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15 posts from August 2012

August 14, 2012

Just Released: Going Mobile – Census Bureau Launches Economic Data App

Robert Rich, Kara Masciangelo, and Mary Tao

We encounter important economic data every single day. From reports on housing starts to unemployment to gross domestic product to construction spending, economic data are constantly shaping the news and our world. Now, the Census Bureau has made it even easier to keep our fingers on the pulse of these important economic indicators, with the launch of its first mobile application, “America’s Economy.”

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Posted by Blog Author at 7:00 AM in Macroecon, Unemployment | Permalink | Comments (0)

August 13, 2012

Good News or Bad on New York City Jobs?

Jason Bram and James Orr

Unlike much of the nation, New York City has seen a robust rebound in employment since the recession. In early 2012, employment here reached 3.86 million, the largest number of jobs ever recorded. Yet the city’s unemployment rate has risen in recent months and is now 10 percent—its peak during the recession—and well above the 5 percent rate seen before the downturn. This lack of improvement reflects the fact that the number of employed residents of the city has not rebounded at all from its losses during the 2008-09 downturn. While commuters from outside the city have always been a part of the employment scene, particularly in Manhattan, the recent divergence between the brisk growth in jobs in the city and the lack of growth in the number of employed residents in the city is unprecedented. Moreover, this gap between the two measures continues to widen, raising some questions as to how strong New York City’s recovery actually is. In this post, we explore several alternative explanations for the lack of growth in the employment of city residents in the face of a sharp recovery and expansion of jobs. While there are several potential explanations, the stagnation of resident employment remains largely a puzzle.

Continue reading "Good News or Bad on New York City Jobs?" »

Posted by Blog Author at 7:00 AM in Employment, Labor Economics, New York City, Regional Analysis | Permalink | Comments (3)

August 10, 2012

Historical Echoes: Zola’s L’Argent: A Portrait of a Corrupt Financial World

Amy Farber, New York Fed Research Library

Elements of finance and banking have found their way into novels for a long time (see one list of sites about such fiction). However, in 1891, a novel was published in France that was principally about the Paris Bourse (stock exchange) and a bank (Banque Universelle) created for less than wholesome reasons, mired in corruption, and eventually destroyed. The novel was L’Argent (Money) by the influential French writer Émile Zola. The events portrayed in the novel are based on actual events in the French Bourse and the short history of an actual bank, the Union Générale. This bank was created in 1876, failed in 1882, and was at the heart of a somewhat religion-based battle within the French financial world. The failure of the Union Générale triggered the Paris Bourse Crash of 1882.

Continue reading "Historical Echoes: Zola’s L’Argent: A Portrait of a Corrupt Financial World" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (0)

August 08, 2012

The European Debt Crisis and the Dollar Funding Gap

Jason Miu, Asani Sarkar, and Alexander Tepper

Against the backdrop of the ongoing debt crisis in Europe, the difficulties faced by European banks in borrowing U.S. dollars have attracted increased attention. The inability to borrow dollars has been partially responsible for European banks’ decisions to sell dollar-denominated assets and reduce their lending activity in the United States, to the possible detriment of U.S. companies and global financial markets. In this post, we discuss the genesis of European banks’ dollar funding gap problem and the steps taken by central banks to help fill this gap. While we focus on European banks in this post, our discussion applies more generally to global banks that rely on short-term, foreign currency borrowings.


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Posted by Blog Author at 7:00 AM in Banks, Exchange Rates, Fed Funds, International Economics, Liquidity | Permalink | Comments (2)

August 06, 2012

Intraday Liquidity Flows

Michele Braun, Adam Copeland, Alexa Herlach, and Radhika Mithal

Transactions denominated in U.S. dollars flow around the clock and around the globe, filling the pipelines that support commerce. On a typical day, more than $14 trillion of dollar-denominated payments is routed through the banking system. Critical to a well-functioning economy are the timing and smooth flow of dollars for large-value transactions and the infrastructure that enables that dollar flow. This financial market infrastructure provides essential economic services—“plumbing” for the economy—and is made up of a variety of entities. In this post, we describe this financial market infrastructure, providing a simple map of its main entities and describing the flow of U.S. dollar payments among these entities. A more detailed study of intraday liquidity flows has been released by the Payments Risk Committee.

Continue reading "Intraday Liquidity Flows" »

Posted by Blog Author at 7:00 AM in Financial Markets, Liquidity | Permalink | Comments (4)

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