Researchers' interest in monopsony has increased in recent years. This article reviews the
accumulating evidence that employers have considerable monopsony power. It summarizes …

Governments play a central role in facilitating economic development. Yet while economists
have long emphasized the importance of government quality, historically they have paid less …

This paper quantifies employer market power in US manufacturing and how it has changed
over time. Using administrative data, we estimate plant-level markdowns—the ratio between …

A product market is concentrated when a few firms dominate the market. Similarly, a labor
market is concentrated when a few firms dominate hiring in the market. Using data from the …

We develop, estimate, and test a tractable general equilibrium model of oligopsony with
differentiated jobs and concentrated labor markets. We estimate key model parameters by …

Recent research indicates that labor market power has contributed to wage inequality and
economic stagnation. Although the antitrust laws prohibit firms from restricting competition in …

Standard labor market models assume that workers hold accurate beliefs about the external
wage distribution, and hence their outside options with other employers. We test this …

The introduction of artificial intelligence (AI) is the continuation of a long process of
automation. Advances in mechanization in the late nineteenth and early twentieth centuries …

We quantify the importance of imperfect competition in the US labor market by estimating the
size of labor market rents earned by American firms and workers. We construct a matched …

We synthesize two related literatures on firm-level drivers of wage inequality. Studies of rent
sharing that use matched worker-firm data find elasticities of wages with respect to value …