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About the Author(s)

Juan Carlos Suárez Serrato

Juan Carlos Suárez Serrato is a professor of economics at Stanford University’s Graduate School of Business and an NBER research associate affiliated with the Public Economics Program.

Suárez Serrato’s research focuses on how taxes and government spending affect economic growth and welfare. His studies of the US economy examine how federal spending affects local economic growth, welfare, and inequality; who benefits from state corporate tax cuts; the aggregate consequences of disparate state tax systems; how subsidies for municipal bonds affect the borrowing cost of local governments; and how tax incentives for investment affect employment and worker earnings. His research on the Chinese economy studies the efficacy of meritocracy in the selection of political leaders, whether firms respond to tax incentives for R&D by manipulating expenses, and how corporate tax incentives affect investment and firm growth. His research on international taxation studies which measures are effective at curbing profit shifting to tax havens, and how these policies affect domestic economic activity.

Suárez Serrato has served as a co-editor of the Journal of Public Economics and is on the board of editors of the American Economic Review and the Journal of Economic Perspectives.

He received his BA in economics and mathematics from Trinity University and his PhD in economics from the University of California, Berkeley. Prior to joining the Stanford faculty, he was a professor of economics at Duke University.

Owen Zidar

Owen Zidar is a professor of economics and public affairs in the Princeton University Department of Economics and School of Public and International Affairs. He is also an NBER research associate in the Public Economics Program and a former co-editor of the Journal of Public Economics.

Zidar studies inequality and tax policy. Before joining the Princeton faculty, Zidar was an assistant professor of economics at the University of Chicago Booth School of Business, a staff economist at the Council of Economic Advisers, and an analyst at Bain Capital Ventures. Zidar holds a PhD in economics from the University of California, Berkeley. His predoctoral studies were at Dartmouth College where he earned a BA, summa cum laude, in economics. He is a 2018 recipient of a National Science Foundation CAREER Award and a 2020 recipient of a Sloan Research Fellowship.

Endnotes

1. Who Benefits from State Corporate Tax Cuts? A Local Labor Markets Approach with Heterogeneous Firms,” Suárez Serrato JC, Zidar O. NBER Working Paper 20289, July 2014, and American Economic Review 106(9), September 2016, pp. 2582–2624. Go to ⤴︎
2. Top Wealth in America: New Estimates and Implications for Taxing the Rich,” Smith M, Zidar O, Zwick E. NBER Working Paper 29374, October 2021, and The Quarterly Journal of Economics 138(11), August 2022, pp. 515–573. Go to ⤴︎
4. Malgouyres, Mayer, and Mazet-Sonilhac (2022) observe that Suárez Serrato and Zidar (2016) did not account for the compositional margin, which is the effect of tax changes on average idiosyncratic firm productivity, and was inconsistent in addressing whether or not the cost of capital varied across locations. In Suárez Serrato and Zidar (2023), we show that accounting for the composition margin and the cost of capital in the baseline structural model has modest effects on estimates of corporate tax incidence. Go to ⤴︎
5.  “The Structure of State Corporate Taxation and Its Impact on State Tax Revenues and Economic Activity,” Suárez Serrato JC, Zidar O. NBER Working Paper 23653, August 2017, and Journal of Public Economics 167, November 2018, pp. 158–176. Go to ⤴︎
6.  “Evaluating State and Local Business Tax Incentives,” Slattery C, Zidar O. NBER Working Paper 26603, January 2020, and Journal of Economic Perspectives 34(2), Spring 2020, pp. 90–118. This study relies on data from “Bidding for Firms: Subsidy Competition in the US,” Slattery, C. Working Paper, University of California, Berkeley, 2022. https://cailinslattery.com/s/Slattery-2022-Bidding-for-Firms.pdf Go to ⤴︎
7.  “Do Corporate Tax Cuts Increase Income Inequality?” Nallareddy S, Rouen E, Suárez Serrato JC. NBER Working Paper 24598, August 2019. Go to ⤴︎
8.  “State Taxes and Spatial Misallocation,” Fajgelbaum P, Morales E, Suárez Serrato JC, Zidar O. NBER Working Paper 21760, November 2015, and Review of Economic Studies 86(1), January 2019, pp. 333–376.   Go to ⤴︎
9. Tax Policy and Local Labor Market Behavior,” Garrett DG, Ohrn EC, Suárez Serrato JC. NBER Working Paper 25546, February 2019, and American Economic Review: Insights 2(1), March 2020, pp. 83–100. Go to ⤴︎
10.  “Capital Investment and Labor Demand,” Curtis EM, Garret DG, Ohrn EC, Roberts KA, Suárez Serrato JC. NBER Working Paper 29485, June 2022. Go to ⤴︎
11. Tax Policy and Heterogeneous Investment Behavior,” Zwick E, Mahon J. NBER Working Paper 21876, January 2016, and American Economic Review 107(1), January 2017, pp. 217–248. Go to ⤴︎
12. The Structure of Business Taxation in China,” Chen Z, He Y, Liu Z, Suárez Serrato JC, Xu DY. NBER Working Paper 28051, November 2020, and Tax Policy and the Economy 35, 2021, pp. 131–177. Go to ⤴︎
13.  “Notching R&D Investment with Corporate Income Tax Cuts in China,” Chen Z, Liu Z, Suárez Serrato JC, Xu DY. NBER Working Paper 24749, October 2020, and American Economic Review 111(7), July 2021, pp. 2065–2100. Go to ⤴︎
14. Tax Policy and Lumpy Investment Behavior: Evidence from China’s VAT Reform,” Chen Z, Jiang Z, Liu Z, Suárez Serrato JC, Xu DY. NBER Working Paper 26336, June 2020, and The Review of Economic Studies 90(2), March 2023, pp. 634–674. Go to ⤴︎
15.  “Tax Planning Multinational Behavior,” Altshuler R, Boller L, Suárez Serrato JC. Working Paper, August 2023. Go to ⤴︎
16. The Race Between Tax Enforcement and Tax Planning: Evidence From a Natural Experiment in Chile,” Bustos S, Pomeranz D, Suárez Serrato JC, Vila-Belda J, Zucman G. NBER Working Paper 30114, June 2022. Go to ⤴︎
17.  “Effects of International Tax Provisions on Domestic Labor Markets,” Garrett DG, Ohrn E, Suárez Serrato JC. Proceedings, Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association 113, 2020, pp. 1–2. Go to ⤴︎
18.  “Effects of International Tax Provisions on Domestic Labor Markets,” Garrett DG, Ohrn E, Suárez Serrato JC. Proceedings, Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association 113, 2020, pp. 1–2. Go to ⤴︎
19. Tax Policy and Global Investment Behavior: Evidence from the TCJA,” Chodorow-Reich G, Smith M, Zidar O, Zwick E. Working Paper, August 2023. Go to ⤴︎

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