NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Capitalists in the Twenty-First Century

Matthew Smith, Danny Yagan, Owen M. Zidar, Eric Zwick

NBER Working Paper No. 25442
Issued in January 2019, Revised in June 2019

---- Acknowledgments ----

This work does not necessarily reflect the views of the US Treasury Department or the National Bureau of Economic Research. We thank Alan Auerbach, Tom Brennan, Jediphi Cabal, Curtis Carlson, Raj Chetty, Steve Cicala, Michael Cooper, Roger Gordon, John Guyton, Bob Hall, Barry Johnson, Greg Kaplan, Steve Kaplan, Henrik Kleven, Pat Kline, Adam Looney, Jay MacKie, John McClelland, Kevin Murphy, Neale Mahoney, James Pearce, Jim Poterba, Rich Prisinzano, Emmanuel Saez, Jesse Shapiro, David Splinter, Larry Summers, Mike Weber, Matt Weinzierl, Gabriel Zucman, and anonymous referees as well as seminar and conference participants for helpful conversations on this draft. We thank Tom Cui, Katie Donnelly Moran, Clancy Green, Sam Karlin, Stephanie Kestelman, Carl McPherson, Francesco Ruggieri, Karthik Srinivasan, John Wieselthier, and Caleb Wroblewski for excellent research assistance. Yagan gratefully acknowledges financial support from the Laura and John Arnold Foundation. Zidar and Zwick gratefully acknowledge financial support from Chicago Booth's Initiative on Global Markets (IGM), the Kauffman Foundation, and the University of Chicago Booth School of Business. Zidar also gratefully acknowledges support from the Kathryn and Grant Swick Faculty Research Fund at the University of Chicago Booth School of Business and National Science Foundation under Grant Number 1752431, and Zwick gratefully acknowledges financial support from the Neubauer Family Foundation, the Polsky Center, and the Hultquist Faculty Research Endowment at the University of Chicago Booth School of Business.

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