NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Holly Monti

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Working Papers

January 2017Firm Performance and the Volatility of Worker Earnings
with Chinhui Juhn, Kristin McCue, Brooks Pierce: w23102
Using linked employer-employee data for the U.S., we examine whether shocks to firm revenues are transmitted to the earnings of continuing employees. While full insurance is rejected, the elasticity of worker earnings with respect to persistent shocks in firm revenues is small and consistent with the notion that firms insulate workers from idiosyncratic shocks. Exploring heterogeneity of effects, we find the largest elasticity in professional services, among employees in the top 5% of their employers’ earnings distribution, suggesting that in certain jobs performance pay may be a countervailing force to wage insurance.

Forthcoming: Firm Performance and the Volatility of Worker Earnings, Chinhui Juhn, Kristin McCue, Holly Monti, Brooks Pierce. in Firms and the Distribution of Income: The Roles of Productivity and Luck, Lazear and Shaw. 2016

April 2010Can Pollution Tax Rebates Protect Low-Income Families? The Effects of Relative Wage Rates
with Don Fullerton: w15935
Pollution taxes are believed to burden low-income households that spend a greater than average share of income on pollution-intensive goods. Some propose to offset that effect by returning revenue to low-income workers via reduced labor tax. We build analytical general equilibrium models with both skilled and unskilled labor, and we solve for expressions that show the change in the real net wage of each group. A decomposition shows the effect of the tax rebate, the effect on the uses side of income (higher product prices), and the effect on the sources side of income (relative wage rates). We also include numerical examples. Even though the pollution tax injures both types of labor, we find that returning all of the revenue to the low-skilled workers is still not enough to offset the ...

Published: “Can Pollution Tax Reba tes Protect Low - Wage Earners? ”, with H. Monti, Journal of Environme ntal Economics and Management ( Vol.66, No.3, November, 2013 ).

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