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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2023

Reserves were not so ample after all

Darrell DUFFIE, Adam COPELAND, Yilin (David) YANG
The Federal Reserve’s “balance-sheet normalization,” which reduced aggregate reserves between 2017 and September 2019, increased repo rate distortions, the severity of rate spikes, and intraday payment timing stresses, culminating with a significant disruption in Treasury repo markets in mid-S...
Keywords: Repo rates, reserves, Treasuries, payments, central-bank balance sheet
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Repatriation Taxes and Foreign Cash Holdings: The Impact of Anticipated Tax Reform

Lisa De SIMONE, Joseph D. PIOTROSKI, Rimmy E. TOMY
We examine whether anticipation of a repatriation tax reduction affects the amount of cash U.S. multinational corporations (MNCs) hold overseas. We find that U.S. MNCs most likely to benefit from a repatriation tax reduction accumulated significant cash holdings once Congress proposed legislation, a...
Keywords: Multinational corporate taxation, Repatriation, Foreign cash
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2016

Rent Seeking by Low-Latency Traders: Evidence from Trading on Macroeconomic Announcements

Tarun CHORDIA, T. Clifton GREEN, Badrinath KOTTIMUKKALUR
Prices of the highly liquid S&P500 exchange traded fund (SPY) and the E-mini future (ES) respond to macroeconomic announcement surprises within five milliseconds, with trading intensity increasing over a hundred-fold following the news release. However, profits from trading quickly are relativel...
Keywords: HFT
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Remote Work, Employee Mix, and Performance

Cevat Giray AKSOY, Nicholas A. BLOOM, Steven J. DAVIS, Victoria MARINO, Cem ÖZGÜZEL
We study the shift to fully remote work at a large call center in Turkey, highlighting three findings. First, fully remote work increased the share of women, including married women, rural and smaller-town residents. By accessing groups with traditionally lower labor-force participation the firm was...
Keywords: work from home, remote jobs, workforce mix, productivity
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Real Exchange Rates and Sectoral Productivity in the Eurozone

Martin BERKA, Charles ENGEL, Michael B. DEVEREUX
We investigate the link between real exchange rates and sectoral TFP for eurozone countries. We show that real exchange rate variation, both cross-country and time-series, closely accords with an amended Balassa-Samuelson interpretation, incorporating sectoral productivity shocks and a labor market ...
Keywords: Real Exchange Rates, Eurozone, productivity
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