http://newyorkfed.org/rss/index.html The latest posts in the news http://www.newyorkfed.org/termsofuse.html http://www.newyorkfed.org/newsevents/news/research/2008/rp080328.html The Federal Reserve Bank of New York today released Trends and Developments in the Economy of Puerto Rico - the latest article in its series Current Issues in Economics and Finance. Authors Jason Bram, Francisco Martinez and Charles Steindel argue that a contraction in Puerto Rico's economy over the past two years and a continuing income gap with the U.S. mainland point to an uncertain outlook for the commonwealth. The authors indicate, however, that Puerto Rico possesses many advantages that create the conditions for economic growth over the longer term - an educated workforce, a favorable business climate and the presence of U.S. legal and financial structures. 2008-03-28T10:02:15-4:00 en Trends and Developments in the Economy of Puerto Rico 2008-03-28 NYFed Trends and Developments in the Economy of Puerto Rico http://www.newyorkfed.org/newsevents/news/research/2008/rp080328.html The Federal Reserve Bank of New York today released Trends and Developments in the Economy of Puerto Rico - the latest article in its series Current Issues in Economics and Finance. Authors Jason Bram, Francisco Martinez and Charles Steindel argue that a contraction in Puerto Rico's economy over the past two years and a continuing income gap with the U.S. mainland point to an uncertain outlook for the commonwealth. The authors indicate, however, that Puerto Rico possesses many advantages that create the conditions for economic growth over the longer term - an educated workforce, a favorable business climate and the presence of U.S. legal and financial structures. http://www.newyorkfed.org/newsevents/news/research/2008/rp080326.html The Federal Reserve Bank of New York today released An Economic Analysis of Liquidity-Saving Mechanisms - a new forthcoming article in the Bank's Economic Policy Review series. Authors Antoine Martin and James McAndrews analyze the performance of realtime gross settlement (RTGS) systems with and without the addition of a recent innovation known as a liquidity-saving mechanism, or LSM. 2008-03-26T14:04:09-4:00 en An Economic Analysis of Liquidity-Saving Mechanisms 2008-03-26 NYFed An Economic Analysis of Liquidity-Saving Mechanisms http://www.newyorkfed.org/newsevents/news/research/2008/rp080326.html The Federal Reserve Bank of New York today released An Economic Analysis of Liquidity-Saving Mechanisms - a new forthcoming article in the Bank's Economic Policy Review series. Authors Antoine Martin and James McAndrews analyze the performance of realtime gross settlement (RTGS) systems with and without the addition of a recent innovation known as a liquidity-saving mechanism, or LSM. http://www.newyorkfed.org/newsevents/news/research/2008/rp080205.html The Federal Reserve Bank of New York today released Changes in the Timing Distribution of Fedwire Funds Transfers-a new forthcoming article in its Economic Policy Review. Authors Olivier Armantier, Jeffrey Arnold, and James McAndrews examine the changing timing of the flow of payments on Fedwire, the Federal Reserve's large-value payments system. They find several changes in the time at which payments are made over the last decade. 2008-02-05T14:18:50-4:00 en Changes in the Timing Distribution of Fedwire Funds Transfers 2008-02-05 NYFed Changes in the Timing Distribution of Fedwire Funds Transfers http://www.newyorkfed.org/newsevents/news/research/2008/rp080205.html The Federal Reserve Bank of New York today released Changes in the Timing Distribution of Fedwire Funds Transfers-a new forthcoming article in its Economic Policy Review. Authors Olivier Armantier, Jeffrey Arnold, and James McAndrews examine the changing timing of the flow of payments on Fedwire, the Federal Reserve's large-value payments system. They find several changes in the time at which payments are made over the last decade. http://www.newyorkfed.org/newsevents/news/research/2008/rp080204.html The Federal Reserve Bank of New York today released Liquidity, Monetary Policy, and Financial Cycles, the latest article in its series Current Issues in Economics and Finance. Authors Tobias Adrian and Hyun Song Shin examine how banks and other financial intermediaries adjust their leverage in response to a rise or fall in the value of their balance sheet assets. They find that these institutions increase their leverage during asset price booms and reduce it during downturns-a pattern of behavior that amplifies the fluctuations of the financial cycle. 2008-02-04T10:03:26-4:00 en Liquidity, Monetary Policy, and Financial Cycles 2008-02-04 NYFed Liquidity, Monetary Policy, and Financial Cycles http://www.newyorkfed.org/newsevents/news/research/2008/rp080204.html The Federal Reserve Bank of New York today released Liquidity, Monetary Policy, and Financial Cycles, the latest article in its series Current Issues in Economics and Finance. Authors Tobias Adrian and Hyun Song Shin examine how banks and other financial intermediaries adjust their leverage in response to a rise or fall in the value of their balance sheet assets. They find that these institutions increase their leverage during asset price booms and reduce it during downturns-a pattern of behavior that amplifies the fluctuations of the financial cycle. http://www.newyorkfed.org/newsevents/news/research/2008/rp080109.html An article forthcoming in the Federal Reserve Bank of New York's Economic Policy Review-Signal or Noise? Implications of the Term Premium for Recession Forecasting-sheds new light on the sources of the yield curve's success in predicting U.S. recessions. As authors Joshua Rosenberg and Samuel Maurer explain, studies have shown that when the yield curve inverts-that is, when short-term interest rates rise above long-term interest rates-a recession has followed in twelve months. One view holds that the ability of the yield curve's slope to predict recessions stems from interest rate expectations: the markets anticipate an easing of monetary policy in response to an upcoming deterioration in the economic outlook, and the decline in expected future short-term rates drives down current long-term rates. 