Data and Code for: "The Wage Phillips Curve Under Labor Market Power"

Principal Investigator(s): View help for Principal Investigator(s) Anastasia Burya, Columbia University; Rui Mano, International Monetary Fund; Yannick Timmer, Board of Governors of the Federal Reserve System; Anke Weber, International Monetary Fund

Version: View help for Version V1

Name	File Type	Size	Last Modified
WagePCunderLMP			04/21/2023 04:47:PM
Readme.pdf	application/pdf	27.1 KB	04/21/2023 12:46:PM

Project Citation:

Burya, Anastasia, Mano, Rui, Timmer, Yannick, and Weber, Anke. Data and Code for: “The Wage Phillips Curve Under Labor Market Power.” Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-10-11. https://doi.org/10.3886/E189582V1

Project Description

Summary: To shed light on potential linkages between labor market power and the trade-off between unemployment and wages, this paper uses a highly disaggregated dataset of 250 million online vacancy postings in the United States from Lightcast (formerly Burning Glass Technologies). Labor market power is measured by the Herfindahl-Hirschman index (HHI) of vacancies in a commuting zone and is found to be more prevalent in less densely populated rural areas, where average incomes tend to be lower and job seekers have fewer employers to choose from. We estimate the Phillips curve at the commuting zone level and exploit regional variation in the degree of labor market power.

Scope of Project

JEL Classification:
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      E43 Interest Rates: Determination, Term Structure, and Effects
      E52 Monetary Policy
      J42 Monopsony; Segmented Labor Markets

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V1 [2023-10-11]

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