“…41 The implied effect is far less than one-for-one, consistent with the average FMW of 0.18 and with firms making other adjustments to offset the effects of the higher minimum wage (including, but not limited to, the reductions in employment among the lowestearning workers that we have already estimated). For example, there is evidence of some pass-through of minimum wages into prices (e.g., Aaronson, 2001, Lemos, 2008, and Ashenfelter and Jurajda, 2021, reductions in benefits -in particular, health insurance (Marks, 2011;Clemens et al, 2018a), potentially productivity increases (Coviello et al, 2020), and substitution towards higher-skilled labor (e.g., Clemens et al, 2018b).…”