Improving Opportunities for Economic Mobility: New Evidence and Policy Lessons

Here’s a link to Raj Chetty’s recent presentation at Booth on the American Dream.

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Great to see research of my colleagues in today’s NYTimes

The Economics of Suspense

College for the Masses

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What do leading economists think about Local Tax Incentives?

Screenshot 2015-03-24 17.03.23

See more here

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Research Assistant Opportunities at Chicago Booth

We are looking for highly skilled and motivated individuals to work as full-time research assistants for a period of at least one year. Please apply if you are interested.

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11 Interesting Charts from the CEA’s Economic Report of the President

See the full ERP here

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Corporate Profits, Wages, and Shared Prosperity: Interview with President Obama


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Do Dividend Tax Cuts Increase Investment and Hiring?


Here’s some of the best evidence we have on the impact of changes in dividend taxes on investment and hiring

Originally posted on owenzidar:

Abstract: Policymakers frequently propose to use capital tax reform to stimulate investment and increase labor earnings. This paper tests for such real impacts of the 2003 dividend tax cut – one of the largest reforms ever to a U.S. capital tax rate – using a quasi-experimental design and a large sample of U.S. corporate tax returns from years 1996-2008. I estimate that the tax cut caused zero change in corporate investment, with an upper bound elasticity with respect to one minus the top statutory tax rate of .08 and an upper bound effect size of .03 standard deviations. This null result is robust across specifications, samples, and investment measures. I similarly find no impact on employee compensation. The lack of detectable real effects contrasts with an immediate impact on financial payouts to shareholders. Economically, the findings challenge leading estimates of the cost-of-capital elasticity of investment, or undermine models in which…

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