-
About the
New York Fed -
Economic
Research -
Financial Institution Supervision
Liberty Street Economics
6 posts from January 2012January 30, 2012
How Did the Great Recession Affect New York State’s Public Schools?
Rajashri Chakrabarti and Elizabeth Setren*
Surprisingly, there is no literature on how recessions (including the Great Recession) have affected schools. Perhaps this is because educational funding stresses and decisions vary among and within states, which makes it hard to reach general conclusions. Yet schools play an indispensable role in our society, educating the populace and building the nation’s future. Therefore, it is important to understand how the Great Recession is affecting public spending on schools, the delivery of education services, and student learning. In this post, we analyze one state’s experience, drawing on our study “The Impact of the Great Recession on School District Finances: Evidence from New York.” While we do not find evidence of much impact on schools’ overall revenue or expenditures, we do detect important compositional changes that could affect both student learning and school financing in coming years.
Continue reading "How Did the Great Recession Affect New York State’s Public Schools?" »
Posted by Blog Author at 7:00 AM in Education, Great Recession, New York, Recession, Regional Analysis | Permalink | Comments (1)January 13, 2012
Historical Echoes: The Double Eagle Lands at the New York Fed
Megan Cohen, New York Fed Research Library
The most expensive coin in the world, the famed 1933 Double Eagle, is on display to the public at the New York Fed. Its price at auction exceeded that of the gold Brasher doubloon, minted in 1787, which was sold for $7.4 million earlier this month. This post traces the 1933 Double Eagle’s long, fascinating history, which stretches from the early twentieth century to the unusual circumstances of the coin’s arrival at the New York Fed.
Continue reading "Historical Echoes: The Double Eagle Lands at the New York Fed" »
January 11, 2012
Why Mortgage Refinancing Is Not a Zero-Sum Game
Joseph Tracy and Joshua Wright*
In a recent speech, New York Fed President William Dudley called for actions “to see refinancing made broadly available on streamlined terms and with moderate fees to all prime conforming borrowers who are current on their payments.” This blog post explains how such a move could help stabilize the housing market and support economic growth. It also explains why mortgage refinancing is not—as some argue—a zero-sum game in which the benefits to one group are exactly offset by the costs to another.
Continue reading "Why Mortgage Refinancing Is Not a Zero-Sum Game" »
January 09, 2012
Cash Assets of Foreign Banks: An Example of Seasonal Adjustment Gone Awry
Adam Copeland, Todd Keister, and Parinitha Sastry*
Federal Reserve Statistical Release H.8 provides aggregate data on the assets and liabilities of commercial banks in the United States. Two types of data are provided: one in which each series is adjusted to offset regular, seasonal movements, and another in which no adjustment is made. Recently, a striking pattern has emerged in one particular data series: the cash assets of foreign-related banking institutions.[1] In the seasonally adjusted data, this value has fallen 36 percent since its peak in June 2011—a sharp movement that has generated concern among market observers. The nonseasonally adjusted data present a different picture, however, with a decline of only 16 percent over this period. Which of these numbers more accurately represents recent events? In this post, we argue that the seasonally adjusted data are misleading in this case and should not be used. More generally, we use this episode to highlight the need for caution when using and interpreting seasonally adjusted data.
Continue reading "Cash Assets of Foreign Banks: An Example of Seasonal Adjustment Gone Awry" »
January 06, 2012
Historical Echoes: Henry George – NYC Mayoral Candidate and Best-Selling, Self-Educated Political Economist
Amy Farber, New York Fed Research Library
In contrast to the staid popular image of today’s economists, Henry George (1839-97), a famous critic of protectionist economic policies, had a fascinating and tumultuous life. He was self-educated and held jobs as a deckhand, typesetter, warehouse worker, journalist, and editor. At one point, George was so poor that he resorted to begging in the streets. Yet he eventually ran for mayor of New York City twice. The first time, he got more votes than Theodore Roosevelt, although he lost the race. The second time, he died from a stroke during the campaign.
January 04, 2012
Forecasting with Internet Search Data
Rebecca Hellerstein and Menno Middeldorp
Most economic data are released with a lag, sometimes quite a substantial one. Since the advent of regularly scheduled releases of economic data in the 1930s, a key challenge for economists has been to identify indicators that provide timely information about the release before it comes out—effectively, that “now-cast” its content. Recent academic research suggests that counts of Internet searches for certain words or phrases can predict some macroeconomic data releases. In this post, we show that Internet search counts can also predict some financial market data releases, as well as future price movements in some financial markets.
Posted by Blog Author at 7:00 AM in Exchange Rates, Forecasting, Housing, Regional Analysis, Unemployment | Permalink | Comments (4)About the BlogLiberty 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.
Economic Research Tracker
Liberty Street Economics is now available on the iPhone® and iPad® and can be customized by economic research topic or economist.
View by Topicbank capital balance of payments banks central bank corporate finance covid-19 facilities credit crisis crisis chronicles cryptocurrencies currency current account dealers demographics dodd-frank dsge economic history education employment euro area exchange rates expectations exports fed funds federal reserve financial institutions financial intermediation financial markets fire sale fiscal policy fomc forecasting foreclosure great recession hey, economist! high frequency trading historical echoes household household finance housing human capital inequality inflation international economics labor economics labor market lender of last resort liquidity macroecon monetary policy mortgages new jersey new york new york city pandemic panic phillips curve puerto rico recession regional analysis regulation repo stocks student loans systemic risk tariffs treasury unemployment wagesMost Viewed1. 2. 3. 4. 5.
Last 12 MonthsUseful LinksComment GuidelinesWe encourage your comments and queries on our posts and will publish them (below the post) subject to the following guidelines:Please be brief: Comments are limited to 1500 characters.Please be quick: Comments submitted after COB on Friday will not be published until Monday morning.Please be aware: Comments submitted shortly before or during the FOMC blackout may not be published until after the blackout.Please be on-topic and patient: Comments are moderated and will not appear until they have been reviewed to ensure that they are substantive and clearly related to the topic of the post. We reserve the right not to post any comment, and will not post comments that are abusive, harassing, obscene, or commercial in nature. No notice will be given regarding whether a submission will or will not be posted.Disclosure PolicyThe 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.Archives
RSS Feed