How important is the exercise of classical monopsony power against labor for the level of wages and labor's share? We … novel screen to quantify how wages are affected by market power exerted in labor markets, either by a single firm or a group … of cooperating firms. The theory guides the measurement of labor "markdowns", i.e., the gap between wage and the value of …

I consider three views of the labor market. In the first, wages are flexible and employment follows the principle of … behavior of flows in the labor market strongly favors the third view. In the modern U.S. economy, recessions do not begin with … a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown …

vacancy-unemployment ratio and labor productivity have nearly the same variance. I establish this claim both using analytical …-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment … ratio is 20 times as volatile as average labor productivity, while under weak assumptions, search models predict that the …

firm. We overview key theories related to offshoring and its labor market effects and survey three waves of the literature …

.S. labor market slack and show that underemployment and hidden unemployment currently account for the bulk of the U …In the wake of a severe recession and a sluggish recovery, labor market slack cannot be gauged solely in terms of the … conventional measure of the unemployment rate (that is, the number of individuals who are not working at all and actively searching …

Recent assessments of occupational licensing have shown varying effects of the institution on labor market outcomes …. This study revisits the relationship between occupational licensing and labor market outcomes by analyzing a new topical … sets of person-level characteristics. We exploit this larger and more detailed data set to examine the labor market …

This paper investigates the potential reasons for the surprisingly different labor market performance of the United … States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates … increased moderately in Canada. More recent data also show that, unlike Germany and Canada, the U.S. unemployment rate remains …