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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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| Members of the Research and Statistics Group publish in a wide range of economic and finance journals, conference volumes, and scholarly books. |
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2001
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| Leonardo Bartolini "Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention," with Giuseppe Bertola and Alessandro Prati. Journal of Banking and Finance 25, no. 7 (July): 1287-317. Read the full text in ScienceDirect›› |
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"Excess Volatility of Exchange Rates with Unobservable Fundamentals," with Lorenzo Giorgianni. Review of International Economics 9, no. 3 (August): 518-30. |
| Review of "Political Economy in Macroeconomics," by Allan Drazen. Journal of International Economics 53, no. 1 (February): 231-4. Read the full text in ScienceDirect›› |
| Andrew Biehl "Durable-Goods Monopoly with Stochastic Values." RAND Journal of Economics 32, no. 3 (fall): 565-77. Read the full text in JSTOR›› |
| Sandra Black "The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry," with Philip Strahan. American Economic Review 91, no. 4 (September): 814-31. Read the full text in JSTOR›› |
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"How to Compete: The Impact of Workplace Practices and Information Technology on Productivity," with Lisa Lynch. Review of Economics and Statistics 83, no. 3 (August): 434-45. |
| Christian Broda "Coping with Terms-of-Trade Shocks: Pegs versus Floats." American Economic Review 91, no. 2 (May): 376-80. Papers and Proceedings of the 113th Annual Meeting of the American Economic Association. Read the full text in JSTOR›› |
| Arturo Estrella "Dealing with Financial Crises: The Central Bank's Took Kit." Central Bank of Sweden Penning-och valutapolitik 5, no. 2: 34-49. |
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"Financial Innovation and the Monetary Transmission Mechanism." In Martin Schuerz and Maria Teresa Valderrama, eds., Aspects of the Transmission of Monetary Policy, 111-28. Vienna: Oesterreichische Nationalbank. |
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"Mixing and Matching: Prospective Financial Sector Mergers and Market Valuation." Journal of Banking and Finance 25, no. 12 (December): 2367-92. |
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"Regulatory Capital and the Supervision of Financial Institutions: Some Basic Distinctions and Policy Choices." In Anthony Santomero, Staffan Viotti, and Anders Vredin, eds., Challenges for Modern Central Banking, 59-79. Proceedings of a conference sponsored by the Central Bank of Sweden. Boston: Kluwer Academic Publishers. |
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Comment on "A Regulatory Regime for Financial Stability," by David Llewellyn. In Oesterreichische Nationalbank, ed., The Single Financial Market: Two Years into EMU, 134-41. Vienna: Oesterreichische Nationalbank. |
| Kenneth Garbade Pricing Corporate Securities as Contingent Claims. Cambridge: MIT Press. |
| Linda Goldberg "Does Foreign Ownership Contribute to Sounder Banks? The Latin American Experience," with Jennifer S. Crystal and B. Gerard Dages. In R. Litan, M. Pomerleano, and P. Masson, eds., Open Doors: Foreign Participation in Emerging Financial Systems, 217-66. Proceedings of a joint meeting of the World Bank, the International Monetary Fund, and the Brookings Institution. Washington, D.C.: Brookings Institution. |
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"Employment versus Wage Adjustment and the U.S. Dollar," with José Campa. Review of Economics and Statistics 83, no. 3 (August): 477-89. |
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"International Trade and Factor Mobility: An Empirical Investigation," with Michael Klein. In Guillermo Calvo, Rudiger Dornbusch, and Maurice Obstfeld, eds., Money, Capital Mobility, and Trade: Essays in Honor of Robert Mundell, 273-302. Cambridge: MIT Press. |
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Topics in Empirical International Economics: A Festschrift in Honor of Robert E. Lipsey. Edited by Magnus Blomström and Linda Goldberg. Chicago: University of Chicago Press. |
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Comment on "Exchange; Rate Variability and Investment in Canada," by Robert Lafrance and David Tessier. In Revisiting the Case for Flexible Exchange Rates. Proceedings of a Bank of Canada conference. |
| Linda Goldberg and Joseph Tracy "Gender Differences in the Labor-Market Effects of the Dollar." American Economic Review 91, no. 2 (May): 400-5. Papers and Proceedings of the 113th Annual Meeting of the American Economic Association. Read the full text in JSTOR›› |
