Search Results

SORT BY: PREVIOUS / NEXT
Bank:Federal Reserve Bank of New York 

Journal Article
New directions for understanding systemic risk: a report on a conference cosponsored by the Federal Reserve Bank of New York and the National Academy of Sciences

The Federal Reserve Bank of New York released a report -- New Directions for Understanding Systemic Risk -- that presents key findings from a cross-disciplinary conference that it cosponsored in May 2006 with the National Academy of Sciences' Board on Mathematical Sciences and Their Applications. ; The pace of financial innovation over the past decade has increased the complexity and interconnectedness of the financial system. This development is important to central banks, such as the Federal Reserve, because of their traditional role in addressing systemic risks to the financial system. ; ...
Economic Policy Review , Volume 13 , Issue Nov , Pages i-83

Discussion Paper
Household Services Expenditures: An Update

This post updates and extends my July 2011 blog piece on household discretionary services expenditures. I examine the most recent data to see what they reveal about the depth of decline in expenditures in the last recession and the extent of the recovery, and find that the expenditures appear to be further below the peak identified earlier. I then compare the pace of recovery for discretionary and nondiscretionary services in this expansion with that of previous expansions, finding that the pace in both cases is well below that of previous cycles. In summary, household spending continues to ...
Liberty Street Economics , Paper 20121126

Journal Article
Short-term borrowing by local school districts

Quarterly Review , Volume 11 , Issue Sum , Pages 30-41

Journal Article
A primer on Federal Reserve float

Quarterly Review , Volume 57 , Issue Oct , Pages 245-253

Report
Establishing credibility: evolving perceptions of the European Central Bank

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high-frequency data to test for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield curves in the euro area and on the euro-dollar exchange rate suggest that the market's perception of the policy ...
Staff Reports , Paper 231

Report
Nonlinearity and flight to safety in the risk-return trade-off for stocks and bonds

We document a highly significant, strongly nonlinear dependence of stock and bond returns on past equity market volatility as measured by the VIX. We propose a new estimator for the shape of the nonlinear forecasting relationship that exploits additional variation in the cross section of returns. The nonlinearities are mirror images for stocks and bonds, revealing flight to safety: expected returns increase for stocks when volatility increases from moderate to high levels, while they decline for Treasury securities. These findings provide support for dynamic asset pricing theories where the ...
Staff Reports , Paper 723

Report
Vesting and control in venture capital contracts

Vesting of equity payments to an entrepreneur, which is a form of time-contingent compensation, is very common in venture capital contracts. Empirical research suggests that vesting is used to help overcome asymmetric information and agency problems. We show in a theoretical model that vesting equity to an entrepreneur over a long period of time acts as a screening device against a bad entrepreneur type. But incomplete contracts due to hold-up by the venture capitalist imply that equity compensation, in the form of either short-term or long-term vesting, cannot provide standard contractible ...
Staff Reports , Paper 297

Report
Business cycle fluctuations and the distribution of consumption

This paper sheds new light on the interactions between business cycles and the consumption distribution. We use Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that our approach is able to closely match business cycle fluctuations of consumption from the National Account. We then study the responses of the consumption distribution to total factor productivity shocks and economic policy uncertainty shocks. Importantly, we find that the responses of the right tail of the consumption distribution, ...
Staff Reports , Paper 716

Journal Article
After the refinancing boom: will consumers scale back their spending?

Concerns are rising that the recent surge in home equity withdrawal has left consumers in a weakened financial position that will, over time, prompt a retrenchment in spending. However, a look at household assets and liabilities suggests that consumers have used the withdrawn funds to restructure their balance sheets and reduce their debt service burden. As a result, households may be in a better position to spend in the years ahead.
Current Issues in Economics and Finance , Volume 9 , Issue Dec

FILTER BY year

FILTER BY Bank

FILTER BY Content Type

Report 1508 items

Discussion Paper 1170 items

Journal Article 856 items

Speech 502 items

Monograph 75 items

FILTER BY Author

Dudley, William 170 items

Van der Klaauw, Wilbert 162 items

Haughwout, Andrew F. 125 items

Martin, Antoine 117 items

Fleming, Michael J. 116 items

Williams, John C. 110 items

show more (495)

FILTER BY Jel Classification

G21 257 items

G1 224 items

G2 211 items

E52 143 items

E2 141 items

G28 140 items

show more (450)

FILTER BY Keywords

Monetary policy 203 items

COVID-19 195 items

monetary policy 140 items

Inflation (Finance) 138 items

Federal Reserve District, 2nd 125 items

Interest rates 117 items

show more (495)

PREVIOUS / NEXT