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This paper estimates the impact of promotions and promotion expectations on job satisfaction using the 1996–2006 waves of the NLSY79 dataset. Having received a promotion in the past 2 years leads to increased job satisfaction, even while controlling for the worker’s current wage, wage rank within her peer group, and wage growth. Workers who believe a promotion is possible in the next 2 years also report higher job satisfaction. Additionally, past promotions have a lingering, but fading impact on job satisfaction.