最低工资向批发与零售价格的传导：来自大麻扫描数据的证据
Minimum Wage Pass-through to Wholesale and Retail Prices: Evidence from Cannabis Scanner Data
AI总结：
本文利用华盛顿州娱乐大麻行业扫描数据，通过连续处理双重差分法研究最低工资传导，发现考虑批发成本效应后零售传导弹性翻倍，凸显供应链分析的重要性。
摘要：
越来越多的实证文献发现，企业通过提高零售价格将最低工资上调的成本转嫁给消费者。然而，关于最低工资对批发价格的影响，以及零售商除了劳动力成本冲击外是否还面临批发成本冲击，人们知之甚少。本文利用华盛顿州合法娱乐用大麻行业的垂直分散市场结构，研究最低工资向批发和零售价格的传导。在连续处理的双重差分框架下，本文利用了覆盖整个供应链的60亿美元交易的扫描数据，并借助2018年至2021年间六次最低工资上调中企业最低工资暴露程度的地理差异进行分析。当忽略批发成本效应时，本文得出的零售传导弹性与现有文献一致；但一旦考虑批发成本效应，零售传导弹性会增加一倍以上。零售加价并未针对批发成本冲击做出调整，这表明批发成本冲击完全传导至了零售价格。研究结果凸显了在评估最低工资上调的产品市场效应时，分析整个供应链的重要性。
英文摘要：
A growing empirical literature finds that firms pass the cost of minimum wage hikes onto consumers via higher retail prices. Yet, little is known about minimum wage effects on wholesale prices and whether retailers face a wholesale cost shock in addition to the labor cost shock. I exploit the vertically disintegrated market structure of Washington state's legal recreational cannabis industry to investigate minimum wage pass-through to wholesale and retail prices. In a difference-in-differences with continuous treatment framework, I utilize scanner data on $6 billion of transactions across the supply chain and leverage geographic variation in firms' minimum wage exposure across six minimum wage hikes between 2018 and 2021. When ignoring wholesale cost effects, I find retail pass-through elasticities consistent with existing literature -- yet retail pass-through elasticities more than double once wholesale cost effects are accounted for. Retail markups do not adjust to the wholesale cost shock, indicating a full pass-through of the wholesale cost shock to retail prices. The results highlight the importance of analyzing the entire supply chain when evaluating the product market effects of minimum wage hikes.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
