{ "115570-21835030": { "datetime_modified":"20231205T092139", "datetime_start":"20231206T143000", "datetime_end":"20231206T155000", "has_end_time":1, "date_start":"2023-12-06", "date_end":"2023-12-06", "time_start":"14:30:00", "time_end":"15:50:00", "time_zone":"America\/Detroit", "event_title":"When do Firms Profit from Wage Setting Power?", "occurrence_title":"", "combined_title":"When do Firms Profit from Wage Setting Power?: Justin Bloesch, Cornell University", "event_subtitle":"Justin Bloesch, Cornell University", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"In standard models of labor market monopsony, the profits derived from firm monopsony power depends on the firm's labor supply elasticity. There are two puzzles facing these standard models. First, different standard approaches to estimating labor supply elasticities produce dramatically different estimates and hence measures of profits from monopsony power. Second, commonly used low labor supply elasticities imply profit shares of aggregate income that are too high after accounting for price markups and capital income. This paper argues that both of these issues arise from the same limitation - that firms can increase employment only by raising wages. To address this, we develop a tractable model where firms use both higher wages and costly recruiting expenditures to attract workers. Firms have wage setting power due both to search frictions and workers' heterogeneous preferences over workplaces. We show that whether firms profit from their wage setting power depends on the shape of firms' recruiting cost function, and the rents acquired by firms from wage setting power can be dissipated by recruiting costs. In a calibrated quantitative model that also accounts for the strategic behavior of a large firm, profits from wage setting power account for 6% of labor market-wide marginal product and 5% of output. Our findings suggest that wage setting power alone does not imply profits for firms that exploit this power.", "occurrence_notes":null, "guid":"115570-21835030@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/115570", "building_id":"", "building_name":"", "campus_maps_id":"", "room":"201", "location_name":null, "has_livestream":0, "cost":"", "tags":["Economics","Labor","seminar"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" }, { "group_name":"ISR-Zwerdling Seminar in Labor Economics", "group_id":"3551", "website":"" }, { "group_name":"Department of Economics Seminars", "group_id":"3566", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/group_thumb\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/group_thumb_square\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "group_large":"https:\/\/events.umich.edu\/media\/cache\/group_large\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/group_large_lightbox\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/event_large_crop\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/event_grid_2x\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2023\/11\/event_115570_original-1.jpeg" }, "occurrence_count":1, "first_occurrence":21835030 } , "115006-21833931": { "datetime_modified":"20231221T123102", "datetime_start":"20231206T150000", "datetime_end":"20231206T160000", "has_end_time":1, "date_start":"2023-12-06", "date_end":"2023-12-06", "time_start":"15:00:00", "time_end":"16:00:00", "time_zone":"America\/Detroit", "event_title":"2023 Chief Risk Office Virtual Information Session", "occurrence_title":"", "combined_title":"2023 Chief Risk Office Virtual Information Session", "event_subtitle":"", "event_type":"Careers \/ Jobs", "event_type_id":"2", "description":"At Deutsche Bank, we support you in starting the career that\u2019s right for you. We are committed to creating limitless opportunities for you to grow personally and professionally. At the Chief Risk Office, you\u2019ll see what this means in reality. You\u2019ll experience an inclusive culture where everyone is embraced as an individual and empowered to sharetheir perspectives. You\u2019ll get the inside track on our opportunities, and guidance on the skills you need to define your ideal career. Together, we\u2019ll build a bank that\u2019s ready for the future.\n \nWe invite students graduating between December 2023 \u2013 August 2024 interested in careers in Chief Risk Office New York to register for our virtual information session.\n \nDeutsche Bank Chief Risk Office Virtual Information Session:\nDate: Wednesday, December 6, 2023 \nTime: 3:00PM- 4:00PM EST\nLocation: Virtual Session\n", "occurrence_notes":null, "guid":"115006-21833931@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/115006", "building_id":"", "building_name":"", "campus_maps_id":"", "room":"", "location_name":"", "has_livestream":0, "cost":"", "tags":[], "website":"", "sponsors":[ { "group_name":"University Career Center UCC", "group_id":"1140", "website":"http:\/\/careercenter.umich.edu" } ], "image_url":"", "styled_images":{ "event_thumb":"", "event_large":"", "event_large_2x":"", "event_large_lightbox":"", "group_thumb":"", "group_thumb_square":"", "group_large":"", "group_large_lightbox":"", "event_large_crop":"", "event_list":"", "event_list_2x":"", "event_grid":"", "event_grid_2x":"", "event_feature_large":"", "event_feature_thumb":"" }, "occurrence_count":1, "first_occurrence":21833931 } , "115510-21834938": { "datetime_modified":"20231221T123114", "datetime_start":"20231206T150000", "datetime_end":"20231206T163000", "has_end_time":1, "date_start":"2023-12-06", "date_end":"2023-12-06", "time_start":"15:00:00", "time_end":"16:30:00", "time_zone":"America\/Detroit", "event_title":"2025 Summer Analyst Asset & Wealth Management Information Session", "occurrence_title":"", "combined_title":"2025 Summer Analyst Asset & Wealth Management Information Session", "event_subtitle":"", "event_type":"Careers \/ Jobs", "event_type_id":"2", "description":"Calling all graduates of December 2025 through June 2026! \n\nJoin us for a virtual J.P. Morgan Asset & Wealth Management (AWM) Information Session to learn about our 2025 Summer Analyst Internship Program! \n\nLearn about Wealth Management at J.P. Morgan and meet with firmwide business leaders reading to share their experience and help you build your networks. Build your business knowledge of Asset Management and Product, Risk, and the Global Private Bank. This event is open to undergraduate college students, regardless of major, interested in learning more about careers in finance at J.P. Morgan. \n\nJ.P. Morgan Asset and Wealth Management Information Session \n\nDate: Wednesday, December 6, 2023\nTime: 3:00PM\u2013 4:30PM ET\n", "occurrence_notes":null, "guid":"115510-21834938@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/115510", "building_id":"", "building_name":"", "campus_maps_id":"", "room":"", "location_name":"", "has_livestream":0, "cost":"", "tags":[], "website":"", "sponsors":[ { "group_name":"University Career Center UCC", "group_id":"1140", "website":"http:\/\/careercenter.umich.edu" } ], "image_url":"", "styled_images":{ "event_thumb":"", "event_large":"", "event_large_2x":"", "event_large_lightbox":"", "group_thumb":"", "group_thumb_square":"", "group_large":"", "group_large_lightbox":"", "event_large_crop":"", "event_list":"", "event_list_2x":"", "event_grid":"", "event_grid_2x":"", "event_feature_large":"", "event_feature_thumb":"" }, "occurrence_count":1, "first_occurrence":21834938 } }