événement
DeFiPP Seminar - Jan Eeckhout (Pompeu Fabra University)
What drives Wages stagnation: Monopsony or Monopoly ?
Catégorie :
conférence/cours/séminaire (spécialisé)
Date : 01/02/2022 16:00 - 01/02/2022 17:30
Lieu : Salle C. Joset
Orateur(s) : Jan Eeckhout
Organisateur(s) : Christian Keidaisch
Date : 01/02/2022 16:00 - 01/02/2022 17:30
Lieu : Salle C. Joset
Orateur(s) : Jan Eeckhout
Organisateur(s) : Christian Keidaisch
Abstract:
Wages for the vast majority of
workers have stagnated since the 1980s. We offer two
coexisting explanations based on rising market power: 1.
Monopsony, where dominant firms exploit the limited mobility
of their own workers to pay lower wages; and 2. Monopoly,
where dominant firms charge too high prices for what they
sell, which lowers production and the demand for labor,
and hence equilibrium wages economy-wide. We offer a novel way
to jointly model and measure monopsony and monopoly and
their contribution to wages. Our model provides a mechanism
that explains the decoupling of productivity and wage growth.
Using Census data for the period 1997-2016, we estimate that
1/5 of the wage stagnation is due to the rise of monopsony and
4/5 is due to the rise of monopoly.
Contact :
Christian Keidaisch
-
christian.keidaisch@unamur.be
Télecharger :
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