Walras–Bowley Lecture: Market Power and Wage Inequality
提出市场力量影响工资不平等的理论，利用美国1997-2016年微观数据估计参数，发现市场竞争减弱使高技能工人平均工资降低11.3%，低技能工人降低12.2%，解释了54.8%的企业间工资方差增长。
We propose a theory of how market power affects wage inequality. We ask how goods and labor market power jointly determine the level of wages, the skill premium, and wage inequality. We then use detailed microdata from the U.S. Census Bureau between 1997 and 2016 to estimate the parameters of labor supply, technology, and the market structure. We find that a less competitive market structure lowers the average wage of high‐skilled workers by 11.3%, and of low‐skilled workers by 12.2%, contributes 8.1% to the rise in the skill premium, and accounts for 54.8% of the increase in between‐establishment wage variance.