Tuesday , September 26 2017
Home / New York Fed
The author New York Fed
New York Fed
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

Why Pay Interest on Required Reserve Balances?

Laura Lipscomb, Antoine Martin, and Heather Wiggins The Federal Reserve has paid interest on reserves held by banks in their Fed accounts since 2008. Why should it do so? Here, we describe some benefits of paying interest on required reserve balances. Since forcing banks to hold unremunerated reserves would be akin to levying a tax on them, paying interest on these balances is a way to eliminate or greatly reduce that tax and its negative effects. What Are Reserves?...

Read More »

Just Released: A Monthly Underlying Inflation Gauge

Robert Rich Today marks the launch of the monthly publication of the Underlying Inflation Gauge (UIG). We are reporting two UIG measures, described recently on Liberty Street Economics, that are constructed to provide an estimate of the trend, or persistent, component of inflation. One measure is derived using a large number of disaggregated price series in the consumer price index (CPI), while the second measure incorporates additional information from macroeconomic and financial...

Read More »

The New York Fed DSGE Model Forecast—August 2017

Michael Cai, Marc Giannoni, Abhi Gupta, Pearl Li, and Argia Sbordone This post presents our quarterly update of the economic forecasts generated by the Federal Reserve Bank of New York’s dynamic stochastic general equilibrium (DSGE) model. We describe very briefly our forecast and its change since May 2017. As usual, we wish to remind our readers that the DSGE model forecast is not an official New York Fed forecast, but only an input to the Research staff’s overall forecasting...

Read More »

What Drives International Bank Credit?

Mary Amiti, Patrick McGuire, and David E. Weinstein A major question facing policymakers is how to deal with slumps in bank credit. The policy prescriptions are very different depending on whether the decline is a result of global forces, domestic demand, or supply problems in a particular banking system. We present findings from new research that exactly decompose the growth in banks’ aggregate foreign credit into these three factors. Using global banking data for the period...

Read More »

At the New York Fed: The Appropriate Government Role in U.S. Mortgage Markets

W. Scott Frame and Joseph Tracy While the U.S. mortgage finance system was at the center of the recent financial crisis, it remains largely untouched by legislative reforms. At the center of these conversations are Fannie Mae and Freddie Mac—both of which were placed into federal conservatorship in September 2008. Now, nearly nine years later, the fate of these two government-sponsored enterprises (GSEs) and the prospect of related changes to the mortgage finance system are once...

Read More »

Just Released: Introducing the SCE Labor Market Survey

John J. Conlon, Gizem Kosar, Giorgio Topa, and Basit Zafar The New York Fed for the first time released its Survey of Consumer Expectations (SCE) Labor Market Survey which focuses on individuals’ experiences and expectations in the labor market. These data have been collected every four months since March 2014 as part of the SCE. It is being introduced now because the module has enough historical data to reveal notable trends. In this post we introduce the SCE Labor Market Survey...

Read More »

“Hey, Economist!” How Was Your Ph.D. Internship?

This week, four Ph.D. students in economics and finance are wrapping up their summer internships at the New York Fed’s Research Department. The ten-week internships—which are compensated—offer interns the opportunity to further their dissertation research, interact with the Bank’s research economists, and give informal, “brown bag” lunch seminars to hear feedback on their work. This year, two interns were hired through the Bank’s internship program: Jacob “Jake”...

Read More »

Counterparty and Collateral Policies of Central Bank Lending Facilities

Helene Lee and Asani Sarkar In a previous post, we compared the Federal Reserve’s discount window with the standing lending facilities (SLFs) at the Bank of England (BoE), the European Central Bank (ECB), and the Bank of Japan (BoJ). We showed that the Fed’s discount window was less integrated with monetary policy than the SLFs of the other central banks. In this post, we observe that the counterparty and collateral policies of the Fed’s discount window are similarly less integrated...

Read More »

Just Released: More Credit Cards, Higher Limits, and . . . an Uptick in Delinquency

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Today the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the second quarter of 2017. Overall debt balances increased in the period, continuing their moderate growth since 2013. Nearly all types of balances grew, with mortgages and auto loans rising by $64 billion and $23 billion, respectively. Credit card balances increased by $20...

Read More »

Just Released: Economic Press Briefing Focuses on Regional Wage Inequality

Jaison R. Abel, Jason Bram, and Richard Deitz The New York-Northern New Jersey region is home to some of the most and least unequal places in the nation, based on research presented today at our economic press briefing examining wage inequality in the region. Wage inequality—meaning the disparity in earnings between workers—has increased significantly in the United States since the early 1980s, though some places have much more wage inequality than others. Fairfield,...

Read More »