We study the impact of artificial intelligence (AI) on labor markets using establishment-level
data on the near universe of online vacancies in the United States from 2010 onward. There …

We study supply and demand shocks in a disaggregated model with multiple sectors,
multiple factors, input-output linkages, downward nominal wage rigidities, credit-constraints …

Using administrative payroll data from the largest US payroll processing company, we
measure the extent of nominal wage rigidity in the United States. The data allow us to define …

This paper provides evidence from the US and Denmark that managers with a business
degree (“business managers”) reduce their employees' wages. Within five years of the …

We find that increases in employer concentration causally reduce wages, using a new
instrument for employer concentration based on changes in large firms' national hiring …

In standard models, economic activity fluctuates symmetrically around a “natural rate” and
stabilization policies can dampen these fluctuations but do not affect the average level of …

This paper analyzes the link between wages and outside employment opportunities. To
overcome the fact that factors that affect a worker's outside options may also impact her …

Abstract Using a New Keynesian Phillips curve, we document the rapid and persistent
increase in the natural rate of unemployment, ut∗, in the aftermath of the pandemic and …

We characterize optimal monetary policy in response to asymmetric shocks that shift
demand from one sector to another, a condition arguably faced by many economies …

How do firms set wages across space? Using job-level vacancy data and a survey of HR
managers, we show that 40-50% of a job's posted wages are identical across locations …