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.
Authors: Andrew Haughwout, Richard Peach, and Joseph Tracy
Erratum The original version of this paper was posted on June 4, 2010. Arevision, which corrected Table 1 and the accompanying text by identifying the sample as nonprime mortgages, was posted on June14, 2010. This change had no effect on the substance of the article's conclusions.