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Journal Article
Macroprudential policy: a case study from a tabletop exercise
Adrian, Tobias; Yang, Emily; de Fontnouvelle, Patrick; Zlate, Andrei (2017-23-01)
Since the global financial crisis of 2007-09, policymakers and academics have advocated the use of prudential policy tools to reduce the risks that could inhibit the financial sector?s ability to intermediate credit. The use of such tools in the service of financial stability is often called macroprudential policy. This article describes a ?tabletop? exercise in which Federal Reserve Bank presidents were presented with a hypothetical scenario of overheating markets and asked to consider the effectiveness of macroprudential policy approaches in averting or moderating the financial disruptions ...
Economic Policy Review , Issue 23-1 , Pages 1-30

Journal Article
GSE guarantees, financial stability, and home equity accumulation
Passmore, Wayne; von Hafften, Alexander H. (2018-24-03)
Before 2008, the government?s ?implicit guarantee? of the securities issued by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac led to practices by these institutions that threatened financial stability. In 2008, the Federal Housing Finance Agency placed these GSEs into conservatorship. Conservatorship was intended to be temporary but has now reached its tenth year, and policymakers continue to weigh options for reform. In this article, the authors assess both implicit and explicit government guarantees for the GSEs. They argue that adopting a legislatively defined ...
Economic Policy Review , Issue 24-3 , Pages 11-27

Journal Article
Informational easing: improving credit conditions through the release of information
Pritsker, Matthew (2010-08)
Economist Matthew Pritsker of the Board of Governors of the Federal Reserve System offers a theoretical view on how regulators can reduce uncertainty in the financial markets by improving the availability of information.
Economic Policy Review , Volume 16 , Issue Aug , Pages 77-87

Journal Article
Technological trends affecting the manufacturing sector of New York City
Moss, Mitchell L. (1997-02)
The author concludes that manufacturing is still a vital part of New York City's economy, despite substantial job losses in this sector over the past two decades. An influx of skilled immigrants, the use of advanced technologies in production processes, and the ability to respond rapidly to global markets give New York City a strong future in manufacturing high-value goods.
Economic Policy Review , Volume 3 , Issue Feb , Pages 87-90

Journal Article
Trading activity and price transparency in the inflation swap market
Sporn, John; Fleming, Michael J. (2013-05)
The issues of liquidity and price transparency in derivatives markets have taken on greater import given regulatory efforts under way to improve their transparency. To date, the lack of transaction data has impeded the understanding of how the inflation swap and other derivatives markets operate. This article broadens that understanding by using a novel transaction data set to examine trading activity and price transparency in the quickly growing U.S. inflation swap market. The authors find that the market appears reasonably liquid and transparent, despite its over-the-counter nature and ...
Economic Policy Review , Volume 19 , Issue May , Pages 45-57

Journal Article
Commentary
Goodman, Jack (2003-06)
This paper was presented at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002. It was part of Session 2: Affordable Housing and the Housing Market, and is a commentary on "Government regulation and changes in the affordable housing stock" by C. Tsuriel Somerville and Christopher J. Mayer.
Economic Policy Review , Issue Jun , Pages 63-67

Journal Article
Literature review on the stability of funding models
Yorulmazer, Tanju (2014-02)
Financial intermediaries have an important role as liquidity providers?they perform maturity and liquidity transformation by issuing liquid, short-term liabilities while holding illiquid, long-term assets. But there is an inherent fragility associated with this role. This article provides a review of the economics literature on the stability of banks and other financial intermediaries, with a policy-oriented focus on their funding models. Yorulmazer employs the standard framework used in the literature to examine the fragility of intermediaries that conduct maturity and liquidity ...
Economic Policy Review , Issue Feb , Pages 3-16

Journal Article
Introduction [to A Primer on the GCF Repo® Service]
Copeland, Adam (2015)
Repurchase agreements, or repos, are commonly used by financial entities to access money markets. GCF Repo, a financial service provided by the Fixed Income Clearing Corporation (FICC), is a particular type of repo in which trades are executed anonymously, with FICC acting as a central counterparty and guaranteeing settlement. In this primer, which consists of an introduction and two articles, the authors explore the effects on GCF Repo of ongoing reforms to the settlement procedures for another type of repo, tri-party repo. Key areas of focus are the impact of the reforms on the use of ...
Economic Policy Review , Issue 2 , Pages 1-6

Journal Article
Banks with something to lose: the disciplinary role of franchise value
Strahan, Philip E.; Saidenberg, Marc R.; Demsetz, Rebecca (1996-10)
As protectors of the safety and soundness of the banking system, banking supervisors are responsible for keeping banks' risk taking in check. The authors explain that franchise value--the present value of the stream of profits that a firm is expected to earn as a going concern--makes the supervisor's job easier by reducing banks' incentives to take risks. The authors explore the relationship between franchise value and risk taking from 1986 to 1994 using both balance-sheet data and stock returns. They find that banks with high franchise value operate more safely than those with low franchise ...
Economic Policy Review , Volume 2 , Issue Oct , Pages 1-14

Journal Article
Commentary on two papers on education and crime in urban neighborhoods
Neal, Derek (1999-09)
Economic Policy Review , Volume 5 , Issue Sep , Pages 111-113

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