The last three decades has witnessed:(a) a rise in the share of intangible capital, and (b) an
increase in cross-country ownership of assets (financial globalization). We study the …

We develop a general-equilibrium model to study the macroeconomic consequences of
international profit shifting by multinational enterprises (MNEs). In our model, MNEs shift …

Tax havens play several roles in the world economy. They provide tax avoidance venues for
firms to locate profits and through which firms can move capital. They offer secrecy laws that …

The USA, alongside many other nations, presently faces a vital policy choice: should it adopt
the global minimum tax proposed by the Organization for Economic Cooperation and …

In this paper, we develop a comprehensive framework to analyze the macroeconomic
implications for the US economy of the global corporate tax reform, initiated by the OECD …