Historical Echoes: A Water Machine that Simulates the Economy
In 1949, engineer/economist A. W. H. (Bill) Phillips unveiled a mechanical economic model, the Phillips machine, which could demonstrate—by pushing colored water through clear pipes—how money moves through the economy.
Fiscal Drag from the State and Local Sector?
With July just around the corner, most cities and states are preparing for the start of a new fiscal year.
Mapping and Sizing the U.S. Repo Market
The U.S. repurchase agreement (repo) market is a large financial market where participants effectively provide collateralized loans to one another.
Money Market Funds and Systemic Risk
On September 16, 2008, Reserve Primary Fund, a money market fund (MMF) with $65 billion in assets under management, announced that losses in its portfolio had caused the value of shares in the fund to drop from $1.00 to $0.97.
Historical Echoes: When Fed Officials Wax Poetic
When was the last time a speech by a Federal Reserve official contained a full-length poem?
Just Released: New York’s Latest Beige Book Report Signals Steady Growth
The New York Fed’s latest Beige Book report points to continued moderate growth in the regional economy and some reduction in cost pressures.
Is Wall Street the Only Street in New York City?
Has Wall Street—the term for the securities industry that symbolizes New York City’s role as a global financial center—become less of a specialty for the city?
Is the 2005 Bankruptcy Reform Working?
While the name of the Bankruptcy Abuse Prevention and Consumer Protection Act suggests two goals, BAPCPA seemed to be more about abuse prevention than consumer protection.
Historical Echoes: The Symbolism of the Bull and the Bear
The Bull and the Bear, respectively, are long-standing symbols of optimism and pessimism about the outlook for the stock market. How did this come about?