This paper reviews the rapidly growing empirical literature on international tax avoidance by
multinational corporations. It surveys evidence on the main channels of corporate tax …

Intangible assets are a large and growing part of firms' capital stocks. Intangibles are
accumulated via investment—foregoing consumption today for output in the future—but they …

In this chapter, we review the evidence and explanations for the modern productivity
paradox and propose a resolution. Namely, there is no inherent inconsistency between …

By exploiting new macroeconomic data known as foreign affiliates statistics, we show that
affiliates of foreign multinational firms are an order of magnitude more profitable than local …

Triffin gained enormous influence by reviving the interwar story that gold scarcity threatened
deflation. In particular, he held that central banks needed to accumulate claims on the …

We analyze private fixed investment in the US over the past 30 years. We show that
investment is weak relative to measures of profitability and valuation–particularly Tobin's Q …

Global firms finance themselves through foreign subsidiaries, often shell companies in tax
havens, which obscures their true economic location in official statistics. We associate the …

The sense that recent technological advances have yielded considerable benefits for
everyday life, as well as disappointment over measured productivity and output growth in …

How does wealth taxation differ from capital income taxation? When the return on
investment is equal across individuals, a well-known result is that the two tax systems are …

Production processes are fragmenting across borders with countries trading tasks rather
than products. Export statistics based on value added reveal a process of vertical …