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Bank:Federal Reserve Bank of New York 

Journal Article
Credit effects in the monetary mechanism

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 217-235

Journal Article
Why the U.S. Treasury began auctioning Treasury bills in 1929

The U.S. Treasury began auctioning zero-coupon bills in 1929 to complement the fixed-price subscription offerings of coupon-bearing certificates of indebtedness, notes, and bonds that it had previously relied upon. Bills soon came to play a central role in Treasury cash and debt management. This article explains that the Treasury began auctioning bills to mitigate flaws in the structure of its financing operations that had become apparent during the 1920s. The flaws included the underpricing of new issues to limit the risk of a failed offering; borrowing in advance of actual requirements, ...
Economic Policy Review , Volume 14 , Issue Jul , Pages 31-47

Discussion Paper
Back to the Future: Revisiting the European Crisis

Recent financial developments are calling into question the future of regional economic integration. Market confidence deteriorates across countries in a contagious way. The place is Europe, the time is . . . now? Or twenty years ago? In fact, in the early 1990s Europe went through a systemic crisis that displays remarkable similarities to today’s events. In this post, we go back to those momentous times and briefly recall how the last Europe-wide crisis started, unfolded, and concluded. The 1992 crisis was eventually resolved, suggesting that there may be some light at the end of the ...
Liberty Street Economics , Paper 20111017

Discussion Paper
The Impact of Superstorm Sandy on New York City School Closures and Attendance

On October 29, superstorm Sandy hit the tri-state area, flooding streets, highways, tunnels, buildings, and homes, and crippling the region?s public transit system. At least ninety-four people in New York and New Jersey were killed. Downed power lines and damaged transformers plunged downtown Manhattan and coastal areas into days and weeks of darkness. The damage is still being assessed, but costs are sure to be in the tens of billions. Schools were no exception to this devastation, both in infrastructural damage and in disruptions to students? education. The storm shut down all 1,750 New ...
Liberty Street Economics , Paper 20121219

Report
Technology, trade and growth: some empirical findings

International patent data for 39 countries from 1970 to 1985 are used to create proxies for imitation and innovation. Domestic imitation and innovation both appear to depend positively on high technology imports from developed countries, intellectual property rights, and the size of the economy. Additionally, transportation and communication infrastructure and quality adjusted research effort are found to contribute positively to domestic innovation. Finally, growth in real per capita GDP is positively related to physical capital stock growth, foreign and domestic innovation, and negatively ...
Research Paper , Paper 9727

Speech
Modern recipes for financial crises

Remarks at the University of Iowa, December 4, 2015.
Speech , Paper 190

Report
Robust capital regulation

Banks? leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance-sheet opacity and ease of asset substitution argue for less. Meanwhile, regulatory safety nets promote ex post financial stability, but also create perverse incentives for banks to engage in correlated asset choices and to hold little equity capital. As a way to cope with these distorted incentives, we outline a two-tier capital framework for banks. The first tier is a regular core capital requirement that helps deter excessive risk-taking incentives. The second tier, a novel ...
Staff Reports , Paper 490

Report
"Beggar-thy-neighbor" or "beggar-thyself"? the income effect of exchange rate fluctuations

This paper analyzes the impact of exchange rate fluctuations when they are only partially passed through to consumer prices. We show that an exchange rate depreciation does not necessarily have a beggar-thy-neighbor effect and may in fact have an opposite, or beggar-thyself, effect. The direction of the welfare effect depends on who owns the firms importing goods from producers and selling them to consumers, an issue that has not been explored in the earlier literature
Staff Reports , Paper 112

Journal Article
Improving survey measures of household inflation expectations

Expectations about future inflation are generally thought to play an important role in households' decisions about spending and saving. They are also of great interest to central bankers, who take them into account when determining policy or assessing the effectiveness of communications with the public. To help improve existing survey measures of inflation expectations, the Federal Reserve Bank of New York recently joined with other institutions and academic consultants to develop a set of survey questions that will yield more reliable information on households' inflation expectations, ...
Current Issues in Economics and Finance , Volume 16 , Issue Aug/Sep

Journal Article
Commentary

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

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