Economic Research

New From Liberty Street Economics
From the Vault: Tracking Subprime Auto Loans
Recent news reports have focused attention on a surge in subprime auto lending. This post rounds up work in the Liberty Street Economics archive analyzing the trend.
The Editors
No Guarantees, No Trade!
The bloggers shed new light on the link between finance and trade, showing that changes in banks’ supply of letters of credit have economically significant effects on firms’ export behavior.
By Friederike Niepmann and Tim Schmidt-Eisenlohr
Historical Echoes: The Demise of Silver Certificates
Laws passed in the late 1800s required the U.S. government to purchase large quantities of silver and issue certificates backing their value. Cohen chronicles the history and the end of silver certificates, which in 1968 resulted in mob scenes at the assay offices.
By Megan Cohen
Insolvency after the 2005 Bankruptcy Reform
First of a two-part series. The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act resulted in a large and permanent reduction in bankruptcy filings. In this post, the bloggers study the mechanism behind this drop and the consequences for households.
By Stefania Albanesi, Jaromir Nosal, Zachary Bleemer, and Matthew Ploenzke
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.
International Banking Research Network image
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
Business Cycle Fluctuations and the Distribution of Consumption
This paper presents a systematic empirical investigation aimed at shedding new light on the interactions between business cycles and the consumption distribution.
By Giacomo De Giorgi and Luca Gambetti, Staff Reports 716, March 2015
Informational Contagion in the Laboratory
The authors test the informational contagion channel first proposed by King and Wadhwani (1990) in a controlled laboratory environment.
By Marco Cipriani, Antonio Guarino, Giovanni Guazzarotti, Federico Tagliati, and Sven Fischer, Staff Reports 715, March 2015
The Equity Risk Premium: A Review of Models
Duarte and Rosa analyze twenty different models of the equity risk premium (ERP) and find that the current level of the ERP is consistent with a bond-driven ERP: expected excess stock returns are elevated not because stocks are expected to have high returns, but because bond yields are exceptionally low.
By Fernando Duarte and Carlo Rosa, Staff Reports 714, February 2015
How Mortgage Finance Affects the Urban Landscape
The authors consider the structure of mortgage finance in the United States and its role in shaping patterns of homeownership, the nature of the housing stock, and the organization of residential activity.
By Sewin Chan, Andrew Haughwout, and Joseph Tracy, Staff Reports 713, February 2015
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