【AEW Webinar】The Unexpected Compression: Competition at Work in the Low Wage Labor Market

  • 研討會日期 : 2024-03-14
  • 時間 : 08:30
  • 主講人 : Professor David Autor
  • 地點 : Register and join online
  • 演講者簡介 : Professor David H. Autor received his Ph.D. from Harvard University in 1999. He is currently the Ford Professor of Economics at the Massachusetts Institute of Technology. His research interests are Labor Economics, Macroeconomics, Political Economy, and Public Economics.
  • 演講摘要 : Labor market tightness following the height of the Covid-19 pandemic led to an unexpected compression in the US wage distribution that reflects, in part, an increase in labor market competition. Rapid relative wage growth at the bottom of the distribution reduced the college wage premium and counteracted nearly 40% of the four-decade increase in aggregate 90-10 log wage inequality. Wage compression was accompanied by rapid nominal wage growth and rising job-to-job separations—especially among young non-college (high school or less) workers. Comparing across states, post-pandemic labor market tightness became strongly predictive of real wage growth among low-wage workers (wage-Phillips curve), and aggregate wage compression. Simultaneously, the wage-separation elasticity—a key measure of labor market competition—rose among young non-college workers, with wage gains concentrated among workers who changed employers. Seen through the lens of a canonical job ladder model, the pandemic increased the elasticity of labor supply to firms in the low-wage labor market, reducing employer market power and spurring rapid relative wage growth among young noncollege workers who disproportionately moved from lower-paying to higher-paying and potentially more-productive jobs.
  • Working Paper Title : Measuring the Impact of Remote [Knowledge] Work Using Big Data
  • Working Paper Speaker Biography : Professor Alan Kwan received his Ph.D. from Cornell University. He is currently an Assistant Professor of Finance at the University of Hong Kong. His primary research interests are Corporate finance, Innovation, Investments, and Financial advice.