Liberty Street Economics
October 24, 2011

Using Crisis Losses to Calibrate a Regulatory Capital Buffer

In response to the enormous losses experienced during the recent financial crisis, the Basel Committee on Banking Supervision reached a new international agreement on the amount of capital banks will be required to hold.

October 21, 2011

Historical Echoes: Picturing a Century of Public Debt Burdens

Public debt has a long history, both here and abroad.

Posted at 10:00 am in Historical Echoes | Permalink | Comments (0)
October 20, 2011

Just Released: Fed Proposes Simpler Rules for Banks’ Reserve Requirements

Reserve requirements—a critical tool available to Federal Reserve policymakers for the implementation of monetary policy—stipulate the amount of funds that banks and other depository institutions must hold in reserve against specified deposits, essentially checking accounts.

October 19, 2011

Sizing Up the Fed’s Maturity Extension Program

The Federal Open Market Committee (FOMC) recently announced its intention to extend the average maturity of its holdings of securities by purchasing $400 billion of Treasury securities with remaining maturities of six years to thirty years and selling an equal amount of Treasury securities with remaining maturities of three years or less.

Posted at 7:00 am in Financial Markets, Treasury | Permalink | Comments (2)
October 18, 2011

Just Released: Money and Payments Workshop Examines Repo Market Reform

We have just posted the proceedings of a workshop held on October 7, 2011, which gathered the very latest thinking by academics, central bankers, and practitioners on how the repo market should be reformed to help avoid a recurrence of the recent financial crisis.

Posted at 10:00 am in Financial Markets, Repo | Permalink | Comments (0)
October 17, 2011

Back to the Future: Revisiting the European Crisis

Recent financial developments are calling into question the future of regional economic integration.

October 14, 2011

Historical Echoes: The 1960s View of Modern Banking

In 1961, the Merchandise National Bank of Chicago produced a film presenting the newest development in leading-edge banking technology: computers.

Posted at 10:00 am in Historical Echoes | Permalink | Comments (0)
October 12, 2011

Short-Term Debt, Rollover Risk, and Financial Crises

One of the many striking features of the recent financial crisis was the sudden “freeze” in the market for the rollover of short-term debt.

October 11, 2011

Did the Fed’s Term Auction Facility Work?

We argue that the Fed’s Term Auction Facility (TAF), introduced in December 2007, lowered the cost of borrowing of banks in the market during the recent financial crisis.

October 7, 2011

Historical Echoes: When Virtual Money Saved the Day

In 1993, a plan hatched by four former economics grad school students helped rescue Brazil from a fifty-year inflationary spiral after all other attempts had failed.

Posted at 10:00 am in Historical Echoes | Permalink | Comments (0)
About the Blog

Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

Liberty Street Economics does not publish new posts during the blackout periods surrounding Federal Open Market Committee meetings.

The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.

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The LSE editors ask authors submitting a post to the blog to confirm that they have no conflicts of interest as defined by the American Economic Association in its Disclosure Policy. If an author has sources of financial support or other interests that could be perceived as influencing the research presented in the post, we disclose that fact in a statement prepared by the author and appended to the author information at the end of the post. If the author has no such interests to disclose, no statement is provided. Note, however, that we do indicate in all cases if a data vendor or other party has a right to review a post.

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