Table 4

Effect of Market Concentration on Real Wages: Panel Regressions

	Dependent Variable: Log(Real Wage)
	OLS					IV
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Panel A: Market-Level Regressions
Log HHI (vacancies)	-0.103^***	-0.0347^***	-0.0399^***	-0.0378^***	-0.0300^***	-0.141^***	-0.143^***	-0.127^***
	(0.00456)	(0.00377)	(0.00392)	(0.00406)	(0.00422)	(0.0191)	(0.0181)	(0.0176)
Log tightness			0.0113^***	0.0132^***	0.00686^*		0.0283^***	0.0305^***
			(0.00320)	(0.00357)	(0.00360)		(0.00427)	(0.00479)
year–quarter FE	✓	✓	✓			✓	✓
Market (CZ × six-digit SOC) FE		✓	✓	✓	✓	✓	✓	✓
year–quarter FE × CZ FE				✓	✓			✓
Year–Quarter FE × six-digit SOC FE					✓
Observations	61,017	59,485	58,642	56,679	56,677	59,485	58,642	56,679
R-squared	0.042	0.674	0.672	0.715	0.738	-0.018	-0.015	-0.012
Kleibergen–Paap F-stat						854.3	1051	996.7
Panel B: Vacancy-Level Regressions
Log HHI (vacancies)	-0.0327^***	-0.0331^***	-0.0314^***	-0.0154^***	-0.200^***	-0.192^***	-0.188^***	-0.116^***
	(0.00453)	(0.00476)	(0.00500)	(0.00377)	(0.0398)	(0.0361)	(0.0370)	(0.0184)
Log tightness		0.000665	0.00429	0.00818^***		0.0540^***	0.0737^***	0.0315^***
		(0.00342)	(0.00462)	(0.00297)		(0.0133)	(0.0180)	(0.00601)
CZ × six-digit SOC FE	✓	✓	✓		✓	✓	✓
year–quarter FE	✓	✓		✓	✓	✓		✓
year–quarter FE × CZ FE			✓				✓
CZ × job-title FE				✓				✓
Observations	1,023,295	1,021,185	1,020,510	955,641	1,023,295	1,021,185	1,020,510	955,641
R-squared	0.533	0.533	0.541	0.849	0.522	0.524	0.534	0.847
Kleibergen–Paap F-stat					45.62	56.18	58.72	150.1

Notes: Data are for the period 2010Q1–2013Q4. We cluster standard errors at the market level.
↵* p < 0.1,
** p < 0.05,
↵*** p < 0.01.