The (In)effectiveness of Targeted Payroll Tax Reductions

We thank David Card and Jörn-Steffen Pischke for their guidance and support during the early stages of this project. We also thank Fabrizio Balassone, Francesco D’Amuri, Daniel G. Garrett, Andrew Goodman-Bacon, Steven Hamilton, Hilary Hoynes, Elira Kuka, Francesca Lotti, Matteo Paradisi, Enrico Rubolino, Vincenzo Scrutinio, Bryan Stuart, Roberto Torrini, Dario Tortarolo, Eliana Viviano, and Valeria Zurla for the useful discussion and comments. The realization of this project was possible thanks to the “VisitInps Scholars” program. We are very grateful to the staff of Direzione Centrale Studi e Ricerche for their invaluable support with the data and the institutional setting. The opinions expressed in this paper are those of the authors alone and do not necessarily reflect the views of the Bank of Italy, INPS, or the National Bureau of Economic Research.