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The Federal Reserve Bank of New York was incorporated in May 1914 and opened for business in November later that year. To commemorate the New York Fed’s centennial, take a look at the people and events that helped shape our history.

New York Fed

Creating Inquiry Based Economics Projects (Full Event, 7/07/21)

Economics is all about big ideas and big questions. But how do students generate those questions? And how can students answer them? On July 7, 2021, educators learned how to generate compelling economics questions, how to use data in the classroom, and best practices in the inquiry learning process. Available to watch here in its entirety, this event was part of the New York Fed’s Teacher Professional Development Program, which allows educators throughout the Second District to...

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The Fourth Trimester and Beyond: The Case for Broad Investments in Maternal and Child Health

On September 15, 2021 the New York Fed hosted a virtual discussion on maternal health, in collaboration with NYU Rory Meyers College of Nursing, the New York City Department of Health and Mental Hygiene, Low Income Investment Fund, and the Robert Wood Johnson Foundation. This multidisciplinary event discussed the case for broad investments in maternal and child health, focusing on financing opportunities and creating new business models to achieve equitable health outcomes for mothers and...

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Culture Diagnosis and Behavior Change (Full Event, 9/27/21)

Understanding and influencing organizational culture is essential to reforming the financial sector as well as having wide-ranging consequences on society. On September 27, 2021, the New York Fed hosted a virtual event on the topic, which is available to watch here in full. The event was part of the New York Fed's initiative to spur reform of culture and conduct in the financial services industry and encourage the industry to raise standards. A multi-disciplinary panel of practitioners...

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Twenty Years After 9/11, New York City’s Resilience Is Tested Once Again

Jason Bram and Joelle Scally As we mourn the tragic losses of the 9/11 attacks twenty years on, we thought it would be appropriate to re-examine the remarkable resilience New York City’s economy has shown over the years—a resilience that is once again being tested by the ongoing COVID-19 pandemic. In this Liberty Street Economics post, we look at how Lower Manhattan, in particular, has changed since that tragedy on a number of dimensions, and use that as a framework to think about how the...

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If Prices Fall, Mortgage Foreclosures Will Rise

Andrew Haughwout and Belicia Rodriguez In our previous post, we illustrated the recent extraordinarily strong growth in home prices and explored some of its key spatial patterns. Such price increases remind many of the first decade of the 2000s when home prices reversed, contributing to a broad housing market collapse that led to a wave of foreclosures, a financial crisis, and a prolonged recession. This post explores the risk that such an event could recur if home prices go into...

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Does the Rise in Housing Prices Suggest a Housing Bubble?

Andrew Haughwout and Belicia Rodriguez House prices have risen rapidly during the pandemic, increasing even faster than the pace set before the 2007 financial crisis and subsequent recession. Is there a risk that another dangerous housing bubble is developing? This is a complicated question, and the answer has many components. This post, the first of two, provides a more detailed look at the recent rise in home prices by breaking it down geographically, with a comparison to the pre-2007...

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The Housing Boom and the Decline in Mortgage Rates

Haoyang Liu, David Lucca, Dean Parker, and Gabriela Rays-Wahba During the pandemic, national home values and housing activity soared as mortgage rates declined to historic lows. Under the canonical “user cost” house price model, home values are held to be very sensitive to interest rates, especially at low interest rate levels. A calibration of this model can account for the house price boom with the observed decline in interest rates. But empirically, we find that home values are nowhere...

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Going with the Flow: Changes in Banks’ Business Model and Performance Implications

Nicola Cetorelli, Michael G. Jacobides, and Samuel Stern Does the performance of banks improve or worsen when banks enter into new business activities? And does it matter which activities a bank expands into, or retreats from, and when that decision is made? These important questions have remained unaddressed due to a lack of data. In a recent publication, we used a unique data set detailing the organizational structure of the entire population of U.S. bank holding companies (BHCs). In...

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Register Now: The Case for Broad Investments in Maternal Health (9/15/21)

The Federal Reserve Bank of New York, in collaboration with NYU Rory Meyers College of Nursing, and in partnership with Robert Wood Johnson Foundation, Low Income Investment Fund, and New York City Department of Health and Mental Hygiene, is hosting a virtual event on September 15, 2021 focused on the case for broad investments in maternal and child health, financing opportunities and creating new business models to achieve equitable health outcomes for mothers and children. Attendees may...

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