enforce collection of sales taxes on a destination basis. This has reduced state tax competition with an essentially … among policy makers and researchers. We provide a detailed discussion of state and local sales tax features and the extent … to which they have fostered sales tax competition in recent decades. We then explore the extent to which greater …

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade …-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of … corporate events. We find that relationship banks build up positive (negative) trading positions in the two weeks before events …

reserves--a crucial decision-making input for modern central banks. Second, we propose diagnostic tools to gauge the central … funding across banks …

We propose a model consistent with two observations. First, the tax rates adopted by different countries are generally … their growth performance. In our model, the effects of taxation on growth are highly non-linear. Low or moderate tax rates … have a very small impact on long-run growth rates. But as tax rates rise, their negative impact on growth rises …

increased credit to unaffected parts of the conforming-mortgage market. Banks responded by reallocating provision of speculative … are most pronounced where banks do not own branches. The results suggest that banks manage credit provision not only in a …

We analyze the effect of a major central bank digital currency (CBDC) - the digital euro - on the payment industry to … firms increase in response to positive announcements on the digital euro. Bank stocks do not react. We estimate a loss in …