Do Elite Universities Overpay Their Faculty?

This research was funded in part under NSF grant SES-1851636. We are deeply grateful to participants in seminars and workshops at Boston University and Washington University in St. Louis and to Pat Kline, Jesse Rothstein, and Johannes Schmieder for helpful comments. Nevertheless, we absolve them from responsibility for any errors remaining in the paper and the opinions expressed herein. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.