The macroeconomic effects of the 2017 tax reform. Robert Barro, Jason Furman, March 4, 2018, Paper, “In December 2017, Congress enacted the most sweeping set of tax changes in a generation, lowering statutory tax rates for individuals and businesses and altering the tax base—in some cases to remove distortionary tax preferences and in some cases to create new ones. The law generated substantial debate on many issues, notably about its long-term impact on the capital-labor ratio, GDP per worker, real wages and, in the transition to the new steady state, economic growth. One of us (Robert) joined a group of economists (Wall Street Journal, November 26, 2017) to argue that the corporate-tax part of the tax reform would have substantially positive long-term effects in all of these dimensions. Another of us (Jason) was a consistent critic of the law.Link