Economists increasingly refer to monopsony power to reconcile the absence of negativeemployment effects of minimum wages with theory. However, systematic evidence for themonopsony argument is scarce. In this paper, I perform a comprehensive test of monop-sony theory by using labor market...

Big data on job-vacancy postings reveal several dimensions of the impact of COVID-19 on the U.S. job market. Firms have cut back on postings for high-skill jobs more than for low-skill jobs, with small firms nearly halting their new hiring altogether. New-hiring cuts and downskilling are most...

This paper develops a dynamic general equilibrium model with heterogeneous firms that face search complementarities in the formation of vendor contracts. Search complementarities amplify small differences in productivity among firms. Market concentration fosters monopsony power in the labor...

This paper estimates the effect of labor-market concentration on labor compensation across the U.S. private sector since 2000. We distinguish between concentration in local labor markets versus local product markets, guarding against bias from confounded product-market concentration. Analysis...