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Did Labour Market Concentration Lower Wages Growth Pre-COVID?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
In specifying the regression, it is important to think about how wages are set. ... It shows that in more concentrated markets pass-through tends to be lower.
https://www.rba.gov.au/publications/rdp/2023/2023-02/full.html

Data

1 Mar 2023 RDP 2023-02
Jonathan Hambur
It also contains demographic information (for example, location) and information about the firm such as industry, revenue, expenses and employment. ... Accounting for location is important given it can be hard or costly for workers to move between areas.
https://www.rba.gov.au/publications/rdp/2023/2023-02/data.html

Literature

1 Mar 2023 RDP 2023-02
Jonathan Hambur
Download the Paper 1.8. MB. Labour market, or monopsony, power is defined as the ability of a firm to influence the wage that it will pay. ... Footnotes. More precisely, it reflects the elasticity of the labour supply curve facing the firm.
https://www.rba.gov.au/publications/rdp/2023/2023-02/literature.html

Conclusion

1 Mar 2023 RDP 2023-02
Jonathan Hambur
A key driver of the increased impact of concentration appears to be declining firm entry and dynamism, as it has meant that incumbents faced less competition from new entrants, allowing them
https://www.rba.gov.au/publications/rdp/2023/2023-02/conclusion.html

Introduction

1 Mar 2023 RDP 2023-02
Jonathan Hambur
So, despite concentration remaining broadly unchanged over the period, it may still have weighed on wages growth pre-COVID. ... Section 4 documents labour market concentration in Australia, and how it has changed over time.
https://www.rba.gov.au/publications/rdp/2023/2023-02/introduction.html

Why has the impact of concentration increased?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
It also helps to limit noise introduced by very small markets, where rates can be very volatile. ... Again, the estimate should not be interpreted too precisely as it is a simple, partial equilibrium estimate.
https://www.rba.gov.au/publications/rdp/2023/2023-02/why-has-the-impact-of-concentration-increased.html

How concentrated are Australian markets?

1 Mar 2023 RDP 2023-02
Jonathan Hambur
This benchmark is used by some competition regulators in product markets (US Department of Justice and Federal Trade Commission 2010), though whether it is appropriate for labour markets is unclear.
https://www.rba.gov.au/publications/rdp/2023/2023-02/how-concentrated-are-australian-markets.html