In the aftermath of the Covid-19 pandemic, the U.S. equity markets have witnessed a surge in the number of publicly listed companies. Using data for the three major U.S. stock exchanges (AMEX, NYSE, and NASDAQ), we find that the number of publicly traded companies went from 4,144 at the end of...

In this paper, I examine the effects of a countercyclical fiscal policy that gave firms additional tax refunds -- additional liquidity -- at the end of the past two recessions. I take advantage of a discontinuity in the slope of the tax refund formula to estimate the policy's impact. I find that...

We explore bunching at U.S. income tax kinks using a panel of 258 million tax returns from 1996 to 2014. We find bunching at seven kinks, with nearly all bunching occurring at kinks maximizing tax credits. In our sample period, the total number of bunchers increased at an 11 percent annualized...

This paper documents changes in retirement saving patterns at the onset of the COVID-19 pandemic. We construct a large panel of US tax data, including tens of millions of person-year observations, and measure retirement savings contributions and withdrawals. We use these data to document several...

Using a panel of tax data, we follow the earnings of individuals over business cycles. Compared to prior recessions, the Covid policy response and recovery were far more progressive. Among workers starting in the bottom quintile, median real earnings including fiscal relief increased 66 percent...

Appendix A provides a more exhaustive discussion of the bunching we see in the data. It also shows how our bunching estimates vary under alternative parameter choices and polynomial degrees. Appendix B provides descriptive statistics of our Main Sample. Finally, Appendix C discusses the kinks we...

This paper documents changes in retirement saving patterns at the onset of the COVID-19 pandemic. We construct a large panel of U.S. tax data, including tens of millions of person-year observations, and measure retirement savings contributions and withdrawals. We use these data to document...