Firm Pay Dynamics

We would like to thank the Editors, three anonymous referees, and our discussant, Douglas Webber, for constructive comments and suggestions. We are grateful to Mons Chan, Benjamin Friedrich, Émilien Gouin-Bonenfant, Jonas Hjort, Matthias Kehrig, Fabian Lange, Rasmus Lentz, Alexandre Mas, Oskar Nordström Skans, Sergio Salgado, Johannes Schmieder, Ian Schmutte, Ming Xu, and Pierre Yared for helpful discussions. We thank Patrick Kline, Raffaele Saggio, and Mikkel Sølvsten for making their codes publicly available. We also thank attendants at the 2019 Models of Linked Employer-Employee Data Conference in New York City, the 2019 German Economists Abroad Conference in Frankfurt, the 2020 Columbia Junior Micro Macro Labor Conference, the 2020 Barcelona GSE Summer Forum, and seminar participants at Columbia University for their comments. Kerry Neitzel, Rachel Williams, and Entian Zhang provided excellent research assistance. Moser thanks the Federal Reserve Bank of Minneapolis and the Heller-Hurwicz Economics Institute at the University of Minnesota for their generous hospitality during a significant share of the period of work on this project. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.