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The Declining Worker Power Hypothesis: An Explanation for the Recent Evolution of the American Economy

Anna Stansbury, Lawrence H. Summers

NBER Working Paper No. 27193
Issued in May 2020

---- Acknowledgments ----

This paper was prepared for the Spring 2020 Brookings Papers on Economic Activity. We thank the BPEA editors Jan Eberly and Jim Stock, and discussants Steven Davis and Christina Patterson for their comments. For helpful discussions and/or comments we thank Pawel Bukowski, Gabriel Chodorow-Reich, Richard Freeman, Kathryn Holston, Larry Katz, Pat Kline, Larry Mishel, Peter Norlander, Valerie Ramey, Jake Rosenfeld, Bob Solow, and the participants of the Spring 2020 BPEA conference and Harvard macroeconomics workshop. We are very grateful to Germán Gutiérrez and Thomas Philippon, David Baqaee and Emmanuel Farhi, Nicholas Bloom and David Price, Matthias Kehrig, Christina Patterson, and Maria Voronina for providing us with data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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