| Andrew Haughwout "Fiscal Policies in Open Cities with Firms and Households," with RobertP.Inman. Regional Science and Urban Economics 31, no. Read the full text in ScienceDirect›› |
| Bart Hobijn "Are Living Standards Converging?" with Philip Hans Franses. Structural Change and Economic Dynamics 12, no. 2 (July): Read the full text in ScienceDirect›› |
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"Did Trade Liberalization Induce a Structural Break in Imports of Manufactures in Turkey?" with Paul de Boer. In R. Kulikowski, Z. Nahorski, and J. W. Owsinski, eds., Models and Analyses of National Change and Integration Processes, 198-219. Warsaw: University of Information Technology and Management. |
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"The Information-Technology Revolution and the Stock Market: Evidence," with Boyan Jovanovic. American Economic Review 91, no. 5 (December): 1203-20. |
| James Kahn "Finite Horizons, Political Economy, and Growth," with Jong-Soo Lim. Review of Economic Dynamics 4, no. 1 (January): 1-25. Read the full text in ScienceDirect›› |
| Kenneth Kuttner "Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks," with Adam S. Posen. International Journal of Finance and Economics 6, no. 4: 369-87. |
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"The Great Recession: Lessons for Macroeconomic Policy from Japan," with Adam S. Posen. Brookings Papers on Economic Activity, no. 2: 93-160. |
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"Inflation, Monetary Transparency, and G3 Exchange Rate Volatility," with Adam S. Posen. In M. Balling, E. Hennessy, and E.Hochreiter, eds., Adapting to Financial Globalisation, 229-58. Proceedings of the 22nd Société Universitaire Européenne de Recherches Financières (SUERF) Colloquium. London: Routledge. |
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"Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market." Journal of Monetary Economics 47, |
| Martin Lettau "Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk," with John Campbell, Burton Malkiel, and Yexiao Xu. Journal of Finance 56, no. 1 (February): Read the full text in JSTOR›› |
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"Statistical Estimation and Moment Evaluation of a Stochastic Growth Model with Asset Market Restrictions," with Gang Gong and Willi Semmler. Journal of Economic Behavior and Organization 44, no. 1 (January): 85-103. |
| Martin Lettau and Sydney Ludvigson "Consumption, Aggregate Wealth, and Expected Stock Returns." Journal of Finance 56, no. 3 (June): 815-49. Read the full text in JSTOR›› |
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"Resurrecting the (C)CAPM: A Cross-Sectional Test When Risk Premia Are Time-Varying." Journal of Political Economy 109, no. 6 (December): 1238-87. |
| Sydney Ludvigson "Approximation Bias in Linearized Euler Equations," with Christina Paxson. Review of Economics and Statistics 83, no. 2: 242-56. Read the full text in JSTOR›› |
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"Does Buffer-Stock Saving Explain the Smoothness and Excess Sensitivity of Consumption?" with Alexander Michaelides. American Economic Review 91, no. 3 (June): 631-47. |
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"Elasticities of Substitution in Real Business Cycle Models with Home Production," with John Y. Campbell. Journal of Money, Credit, and Banking 33, no. 4 (November): 847-75. |
| Donald Morgan and Kevin Stiroh "Bond Market Discipline of Banks: The Asset Test." Journal of Financial Services Research 20, no. 2-3: 195-208. |
| Richard Peach and Stavros Peristiani "How Much Mortgage Pool Information Do Investors Need?" with Paul Bennett. Journal of Fixed Income 11, no. 1 (June): 8-15. |
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"Structural Change in the Mortgage Market and the Propensity to Refinance," with Paul Bennett. Journal of Money, Credit, and Banking 33, no. 4 (November): 955-75. |
| Paolo Pesenti "Fundamental Determinants of the Asian Crisis: The Role of Financial Fragility and External Imbalances," with Giancarlo Corsetti and Nouriel Roubini. In Takatoshi Ito and Anne O. Krueger, eds., Regional and Global Capital Flows: Macroeconomic Causes and Consequences, 11-41. NBER conference volume. Chicago: University of Chicago Press. |
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"Roundtable on the Causes and Consequences of the East Asian Financial Crisis," with Graciana Del Castillo, Albert Fishlow, and Miles Kahler. In Arvid Lukauskas and Francisco Rivera-Batiz, eds., The Political Economy of the East Asian Crisis and Its Aftermath: Tigers in Distress, 249-64. Cheltenham, England, and Northampton, Mass.: Edward Elgar Publishing. |
