Economic Research

New From Liberty Street Economics
Just Released: Household Debt Balances Increase as Deleveraging Period Concludes
The latest Quarterly Report on Household Debt and Credit shows a slight increase in most types of credit and the end of the deleveraging process—as households have begun to use credit to supplement their cash flow.
By Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
Smithsonian Stamp
Historical Echoes: Postage Stamps Portray Stories of American Banking History
The exclusive printer of U.S. government currency, the Bureau of Engraving and Printing (BEP) in 1894 became the exclusive printer of U.S postage stamps as well, and it continued in this role for 111 years. Many of the stamps that the BEP would produce commemorated important people and events in American history, including individuals related to banking and finance.
By Mary Tao
Introducing the SCE Credit Access Survey
Zafar and van der Klaauw provide an overview of the Survey of Consumer Expectations Credit Access Module and highlight some of its features.
By Basit Zafar and Wilbert van der Klaauw
Measuring Labor Market Slack: How Attached to the Labor Market Are the Long-Term Unemployed?
Second of a three-part series. The bloggers examine labor market outcomes of the long-term unemployed to assess the workers’ employability and labor force attachment, and find that their outcomes are substantially different from those of nonparticipants who do not want a job.
By Rob Dent, Samuel Kapon, Fatih Karahan, Benjamin W. Pugsley, and Ayşegül Sahin
Greenboard with math squiggles for DSGE model artwork
In recent work, economists described the New York Fed’s dynamic stochastic equilibrium model, assessed its forecasting accuracy, and shared source code used for model estimation.
Research Topics in Focus: College grads
Is College Worth It?
Students in recent years have been paying more to attend college and earning less upon graduation—trends that have raised questions about whether a college education remains a good investment. But research from economists Jaison Abel and Richard Deitz finds that the benefits of college still tend to outweigh the costs.
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International Banking Research Network
This New York Fed-hosted microsite describes an initiative of central bank researchers who are engaged in a coordinated study of global banks and their activities internationally.
Recent Articles
When Does a Central Bank's Balance Sheet Require Fiscal Support?
Del Negro and Sims argue that a central bank with a large balance sheet composed of long-duration nominal assets should have access to, and be willing to ask for, support for its balance sheet by the fiscal authority. Otherwise, its ability to control inflation may be at risk.
By Marco Del Negro and Christopher A. Sims, Staff Reports 701, November 2014
Debt, Jobs, or Housing: What's Keeping Millennials at Home?
The authors investigate the residence choices of the young people surveyed in the New York Fed’s Consumer Credit Panel, and examine the relationship of these choices to evolving local house prices, local employment conditions, and the student debt reliance of local college students.
By Zachary Bleemer, Meta Brown, Donghoon Lee, and Wilbert van der Klaauw, Staff Reports 700, November 2014
Population Aging, Migration Spillovers, and the Decline in Interstate Migration
Interstate migration in the United States has declined by 50 percent since the mid-1980s. The authors study the effect of the aging population on this long-run decline.
By Fatih Karahan and Serena Rhee, Staff Reports 699, November 2014
Costly Information, Planning Complementarities, and the Phillips Curve
Unlike the models in the sticky information literature, the one presented in this paper is capable of explaining the differential adjustment of prices in response to monetary and idiosyncratic shocks.
By Sushant Acharya, Staff Reports 698, November 2014
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