-share instruments to the universe of German firms. In line with theory, we find that a doubling in tightness reduces firms' employment …

, investment, and the production technology. A three-step decision structure is assumed, with short-run adjustment of output … disequilibrium is introduced by allowing for a sluggish adjustment of wages and prices. The model of the firm is complemented by …

In oligopsonistic labour markets, firms have some market power, and a wedge is created between wages and marginal … different institutions can affect this inefficiency. Industry-level minimum wages can remove the training inefficiency and … of training intensity. Second, firmspecific unions, through raising relative wages and reducing turnover, can increase …

This paper investigates the behaviour of employers' monopsony power and workers' wages over the business cycle. Using … unemployment rate. In line with theory, we find that firms possess more monopsony power during economic downturns, which shows to … workers' entry wages are of similar magnitude as those predicted under monopsonistic wage setting, suggesting that monopsony …