About me

Hi! I’m a PhD candidate in economics at the University of Minnesota, Twin Cities. I will be joining the Economics Department at the University of North Carolina, Chapel Hill as an Assistant Professor in July.

My CV is available here.

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Research

Working papers

Dynamic Monopsony and Human Capital

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@unpublished{ jungerman2023, author={Jungerman, William}, title={Dynamic Monopsony and Human Capital}, year={2023}, note={Working Paper} }

Abstract (click to expand)

A number of influential papers study monopsony power in static models. Among the papers that model dynamics with a finite number of firms, none model the process of human capital accumulation by workers. In this paper, I show that this has important implications for the measurement and welfare consequences of monopsony power. How large are properly measured markdowns? And what are the welfare gains of implementing competitive allocations once we have accounted for human capital accumulation? To answer these questions, I introduce a novel model of dynamic monopsony in which a large non-atomistic firm competes with a finite number of homogeneous firms for workers who learn on-the-job. The markdown has an additional dynamic term reflecting expected future changes in worker human capital. I estimate the model using rich matched employee-employer administrative data from France and find that the welfare gains from forcing firms to offer workers their marginal product are large. Moreover, the welfare losses are underestimated by 81% when ignoring human capital accumulation.

Average Match Quality over the Business Cycle

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@unpublished{ jungerman2022, author={Jungerman, William}, title={Average Match Quality over the Business Cycle}, year={2022}, note={Working Paper} }

Abstract (click to expand)

This paper examines how the business cycle impacts the average quality of an employer-employee match. I study a model of the labor market with on-the-job search, aggregate uncertainty, and heterogeneous match qualities. I test two theories: the cleansing effect, whereby the low quality matches are destroyed during recessions, and the sullying effect, whereby firms post fewer vacancies during recessions and workers have fewer opportunities to move up the job ladder. I find that the sullying effect dominates and that average match quality is procyclical due to increased hiring out of unemployment during recessions. I extend the model to allow for an exogenous minimum wage and show that neglecting to account for the cyclicality of match qualities can lead to miscalculating the effects of the policy.

Work in progress

Production Function Estimation with Missing Data
(with Kyle Herkenhoff)

Learning from Firms and Coworkers
(with Fil Babalievsky and Jacob Adenbaum)

Monopsony in the Antebellum South
(with Kyle Herkenhoff and James A. Schmitz, Jr.)

Publications

Brexit, the City of London, and the prospects for portfolio investment
(with Barry Eichengreen, Mingyang (Chris) Liu)
Empirica, February 2020
Journal link - Copy BibTexcopied

@article{ cite-key, abstract = {This paper examines the international financial consequences of Brexit. It first provides a survey of the still limited literature on EU membership and international capital flows. It then provides new estimates of the impact of Brexit on cross-border investment utilizing data from the IMF's Consolidated Portfolio Investment Survey. It lastly provides a comparative analysis of these same issues using data on crossborder capital flows from the BIS. The conclusion is that the impact on cross-border capital flows to and from the UK is likely to be substantial.}, author = {Eichengreen, Barry and Jungerman, William and Liu, Mingyang}, date = {2020/02/01}, date-added = {2024-03-20 20:25:05 -0500}, date-modified = {2024-03-20 20:25:05 -0500}, doi = {10.1007/s10663-019-09447-4}, id = {Eichengreen2020}, isbn = {1573-6911}, journal = {Empirica}, number = {1}, pages = {1--16}, title = {Brexit, the City of London, and the prospects for portfolio investment}, url = {https://doi.org/10.1007/s10663-019-09447-4}, volume = {47}, year = {2020}, bdsk-url-1 = {https://doi.org/10.1007/s10663-019-09447-4} }

Abstract (click to expand)

This paper examines the international financial consequences of Brexit. It first provides a survey of the still limited literature on EU membership and international capital flows. It then provides new estimates of the impact of Brexit on cross-border investment utilizing data from the IMF’s Consolidated Portfolio Investment Survey. It lastly provides a comparative analysis of these same issues using data on cross- border capital flows from the BIS. The conclusion is that the impact on cross-border capital flows to and from the UK is likely to be substantial.

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Teaching

University of Minnesota, Twin Cities

• ECON 3951 Economics Capstone, Instructor: Spring 2024
• ECON 4431W International Trade, Writing Assistant: Fall 2023
• ECON 4211 Principles of Econometrics, Instructor: Fall 2020, Spring 2021, Fall 2021, Spring 2022
• ECON 4261 Introduction to Econometrics, Instructor: Summer 2020
• ECON 4751 Financial Economics, Instructor: Summer 2021
• ECON 3101 Intermediate Microeconomics, Teaching Assistant: Fall 2019, Spring 2020
• ECON 1102 Intro to Macroeconomics, Teaching Assistant: Spring 2019
• ECON 4968 Uncertainty and Information, Teaching Assistant: Fall 2018

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Contact

E-mail
junge076 at umn dot edu
william dot jungerman at gmail dot com

Mailing Address
4-101 Hanson Hall
1925 Fourth Street South
Minneapolis, MN 55455