Photo of Chirinko, Robert

Robert Chirinko


Department of Finance


Building & Room:

University Hall 2333


601 S. Morgan St., Chicago, IL 60607

Office Phone:

(312) 355-1262

CV Download:



Robert S. Chirinko received his PhD from Northwestern University in 1982. His research examines business behavior with a focus on financial markets, capital formation, corporate governance and finance, macroeconomics, and tax policy. He has held faculty positions at Cornell University (1982-1985) and the University of Chicago (1985-1992) and full-time visiting positions at Stanford University (1984-1985), the Federal Reserve Bank of Kansas City (1992-1993), and the University of Illinois at Urbana/Champaign (1993-1994). Prior to coming to the University of Illinois at Chicago, he was on the faculty of Emory University from 1994-2007, where he was the Winship Distinguished Research Professor in the Social Sciences. He is currently a professor in the Finance Department at the University of Illinois at Chicago, a research fellow at the Center for Economic Studies (Munich), and an affiliate and member of the Faculty Advisory Panel for the Government Finance Research Center (UIC).

His work has been supported by the National Science Foundation, the Bank of Japan, the Booth School of Business (University of Chicago), Canadian Department of Finance, the Canadian Embassy, the Central Bank of Japan, the Dutch National Bank, the Einaudi Institute of Economics and Finance, the Federal Home Loan Bank Board, the Federal Reserve Bank of San Francisco, the German Bundesbank, the German Academic Exchange Service (DAAD), Industry Canada, the Kauffman Foundation/Georgia Research Alliance, the Prudential Foundation, and the Upjohn Foundation.

He has received the Outstanding Doctoral Dissertation Award (shared with L. Summers) from the National Tax Association and the James L. Barr Memorial Award in Public Economics and the Vernon Award both from the Association for Public Policy Analysis and Management. He was a Houblon-Norman/George Senior Fellow at the Bank of England (2006), a Visiting Professor at the University of Munich (1992), a Visiting Scholar at the European University Institute (2008), a Visiting Professor (2012, 2019) and an honorary professor (2013-2017) at Deakin University, a DAAD Visiting Researcher at Goethe University (2013), a Visiting Professor at the Einaudi Institute of Economics and Finance (2014-2020), a Visiting Researcher at the Booth School of Business (2018), and a visiting scholar at the Bank of Japan (2020).

Selected Publications

  • “Tax Competition among U.S. States: Racing to the Bottom or Riding on a Seesaw?” (with Daniel J. Wilson), Journal of Public Economics 155 (November 2017), 147-163.
  • “The Substitution Elasticity, Factor Shares, And The Low-Frequency Panel Model” (with Debdulal Mallick), American Economic Journal: Macroeconomics  9 (October 2017). 225-253.
  • “Greenspan Shrugs: Formal Pronouncements, Bond Market Volatility, And Central Bank Communication” (with C. Curran), in Pierre Siklos and Jan-Egbert Sturm (eds.), Central Bank Communication, Decision-Making and Governance: The Issues, Challenges, and Case Studies (Cambridge: MIT Press, 2013), 149-179.
  • “A New Approach to Estimating Production Function Parameters:  The Elusive Capital-Labor Substitution Elasticity” (with Steven M. Fazzari and Andrew P. Meyer), Journal of Business & Economic Statistics 29 (October 2011), 587-594.
  • “The Irreversibility Premium” (with H. Schaller), Journal of Monetary Economics 56 (April 2009), 390-408.
  • “σ:  The Long and Short of It,” in Rainer Klump and Chris Papageorgiou (eds.), The CES Production Function in the Theory and Empirics of Economic Growth; conference proceedings published in a special issue of the Journal of Macroeconomics 30 (June 2008), 671-686.
  • “A Revealed Preference Approach to Understanding Corporate Governance Problems:  Evidence from Canada” (with Huntley Schaller), Journal of Financial Economics 74 (Oct. 2004), 181-206.
  • “Business Fixed Investment and ‘Bubbles’: The Japanese Case” (with Huntley Schaller), American Economic Review 91 (June 2001), 663-680.
  • “Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications,” Journal of Economic Literature 31 (December 1993), 1875-1911.


PhD, Economics, Northwestern University, 1982
MA, Economics, Northwestern University, 1979
BA, Economics, University of Pennsylvania, 1975

Research Currently in Progress


7. “What Went Wrong?: The Puerto Rican Debt Crisis, The ‘Treasury Put,’ 7. And The Failure Of Market Discipline” (with Ryan Chiu and Shaina Henderson).
6. “International Capital Allocations And The Lucas Paradox Redux” (with Debdulal Mallick).
5. “Islamic Banking and Firm Performance: Costs, Benefits, and Lessons from the Global Financial Crisis” (with Özgür Arslan-Ayaydin and Mahir Binici).
4. “Job Creation Tax Credits, Fiscal Foresight, and Job Growth: Evidence from U.S. States" (with Daniel J. Wilson).
3. "Noise vs. News in Equity Returns" (with Hisham Foad).
2. “The Substitution Elasticity, Factor Shares, And The Low-Frequency Panel Model” APPENDICES (with Debdulal Mallick), American Economic Journal: Macroeconomics 9 (October 2017), 225-253.
1. “Tax Competition among U.S. States: Racing to the Bottom or Riding on a Seesaw?” APPENDICES (with Daniel J. Wilson), Journal of Public Economics 155 (November 2017), 147-163.