We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the 'thin-skinned' view that technological improvements cause markets to react more to new information with the 'thick-skinned' view that they react less....

We study how low interest rates in the United States affect risk taking in the market of crossborder leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We...