Collaborative Research: Macroeconomic Implications of Economic Policy in Imperfectly Competitive Labor Markets

合作研究：不完全竞争的劳动力市场中经济政策的宏观经济影响

• 批准号: 2214460
• 负责人: David Berger
• 金额: $ 18.69万
• 依托单位: Duke University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2022
• 资助国家: 美国
• 起止时间: 2022-08-15 至 2025-07-31
• 项目状态: 未结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=2214460&HistoricalAwards=false
• 关键词: Collaborative; Research; Macroeconomic; Implications; Economic

This project measures the macroeconomic consequences of imperfectly competitive labor markets. In his 2022 AEA Presidential Address, David Card argued that imperfect competition in the labor market is pervasive. Few firms dominate many local labor markets giving them the ability to set wages and pay workers less than their marginal product. Workers are often reluctant to search for a new job, further reenforcing firms' market power. What types of policies can improve outcomes in the labor market and what are their macroeconomic effects? This project consists of a research agenda focused on this question. This project builds on a tested quantitative framework for imperfect competition in labor markets and then extends this framework to (i) account for empirical evidence from applied microeconomic studies and our own empirical contributions and then (ii) analyze policy. The frameworks developed in this project will generate several public goods. First, the frameworks allow economists, legal scholars, and policymakers to better inform minimum wage policy, merger guidelines, and optimal taxation. Second, as part of this project's ongoing efforts to study the distributional consequences of mergers, this project will develop a new set of Census database linkages between the Decennial Census, the LEHD, and the LBD in order to study the effects of mergers across race, gender, occupation and other policy-relevant characteristics of workers. The codes for the models developed in this project will be available online, and the Census maintains a repository of our empirical analysis for all future researchers. Lastly, the models developed in this project provide a set of theoretic and computational tools that enable researchers to solve models of oligopsony quickly and efficiently.Our agenda builds on our tested quantitative framework for imperfect competition in labor markets. We propose four sub-projects that apply and extend oligopsony models featuring rich worker and firm heterogeneity to: (i) understand the capacity of minimum wage policy to retrieve a portion of the efficiency losses due to wage setting power in the labor market, (ii) study the trade-offs for antitrust policy in terms of productivity improvements in output versus efficiency losses due to greater monopsony power, (iii) describe and analyze a novel link between the design of income tax policy and labor market efficiency while laying out a complete framework for analysis of distributional consequences of monopsony, (iv) revisit all three policies within a framework that allows for market power due to both `classical' monopsony via preference heterogeneity, and `frictional' monopsony due to search in a job ladder setting. In each case we either (i) provide new empirical facts to test our new theory, or (ii) hold the new theory accountable to the most up-to-date empirical evidence from the applied microeconomics literature, building a bridge between quantitative and empirical work.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

该项目衡量了竞争不完美的劳动力市场的宏观经济后果。戴维·卡（David Card）在2022年的AEA总统演讲中辩称，劳动力市场上的不完美竞争无处不在。很少有公司主导着许多当地劳动力市场，使他们能够设定工资并向工人支付比边际产品少的工资。工人通常不愿意寻找新工作，进一步加强公司的市场力量。哪些类型的政策可以改善劳动力市场的结果，其宏观经济影响是什么？该项目包括一个研究议程，重点是这个问题。该项目以经过测试的定量框架为基础，用于在劳动力市场中不完美竞争，然后将此框架扩展到（i）所述的微观经济研究和我们自己的经验贡献，然后（ii）分析政策的经验证据。该项目中开发的框架将产生多个公共物品。首先，这些框架允许经济学家，法律学者和政策制定者更好地为最低工资政策，合并准则和最佳税收提供信息。其次，作为该项目为研究合并的分配后果的努力的一部分，该项目将在十年期普查，LEHD和LBD之间建立一套新的人口普查数据库联系，以研究跨种族，性别，职业和其他政策范围的跨种族，性别，职业和其他政策范围的效果。该项目中开发的模型的代码将在线提供，并且人口普查为所有未来研究人员提供了我们的经验分析存储库。最后，该项目中开发的模型提供了一组理论和计算工具，使研究人员能够快速有效地解决寡头模型。我们的议程建立在我们经过测试的定量框架上，以实现劳动力市场不完美的竞争。 We propose four sub-projects that apply and extend oligopsony models featuring rich worker and firm heterogeneity to: (i) understand the capacity of minimum wage policy to retrieve a portion of the efficiency losses due to wage setting power in the labor market, (ii) study the trade-offs for antitrust policy in terms of productivity improvements in output versus efficiency losses due to greater monopsony power, (iii) describe and analyze a novel link between the design of所得税政策和劳动力市场效率在制定了一个完整的框架以分析索波尼的分配后果的完整框架中，（iv）在一个框架内重新审视了所有三个政策，该框架中的所有三个政策允许由于在工作阶梯设置中搜索而通过preferpection异质性异质性以及“摩擦”单元，这两个政策都可以通过“经典”单调造成市场权力。在每种情况下，我们要么（i）提供新的经验事实来检验我们的新理论，要么（ii）对应用的微观经济学文献中最新的经验证据负责，建立了定量和经验工作之间的桥梁。该奖项反映了NSF的法定任务，并通过评估了基金会的范围，并通过评估了基金会的范围。