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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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Staff Reports
| Technical working papers intended for publication in leading finance and economics journals. The Research Papers series predated Staff Reports and was discontinued in 1998. Both series are available only online. |
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2009 Staff Reports
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| Real Time Underlying Inflation Gauges for Monetary Policymakers Marlene Amstad and Simon Potter December Number 420 |
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| The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data Previous title: “Estimating the Cross-Sectional Distribution of Price Stickiness from Aggregate Data” Carlos Carvalho and Niels Arne Dam December Number 419 Revised August 2010 |
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| The Homeownership Gap Andrew Haughwout, Richard Peach, and Joseph Tracy December Number 418 |
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| Second Chances: Subprime Mortgage Modification and Re-Default Andrew Haughwout, Ebiere Okah, and Joseph Tracy December Number 417 Revised August 2010 |
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| The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market Morten L. Bech and Elizabeth Klee December Number 416 |
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| Measuring Consumer Uncertainty about Future Inflation Wandi Bruine de Bruin, Charles F. Manski, Giorgio Topa, and Wilbert van der Klaauw December Number 415 |
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| The Microstructure of the TIPS Market Michael J. Fleming and Neel Krishnan December Number 414 |
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| Valuing the Treasury’s Capital Assistance Program Paul Glasserman and Zhenyu Wang December Number 413 Revised May 2011 |
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| Dynamic Hierarchical Factor Models Emanuel Moench, Serena Ng, and Simon Potter December Number 412 Revised July 2011 |
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| Investment Shocks and the Relative Price of Investment Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti December Number 411 |
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| Real-Time Search in the Laboratory and the Market Meta Brown, Christopher J. Flinn, and Andrew Schotter December Number 410 |
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| Macroprudential Supervision of Financial Institutions: Lessons from the SCAP Beverly Hirtle, Til Schuermann, and Kevin Stiroh November Number 409 |
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| Implications of the Financial Crisis for Potential Growth: Past, Present, and Future Charles Steindel November Number 408 |
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| How Rigid Are Producer Prices? Pinelopi Koujianou Goldberg and Rebecca Hellerstein November Number 407 Revised October 2011 |
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| Broker-Dealer Risk Appetite and Commodity Returns Erkko Etula November Number 406 Revised September 2010 |
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| Micro, Macro, and Strategic Forces in International Trade Invoicing Linda S. Goldberg and Cédric Tille November Number 405 |
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| Conventional and Unconventional Monetary Policy Vasco Cúrdia and Michael Woodford November Number 404 |
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| A Bayesian Approach to Estimating Tax and Spending Multipliers Matthew Denes and Gauti B. Eggertsson November Number 403 |
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| What Fiscal Policy Is Effective at Zero Interest Rates? Gauti B. Eggertsson November Number 402 |
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| Do Colleges and Universities Increase Their Region’s Human Capital? Jaison R. Abel and Richard Deitz October Number 401 Revised March 2011 |
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Cash Dollars Abroad |
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| Consumption Heterogeneity, Employment Dynamics, and Macroeconomic Co-movement Previous title: “Labor Supply Heterogeneity and Macroeconomic Comovement ” Stefano Eusepi and Bruce Preston October Number 399 Revised September 2013 |
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| Financial Intermediaries and Monetary Economics Tobias Adrian and Hyun Song Shin October Number 398 Revised May 2010 |
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| Monetary Tightening Cycles and the Predictability of Economic Activity Tobias Adrian and Arturo Estrella October Number 397 |
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| Prices and Quantities in the Monetary Policy Transmission Mechanism Tobias Adrian and Hyun Song Shin October Number 396 Revised December 2010 |
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| Are Market Makers Uninformed and Passive? Signing Trades in the Absence of Quotes Michel van der Wel, Albert J. Menkveld, and Asani Sarkar September Number 395 |
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| The Dynamics of Automobile Expenditures Adam Copeland September Number 394 |
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| Capital Constraints, Counterparty Risk, and Deviations from Covered Interest Rate Parity Niall Coffey, Warren B. Hrung, and Asani Sarkar September Number 393 Revised October 2009 |
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| Labor Market Pooling and Occupational Agglomeration Todd M. Gabe and Jaison R. Abel September Number 392 Revised January 2010 |
