Imperfect Competition, Compensating Differentials, and Rent Sharing in the US Labor Market

• 成果类型: Article
• 署名作者: Lamadon, Thibaut; Mogstad, Magne; Setzler, Bradley
• 署名单位: University of Chicago; Statistics Norway; National Bureau of Economic Research; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20190790
• 发表日期: 2022
• 页码: 169-212
• 关键词: inequality; wages; panel; WORKPLACE; earnings; taxation; workers

摘要

We quantify the importance of imperfect competition in the US labor market by estimating the size of labor market rents earned by American firms and workers. We construct a matched employer-employee panel dataset by combining the universe of US business and worker tax records for the period 2001-2015. Using this panel data, we identify and estimate an equilibrium model of the labor market with two-sided heterogeneity where workers view firms as imperfect substitutes because of heterogeneous preferences over nonwage job characteristics. The model allows us to draw inference about imperfect competition, worker sorting, compensating differ-entials, and rent sharing. (JEL D24, H24, H25, J22, J24, J31, J42)