DOJ/FTC mostly ignored effects of mergers on workers as out-of-market-effects. That changed when Penguin/SS merger was blocked on these grounds. However agencies simply applied 2010 product guidelines to the labor market. They can do better going back to stricter 1982 guidelines.

Today is the day! We are delighted to launch our new podcast, Heller-Hurwicz Office Hours. Each episode will feature host Chris Farrell in conversation with Minnesota economists, exploring economic topics that impact our daily lives. Listen at cla.umn.edu/heller-hurwicz…

Our first two episodes feature VV Chari on the role of economists in today's world and Anusha Nath on the minimum wage. New episodes will research each Wednesday. #EconTwitter UMN Liberal Arts University of Minnesota University of Minnesota Alumni Association

New paper "An Anatomy of Monopsony: Search Frictions, Amenities and Bargaining in Concentrated Markets" from UChicago Economics' Simon Mongey, David Berger, Kyle Herkenhoff, and Andreas Kostøl here:

New paper, "Merger Guidelines for the Labor Market" from UChicago Economics' Simon Mongey, UChicago Law School's Eric Posner, @ThomasHasenzagl, David Berger, and Kyle Herkenhoff:

This week on Office Hours: What's the difference between a monopoly and monopsony? Hear Kyle Herkenhoff answer this question, and explain and why it matters. spotifyanchor-web.app.link/e/wyNaitAfvzb

In Norway, workers in monopsonies are paid 21% less than the competitive wage. 1/2 due to time-consuming job searches, 1/3 from job satisfaction & the rest from non-competitive wage bargaining. David Berger, Kyle Herkenhoff, A Kostøl Arizona State University, Simon Mongey ow.ly/ZhT250Plya1

How to fund unemployment insurance with informality and false claims? New paper with Kyle Herkenhoff, Abdoulaye Cisse (berkey grad student), Alessandro Dell'Acqua (NYU research fellow), and Ahmadou A. Mbaye of Université Cheikh Anta Diop de Dakar A 🧵

Returning housing zoning regulations back to 1980 levels could increase the productivity growth rates to near 1960's & 90's levels. It's as magical as the Internet. Sources: Kyle Herkenhoff @lee_ohanian & Prescott (2018) sciencedirect.com/science/articl… Also: cepr.org/voxeu/columns/…

1/16: Ever wonder how flexible incentive pay (bonuses, commissions, etc.) affects unemployment dynamics during business cycles? Our latest paper with @meghanagrrrr, Joe Hazell, and John Grigsby provides an answer. Here's a quick overview of our findings. 🧵

Congratulations to our very own Mariacristina De Nardi for being elected an The Econometric Society fellow! We are so proud to have her among our faculty! cla.umn.edu/economics/news…

From Kyle Herkenhoff, Phillips and Cohen-Cole: restud.com/how-credit-con…

Commercial YIMBY-ism? Kyle Herkenhoff's research on commercial zoning suggests less regulation -> more mixed-use buildings & taller buildings -> higher national output & gains in well being. Read tylercowen's take on commercial dezoning in Bloomberg: bloomberg.com/opinion/articl…

1/5: Expecting a child is great for spamming out NBER Working Papers. This week its a short theory paper that shows cleanly how progressive taxes make hiring more expensive on the margin, which, if internalized by firms may result in under-hiring.

Send us your best papers on "Macro Fluctuations with Micro Frictions"* * need not contain fluctuations or frictions

.Kyle Herkenhoff and Simon Mongey use economic modeling to show that the stricter 2023 Guidelines will improve worker welfare and that even tighter thresholds can be applied to labor markets to amplify worker welfare gains from antitrust policy. promarket.org/2024/01/19/how…

reposting this (as I forgot to do so back then)... I learned a lot writing this paper: 1) how household heterogeneity shapes aggregate trade, its responses, and the gains from trade 2) When heterogeneity matters (or not) and the role of market incompleteness and inefficiency

“When a two-firm town turns into a one-firm town because of a merger, monopsony power intensifies, wages are further depressed and workers are harmed.” Kyle Herkenhoff. Read more in HHEI's annual report: cla.umn.edu/heller-hurwicz…