2008-01-09T15:03:37-4:00 en Signal or Noise? Implications of the Term Premium for Recession Forecasting 2008-01-09 NYFed Signal or Noise? Implications of the Term Premium for Recession Forecasting http://www.newyorkfed.org/newsevents/news/research/2008/rp080109.html An article forthcoming in the Federal Reserve Bank of New York's Economic Policy Review-Signal or Noise? Implications of the Term Premium for Recession Forecasting-sheds new light on the sources of the yield curve's success in predicting U.S. recessions. As authors Joshua Rosenberg and Samuel Maurer explain, studies have shown that when the yield curve inverts-that is, when short-term interest rates rise above long-term interest rates-a recession has followed in twelve months. One view holds that the ability of the yield curve's slope to predict recessions stems from interest rate expectations: the markets anticipate an easing of monetary policy in response to an upcoming deterioration in the economic outlook, and the decline in expected future short-term rates drives down current long-term rates. http://www.newyorkfed.org/newsevents/news/research/2008/rp080103.html The Federal Reserve Bank of New York today released Financial Globalization and the U.S. Current Account Deficit, the latest article in its series Current Issues in Economics and Finance. From 1999 though the end of 2006, the United States financed a string of large current account deficits by borrowing $4.4 trillion from other countries - a sum amounting to 85 percent of total net borrowing worldwide. Despite this heavy net borrowing, the United States has been the destination of only about 30 percent of total gross cross-border investments by other countries. This figure is proportionate to the U.S. share of global GDP and is even below the U.S. share of global equity and bond markets, according to authors Matthew Higgins and Thomas Klitgaard. 2008-01-03T10:20:21-4:00 en Financial Globalization and the U.S. Current Account Deficit 2008-01-03 NYFed Financial Globalization and the U.S. Current Account Deficit http://www.newyorkfed.org/newsevents/news/research/2008/rp080103.html The Federal Reserve Bank of New York today released Financial Globalization and the U.S. Current Account Deficit, the latest article in its series Current Issues in Economics and Finance. From 1999 though the end of 2006, the United States financed a string of large current account deficits by borrowing $4.4 trillion from other countries - a sum amounting to 85 percent of total net borrowing worldwide. Despite this heavy net borrowing, the United States has been the destination of only about 30 percent of total gross cross-border investments by other countries. This figure is proportionate to the U.S. share of global GDP and is even below the U.S. share of global equity and bond markets, according to authors Matthew Higgins and Thomas Klitgaard. http://www.newyorkfed.org/newsevents/news/research/2007/rp071211.html The Federal Reserve Bank of New York released a study today - A Comparison of Measures of Core Inflation - that evaluates several measures of U.S. core inflation using a common set of performance criteria, and finds that no one measure is markedly more useful than the others. 2007-12-13T10:34:47-4:00 en A Comparison of Measures of Core Inflation 2007-12-11 NYFed A Comparison of Measures of Core Inflation http://www.newyorkfed.org/newsevents/news/research/2007/rp071211.html The Federal Reserve Bank of New York released a study today - A Comparison of Measures of Core Inflation - that evaluates several measures of U.S. core inflation using a common set of performance criteria, and finds that no one measure is markedly more useful than the others. http://www.newyorkfed.org/newsevents/news/research/2007/rp071206.html The Federal Reserve Bank of New York today released Sticky Prices: Why Firms Hesitate to Adjust the Price of Their Goods, the latest article in its series Current Issues in Economics and Finance. In this new study of one of the more puzzling phenomena in economics, authors Pinelopi Goldberg and Rebecca Hellerstein argue that firms' resistance to changing the price of their goods derives in significant measure from "repricing costs" at the wholesale level. 2007-12-06T10:19:10-4:00 en Sticky Prices: Why Firms Hesitate to Adjust the Price of Their Goods 2007-12-06 NYFed Sticky Prices: Why Firms Hesitate to Adjust the Price of Their Goods http://www.newyorkfed.org/newsevents/news/research/2007/rp071206.html The Federal Reserve Bank of New York today released Sticky Prices: Why Firms Hesitate to Adjust the Price of Their Goods, the latest article in its series Current Issues in Economics and Finance. In this new study of one of the more puzzling phenomena in economics, authors Pinelopi Goldberg and Rebecca Hellerstein argue that firms' resistance to changing the price of their goods derives in significant measure from "repricing costs" at the wholesale level. http://www.newyorkfed.org/newsevents/news/research/2007/rp071119.html A study forthcoming in the Federal Reserve Bank of New York's Economic Policy Review, Understanding Risk Management in Emerging Retail Payments, discusses the risks found in new methods of payment and important efforts to assess and mitigate these risks. New payment methods that do not successfully manage and mitigate such risks face rejection in the market. 2007-11-19T14:17:16-4:00 en Understanding Risk Management in Emerging Retail Payments 2007-11-19 NYFed Understanding Risk Management in Emerging Retail Payments http://www.newyorkfed.org/newsevents/news/research/2007/rp071119.html A study forthcoming in the Federal Reserve Bank of New York's Economic Policy Review, Understanding Risk Management in Emerging Retail Payments, discusses the risks found in new methods of payment and important efforts to assess and mitigate these risks. New payment methods that do not successfully manage and mitigate such risks face rejection in the market.