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[宏观经济学研讨会]Taxation and Innovation in the 20th Century
发布日期:2019-04-08
【ECON20191205】
宏观经济学研讨会
(总第260期)

【时间】2019年4月10日(周三)12:15-13:45
【地点】明商0202教室
【主讲】周欣锐 中国人民大学经济学院
【主题】Taxation and Innovation in the 20th Century(Ufuk Akcigit et al., NBER Working Paper, 2018)
【摘要】This paper studies the effect of corporate and personal taxes on innovation in the United States over the twentieth century. We use three new datasets: a panel of the universe of inventors who patent since 1920; a dataset of the employment, location and patents of firms active in R&D since 1921; and a historical state-level corporate tax database since 1900, which we link to an existing database on state-level personal income taxes. Our analysis focuses on the impact of taxes on individual inventors and firms (the micro level) and on states over time (the macro level). We propose several identification strategies, all of which yield consistent results: i) OLS with fixed effects, including inventor and state-times-year fixed effects, which make use of difference between tax brackets within a state-year cell and which absorb heterogeneity and contemporaneous changes in economic conditions; ii) an instrumental variable approach, which predicts changes in an individual or firm`s total tax rate with changes in the federal tax rate only; iii) event studies, synthetic cohort case studies, and a border county strategy, which exploits tax variation across neighboring counties in different states. We find that taxes matter for innovation: higher personal and corporate income taxes negatively affect the quantity and quality of inventive activity and shift its location at the macro and micro levels. At the macro level, cross-state spillovers or business-stealing from one state to another are important, but do not account for all of the effect. Agglomeration effects from local innovation clusters tend to weaken responsiveness to taxation. Corporate inventors respond more strongly to taxes than their non-corporate counterparts.
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人大宏观经济学研讨会(Macro Workshop)旨在追踪宏观经济学国际最新进展,倡导构建符合国情的动态优化模型,并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
联系人:王兆瑞    Email:Macro_Workshop@163.com
资料下载:www.docin.com/mydoc-88265459-1.html
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中国人民大学经济学院
中国经济改革与发展研究院

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