variance of firm productivity only.
LOCATION:S2.79
CATEGORIES:Applied & Development Economics Seminar
LAST-MODIFIED:20180423T103811Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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