Data and Code for: "The Wage Phillips Curve Under Labor Market Power"

To shed light on potential linkages between labor market power and the trade-off between unemployment and wages, this paper uses a highly disaggregated dataset of 250 million online vacancy postings in the United States from Lightcast (formerly Burning Glass Technologies). Labor market power is measured by the Herfindahl-Hirschman index (HHI) of vacancies in a commuting zone and is found to be more prevalent in less densely populated rural areas, where average incomes tend to be lower and job seekers have fewer employers to choose from. We estimate the Phillips curve at the commuting zone level and exploit regional variation in the degree of labor market power.