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SUMMARY:Research Seminar - From Labor to Intermediates: Firm Growth\, Input Substitution\, and Monopsony
DESCRIPTION:The Growth Lab’s Research Seminar series is a weekly seminar that brings together researchers from across the academic spectrum who share an interest in growth and development. 	Speaker: Matthias Mertens\, postdoctoral associate at MIT FutureTech 	Whether attending in person or virtually\, please register in advance. 	Paper Abstract: (Matthias Mertens with Benjamin Schoefer from UC Berkeley) We document and dissect a new stylized fact about firm growth: the shift from labor to intermediate inputs. This shift occurs in input quantities\, cost and output shares\, and output elasticities. We establish this regularity in firm data for Germany and in firm (and industry) data for 11 (21) additional countries. We explain this regularity through a parsimonious model featuring an elasticity of substitution between intermediates and labor above one\, and an increasing shadow price of labor (monopsony or adjustment costs). Labor-intermediates substitution also accounts for much of the labor share decline that we document accompanies firm and industry growth. \nAbout the Speaker: Matthias is a postdoctoral associate at MIT FutureTech. His primary focus includes analyzing firm productivity\, production technologies\, and market power. He completed his Ph.D. at the Halle Institute for Economic Research in collaboration with the Otto-von-Guericke University in Magdeburg. Prior to joining MIT\, Matthias led the Research Group at the Halle Institute for Economic Research and coordinated the Scientific Team at the Competitiveness Research Network\, where he oversaw the data collection team responsible for constructing the CompNet database for several years.
URL:https://growthlab.hks.harvard.edu/event/research-seminar-from-labor-to-intermediates-firm-growth-input-substitution-and-monopsony/
LOCATION:HYBRID Perkins Rubenstein 429 / Zoom
CATEGORIES:Academic Research Seminars,Growth Lab
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