should be small on impact---raising only the wages of workers bound by the minimum wage---and grow over time as workers …. Estimated at the national level, I show that minimum wages---together with supply and demand---play a central role in shaping … document the dynamic impact of the minimum wage over the full wage distribution: on impact, wages rise only for the lowest …

substantial job differentiation. Without the use of instruments for wages, job applications appear very inelastic with respect to … wages. Plausible instruments produce elastic firm-level application supply curves. Under some assumptions, the implied … produce 21% more than their wage level, consistent with significant monopsony power …

lower monopsony wages by moving to other more competitive local labor markets featuring a higher skill price vector. We …Over the last thirty years, there has been a rise in several empirical measures of local labor market monopsony power …. The monopsonist has a profit incentive to offer lower wages to local workers. Mobile high skill workers can avoid the …

the monopoly power of coal mines, with the remainder attributed to the monopsony power of power plants … accommodates both monopsony distortions from buyer power and double-marginalization distortions from seller power. Rather than …

markdowns do not necessarily signal inefficiency and discuss some criteria for assessing misallocation in a monopsony model with … to rationalize patterns of worker-firm sorting. Monopsony models traditionally assume that firms commit to posted wages … efficiency wages, non-constant returns to scale, and price-cost markups. Empirical monopsony estimates often suggest that firms …

monopsony power to study the distributional impact of labor market policies over time. Our framework reconciles the well …

We contribute a theory in which three channels interact to determine the degree of monopsony power and therefore the …, wages and wage inequality. Our main exercise quantifies the contribution of each channel to income inequality and wage … markdowns. The markdowns are 21 percent in our baseline estimation. Removing nonwage amenity dispersion narrows them by a third …