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Journal Article
Robust capital regulation
Schuermann, Til; Mehran, Hamid; Acharya, Viral V.; Thakor, Anjan V. (2012-05)
Regulators and markets can find the balance sheets of large financial institutions difficult to penetrate, and they are mindful of how undercapitalization can create incentives to take on excessive risk. This study proposes a novel framework for capital regulation that addresses banks' incentives to take on excessive risk and leverage. The framework consists of a special capital account in addition to a core capital requirement. The special account would accrue to a bank's shareholders as long as the bank is solvent, but would pass to the bank's regulators?rather than its creditors?if the ...
Current Issues in Economics and Finance , Volume 18 , Issue May

Journal Article
Is the United States losing its productivity advantage?
Amiti, Mary; Stiroh, Kevin J. (2007-09)
Strikingly high rates of labor productivity growth in China, India, and other emerging economies have prompted concerns that U.S. workers and firms are losing ground to their competitors in world markets. A closer look at the evidence, however, suggests that rapid foreign productivity growth will bring gains as well as losses to the U.S. economy. Some import-competing firms may be compelled to restructure or leave the market, but consumers will benefit from lower import prices and more import varieties, and U.S. exporters may gain access to cheaper intermediate products from abroad.
Current Issues in Economics and Finance , Volume 13 , Issue Sep

Journal Article
New York - New Jersey job recovery expected to continue in 1998
DeMott, Mike; Rosen, Rae D.; Orr, James A. (1998-03)
The pattern of employment recovery in the New York-New Jersey region is expected to remain unbroken in 1998, despite a slight slowing of job growth.
Current Issues in Economics and Finance , Volume 4 , Issue Mar

Journal Article
Job growth in New York and New Jersey: mid-2007 review and outlook
Rosen, Rae D.; Bram, Jason; Orr, James A. (2007-08)
Employment in the New York-New Jersey region expanded by about 0.9 percent in 2006. Slightly slower job growth - on the order of 0.8 percent - was recorded in the first half of 2007 and is expected to continue throughout the year, in part reflecting moderating growth in the national economy. The employment rise in New York State was led by a strong expansion of services jobs in New York City; any sustained weakening in the city's financial sector would be unlikely to affect employment significantly until 2008.
Current Issues in Economics and Finance , Volume 13 , Issue Aug

Journal Article
Why small businesses were hit harder by the recent recession
Sahin, Aysegul; Kitao, Sagiri; Cororaton, Anna; Laiu, Sergiu (2011-07)
Although both large and small businesses felt the sting of job losses during the 2007-09 downturn, small firms experienced disproportionate declines. A study of the recession?s employment effect on small firms suggests that poor sales and economic uncertainty were the main reasons for their weak performance and sluggish recovery?problems that affected large firms too, but to a lesser degree. Although a tightened credit supply constrained some small firms, weak consumer demand for the firms? products and services was a more pressing factor, reducing revenues and dampening new investment ...
Current Issues in Economics and Finance , Volume 17 , Issue July

Journal Article
Is upstate New York showing signs of a turnaround?
DeMott, Mike; Deitz, Richard (1999-05)
Upstate New York may have shown signs of a turnaround in 1997 and 1998, but its economic performance is still well below that of the nation and New York State as a whole.
Current Issues in Economics and Finance , Volume 5 , Issue May

Journal Article
The impact of reduced inflation estimates on real output and productivity growth
Steindel, Charles (1999-06)
Despite posting their strongest sustained performance in many years, recent measures of output and productivity growth have still fallen short of their 1960-73 averages. Could data-measurement problems affecting the pricing of some services account for the inability of these widely tracked U.S. growth indexes to match their earlier rates?
Current Issues in Economics and Finance , Volume 5 , Issue Jun

Journal Article
The recession's impact on the state budgets of New York and New Jersey
Deitz, Richard; Steindel, Charles; Haughwout, Andrew F. (2010-06)
In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states' heavy reliance on personal income taxes--particularly from high-wage earners in the finance sector--has exacerbated revenue shortfalls. To close their budget gaps, New York and New Jersey have had to make difficult choices about tax increases and service cuts. In the future, the states might take steps to avert such budget quandaries by establishing "rainy day" funds or restructuring taxes to make ...
Current Issues in Economics and Finance , Volume 16 , Issue Jun/Jul

Journal Article
The balance of payments crisis in the euro area periphery
Klitgaard, Thomas; Higgins, Matthew (2014)
Countries in the euro area periphery borrowed heavily from abroad in the years leading up to the sovereign debt crisis, largely to finance increased consumption and housing investment. When the crisis hit in 2010, capital flight by private investors forced these countries to bring domestic spending back into line with domestic incomes?the same adjustment required of countries facing a typical balance of payments crisis. Nevertheless, adjustment to the pullback of private capital was not as harsh as might have been expected, owing to the workings of the euro area?s system for managing ...
Current Issues in Economics and Finance , Volume 20

Journal Article
The yield curve as a leading indicator: some practical issues
Estrella, Arturo; Trubin, Mary R. (2006-07)
Since the 1980s, economists have argued that the slope of the yield curve-the spread between long- and short-term interest rates-is a good predictor of future economic activity. While much of the existing research has documented how consistently movements in the curve have signaled past recessions, considerably less attention has been paid to the use of the yield curve as a forecasting tool in real time. This analysis seeks to fill that gap by offering practical guidelines on how best to construct the yield curve indicator and to interpret the measure in real time.
Current Issues in Economics and Finance , Volume 12 , Issue Jul

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