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| Competition and Adverse Selection in the Small-Dollar Loan Market: Overdraft versus Payday Credit Previous title: “Price-Increasing Competition: The Curious Case of Overdraft versus Deferred Deposit Credit” Brian T. Melzer and Donald P. Morgan September Number 391 Revised December 2009 |
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| Bank Capital and Value in the Cross Section Hamid Mehran and Anjan Thakor September Number 390 |
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| Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis Asani Sarkar September Number 389 |
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| Real-Time Inflation Forecasting in a Changing World Jan J. J. Groen, Richard Paap, and Francesco Ravazzolo August Number 388 Revised May 2012 |
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| Commodity Prices, Commodity Currencies, and Global Economic Developments Jan J. J. Groen and Paolo A. Pesenti August Number 387 |
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| Parsimonious Estimation with Many Instruments Jan J. J. Groen and George Kapetanios August Number 386 |
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| Credit Spreads and Monetary Policy Vasco Cúrdia and Michael Woodford August Number 385 |
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| Prestigious Stock Exchanges: A Network Analysis of International Financial Centers Nicola Cetorelli and Stavros Peristiani August Number 384 |
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| Gender and the Availability of Credit to Privately Held Firms: Evidence from the Surveys of Small Business Finances Rebel A. Cole and Hamid Mehran August Number 383 |
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| The Shadow Banking System: Implications for Financial Regulation Tobias Adrian and Hyun Song Shin July Number 382 |
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| The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform Michael J. Fleming and Bruce Mizrach July Number 381 Revised March 2017 |
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| Why Are Banks Holding So Many Excess Reserves? Todd Keister and James McAndrews July Number 380 |
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| Do Vouchers Lead to Sorting under Random Private-School Selection? Evidence from the Milwaukee Voucher Program Rajashri Chakrabarti July Number 379 Revised February 2011 |
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| How Do College Students Form Expectations? Basit Zafar July Number 378 Revised October 2010 |
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| Globalized Banks: Lending to Emerging Markets in the Crisis Nicola Cetorelli and Linda S. Goldberg June Number 377 |
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| Financial Visibility and the Decision to Go Private Hamid Mehran and Stavros Peristiani June Number 376 |
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| Credit Quantity and Credit Quality: Bank Competition and Capital Accumulation Nicola Cetorelli and Pietro F. Peretto June Number 375 |
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| The Persistent Effects of a False News Shock Carlos Carvalho, Nicholas Klagge, and Emanuel Moench May Number 374 Revised June 2011 |
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| Barriers to Household Risk Management: Evidence from India Shawn Cole, Xavier Giné, Jeremy Tobacman, Petia Topalova, Robert Townsend, and James Vickery May Number 373 |
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| Credit Default Swap Auctions Jean Helwege, Samuel Maurer, Asani Sarkar, and Yuan Wang May Number 372 |
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| Bank Liquidity, Interbank Markets, and Monetary Policy Xavier Freixas, Antoine Martin, and David Skeie May Number 371 Revised September 2009 |
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| Precautionary Reserves and the Interbank Market Adam Ashcraft, James McAndrews, and David Skeie May Number 370 |
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| The Impact of Tax Law Changes on Bank Dividend Policy, Sell-offs, Organizational Form, and Industry Structure Hamid Mehran and Michael Suher April Number 369 |
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| Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing Andrew Haughwout, Christopher Mayer, and Joseph Tracy April Number 368 |
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| CONDI: A Cost-of-Nominal-Distortions Index Stefano Eusepi, Bart Hobijn, and Andrea Tambalotti March Number 367 |
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| Credit Market Competition and the Nature of Firms Nicola Cetorelli March Number 366 Revised July 2009 |
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| An Experimental Investigation of Why Individuals Conform Basit Zafar February Number 365 |
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| College Major Choice and the Gender Gap Basit Zafar February Number 364 |
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| Model Selection Criteria for Factor-Augmented Regressions Jan J. J. Groen and George Kapetanios February Number 363 Revised May 2012 |
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| The Term Structure of Inflation Expectations Tobias Adrian and Hao Wu February Number 362 Revised August 2010 |
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| Risk Appetite and Exchange Rates Previous title: “Global Liquidity and Exchange Rates” Tobias Adrian, Erkko Etula, and Hyun Song Shin January Number 361 Revised December 2015 |
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| Money, Liquidity, and Monetary Policy Tobias Adrian and Hyun Song Shin January Number 360 |
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