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Papers Containing Tag(s): 'Bureau of Labor Statistics'

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Longitudinal Business Database - 145

Center for Economic Studies - 143

North American Industry Classification System - 139

Current Population Survey - 122

Longitudinal Employer Household Dynamics - 107

Bureau of Economic Analysis - 102

Internal Revenue Service - 100

National Science Foundation - 96

Standard Industrial Classification - 94

Employer Identification Numbers - 85

Annual Survey of Manufactures - 80

Census Bureau Disclosure Review Board - 80

Ordinary Least Squares - 76

American Community Survey - 73

National Bureau of Economic Research - 70

Economic Census - 69

Total Factor Productivity - 66

Federal Statistical Research Data Center - 59

Social Security Administration - 59

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Federal Reserve Bank - 56

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Alfred P Sloan Foundation - 48

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Employer Characteristics File - 19

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2010 Census - 19

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American Economic Review - 19

Department of Economics - 18

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Master Address File - 14

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Company Organization Survey - 13

Board of Governors - 13

W-2 - 13

Survey of Business Owners - 13

Bureau of Labor - 13

IQR - 13

Individual Characteristics File - 13

Michigan Institute for Teaching and Research in Economics - 13

American Economic Association - 13

Harmonized System - 13

Journal of Economic Literature - 13

University of Michigan - 13

Current Employment Statistics - 12

World Trade Organization - 12

Labor Productivity - 12

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Office of Personnel Management - 12

National Longitudinal Survey of Youth - 12

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Labor Turnover Survey - 11

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National Center for Health Statistics - 11

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Securities and Exchange Commission - 10

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Social and Economic Supplement - 10

