Heterogeneous Passthrough from TFP to Wages
We estimate how firms' productivity shocks pass through to hourly wages, finding an average passthrough of 0.08 that is twice as large for negative shocks, consistent with labor market power.
Feb 3, 2026
Evaluating the Great Micro Moderation
We show that U.S. worker income volatility has been stable or declining since the 1950s—contradicting survey-based beliefs—and link this trend to declining firm-side volatility.
Oct 25, 2023