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Research Project: (Limited) Replication Exercise

ECON 450: Economics of Taxation

The goal of this research project is to expose students to empirical research in economics.

For this research project, students have to do the following:

1. Extract publicly available datasets from Statistics Canada:

https://www150.statcan.gc.ca/n1/en/type/data?MM=1

2. Clean and analyze the datasets using Stata/R

3. Write a research paper summarizing the main results

Instructionsfor Writing (5 page max, 1.5 spacing, 1 inch margin, 12 pt Times)

1. Introduction: (1) Motivation, (2) Research question, (3) Empirical design and datasets, (4) Results, (5) Policy implications and conclusion (1 page)

2. Institutional Background (0.5 page)

3. Data Sources, Variable Definitions, and Empirical Design (1.5 page)

4. Results, Interpretations, and Limitations (1.5 page)

5. Policy Implications & Conclusion (0.5 page)

6. References

7. Tables (5) & Figures (5)

Notes:

1. The motivation has to be academic or policy-oriented (rather than personal).

2. You need to describe the institutional and policy background relevant for your empirical framework.

3. You need to write down an empirical model that will satisfy your empirical design.

4. Make sure to discuss potential biases from your empirical design, and how you plan to address them in your paper.

5. Discuss your paper’s main limitations and how future researchers can overcome some of those shortcomings.

6. When discussing the results, make sure to explain both the signs and magnitudes of your estimates. Also, compare your estimates to what the prior literature has found.

7. Discuss policy implications of your findings.

Research Project Topic: Corporate Tax Cuts for Small Businesses in Quebec (2014-15)

Reference paper: “Tax Cuts, Firm Growth, and Worker Earnings: Evidence from Small Businesses in Canada”, by Yige Duan and Terry Moon (2022)

Policy Change: Corporate Income Tax Rate Cut (from 8% to 4%) in Quebec for Small Businesses in Manufacturing & Processing Sector.

Outcomes (aggregated at the annual frequency):

1. Employment (seasonally adjusted)

2. Wages : (1) total employees, all wages, (2) Average hourly wage rate.

Focus on full-time workers across all age groups and gender. Then test whether the effects are different for different age groups, males vs. females, and full-time vs. part-time workers.

3. Investment (flows and stocks of fixed non-residential capital): (1) total non-residential capital (2) machinery and equipment, (3) intellectual property products

4. Total Revenue (Output)

Data Sources: Statistics Canada (publicly available data online)

Empirical Design: triple-difference (Manufacturing vs. non-manufacturing in Quebec, and across two other major provinces, B.C. and O.N.)

1. Note that you do not have firm-level data

2. Think about which sectors to include as part of the control group

3. Write down the appropriate econometric model (triple-difference) at the sector by province level

Potential biases: discuss potential biases in your estimates given that you do not observe these data at the firm-level.

Interpretations:

1. First interpret the sign and magnitude of your estimates, along with their statistical significance (based on standard errors and t-statistics)

2. Compare the estimates with those from the reference paper

3. Discuss why your estimates may be different from the estimates from the paper

4. Discuss how the reference paper overcomes challenges you face using detailed firm-level data.