000			01166nam a22001457a 4500
999			_c520659 _d520659
008			220930b ||||| |||| 00| 0 eng d
100			_aBerger, D. Herkenhoff, K. and Mongey, S. _934697
245			_aLabor market power
260			_aThe American Economic Review
300			_a112(4), Apr, 2022: p.1147-1193
520			_aWe develop, estimate, and test a tractable general equilibrium model of oligopsony with differentiated jobs and concentrated labor markets. We estimate key model parameters by matching new evidence on the relationship between firms' local labor market share and their employment and wage responses to state corporate tax changes. The model quantitatively replicates quasi-experimental evidence on imperfect productivity-wage pass-through and strategic wage setting of dominant employers. Relative to the efficient allocation, welfare losses from labor market power are 7.6 percent, while output is 20.9 percent lower. Lastly, declining local concentration added 4 percentage points to labor's share of income between 1977 and 2013. – Reproduced
773			_aThe American Economic Review
906			_aLABOUR MARKETS
942			_cAR