Source Themes

Valuing Labor Market Power: The Role of Productivity Advantages (Job Market Paper)

Consistent with the exercise of market power, firms with high labor productivity have low labor shares, high profitability, and high market valuations without high investment rates. I quantify the economic value that firms of different productivity …

Technology-Skill Complementarity and Labor Displacement: Evidence from Linking Two Centuries of Patents with Occupations

We construct new technology indicators using textual analysis of patent documents and occupation task descriptions that span almost two centuries (1850--2010). At the industry level, improvements in technology are associated with higher labor …

New Frontiers: The Origins and Content of New Work, 1940-2018

Recent theory stresses the role of new job types (‘new work’) in counterbalancing the erosive effect of task-displacing automation on labor demand. Drawing on a novel inventory of eight decades of new job titles linked to United States Census …

Intermediation Frictions in Equity Markets

Stocks with similar characteristics but different levels of ownership by financial institutions have returns and risk premia that comove very differently with shocks to the risk-bearing capacity of financial intermediaries. After accounting for …