Intangible Assets and Transactions within Multinational Enterprises: Implications for National Economic Accounts
In: World Intellectual Property Organization (WIPO) Economic Research Working Paper Series No. 38
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In: World Intellectual Property Organization (WIPO) Economic Research Working Paper Series No. 38
SSRN
In: Journal of economic and social measurement, Band 39, Heft 4, S. 257-281
ISSN: 1875-8932
In: Contemporary economic policy: a journal of Western Economic Association International, Band 29, Heft 3, S. 357-373
ISSN: 1465-7287
In: Environmental and resource economics, Band 45, Heft 3, S. 353-377
ISSN: 1573-1502
In: NBER Working Paper No. w24915
SSRN
Working paper
In: NBER Working Paper No. w23324
SSRN
In: American economic review, Band 112, Heft 6, S. 1848-1884
ISSN: 1944-7981
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)