NEW YORK—The Federal Reserve Bank of New York today launched a new research data center: the Center for Microeconomic Data. The “CMD” unifies the collection and analysis of microeconomic data at the New York Fed. It will also act as a catalyst for microeconomic research by fostering collaboration among the Bank’s microeconomists and promoting engagement with the academic community.
Two large data collection projects will anchor the CMD. First is the FRBNY Consumer Credit Panel, which provides rich, granular and frequent data on household debt and credit conditions in the U.S. The Center will continue to report trends in mortgages, student loans, credit cards, auto loans and delinquencies through the quarterly Household Debt and Credit Report.
The second project is an upcoming survey of consumers. The survey will provide a monthly picture of consumer’s perceptions and expectations on a host of economic outcomes and decisions.
The CMD aims to develop and use microeconomic data and microeconometric techniques to investigate key decisions taken by individuals and firms, and to analyze the impact of fiscal and monetary policy on individual agents. It will contribute to the Federal Reserve’s financial stability mission by supporting the development and application of econometric models of household loan defaults and will produce high quality research that contributes to the general policy debate. Finally, the CMD will look to engage the academic community in the Bank’s policy decisions through conferences and seminars.