Multiple Worksite Report - 10

LODES - 10

Information and Communication Technology Survey - 10

VAR - 10

Journal of Labor Economics - 10

Review of Economics and Statistics - 10

Census Bureau Center for Economic Studies - 10

Boston College - 9

Economic Research Service - 9

Technical Services - 9

Annual Business Survey - 9

JOLTS - 9

Energy Information Administration - 9

Environmental Protection Agency - 9

Composite Person Record - 9

Successor Predecessor File - 9

Journal of Political Economy - 9

Council of Economic Advisers - 9

Wholesale Trade - 9

Sloan Foundation - 9

Detailed Earnings Records - 9

Customs and Border Protection - 9

BLS Handbook of Methods - 9

Agency for Healthcare Research and Quality - 9

National Establishment Time Series - 8

Business Services - 8

National Academy of Sciences - 8

Employer-Household Dynamics - 8

Herfindahl-Hirschman - 8

Census of Retail Trade - 8

Integrated Longitudinal Business Database - 8

Accommodation and Food Services - 8

United States Census Bureau - 8

Ohio State University - 8

Columbia University - 8

General Accounting Office - 8

Survey of Industrial Research and Development - 8

Urban Institute - 8

Business Register Bridge - 8

UC Berkeley - 8

Limited Liability Company - 8

Michigan Institute for Data Science - 8

Federal Tax Information - 8

United Nations - 8

Retirement History Survey - 8

University of California Los Angeles - 8

North American Industry Classi - 8

Journal of Economic Perspectives - 8

Census Bureau Business Dynamics Statistics - 8

Statistics Canada - 8

Medical Expenditure Panel Survey - 8

Harvard University - 8

Administrative Records - 8

American Statistical Association - 8

Person Identification Validation System - 7

Earned Income Tax Credit - 7

Agriculture, Forestry - 7

LEHD Origin-Destination Employment Statistics - 7

Federal Trade Commission - 7

Department of Justice - 7

Census Numident - 7

National Institutes of Health - 7

Consumer Expenditure Survey - 7

Federal Statistical System - 7

Business R&D and Innovation Survey - 7

North American Free Trade Agreement - 7

Yale University - 7

COMPUSTAT - 7

Center for Administrative Records Research - 7

MIT Press - 7

American Housing Survey - 7

Census Industry Code - 7

2SLS - 6

Supplemental Nutrition Assistance Program - 6

Personally Identifiable Information - 6

Disability Insurance - 6

Department of Energy - 6

Educational Services - 6

Russell Sage Foundation - 6

TFPR - 6

National Employer Survey - 6

CDF - 6

Cumulative Density Function - 6

Department of Education - 6

Stanford University - 6

Management and Organizational Practices Survey - 6

Business Research and Development and Innovation Survey - 6

National Center for Science and Engineering Statistics - 6

Integrated Public Use Microdata Series - 6

Ewing Marion Kauffman Foundation - 6

Annual Survey of Entrepreneurs - 6

Review of Economic Studies - 6

Center for Research in Security Prices - 6

Department of Housing and Urban Development - 6

Census of Services - 6

Business Formation Statistics - 6

Census 2000 - 6

Kauffman Firm Survey - 6

Temporary Assistance for Needy Families - 5

Centers for Disease Control and Prevention - 5

Federal Insurance Contribution Act - 5

Princeton University - 5

Linear Probability Models - 5

Arts, Entertainment - 5

Professional Services - 5

Commodity Flow Survey - 5

Oil and Gas Extraction - 5

University of Texas - 5

Nonemployer Statistics - 5

COVID - 5

Health and Retirement Study - 5

University of Toronto - 5

International Trade Commission - 5

Federal Emergency Management Agency - 5

Federal Reserve Bank of Chicago - 5

Indian Health Service - 5

Public Administration - 5

Initial Public Offering - 5

George Mason University - 5

Stern School of Business - 5

Georgetown University - 5

World Bank - 5

Fabricated Metal Products - 5

Federal Register - 4

Federal Government - 4

Form W-2 - 4

Duke University - 4

DOB - 4

PIKed - 4

SSA Numident - 4

MAF-ARF - 4

Survey of Consumer Finances - 4

IZA - 4

Heckscher-Ohlin - 4

Data Management System - 4

Paycheck Protection Program - 4

European Commission - 4

Housing and Urban Development - 4

ASEC - 4

Foreign Direct Investment - 4

1940 Census - 4

Journal of Human Resources - 4

National Health Interview Survey - 4

Guzman and Stern - 4

Department of Defense - 4

Hypothesis 2 - 4

Public Use Micro Sample - 4

State Energy Data System - 4

Wal-Mart - 4

Journal of International Economics - 4

International Standard Industrial Classification - 4

Securities Data Company - 4

Penn State University - 4

Pollution Abatement Costs and Expenditures - 4

National Research Council - 4

Consolidated Metropolitan Statistical Areas - 4

Department of Health and Human Services - 3

Workforce Information Council Administrative Wage Record Enhancement Study Group - 3

