A recent critique of using teachers' test score value-added (TVA) is that teacher quality is multifaceted; some teachers are effective in raising test scores, others are effective in improving long-term outcomes. This paper exploits an institutional setting where high school teachers are randomly...

We assess the business provisions of the 2017 Tax Cuts and Jobs Act, the biggest corporate tax cut in US history. We draw five lessons. First, corporate tax revenue fell by 40 percent due to the lower rate and more generous expensing. Second, firms with larger declines in their effective tax...

The vast majority of U.S. inventors work for firms that also have inventors and plants in other tech clusters. Using merged USPTO-U.S. Census Bureau plant-level data, we show that larger tech clusters not only make local inventors more productive but also raise the productivity of inventors and...