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.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
Little is known about how cross-border operations of global banks transmit liquidity shocks between countries. There is a lack of public data on the balance sheets of global banks, and it is difficult to compare the results of different research projects that use sensitive supervisory data collected by banking supervisors and central banks. Together with other scholars, the bloggers have established the International Banking Research Network (IBRN) to overcome these limitations.
By Claudia M. Buch, James Chapman, and Linda Goldberg
Garbade reviews the history of the Federal Reserve’s direct purchase authority from its origination under the Federal Reserve Act of 1913 to the present. Since 1981, the U.S. Treasury has lacked a robust safety net that would allow it to meet its obligations in the event of an unforeseen depletion of its cash balances.
What precipitated the U.S. economy into the worst recession since the Great Depression? And what headwinds are holding back the recovery? Are these headwinds permanent, or transitory? In this post, the bloggers address these questions through the lens of the FRBNY DSGE model.
The first post in this week’s five-part series. The bloggers discuss what DSGE models are, explain the usefulness of these models as a forecasting tool, and preview the forthcoming pieces in the series.
By Marco Del Negro, Bianca De Paoli, Stefano Eusepi, Marc Giannoni, Argia Sbordone, and Andrea Tambalotti
The authors provide a review of the transmission channels of monetary policy, focusing not just on financial conditions, but also on financial stability consequences by way of financial vulnerabilities.
By Tobias Adrian and Nellie Liang, Staff Reports 690, September 2014
The authors examine how nonemployed workers’ job search effort varies over the business cycle and consider its implications for individual and aggregate labor market outcomes. To this end, they construct a measure of search effort by combining information from the American Time Use Survey and the Current Population Survey.
By Toshihiko Mukoyama, Christina Patterson, and Ayşegül Şahin, Staff Reports 689, August 2014