Labor Market Power: From Micro Evidence to Macro Consequences
指出传统微观方法研究劳动力市场力量时假设企业小而分散，与现实不符，转而倡导宏观方法：直接建模大企业均衡行为，结合宏观数据与微观估计，计算垄断的总体成本及最优政策，为最低工资和反垄断政策提供新视角。
The traditional theoretical and empirical “micro approach” to studying labor market power (or monopsony) requires that firms are small and atomistic. This is at odds with the reality of labor markets in which monopsony potentially matters most. Empirically, many markets are concentrated and characterized by large, dominant employers. The actions of large employers in an occupation or industry affect local and national wages, employment and output. Employers that understand their largeness may then act strategically when hiring and setting wages, generating misallocation and harming workers. This paper advocates for a “macro approach”: (1) directly model equilibrium behavior of large employers, (2) combine macro data and empirical estimates of employers’ responses to policy changes—obtained using the “micro approach”—to estimate the model, (3) use the model to compute the aggregate costs of monopsony, and optimal policies. This approach provides new perspectives on minimum wage and antitrust policy.