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"Welfare and Macroeconomic Interdependence," with Giancarlo Corsetti. Quarterly Journal of Economics 116, no. 2 (May): 421-46. |
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Discussion of "Multiple Equilibria, Contagion, and the Emerging Market Crises," by Paul Masson. In Reuven Glick, Ramon Moreno, and Mark Spiegel, eds., Financial Crises in Emerging Markets, |
| Simon Potter "Are Apparent Findings of Nonlinearity Due to Structural Instability in Economic Time Series?" with Gary Koop. Econometrics Journal 4, no. 1 (January): 37-55. |
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"Markov Switching in Disaggregate Unemployment Rates," with Marcelle Chauvet and Chinhui Juhn. Empirical Economics 27, no. 2: 205-32. |
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"Nonlinear Risk," with Marcelle Chauvet. Macroeconomic Dynamics 5, no. 4 (September): 621-46. |
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"Recent Changes in the U.S. Business Cycle," with Marcelle Chauvet. Manchester School of Economic and Social Studies 69, |
| Robert Rich "Structural Estimates of the U.S. Sacrifice Ratio," with Stephen Cecchetti. Journal of Business and Economic Statistics 19, no. 4: 416-27. |
| João Santos "Bank Capital Regulation in Contemporary Banking Theory: A Review of the Literature." Financial Markets, Institutions, and Instruments 10, no. 2: 41-84. |
| "Bank of England in Central Banking Theory." In Malcolm Warner, ed., International Encyclopedia of Business and Management, |
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"O Euro e o Sistema Financeiro da Zona Euro" ("The Euro and the Financial System of the Euro-Zone"). Journal of the Portuguese Securities Market 10 (April): 119-34. |
| Asani Sarkar "Liquidity Supply and Volatility: Futures Market Evidence," with Peter Locke. Journal of Futures Markets 21, no. 1 (January): 1-7. |
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"Loan Flows, Contagion Effects, and the East Asian Crisis," with Rama Seth and Sunil K. Mohanty. Journal of Emerging Markets 6, |
| Chris Stefanadis "The Emergence of On-Line Discount Brokers." New York University Stern Business, spring-summer: 18-23. |
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"Tying, Investment, and the Dynamic Leverage Theory," with Jay Pil Choi. RAND Journal of Economics 32, no. 1 (spring): 52-71. |
| Charles Steindel Comment on "The Productivity Paradox and the Mismeasurement of Economic Activity," by W. E. Diewert and Kevin J. Fox. In Kunio Okino and Tetsuya Inoue, eds., Monetary Policy in a World of Knowledge-Based Growth, Quality Change, and Uncertain Measurement, 198-201. New York: Palgrave. |
| Charles Steindel and Kevin Stiroh "Productivity: What Is It, and Why Do We Care about It?" Business Economics 36, no. 4 (October): 13-31. |
| Kevin Stiroh "Do Computers Make Output Harder to Measure?" with Robert H. McGuckin. Journal of Technology Transfer 26, no. 4 (October): |
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"ICT Productivity Revival." Economic Trends 1: 67-71. |
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"The Impact of Vintage and Survival on Productivity: Evidence from Cohorts of U.S. Manufacturing Plants," with J. Bradford Jensen and Robert H. McGuckin. Review of Economics and Statistics 83, no. 2 (May): 323-32. |
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"Is IT Driving the U.S. Productivity Revival?" International Productivity Monitor, no. 2 (spring): 31-6. |
| Cédric Tille "The Role of Consumption Substitutability in the International Transmission of Shocks." Journal of International Economics 53, Read the full text in ScienceDirect›› |
| Kei-Mu Yi "Can World Real Interest Rates Explain Business Cycles in a Small Open Economy?" with William Blankenau and M. Ayhan Kose. Journal of Economic Dynamics and Control 25, no. 6-7 (June): Read the full text in ScienceDirect›› |
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"International Trade and Business Cycles: Is Vertical Specialization the Missing Link?" with M. Ayhan Kose. American Economic Review 91, no. 2 (May): 371-5. Papers and Proceedings of the 113th Annual Meeting of the American Economic Association. |
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"The Nature and Growth of Vertical Specialization in World Trade," with David Hummels and Jun Ishii. Journal of International Economics 54, no. 1 (June): 75-96. |
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Comment on "Revealing Comparative Advantage: Chaotic or Coherent Patterns across Time and Sector and U.S. Trading Partner?" by David Richardson and Chi Zhang. In Magnus Blomström and Linda Goldberg, eds., Topics in Empirical International Economics: A Festschrift in Honor of Robert E. Lipsey, 228-32. Chicago: University of Chicago Press. |
