Offshore Profit Shifting and Aggregate Measurement: Balance of Payments, Foreign Investment, Productivity,and the Labor Share

• 成果类型: Article
• 署名作者: Guvenen, Fatih; Mataloni, Raymond J. Jr Jr; Rassier, Dylan G.; Ruhl, Kim J.
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20190285
• 发表日期: 2022
• 页码: 1848-1884
• 关键词: CORPORATE-TAX BASE; APPORTIONMENT; decline

摘要

We show how offshore profit shifting by US multinational enterprises affects several key measures of the US economy. Profits shifted out of the United States grew rapidly from the mid-1990s to 2010 and have since waned. From 1982-2016, on average,38 percent of income attributed to US direct investment abroad is reattributable to the United States. We find that adjusting for profit shifting shrinks the trade deficit, decreases the return on US foreign direct investment abroad, boosts productivity growth rates in the late 1990s and early 2000s, and lowers labor's share of income. (JEL E23, E25, F14, F23, H25, H87, L25)