The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
The New York Fed has released the first installment of the Household Debt and Credit Report for the Second District, a series that will track credit conditions and consumer borrowing and repayment behavior in New York, New Jersey, Connecticut, and each of the five boroughs of New York City on a biannual basis. A complement to our Quarterly Report on Household Debt and Credit, this series will offer a more detailed look at conditions in the region.
By Michael Gedal, Stephanie Rosoff, and Joelle Scally
Before the U. S. Treasury Department was given exclusive rights to produce legal tender in 1861, U.S. banks created thousands of different styles of bank notes—including holiday-themed currency featuring Santa Claus.
Revisiting a previous post about risk aversion and global asset prices following former Chairman Bernanke’s May 22, 2014, comments concerning the future of the Fed’s asset purchase programs, Groen finds that changes in the U.S. and foreign economic outlooks had a meaningful role in explaining global asset price movements during the so-called taper tantrum.
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.
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
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