This paper asks whether differences in labor market regulations — specifically payroll taxes and minimum wages — shape countries' comparative advantage in the cross-border provision of labor-intensive …
PublishedJournal of Political EconomyPublished Jun 2026
This paper uses a novel longitudinal administrative dataset drawn from U.S. Internal Revenue Service (IRS) and Social Security Administration (SSA) records to characterize income dynamics and the …
PublishedAmerican Economic ReviewOnline 1 Jan 2026Published Jan 2026
This paper asks whether and how optimal income taxation should change when firms have market power. The question is motivated by the documented rise in economy-wide markups since 1980, which has …
PublishedReview of Economic StudiesOnline 10 Nov 2025Published Jul 2026
Does corporate income taxation raise or lower corporate leverage? The canonical Modigliani-Miller (1963) view holds that the interest tax deduction makes debt more attractive, predicting a positive …
This paper by Karel Mertens and Morten Ravn (AER 2013) estimates the dynamic effects of U.S. federal personal and corporate income tax changes using a new estimator that treats narratively identified …
Online FirstJournal of Money, Credit and BankingOnline 25 May 2026
This paper uses an open-economy heterogeneous-household model with incomplete markets to evaluate the welfare and distributional consequences of the U.S. Tax Cuts and Jobs Act (TCJA) of 2017 — which …
Tobin's conjecture that investment depends on marginal q is derived from a general present-value-maximising firm problem with installation costs, giving an investment rule that depends on neither the …
PublishedQuarterly Journal of EconomicsOnline 10 Dec 2025Published Jan 2026
This paper asks how independent (pass-through) businesses in the United States accommodate minimum wage increases — specifically whether they reduce employment, compress profits, pass costs through to …