Excited to share a new paper w/ Matthias Mertens:

From Labor to Intermediates: Firm Growth, Input Substitution, and Monopsony

Also: implications for firm-level labor share dynamics.

PDFs:
www.nber.org/papers/w33172
eml.berkeley.edu/~schoefer/sc...

Longer Twitter summary:
x.com/Schoefer_B/s...