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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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Staff Reports
| Technical working papers intended for publication in leading finance and economics journals. The Research Papers series predated StaffReports and was discontinued in 1998. Both series are available only online. |
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2010 Staff Reports
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| The Financial Crisis at the Kitchen Table: Trends in Household Debt and Credit Meta Brown, Andrew Haughwout, Donghoon Lee, and Wilbert van der Klaauw December Number 480 |
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| An Introduction to the FRBNY Consumer Credit Panel Donghoon Lee and Wilbert van der Klaauw November Number 479 |
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| Double Majors: One for Me, One for the Parents? Basit Zafar November Number 478 |
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| The Tri-Party Repo Market before the 2010 Reforms Adam Copeland, Antoine Martin, and Michael Walker November Number 477 |
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| Fitting Observed Inflation Expectations Marco Del Negro and Stefano Eusepi November Number 476 |
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| Equity Premium Predictions with Adaptive Macro Indexes Jennie Bai October Number 475 |
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| Firm Value and Cross-Listings: The Impact of Stock Market Prestige Nicola Cetorelli and Stavros Peristiani September Number 474 |
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| Bailouts and Financial Fragility Todd Keister September Number 473 Revised July 2012 |
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| Do Charter Schools Crowd Out Private School Enrollment? Evidence from Michigan Rajashri Chakrabarti and Joydeep Roy September Number 472 Revised February 2011 |
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| Effect of Constraints on Tiebout Competition: Evidence from a School Finance Reform in the United States Rajashri Chakrabarti and Joydeep Roy September Number 471 Revised April 2016 |
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| Knowledge in Cities Todd Gabe, Jaison R. Abel, Adrienne Ross, and Kevin Stolarick September Number 470 |
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| Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting Viral V. Acharya, Hamid Mehran, and Anjan Thakor September Number 469 Revised December 2014 |
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| TBA Trading and Liquidity in the Agency MBS Market James Vickery and Joshua Wright August Number 468 |
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| Tax Buyouts Marco Del Negro, Fabrizio Perri, and Fabiano Schivardi August Number 467 |
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| A Private Lender Cooperative Model for Residential Mortgage Finance Toni Dechario, Patricia Mosser, Joseph Tracy, James Vickery, and Joshua Wright August Number 466 |
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| Jump-Robust Volatility Estimation using Nearest Neighbor Truncation Torben G. Andersen, Dobrislav Dobrev, and Ernst Schaumburg August Number 465 |
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| Financial Intermediaries and the Cross-Section of Asset Returns Previous title: “Broker-Dealer Leverage and the Cross-Section of Stock Returns” Tobias Adrian, Erkko Etula, and Tyler Muir July Number 464 Revised September 2013 |
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| The Central-Bank Balance Sheet as an Instrument of Monetary Policy Vasco Cúrdia and Michael Woodford July Number 463 |
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| Price Setting in an Innovative Market Previous title: “The Impact of Competition on Technology Adoption: An Apples-to-PCs Analysis” Adam Copeland and Adam Hale Shapiro July 2010 Number 462 Revised March 2013 |
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| Financial Amplification of Foreign Exchange Risk Premia Tobias Adrian, Erkko Etula, and Jan J. J. Groen July Number 461 Revised January 2011 |
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| The Information Value of the Stress Test and Bank Opacity Stavros Peristiani, Donald P. Morgan, and Vanessa Savino July Number 460 |
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| Do Underwriters Matter? The Impact of the Near Loss of an Equity Underwriter Anna Kovner July Number 459 Revised November 2010 |
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Shadow Banking |
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| Resolving Troubled Systemically Important Cross-Border Financial Institutions: Is a New Corporate Organizational Form Required? Christine Cumming and Robert A. Eisenbeis July Number 457 |
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| Executive Compensation and Risk Taking Patrick Bolton, Hamid Mehran, and Joel Shapiro June Number 456 Revised November 2011 |
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| State-Dependent Pricing under Infrequent Information: A Unified Framework Marco Bonomo, Carlos Carvalho, and René Garcia June Number 455 Revised May 2011 |
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| Can Subjective Expectations Data Be Used in Choice Models? Evidence on Cognitive Biases Basit Zafar June Number 454 |
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| Bayesian Social Learning, Conformity, and Stubbornness: Evidence from the AP Top 25 Daniel F. Stone and Basit Zafar June Number 453 |
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| Bootstrapping Density-Weighted Average Derivatives Matias D. Cattaneo, Richard K. Crump, and Michael Jansson May Number 452 |
