I am extremely grateful to David S. Lee for his tremendous guidance and support on this project. I thank Alexandre Mas, Henry Farber, Felix Koenig, and the participants at the Industrial Relations Section labor seminar for their many helpful comments and suggestions. I also benefited from feedback by Stephen Trejo, Rob Metcalfe, and the audiences at the 2021 NBER Summer Institute, University of Southern California, National University of Singapore, Queen’s University, Boston College, Hong Kong University of Science and Technology, City University of Hong Kong, Federal Reserve Board, and Federal Reserve Bank of Dallas. I am indebted to Alan Krueger, Nela Richardson, Jeff Nezaj, Ahu Yildirmaz, and Sinem Buber Singh for facilitating access to the payroll data, which I use in my analysis. The author is solely responsible for all errors and views expressed herein. I use data from a large payroll processing company but the company had no say in the direction of my analysis or the reporting of my results. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.