NBER WORKING PAPER SERIES
THE MISSING PROFITS OF NATIONS Thomas R. Tørsløv Ludvig S. Wier Gabriel Zucman Working Paper 24701 http://www.nber.org/papers/w24701
NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2018, Revised April 2020
We thank Alan Auerbach, Johannes Becker, Olivier Blanchard, David Bradbury, Richard Bolwijn, Iain Campbell, Kimberly Clausing, Alex Cobham, Mihir Desai, Michael Devereux, Fritz Foley, Maya Forstater, Teresa Fort, Roger Gordon, Martin Hearson, Niels Johannesen, Petr Janský, Michael Keen, Edward Kleinbard, Claus Kreiner, Paul Krugman, Gaetan Nicodeme, Mitchell Petersen, Thomas Piketty, Nadine Riedel, Dani Rodrik, Emmanuel Saez, Juan Carlos Suárez Serrato, Felix Tintelnot, John Van Reenen, Eric Zwick, and numerous seminar and conference participants for helpful comments and reactions. Zucman acknowledges financial support from Arnold Ventures and the FRIPRO program of the Research Council of Norway. The authors retain sole responsibility for the views expressed in this research. An appendix and all data and code are available online at http://missingprofits.world The authors retain sole responsibility for the views expressed in this research, which do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Thomas R. Tørsløv, Ludvig S. Wier, and Gabriel Zucman. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.