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Place-Based Redistribution

By Cecile Gaubert, Patrick Kline, Damian Vergara, and Danny Yagan

Review, October 2025

We study optimal income taxation in a spatial equilibrium model with heterogeneous locational preferences, labor supply decisions, and competitive housing and labor markets. Expressions characterizing the optimal tax schedule in each community are provide...

The Value of Software

By Roberto ó- and Alastair Lawrence

Review, October 2025

Software is one of the most important assets that needs to be priced in the digital economy. It has emerged as a disruptive technology, with companies primarily valued for their software offerings growing from 2 percent to 13 percent of market share betwe...

Politics at Work

By Emanuele Colonnelli, Valdemar Pinho Neto, and Edoardo Teso

Review, October 2025

We study how individual political views shape firm behavior and labor market outcomes using new microdata from Brazil. We first show that business owners are considerably more likely to employ copartisan workers. This phenomenon is in part driven by the o...