NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms

Sabrina T. Howell, J. David Brown

NBER Working Paper No. 26717
Issued in January 2020

---- Acknowledgments ----

We are grateful to seminar participants at UCLA, USC, OSU, Chicago Booth Conference on Finance and Labor, NYU Stern, Temple, and WFA ECWF. We also thank Tania Babina, Jonathan Berk, Nick Bloom, Will Gornall, Luigi Guiso, Alex He, David R. Howell, Simon Jaeger, Xavier Jaravel, Patrick Kline, Ye Li, Adrien Matray, Claudio Michelacci, Holger Mueller, Paige Ouimet, John Van Reenen, Dimitris Papanikolaou, Thomas Philippon, Fabiano Schivardi, Rene Stulz, Chad Syverson, and Eric Zwick for helpful comments, and Alix Byrd and Jun Wong for research assistance. Howell’s research on this project was funded by the Kauffman Foundation. This paper uses data from the U.S. Census Bureau. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. The Disclosure Review Board release numbers are DRB-B0086-CDAR-20180607, CMS request 7276, CBDRB- FY19-369, CBDRB-FY19-452, and CBDRB-FY2020-CES005-010 for DMS project P-7083300. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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