How Has the Business of International Banking Changed?

Linda Goldberg

In this post, I focus on the broad historical progression of international banking activity. This broad progression serves as a backdrop for a range of other discussions and posts on global banking, on issues such as foreign banking organizations’ use of liquidity facilities in the United States and the role of banks in international risk-sharing and international transmission of shocks. It also helps explain the policy regimes in place through recent financial crises and even some of the data gaps that regulators and researchers have encountered.

Historical Echoes: When Pigskins Fly – the Super Bowl and Other “Predictors”

Mary Tao, New York Fed Research Library

More than three decades ago, Robert Stovall, a money manager, championed a theory put forth by a sports columnist. Stovall studied the performance of stock indexes after each Super Bowl and concluded that the winner could predict stock market trends. For fifteen consecutive years, between 1967 and 1983, the New York Stock Exchange showed annual gains when a team from the old National Football League won the Super Bowl and fell when a team from the old American Football League emerged as the victor.

Tough Decisions, Depleted Revenues: New Jersey’s Education Finances during the Great Recession

Rajashri Chakrabarti and Sarah Sutherland*

Today’s post, which complements Monday’s on New York State, considers the Great Recession’s impact on education funding in New Jersey. Using analysis published in our recent staff report, “Precarious Slopes? The Great Recession, Federal Stimulus, and New Jersey Schools,” we examine how school finances were affected during the recession and the ARRA federal stimulus period. We find strong evidence of a significant decline—relative to trend—in school revenues and expenditures following the recession as well as key compositional changes that could affect school financing and student learning. Our findings are noteworthy in view of the importance of investing in children’s education for human capital formation and economic growth.