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| Subsidizing Job Creation in the Great Recession Sagiri Kitao, Ayşegül Şahin, and Joseph Song May Number 451 |
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| Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors? Sam Allgood, William Bosshardt, Wilbert van der Klaauw, and Michael Watts May Number 450 |
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| MBS Ratings and the Mortgage Credit Boom Adam Ashcraft, Paul Goldsmith-Pinkham, and James Vickery May Number 449 |
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| On the Design of Contingent Capital with Market Trigger Previous title: “Design of Contingent Capital with a Stock Price Trigger for Mandatory Conversion” Suresh Sundaresan and Zhenyu Wang May Number 448 Revised November 2011 |
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| Quantifying the Benefits of a Liquidity-Saving Mechanism Enghin Atalay, Antoine Martin, and James McAndrews May Number 447 |
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| Global Banks and International Shock Transmission: Evidence from the Crisis Nicola Cetorelli and Linda S. Goldberg May Number 446 |
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| Deferred Compensation, Risk, and Company Value: Investor Reactions to CEO Incentives Chenyang Wei and David Yermack April Number 445 |
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| Repo Runs Antoine Martin, David Skeie, and Ernst-Ludwig von Thadden April Number 444 Revised January 2012 |
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| The Effect of Question Wording on Reported Expectations and Perceptions of Inflation Wändi Bruine de Bruin, Wilbert van der Klaauw, Julie S. Downs, Baruch Fischhoff, Giorgio Topa, and Olivier Armantier April Number 443 |
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| Short-Run Fiscal Policy: Welfare, Redistribution, and Aggregate Effects in the Short and Long Run Sagiri Kitao April Number 442 |
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| Large-Scale Asset Purchases by the Federal Reserve: Did They Work? Joseph Gagnon, Matthew Raskin, Julie Remache, and Brian Sack March Number 441 |
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| Productivity and the Density of Human Capital Jaison R. Abel, Ishita Dey, and Todd M. Gabe March Number 440 Revised September 2011 |
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| The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 Tobias Adrian and Hyun Song Shin March Number 439 Revised April 2010 |
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| Liquidity-Saving Mechanisms in Collateral-Based RTGS Payment Systems Marius Jurgilas and Antoine Martin March Number 438 |
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| Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis Gara Afonso, Anna Kovner, and Antoinette Schoar March Number 437 Revised May 2011 |
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| Social Security, Benefit Claiming, and Labor Force Participation: A Quantitative General Equilibrium Approach Selahattin İmrohoroğlu and Sagiri Kitao March Number 436 |
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| Labor-Dependent Capital Income Taxation That Encourages Work and Saving Sagiri Kitao February Number 435 |
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| Correlated Disturbances and U.S. Business Cycles Vasco Cúrdia and Ricardo Reis February Number 434 |
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| The Paradox of Toil Gauti Eggertsson February Number 433 Revised March 2010 |
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| Subprime Mortgage Lending in New York City: Prevalence and Performance Ebiere Okah and James Orr February Number 432 |
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| Financial Amplification Mechanisms and the Federal Reserve’s Supply of Liquidity during the Crisis Asani Sarkar and Jeffrey Shrader February Number 431 Revised March 2010 |
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| Loss Aversion, Asymmetric Market Comovements, and the Home Bias Kevin Amonlirdviman and Carlos Carvalho February Number 430 |
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| Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs Linda S. Goldberg, Craig Kennedy, and Jason Miu January Number 429 Revised February 2010 |
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| Macro Risk Premium and Intermediary Balance Sheet Quantities Tobias Adrian, Emanuel Moench, and Hyun Song Shin January Number 428 |
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| Performance Maximization of Actively Managed Funds Paolo Guasoni, Gur Huberman, and Zhenyu Wang January Number 427 Revised September 2010 |
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| Repo Market Effects of the Term Securities Lending Facility Michael J. Fleming, Warren B. Hrung, and Frank M. Keane January Number 426 |
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| The Measurement of Rent Inflation Jonathan McCarthy, Richard W. Peach, and Matthew S. Ploenzke January Number 425 Revised August 2015 |
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| Policy Perspectives on OTC Derivatives Market Infrastructure Darrell Duffie, Ada Li, and Theo Lubke January Number 424 Revised March 2010 |
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| The Federal Reserve’s Commercial Paper Funding Facility Tobias Adrian, Karin Kimbrough, and Dina Marchioni January Number 423 Revised June 2010 |
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| Financial Intermediation, Asset Prices, and Macroeconomic Dynamics Tobias Adrian, Emanuel Moench, and Hyun Song Shin January Number 422 Revised September 2010 |
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| Monetary Cycles, Financial Cycles, and the Business Cycle Tobias Adrian, Arturo Estrella, and Hyun Song Shin January Number 421 |
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