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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

Monetizing Privacy with Central Bank Digital Currencies

Rod Garratt and Michael Lee In prior research, we documented evidence suggesting that digital payment adoptions have accelerated as a result of the COVID-19 pandemic. While digitalization of payment activity improves data utilization by firms, it can also infringe upon consumers’ right to privacy. Drawing from a recent paper, this blog post explains how payment data acquired by firms impacts market structure and consumer welfare. Then, we discuss the implications of introducing a...

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Forum on Ongoing Innovation in Reference Rates for Commercial Lending (Full event, 11/18/20)

Forum on Ongoing Innovation in Reference Rates for Commercial Lending (Transition from LIBOR: Credit Sensitivity Group Additional Working Session) This virtual event took place on November 18, 2020, and is available to watch here in full. The first of two additional working sessions, via webinar, brought together a diverse set of banks and borrowers involved in prior Credit Sensitivity Group workshops, reference rate administrators, and other relevant parties to highlight areas of...

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Economic Inequality: "The COVID-19 Eviction Cliff–Who’s Affected…?" (Full Event, 10/27/20)

Economic Inequality Policy Series: The COVID-19 Eviction Cliff–Who’s Affected and How to Mitigate Short- and Long-term Crises? This virtual event took place on October 27, 2020, and is available to watch here in full. The Federal Reserve Bank of New York, in collaboration with the NYU Furman Center, will host its fourth event in a series of discussions on economic inequality on October 27, 2020. The event, "The COVID-19 Eviction Cliff," will highlight insights on...

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The Impact of Natural Disasters on the Corporate Loan Market

Ivan T. Ivanov, Marco Macchiavelli, and João A.C. Santos Natural disasters are usually associated with an increase in the demand for credit by both households and companies in the affected regions. However, if capacity constraints preclude banks from meeting the local increase in demand, the banks may reduce lending elsewhere, thus propagating the shock to unaffected areas. In this post, we analyze the corporate loan market and find that banks, particularly those with lower...

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Why Economics and Equity Matter More Than Ever

Why Economics and Equity Matter More Than Ever Economic education from the New York Fed provides accessible content and programs for teachers, students, and the public. Designed to engage and empower a broad audience, these resources focus in part on addressing economic and racial inequities. The everyday experiences and livelihoods of Americans differ greatly across geographic, demographic, and socioeconomic lines -- and economic inequality can prevent some communities and families from...

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Household Debt and Credit | Q3 2020

Household Debt Back on the Rise after Second Quarter Dip → nyfed.org/HHDC. According to the latest Quarterly Report on Household Debt and Credit, total household debt increased by $87 billion (0.6 percent) in the third quarter of 2020, more than offsetting the decline seen in the previous quarter. The data likely reflect improvements in economic activity and the labor market, as well as the positive impacts of relief measures provided through CARES Act provisions or offered voluntarily...

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Business Leaders Survey | November 2020

Activity in the region’s service sector declined at a faster pace than in recent months, according to firms responding to the Federal Reserve Bank of New York’s November 2020 Business Leaders Survey → nyfed.org/BLS. The survey’s headline business activity index fell eleven points to -15.8, its lowest level since August. The business climate index was little changed at -63.1, indicating that the vast majority of firms continued to view the business climate as worse...

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Following Borrowers through Forbearance

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Today, the New York Fed’s Center for Microeconomic Data reported that total household debt balances increased slightly in the third quarter of 2020, according to the latest Quarterly Report on Household Debt and Credit. This increase marked a reversal from the modest decline in the second quarter of 2020, a downturn driven by a sharp contraction in credit card balances. In the third quarter,...

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Empire State Manufacturing Survey | November 2020

Business activity expanded in New York State, though only slightly, according to firms responding to the November 2020 Empire State Manufacturing Survey → nyfed.org/esms. The headline general business conditions index fell four points to 6.3, pointing to a slower pace of growth than in October. There was a small increase in new orders, and shipments were modestly higher. Inventories moved lower, and delivery times were steady. Employment levels and hours worked both rose. Input prices...

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