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Bank:Federal Reserve Bank of New York 

Discussion Paper
Do You Know How Your Treasury Trades Are Cleared and Settled?

The Treasury Market Practices Group (TMPG) recently released a consultative white paper on clearing and settlement processes for secondary market trades of U.S. Treasury securities. The paper describes in detail the many ways Treasury trades are cleared and settled? information that may not be readily available to all market participants?and identifies potential risk and resiliency issues. The work is designed to facilitate discussion as to whether current practices have room for improvement. In this post, we summarize the current state of clearing and settlement for secondary market Treasury ...
Liberty Street Economics , Paper 20180912

Discussion Paper
Preemptive Runs and the Offshore U.S. Dollar Money Market Funds Industry

In March 2020, U.S. dollar-denominated prime money market funds (MMFs) suffered heavy outflows as concerns about the COVID-19 pandemic increased in the United States and Europe. Investors redeemed their shares en masse not only from funds domiciled in the United States (“domestic”) but also from offshore funds. In this post, we use differences in the regulatory regimes of domestic and offshore funds to identify the impact of the redemption gates and liquidity fees recently introduced as part of MMF industry reforms in both the United States and Europe.
Liberty Street Economics , Paper 20211122

Speech
The U.S. economic outlook and the implications for monetary policy: remarks at Money Marketeers of New York University, New York City

Remarks at Money Marketeers of New York University, New York City.
Speech , Paper 254

Speech
Summary of the Report on the Competitiveness of Puerto Rico's Economy

Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.
Speech , Paper 86

Report
Student Debt and Default: The Role of For-Profit Colleges

For-profit providers have become an important fixture of U.S. higher education markets. Students who attend for-profit institutions take on more educational debt and are more likely to default on their student loans than those attending similarly selective public schools. Because for-profits tend to serve students from more disadvantaged backgrounds, it is important to isolate the causal effect of for-profit enrollment on student debt and repayment outcomes as well as the educational and labor market mechanisms that drive any such effects. We approach this problem using a novel instrument ...
Staff Reports , Paper 811

Report
Dynamic factor models with time-varying parameters: measuring changes in international business cycles

We develop a dynamic factor model with time-varying factor loadings and stochastic volatility in both the latent factors and idiosyncratic components. We employ this new measurement tool to study the evolution of international business cycles in the post-Bretton Woods period, using a panel of output growth rates for nineteen countries. We find 1) statistical evidence of a decline in volatility for most countries, with the timing, magnitude, and source (international or domestic) of the decline differing across countries; 2) some evidence of a decline in business cycle synchronization for ...
Staff Reports , Paper 326

Report
How and why do small firms manage interest rate risk? Evidence from commercial loans

Although small firms are most sensitive to interest rate and other shocks, empirical work on corporate risk management has focused instead on large public companies. This paper studies fixed-rate and adjustable-rate loans to see how small firms manage their exposure to interest rate risk. The cross-sectional findings are as follows: credit-constrained firms consistently favor fixed-rate loans, minimizing their exposure to rising interest rates; firms adjust their exposure depending on how interest rate shocks covary with industry output; and "fixed versus adjustable" outcomes are correlated ...
Staff Reports , Paper 215

Report
The Heterogeneous Impact of Referrals on Labor Market Outcomes

We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the importance of distinguishing between different types of referrals—those from family and friends and those from business contacts—and different occupations. Then we develop an on-the-job search model that incorporates referrals and calibrate the model to key moments in the data. The calibrated model yields new insights into the roles played by different types of referrals in the match formation process, and provides quantitative estimates of the effects of referrals on ...
Staff Reports , Paper 987

Journal Article
Price risk intermediation in the over-the-counter derivatives markets: interpretation of a global survey

In April 1995, central banks in twenty-six countries conducted a global survey of the financial derivatives markets' size and structure. The authors' analysis of the survey results suggests that at the time of the survey, dealers in the aggregate assumed only small exposures to price risks in meeting end-user demands. In addition, despite the derivatives markets' large size, potential price shocks there would still be appreciably smaller in scale than price shocks in the cash markets. Thus, the overall effect of derivatives markets may be to modify and redistribute exposures to price risks in ...
Economic Policy Review , Volume 2 , Issue Apr , Pages 1-15

Journal Article
Creating a performance-driven system

The New York City public school system is in the process of creating the nation's first performance-driven system. Such a system promotes competition, maintains quality, and emphasizes a consistently high level of achievement. The goal of a performance-driven system is to set clear standards and to align resources, policies, and practices with the support that students need to hit the target. The following management principles are used at all levels of the organization: define clear standards, articulate educational strategies designed to enable all students to meet the standards, align all ...
Economic Policy Review , Volume 4 , Issue Mar , Pages 7-9

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