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Author:Smolyansky, Michael 

Discussion Paper
U.S. Corporations' Repatriation of Offshore Profits: Evidence from 2018

We investigate how companies with large holdings of cash abroad have used those funds following the Tax Cuts and Jobs Act (TCJA), which eliminated prior tax disincentives on the repatriation of foreign earnings.
FEDS Notes , Paper 2019-08-06

Working Paper
To Cut or Not to Cut? On the Impact of Corporate Taxes on Employment and Income

Do corporate tax increases destroy jobs? And do corporate tax cuts boost employment? Answering these questions has proved empirically challenging. We propose an identification strategy that exploits variation in corporate income tax rates across U.S. states. Comparing contiguous counties straddling state borders over the period 1970 to 2010, we find that increases in corporate tax rates lead to significant reductions in employment and income. We find little evidence that corporate tax cuts boost economic activity, unless implemented during recessions when they lead to significant increases in ...
Finance and Economics Discussion Series , Paper 2016-6

Working Paper
Does Intergenerational Mobility Increase Corporate Profits?

We find that firms located in areas with higher intergenerational mobility are more profitable. Building off the work of Chetty and Hendren (2018a and 2018b)?who provide measures of intergenerational mobility for all commuting zones (essentially, metropolitan areas) within the U.S.?we are the first to show the positive association between intergenerational mobility and corporate profitability. Our regressions compare firms in the same industry at the same point in time and fully control for time-varying state-level shocks. As such, our findings cannot be explained by either differences in ...
Finance and Economics Discussion Series , Paper 2019-081

Working Paper
Policy Externalities and Banking Integration

Can policies directed at the banking sector in one jurisdiction spill over and affect real economic activity elsewhere? To investigate this question, I exploit changes in tax rates on bank profits across U.S. states. Banks respond by reallocating small-business lending to otherwise unaffected states. Moreover, counties in non-tax-changing states that have more exposure to treated banks experience greater changes in lending, which in turn impacts local employment. The findings demonstrate that policies aimed at the banking sector in one jurisdiction can impose externalities on other regions. ...
Finance and Economics Discussion Series , Paper 2016-8

Discussion Paper
Which Market Indicators Best Forecast Recessions?

In this note, we use econometric methods to infer which economic and financial indicators reliably identify and predict recessions.
FEDS Notes , Paper 2016-08-02

Discussion Paper
U.S. Corporations' Repatriation of Offshore Profits

We investigate how companies with large holdings of cash abroad have used those funds following the Tax Cuts and Jobs Act, which eliminated prior tax disincentives on the repatriation of foreign earnings.
FEDS Notes , Paper 2018-09-04

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