American Immigration Council - 3

MWTP - 3

Population Estimates Program - 3

Legal Form of Organization - 3

Minnesota Population Center - 3

Adjusted Gross Income - 3

MTO - 3

Citizenship and Immigration Services - 3

New England County Metropolitan - 3

Computer Assisted Personal Interview - 3

Current Population Survey Annual Social and Economic Supplement - 3

Manufacturing Energy Consumption Survey - 3

European Union - 3

Pew Research Center - 3

CAAA - 3

Health Care and Social Assistance - 3

HHS - 3

Value Added - 3

Research and Development - 3

Princeton University Press - 3

Probability Density Function - 3

IBM - 3

Census Bureau Master Address File - 3

Summary Earnings Records - 3

Society of Labor Economists - 3

Social Security Disability Insurance - 3

Journal of Econometrics - 3

Insurance Information Institute - 3

Sample Edited Detail File - 3

Supreme Court - 3

Boston Research Data Center - 3

Electronic Data Interchange - 3

Chicago RDC - 3

E32 - 3

WECD - 3

Cambridge University Press - 3

labor - 101

employed - 101

employ - 100

workforce - 94

recession - 79

payroll - 73

employee - 68

earnings - 63

manufacturing - 62

growth - 61

economist - 60

econometric - 60

macroeconomic - 59

sector - 59

production - 58

survey - 55

industrial - 55

market - 53

quarterly - 51

sale - 51

enterprise - 46

expenditure - 45

revenue - 43

demand - 41

entrepreneurship - 39

agency - 39

estimating - 39

worker - 38

labor statistics - 35

endogeneity - 35

gdp - 35

statistical - 33

report - 33

economically - 32

entrepreneur - 31

employment growth - 31

job - 31

investment - 30

census employment - 30

respondent - 30

census bureau - 29

aggregate - 29

unemployed - 29

occupation - 29

hiring - 28

trend - 26

efficiency - 26

salary - 26

entrepreneurial - 25

earner - 25

longitudinal - 25

employment statistics - 25

employment data - 25

productivity growth - 25

establishment - 24

company - 24

layoff - 24

estimation - 24

produce - 24

microdata - 22

industry productivity - 22

data - 22

proprietor - 21

data census - 21

organizational - 21

export - 21

finance - 20

hire - 20

earn - 20

census data - 20

productive - 20

employment dynamics - 20

economic census - 20

financial - 19

incentive - 19

unemployment rates - 19

regress - 19

acquisition - 19

innovation - 19

estimates employment - 19

workplace - 19

population - 18

research census - 18

spillover - 18

profit - 18

metropolitan - 17

housing - 17

proprietorship - 17

corporation - 17

accounting - 16

heterogeneity - 16

socioeconomic - 16

welfare - 16

growth productivity - 16

regression - 16

residential - 15

relocation - 15

monopolistic - 15

technological - 15

shift - 15

work census - 15

employment estimates - 15

labor productivity - 15

manufacturer - 15

federal - 14

irs - 14

employment count - 14

resident - 14

depreciation - 14

disparity - 14

employment unemployment - 14

employee data - 14

profitability - 14

insurance - 14

state - 14

tenure - 14

hispanic - 13

poverty - 13

bias - 13

price - 13

retailer - 13

wholesale - 13

enrollment - 13

inventory - 13

productivity dispersion - 13

recessionary - 13

import - 13

leverage - 13

econometrician - 13

minority - 12

corporate - 12

tariff - 12

statistician - 12

retail - 12

filing - 12

firms productivity - 12

specialization - 12

productivity dynamics - 12

multinational - 12

startup - 12

venture - 12

clerical - 12

employing - 12

turnover - 12

aggregation - 12

equity - 11

average - 11

residence - 11

regressing - 11

disadvantaged - 11

financing - 11

rates employment - 11

discrimination - 11

information census - 11

employer household - 11

regional - 11

decline - 11

declining - 11

merger - 11

investor - 10

neighborhood - 10

relocate - 10

incorporated - 10

state employment - 10

rural - 10

migration - 10

commodity - 10

exporter - 10

region - 10

compensation - 10

debt - 10

analysis - 10

researcher - 10

labor markets - 10

consumption - 10

disclosure - 10

cost - 10

outsourcing - 10

coverage - 10

datasets - 10

regulation - 10

retirement - 9

prevalence - 9

tax - 9

relocating - 9

home - 9

patent - 9

measures employment - 9

shock - 9

loan - 9

yearly - 9

employment flows - 9

commerce - 9

censuses surveys - 9

2010 census - 9

factor productivity - 9

younger firms - 9

immigrant - 9

longitudinal employer - 9

employment trends - 9

competitor - 9

productivity measures - 9

aggregate productivity - 9

reallocation productivity - 9

indicator - 9

workforce indicators - 9

business data - 9

founder - 9

endogenous - 9

decade - 9

aging - 9

union - 8

use census - 8

rent - 8

spending - 8

warehousing - 8

unemployment insurance - 8

ethnicity - 8

race - 8

inflation - 8

opportunity - 8

census survey - 8

dispersion productivity - 8

sector productivity - 8

consumer - 8

prospect - 8

innovate - 8

woman - 8

geographically - 8

bankruptcy - 8

product - 8

sourcing - 8

productivity increases - 8

trends employment - 8

buyer - 8

mobility - 8

trends labor - 8

wages productivity - 8

ownership - 8

area - 8

racial - 7

shipment - 7

pricing - 7

rate - 7

custom - 7

lender - 7

study - 7

paper census - 7

exogeneity - 7

measures productivity - 7

effects employment - 7

benefit - 7

agriculture - 7

technology - 7

productivity estimates - 7

stock - 7

wage growth - 7

firms employment - 7

firms young - 7

wealth - 7

firms census - 7

estimator - 7

employment earnings - 7

forecast - 7

department - 7

record - 7

policy - 7

worker demographics - 7

classified - 7

classification - 7

subsidiary - 7

externality - 7

businesses census - 7

census years - 7

surveys censuses - 7

census business - 7

employment measures - 7

census research - 7

factory - 7

empirical - 7

funding - 6

black - 6

eligibility - 6

ethnic - 6

migrate - 6

migrant - 6

trading - 6

purchase - 6

household surveys - 6

lending - 6

bank - 6

credit - 6

