Walras–Bowley Lecture: Market Power and Wage Inequality

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2024-06-05 DOI:10.3982/ECTA21157

Shubhdeep Deb, Jan Eeckhout, Aseem Patel, Lawrence Warren

引用次数: 0

Abstract

We propose a theory of how market power affects wage inequality. We ask how goods and labor market power jointly determine the level of wages, the skill premium, and wage inequality. We then use detailed microdata from the U.S. Census Bureau between 1997 and 2016 to estimate the parameters of labor supply, technology, and the market structure. We find that a less competitive market structure lowers the average wage of high-skilled workers by 11.3%, and of low-skilled workers by 12.2%, contributes 8.1% to the rise in the skill premium, and accounts for 54.8% of the increase in between-establishment wage variance.

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瓦尔拉斯-鲍利讲座：市场力量与工资不平等

我们提出了市场力量如何影响工资不平等的理论。我们询问商品和劳动力市场力量如何共同决定工资水平、技能溢价和工资不平等。然后，我们利用美国人口普查局 1997 年至 2016 年间的详细微观数据，对劳动力供给、技术和市场结构的参数进行了估计。我们发现，竞争性较弱的市场结构将高技能工人的平均工资降低了 11.3%，将低技能工人的平均工资降低了 12.2%，对技能溢价上升的贡献率为 8.1%，并占机构间工资差异增长的 54.8%。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.

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