Raj Chetty

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Working Papers

• The Long-Term Impacts of Teachers: Teacher Value-Added and Student Outcomes in Adulthood
  NBER Working Paper # 17699 (with John Friedman and Jonah Rockoff), December 2011   [NEW]
• The Effect of Housing on Portfolio Choice
  NBER Working Paper # 15998 (with Adam Szeidl)   [REVISED, February 2012]
  
  (1) Manuscript (2) Slides
• Identification and Inference with Many Invalid Instruments
  (with Michal Kolesar, John Friedman, Edward Glaeser, and Guido Imbens) October 2011
• Using Differences in Knowledge Across Neighborhoods to Uncover the Impacts of the EITC on Earnings
  (with John Friedman and Emmanuel Saez) preliminary version, November 2011
• Does Indivisible Labor Explain the Difference between Micro and Macro Elasticities? A Meta-Analysis of Extensive Margin Elasticities
  (with Adam Guren, Day Manoli, and Andrea Weber), forthcoming NBER Macroeconomics Annual 2012
  
  (1) Manuscript (2) Slides (3) Matlab Simulation Code
• Consumption Commitments: A Foundation for Reference-Dependent Preferences and Habit Formation
  (with Adam Szeidl), June 2010
• Expanding Access to Administrative Data for Research in the United States
  (with David Card, Martin Feldstein, and Emmanuel Saez) National Science Foundation White Paper , September 2010
• Teaching the Tax Code: Earnings Responses to an Experiment with EITC Recipients
  (with Emmanuel Saez) revised April 2012

Published Papers

• Bounds on Elasticities with Optimization Frictions: A Synthesis of Micro and Macro Evidence on Labor Supply
  forthcoming, Econometrica
  
  (1) Manuscript (2) Slides (3) Excel Bounds Calculator (4) NBER TAXCOST calculator (5) Stata and Matlab Code (6) Meta Analysis Calculations
• How Does Your Kindergarten Classroom Affect Your Earnings? Evidence from Project STAR
  (with John Friedman, Nathaniel Hilger, Emmanuel Saez, Diane Schanzenbach, and Danny Yagan), Quarterly Journal of Economics 126(4): 1593-1660, 2011
  
  (1) Manuscript (2) Slides (3) Kappan non-technical summary (4) NTA Proceedings Property Tax Manuscript
• Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins
  (with Adam Guren, Day Manoli, and Andrea Weber), American Economic Review Papers and Proceedings 101: 471-75, 2011
• Adjustment Costs, Firm Responses, and Micro vs. Macro Labor Supply Elasticities: Evidence from Danish Tax Records
  (with John Friedman, Tore Olsen, and Luigi Pistaferri), Quarterly Journal of Economics 126(2): 749-804, 2011
  
  (1) Manuscript (2) NBER wp 15617 [older version with additional results] (3) Slides (4) Bunching Estimation Code
• Dividend and Corporate Taxation in an Agency Model of the Firm
  (with Emmanuel Saez) American Economic Journal: Economic Policy 2(3): 1-31, 2010
  
  (1) Manuscript (2) NBER wp 13538: An Agency Theory of Dividend Taxation [older version with additional results]
• Optimal Taxation and Social Insurance with Endogenous Private Insurance
  (with Emmanuel Saez) American Economic Journal: Economic Policy 2(2): 85-114, 2010
  
  (1) Manuscript (2) NBER wp 14403 with additional results (3) Data and Code
• Is the Taxable Income Elasticity Sufficient to Calculate Deadweight Loss? The Implications of Evasion and Avoidance
  American Economic Journal : Economic Policy 1(2): 31-52, 2009
• Sufficient Statistics for Welfare Analysis: A Bridge Between Structural and Reduced-Form Methods
  Annual Review of Economics 1: 451-488, 2009
  
  (1) Manuscript (2) Slides
• Salience and Taxation: Theory and Evidence
  (with Adam Looney and Kory Kroft) American Economic Review 99(4): 1145-1177, Sep. 2009
  (1) Manuscript (2) Web Appendix (3) Slides (4) Data and code (5) NBER wp 13330: older version with bounded rationality model
  (6) NBER wp 15246: The Simple Economics of Salience and Taxation.
• Moral Hazard vs. Liquidity and Optimal Unemployment Insurance
  Journal of Political Economy, 116(2): 173-234, 2008.
  (1) Manuscript (2) Slides (3) Erratum (4) Data, stata code, and unemployment benefit calculator (5) Search model simulation code
• Cash-on-Hand and Competing Models of Intertemporal Behavior: New Evidence from the Labor Market
  (with David Card and Andrea Weber), Quarterly Journal of Economics, 122(4): 1511-1560, 2007.
  
  (1) Manuscript (2) Slides (3) NBER wp with additional results
• Interest Rates, Irreversibility, and Backward-Bending Investment
  Review of Economic Studies, 74(1): 67-91, 2007
• Consumption Commitments and Risk Preferences
  (with Adam Szeidl), Quarterly Journal of Economics, 122(2): 831-877, 2007
• The Spike at Benefit Exhaustion: Leaving the Unemployment System or Starting a New Job?
  (with David Card and Andrea Weber), American Economic Review Papers and Proceedings, 97:113-118, 2007.
  (1) Manuscript (2) Slides (3) NBER wp with additional results
• The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can We Learn from the 2003 Dividend Tax Cut?
  (with Joseph Rosenberg and Emmanuel Saez), in eds. A. Auerbach, J. Hines, and J. Slemrod
  Taxing Corporate Income in the 21st Century, Cambridge, Cambridge University Press, 1-33, 2007
• Income Risk and the Benefits of Social Insurance: Evidence from Indonesia and the United States
  (with Adam Looney), in eds. T. Ito and A. Rose, Fiscal Policy and Management in East Asia: NBER East Asia Seminar on Economics 16, Chicago, University of Chicago Press, 2007
• A General Formula for the Optimal Level of Social Insurance
  Journal of Public Economics, 90:  1879-1901, 2006
  
  (1) Manuscript (2) Slides
• Consumption Smoothing and the Welfare Consequences of Social Insurance in Developing Economies
  (with Adam Looney), Journal of Public Economics, 90: 2351-2356, 2006
  
  (1) Manuscript (2) Slides
• The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence
  (with Emmanuel Saez), American Economic Review Papers and Proceedings 96: 124-129, 2006
• A New Method of Estimating Risk Aversion
  American Economic Review, 96(5), 1821-1834, December 2006
• Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut
  (with Emmanuel Saez), Quarterly Journal of Economics, 120(3): 791-833, 2005.
  (1) Manuscript (2) Slides (3) Stata code and hand-collected institutional and executive ownership data (4) NBER wp with additional results
  (5) Results updated to 2006Q2

Unpublished Manuscripts

• Salience and Taxation: Evidence and Policy Implications
  Testimony for the U.S. Senate Finance Committee, March 2011
• The Simple Economics of Salience and Taxation
  NBER working paper # 15246, August 2009
• Optimal Unemployment Insurance When Income Effects are Large
  NBER working paper #10500, May 2004
• Consumption Commitments, Unemployment Durations, and Local Risk Aversion
  NBER working paper # 10211, December 2003
• When do Countercyclical Policies Increase Economic Stability?
  September 2001