research - 6

grocery - 6

productivity variation - 6

good - 6

shareholder - 6

job growth - 6

outsourced - 6

gender - 6

firms grow - 6

industry growth - 6

quantity - 6

discrepancy - 6

autoregressive - 6

contract - 6

utilization - 6

emission - 6

industry variation - 6

econometrically - 6

recession employment - 6

rates productivity - 6

exporting - 6

database - 6

startup firms - 6

segregation - 6

imputation - 6

supplier - 6

analysis productivity - 6

employment recession - 6

economic statistics - 6

confidentiality - 6

firm growth - 6

producing - 6

growth firms - 6

employment firms - 6

owned businesses - 6

restructuring - 6

agglomeration economies - 6

agglomeration - 6

capital - 6

investing - 5

pension - 5

medicaid - 5

census use - 5

provided census - 5

available census - 5

restaurant - 5

monopolistically - 5

productivity capital - 5

innovator - 5

unobserved - 5

white - 5

educated - 5

matching - 5

borrowing - 5

impact - 5

borrow - 5

collateral - 5

warehouse - 5

productivity analysis - 5

percentile - 5

businesses grow - 5

compliance - 5

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employment effects - 5

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city - 5

immigration - 5

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insured - 5

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income data - 5

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estimates productivity - 5

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ssa - 5

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employment distribution - 4

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manufacturing productivity - 4

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wage regressions - 4

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substitute - 4

survey income - 4

level productivity - 4

expense - 4

income survey - 4

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observed productivity - 4

plant productivity - 4

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exported - 4

public - 4

startups employees - 4

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firm dynamics - 4

health insurance - 4

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international trade - 4

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productivity wage - 4

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mortgage - 3

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mandate - 3

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trade costs - 3

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Viewing papers 21 through 30 of 356


  • Working Paper

    Unemployment Insurance, Wage Pass-Through, and Endogenous Take-Up

    September 2025

    Working Paper Number:

    CES-25-59

    This paper studies how unemployment insurance (UI) generosity affects reservation wages, re-employment wages, and benefit take-up. Using Benefit Accuracy Measurement (BAM) data, we estimate a cross-sectional elasticity of reservation wages with respect to weekly UI benefits of 0.014. Exploiting state variation in Pandemic Unemployment Assistance (PUA) intensity and the timing of federal supplements, we find that expanded benefits during COVID-19 increased reservation wages by 8'12 percent. Using CPS rotation data, we also document a 9 percent rise in re-employment wages for UI-eligible workers relative to ineligible workers. Over the same period, the UI take-up rate rose from roughly 30 to 40 percent; Probit estimates indicate that higher benefit levels, rather than changes in observables, account for this increase. A directed search model with an endogenous filing decision replicates these facts: generosity primarily operates through the extensive margin of take-up, which mutes the pass-through from benefits to wages.
    View Full Paper PDF
  • Working Paper

    Revisiting the Unintended Consequences of Ban the Box

    August 2025

    Working Paper Number:

    CES-25-58

    Ban-the-Box (BTB) policies intend to help formerly incarcerated individuals find employment by delaying when employers can ask about criminal records. We revisit the finding in Doleac and Hansen (2020) that BTB causes statistical discrimination against minority men. We correct miscoded BTB laws and show that estimates from the Current Population Survey (CPS) remain quantitatively similar, while those from the American Community Survey (ACS) now fail to reject the null hypothesis of no effect of BTB on employment. In contrast to the published estimates, these ACS results are statistically significantly different from the CPS results, indicating a lack of robustness across datasets. We do not find evidence that these differences are due to sample composition or survey weights. There is limited evidence that these divergent results are explained by the different frequencies of these surveys. Differences in sample sizes may also lead to different estimates; the ACS has a much larger sample and more statistical power to detect effects near the corrected CPS estimates.
    View Full Paper PDF
  • Working Paper

    LODES Design and Methodology Report: Methodology Version 7

    August 2025

    Working Paper Number:

    CES-25-52

    The purpose of this report is to document the important features of Version 7 of the LEHD Origin-Destination Employment Statistics (LODES) processing system. This includes data sources, data processing methodology, confidentiality protection methodology, some quality measures, and a high-level description of the published data. The intended audience for this document includes LODES data users, Local Employment Dynamics (LED) Partnership members, U.S. Census Bureau management, program quality auditors, and current and future research and development staff members.
    View Full Paper PDF
  • Working Paper

    The Effect of the Minimum Wage on Childcare Establishments

    August 2025

    Working Paper Number:

