Carl McPherson

Minimum Wage Effects and Monopsony Explanations: revised February 2024

September 25, 2023 • Working Papers • By Justin C. Wiltshire, Carl McPherson, Michael Reich and Denis Sosinskiy

Abstract We present the first causal analysis of a seven-year run-up of minimum wages to $15. Using a novel stacked county-level synthetic control estimator and data on fast-food restaurants, we…

High Minimum Wages and the Monopsony Puzzle

May 1, 2023 • Working Papers • By Justin C. Wiltshire, Carl McPherson and Michael Reich

Abstract We present the first causal analysis of recent large minimum wage increases, focusing on 47 larger U.S. counties that reached $15 or more by 2022q1. Using stacked county-level synthetic…

Are $15 Minimum Wages Too High?

September 12, 2022 • Working Papers • By Carl McPherson, Michael Reich and Justin C. Wiltshire

Abstract In January 2022 California became the first state with a $15 minimum wage, a remarkable 87.5 percent increase over its $8 level in early 2014. In the same period,…