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Granular Search, Concentration and Wages

Gregor Jarosch, Isaac Sorkin and Jan Sebastian Nimczik
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Gregor Jarosch: Princeton University
Jan Sebastian Nimczik: Humboldt University Berlin

No 1018, 2019 Meeting Papers from Society for Economic Dynamics

Abstract: This paper develops an approach to measuring labor market power that builds on the structure of a canonical search model. We relax the common assumption of a continuum of firms and assume that firms can commit not to compete with their own future job openings. This granular extension yields a micro-founded concentration index similar to the Herfindahl and a structural mapping between the index and labor market outcomes. Empirically, we define labor markets based on worker flows and then use our framework to quantify the consequences of market power in the Austrian labor market.

Date: 2019
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