    CES-25-53

    Childcare is essential for working families, yet it remains increasingly unaffordable and inaccessible for parents and offers poverty-level wages to many employees. While research suggests minimum wage policies may improve the welfare of low-wage workers, there is also evidence they may increase firm exits, especially among smaller, low-profit firms, which could reduce access and harm consumer well-being. This study is the first to examine these trade-offs in the childcare industry, a labor-intensive, highly regulated sector where capital-labor substitution is limited, and to provide evidence on how minimum wage policies affect a dual-sector labor market in the U.S., where self-employed and waged providers serve overlapping markets. Using variation from state-level minimum wage increases between 1995 and 2019 and unique microdata, I implement a cross-state county border discontinuity design to estimate impacts on the stocks, flows, and composition of childcare establishments. I find that while county-level aggregate establishment stocks and employment remained stable, establishment-level turnover increased, and employment decreased. I reconcile these findings by showing that minimum wage increases prompted reallocation, with larger establishments in the waged-sector more likely to enter and less likely to exit, making this one of the first studies to link null aggregate effects to shifts in establishment composition. Finally, I show that minimum wage increases may negatively affect the self-employed sector, resulting in fewer owners with advanced degrees and more with only high school education. These findings suggest that minimum wage policies reshape who provides care in ways that could affect both quality and access.
    View Full Paper PDF
  • Working Paper

    Receipt of Public and Private Food Assistance Across the Rural-Urban Continuum Before and During the COVID-19 Pandemic: Analysis of Current Population Survey Data

    August 2025

    Working Paper Number:

    CES-25-51

    Background: The nutrition safety net in the United States is critical to supporting food security among households in need. Food assistance in the United States includes both government-funded food programs and private community-based providers who distribute food to in need households. The COVID-19 pandemic impacted experiences of food security and use of private and public food assistance resources. However, this may have differed for households residing in urban versus rural areas. We explored receipt of Supplemental Nutrition Assistance Program (SNAP) benefits or food from community-based emergency food providers across a detailed measure of the rural-urban continuum before and during the COVID-19 pandemic. Methods: We linked restricted use Current Population Survey Food Security Supplement data to census-tract level United States Department of Agriculture Rural-Urban Commuting Area codes to estimate prevalence of self-reported SNAP participation and receipt of emergency food support across temporal (2015-2019 versus 2020-2021) and socio-spatial (urban, large rural city/town, small rural town, or isolated rural town/area) dimensions. We report prevalences as point estimates with 95% confidence intervals, all weighted for national representation. Results: The weighted prevalence of self-reported SNAP participation was 8.9% (8.7-9.2%) in 2015-2019 and 9.1% (8.5-9.5%) in 2020-2021 in urban areas, 11.4% (10.8-12.2%) in 2015-2019 and 11.6% (10.5-12.9%) in 2020-2021 in large rural towns/cities, 13.4% (12.3-14.6%) in 2015-2019 and 12.3% (10.5-14.5%) in 2020-2021 in small rural towns, and 9.7% (8.6-10.9%) in 2015-2019 and 10.9% (8.8-13.4% )in 2020-2021 isolated rural towns. The weighted prevalence of self-reported receipt of emergency food was 4.9% (4.8-5.1%) in 2015-2019 and 6.2% (5.8-6.5%) in 2020-2021 in urban areas, 6.8% (6.2-7.4%) in 2015-2019 and 7.6% (6.6-8.6%) in 2020-2021 in large rural towns/cities, 8.1% (7.3-9.1%) in 2015-2019 and 7.1% (5.7-8.8%) in 2020-2021 in small rural towns, and 6.8% (5.9-7.7%) in 2015-2019 and 8.5% (6.7-10.6%) in 2020-2021 isolated rural towns. Conclusion: Households in rural communities use public and private food assistance at higher rates than urban areas, but there is variation across communities depending on the level of rurality.
    View Full Paper PDF
  • Working Paper

    'Oh, Give Me a Home (Trade Share)': Differential Import Price Inflation and Gains from Trade Across U.S. Households

    July 2025

    Working Paper Number:

    CES-25-47

    Consumers are differentially exposed to trade based on their expenditures, but there is little data on how such trade exposure differs across consumer groups and over time. In this paper, we construct 'home trade shares' that vary by age, race, marital status, education, and urban status, and use these to analyze differences in inflation and welfare gains from trade for U.S. demographic groups over the years 1996'2018. We show that over this time period, import prices (inclusive of the effects of taste change) held down overall inflation for all groups. For the typical group, more than a quarter of the gains from trade relative to autarky accrued in our time period. Welfare gains from trade over our time period are largest for rural households, and smallest for Black households. Adding taste change to the typical welfare gains from trade formula boosts the gains for every group relative to the standard formula.
    View Full Paper PDF
  • Working Paper

