Published and Forthcoming Papers

Dynamic Spending Responses to Wealth Shocks: Evidence from Quasi-Lotteries on the Stock Market
(with Asger Lau Andersen and Adam Sheridan)
American Economic Review: Insights, forthcoming

Substantial transmission of SARS-CoV-2 in retail stores: Evidence from matched administrative micro-data on card payments and testing” [Supplementary Material]
(with Bjørn Bjørnsson, Alessandro Martinello, Emil Vestergaard, Asger Lau Andersen and Thais Jensen)
Proceedings of the National Academy of Sciences (PNAS), 2024
[der spiegel] [le monde

What Is Real and What Is Not in the Global FDI Network?
(with Jannick Damgaard and Thomas Elkjaer)
Journal of International Money and Finance, 2024
[financial times #1] [financial times #2] [nytimes] [bloomberg] [reuters] [forbes] [la repubblica] [el pais]
– Presented to EU Commissioners Vestager and Gentiloni [photo] [slides]
– On Washington Post’s list of best work on political economy in 2019

How Do Households respond to Job Loss? Lessons from High-Frequency Datasets
(with Asger Lau Andersen, Amalie Jensen, Claus Thustrup Kreiner, Søren Leth-Petersen and Adam Sheridan)
American Economic Journal: Applied Economics, 2023

Monetary Policy and Inequality
(with Asger Lau Andersen, Mia Jørgensen and José-Luis Peydró)
Journal of Finance, 2023

The End of Bank Secrecy: Implications for Redistribution and Optimal Taxation
Oxford Review of Economic Policy, 2023

Elite Capture of Foreign Aid: Evidence from Offshore Bank Accounts
(with Jørgen Juel Andersen and Bob Rijkers)
Journal of Political Economy, 2022
[economist] [financial times] [le monde] [frankfurter allgemeine] [vox] [daily telegraph]

The Global Minimum Tax
Journal of Public Economics, 2022

Tax evasion and tax avoidance
(with Annette Alstadsæter, Ségal Le Guern Herry and Gabriel Zucman)
Journal of Public Economics, 2022

Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data
(with Asger Lau Andersen, Emil Toft Hansen and Adam Sheridan)
Scandinavian Journal of Economics, 2022

The deterrence effect of whistleblowing
(with Tim Stolper)
Journal of Law and Economics, 2021

At your service! The role of tax havens in international trade with services
(with Shafik Hebous)
European Economic Review, 2021

Social distancing laws cause only small losses of economic activity during the COVID-19 pandemic in Scandinavia
(with Adam Sheridan, Asger Lau Andersen and Emil Toft Hansen)
Proceedings of the National Academy of Sciences (PNAS), 2020
[economist] [financial times] [new york times] [le monde] [die welt] [bloomberg]
(Previously circulated as “Pandemic, Shutdown and Consumer Spending: Lessons from Scandinavian Policy Responses to COVID-19” – link)

Taxing Hiden Wealth: The Consequences of U.S. Enforcement Initiatives on Evasive Foreign Accounts
(with Patrick Langetieg, Daniel Reck, Max Risch and Joel Slemrod)
American Economic Journal: Economic Policy, 2020
(referenced in testimony before the U.S. Permanent Subcommittee on Government Operations) [NBER digest]

Are less developed countries more exposed to multinational tax avoidance? Method and evidence from micro-data
(with Thomas Tørsløv and Ludvig Wier)
World Bank Economic Review, 2020

Taxation and the Allocation of Risk inside the Multinational Firm
(with Johannes Becker and Nadine Riedel)
Journal of Public Economics, 2020

Tax Evasion and Inequality
(with Annette Alstadsæter and Gabriel Zucman)
American Economic Review, 2019
[economist] [guardian #1] [guardian #2] [washington post] [forbes] [LA times] [huffington post] [frankfurter allgemeine] [le soir] [der standard[voxeu]

The Distortive Effect of Too-Big-To-Fail: Evidence from the Danish Market for Retail Deposits
(with Rajkamal Iyer, Thais Lærkholm Jensen and Adam Sheridan)
Review of Financial Studies, 2019
(Previously circulated as “The Run for Safety: Financial Fragility and Deposit Insurance”)

Can Taxes Tame the Banks? Evidence from the European Bank Levies” [appendices: data levies]
(with Michael Devereux and John Vella)
Economic Journal, 2019

Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Ineqality
(with Annette Alstadsæter and Gabriel Zucman)
Journal of Public Economics, 2018
[financial times] [economist] [nytimes] [le figaro] [la repubblicca] [die welt] [NBER Digest] [F&D]

The Consumption Effects of the 2007-2008 Financial Crisis: Evidence from Households in Denmark
(with Thais Lærkholm Jensen)
American Economic Review, 2017

Petro Rents, Political Institutions and Hidden Wealth: Evidence from Offshore Bank Accounts
(with Jørgen Juel Andersen, David Dreyer Lassen and Elena Paltseva)
Journal of the European Economic Association, 2017

The Power of Financial Transparency: An event-study of country-by-country reporting standards
(with Dan Larsen)
Economics Letters, 2016

Taxing the Financially Integrated Multinational Firm
Journal of Public Economic Theory, 2016

The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown” [data appendix]
(with Gabriel Zucman)
American Economic Journal: Economic Policy, 2014
(reprinted in “The Economics of Tax Avoidance and Evasion”, Ed. Dhammika Dharmapala, 2017)
[economist] [guardian] [foreign policy] [huffington post] [die zeit] [der standard] [OECD blog 1] [OECD blog 2]

Tax Avoidance with Cross-Border Hybrid Instruments
Journal of Public Economics, 2014

Tax evasion and Swiss Bank Deposits
Journal of Public Economics, 2014
(referenced extensively in the European Commission’s review of the Savings Directive)

Optimal Fiscal Barriers to International Economic Integration in the Presence of Tax Havens
Journal of Public Economics, 2012

Imperfect Tax Competition for Profits, Asymmetric Equilibria and Beneficial Tax Havens
Journal of International Economics, 2010