---- Acknowledgments ----
We are grateful to Kihwan Bae for research assistance, and Brad Hershbein and Elisa Jacome for providing us with code. For helpful comments on this version and a shorter, earlier version entitled “Why Are Fewer Workers Earning Middle Wages and Is It a Bad Thing?”, we thank David Autor, Paul Beaudry, Leah Brooks, Matias Cortes, David Dorn, Nicole Fortin, David Green, Barry Hirsch, David Howell, Stephen Jenkins, Alan Manning, Larry Mishel, Pia Orrenius, Francesc Ortega, Ben Sand, Alex Spitz-Oener, Ann Huff Stevens, David Wiczer, Myeong-Su Yun, former colleagues at the U.S. Department of the Treasury and participants in numerous seminars and conferences. Hunt is affiliated with the NBER, the CEPR (London) and IZA (Bonn), and is grateful for funding through the James Cullen Chair in Economics. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.