    Credit Access in the United States

    July 2025

    Working Paper Number:

    CES-25-45

    We construct new population-level linked administrative data to study households' access to credit in the United States. These data reveal large differences in credit access by race, class, and hometown. By age 25, Black individuals, those who grew up in low-income families, and those who grew up in certain areas (including the Southeast and Appalachia) have significantly lower credit scores than other groups. Consistent with lower scores generating credit constraints, these individuals have smaller balances, more credit inquiries, higher credit card utilization rates, and greater use of alternative higher-cost forms of credit. Tests for alternative definitions of algorithmic bias in credit scores yield results in opposite directions. From a calibration perspective, group-level differences in credit scores understate differences in delinquency: conditional on a given credit score, Black individuals and those from low-income families fall delinquent at relatively higher rates. From a balance perspective, these groups receive lower credit scores even when comparing those with the same future repayment behavior. Addressing both of these biases and expanding credit access to groups with lower credit scores requires addressing group-level differences in delinquency rates. These delinquencies emerge soon after individuals access credit in their early twenties, often due to missed payments on credit cards, student loans, and other bills. Comprehensive measures of individuals' income profiles, income volatility, and observed wealth explain only a small portion of these repayment gaps. In contrast, we find that the large variation in repayment across hometowns mostly reflects the causal effect of childhood exposure to these places. Places that promote upward income mobility also promote repayment and expand credit access even conditional on income, suggesting that common place-level factors may drive behaviors in both credit and labor markets. We discuss suggestive evidence for several mechanisms that drive our results, including the role of social and cultural capital. We conclude that gaps in credit access by race, class, and hometown have roots in childhood environments.
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  • Working Paper

    The Rural/Urban Volunteering Divide

    June 2025

    Working Paper Number:

    CES-25-42

    Are rural residents more likely to volunteer than those living in urban places? Although early sociological theory posited that rural residents were more likely to experience social bonds connecting them to their community, increasing their odds of volunteer engagement, empirical support is limited. Drawing upon the full population of rural and urban respondents to the United States Census Bureau's Current Population Survey (CPS) Volunteering Supplement (2002-2015), we found that rural respondents are more likely to report volunteering compared to urban respondents, although these differences are decreasing over time. Moreover, we found that propensities for rural and urban volunteerism vary based on differences in both individual and place-based characteristics; further, the size of these effects differ across rural and urban places. These findings have important implications for theory and empirical analysis.
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  • Working Paper

    The Decline of Volunteering in the United States: Is it the Economy?

    June 2025

    Working Paper Number:

    CES-25-41

    This article investigates the complex interactions between local and national economic contexts and volunteering behavior. We examine three dimensions of local economic context'economic disadvantage (e.g., the percentage of families living in poverty), income inequality, and economic growth (e.g., the change in median household income) and the impact of a national/global economic jolt'the Great Recession. Analysis of data from the Current Population Survey's (CPS) Volunteering Supplement (2002-2015) reveals. Individuals who live in places characterized by economic disadvantage and economic inequality are less likely to volunteer than individuals in more advantaged, equitable communities. The recession had a dampening effect on volunteering overall, but it had the largest dampening effect on individual volunteering in communities with above average rates of income equality and higher rates of economic growth. While individuals living in rural communities were more likely to volunteer than their urban counterparts before the recession, rural/urban differences disappear after the recession.
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  • Working Paper

    Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation

    June 2025

    Working Paper Number:

    CES-25-37

    We measure the real effects of private equity buyouts on worker outcomes by building a new database that links transactions to matched employer-employee data in the United States. To guide our empirical analysis, we derive testable implications from three theories in which private equity managers alter worker outcomes: (1) exertion of monopsony power in concentrated markets, (2) breach of implicit contracts with targeted groups of workers, including managers and top earners, and (3) efficient reallocation of workers across plants. We do not find any evidence that private equity-backed firms vary wages and employment based on local labor market power proxies. Wage losses are also very similar for managers and top earners. Instead, we find strong evidence that private equity managers downsize less productive plants relative to productive plants while simultaneously reallocating high-wage workers to more productive plants. We conclude that post-buyout employment and wage dynamics are consistent with professional investors providing incentives to increase productivity and monitor the companies in which they invest.
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