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.
In July 2010, the Research and Statistics Group began production of a series of video interviews with the authors of Bank publications. The videos are designed to spotlight research that addresses issues of broad public concern, as well as recent work on topics of particular interest to the academic and policy communities. The videos are companion pieces to articles in our chief research publications—the Economic Policy Review, Current Issues in Economics and Finance, and Staff Reports—and their release is timed to coincide with the posting of the articles on the Bank’s website.
In the first of our video offerings, economists Richard Deitz, Andrew Haughwout, and Charles Steindel discuss some of the key findings of their Current Issues article “The Recession’s Impact on the State Budgets of New York and New Jersey.” Theauthors review the steps taken by New York and NewJersey to balance their budgets, examine how the two states’ budget problems stack up against those of other states, and consider the outlook for state finances in New York and New Jersey.
Other recent videos include: “A Private Lender Cooperative Model for Residential Mortgage Finance”
Joshua Wright and Joe Tracy, coauthors with Patricia Mosser, James Vickery, and Toni Dechario of an August staff report on the reorganization of the U.S. housing finance system, assess the merits and drawbacks of the government-sponsored enterprises Fannie Mae and Freddie Mac, present design principles for a reformed home finance system, and weigh the pros and cons of replacing Fannie and Freddie with a lender cooperative.
“Improving Survey Measures of Household Inflation Expectations”
Economists Wilbert van der Klaauw and Giorgio Topa discuss the Household Inflation Expectations Project—a joint effort by the New York Fed, other institutions, and academic consultants to evaluate existing surveys of household inflation expectations and to develop an alternative survey that yields more comprehensive information on the public’s inflation outlook. In the video, vanderKlaauw and Topa describe how their experimental survey addresses the limitations of existing survey instruments; they then go on to identify some key trends in inflation expectations revealed by the new survey. The video discussion complements the August/September Current Issues article (coauthored by van der Klaauw, Topa, Wändi Bruine de Bruin, Simon Potter, and Robert Rich) thatis profiled on page 3.