Liberty Street Economics
Return to Liberty Street Economics Home Page

15 posts from "August 2012"
August 31, 2012

Historical Echoes: What’s in a Name? The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

The official name for the economics prize is the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Posted at 7:00 am in Historical Echoes | Permalink
August 29, 2012

Just Released: Has Household Deleveraging Continued?

Today’s release of the 2012Q2 Quarterly Report on Household Debt and Credit indicates a continuation of the downward trend in household debt, which followed a long period of substantial increases.

Posted at 11:00 am in Credit, Household Finance | Permalink | Comments (1)

If Interest Rates Go Negative . . . Or, Be Careful What You Wish For

The United States has slid into eight recessions in the last fifty years. Each time, the Federal Reserve sought to revive economic activity by reducing interest rates.

Follow That Money! How Global Banks Manage Liquidity Globally

Banks increasingly move money around the world.

August 27, 2012

Interest on Excess Reserves and Cash “Parked” at the Fed

The European Central Bank recently lowered from 0.25 percent to zero the interest rate it pays on funds that Eurozone banks hold on deposit with it.

August 24, 2012

Historical Echoes: Not‑So‑Classical Opera Explains Interest Rates

As the FOMC continues to shape its communication strategy, perhaps it should consider opera. On August 6, 1979, Paul A. Volcker became chairman of the Federal Reserve Board, and shortly afterward a very short opera was broadcast attempting to explain to the general public the pros and cons of raising interest rates. The opera (11 min.) was masterminded by Robert Krulwich, a creative broadcast journalist who’s still going strong using radio to explain complex scientific and economic concepts to the layman. Although the broadcast is very comical, it isn’t comic opera!

Posted at 7:00 am in Historical Echoes | Permalink | Comments (2)
August 22, 2012

The Fed’s Emergency Liquidity Facilities during the Financial Crisis: The PDCF

During the height of the 2007-09 financial crisis, intermediation activities across the financial sector collapsed.

August 20, 2012

The Fed’s Emergency Liquidity Facilities during the Financial Crisis: The CPFF

This is the first post in a series that details the steps taken by the Fed in its role as lender of last resort during the 2007-09 financial crisis.

August 17, 2012

Historical Echoes: Famous Storyteller a Victim of Bank Mismanagement

O. Henry (William Sydney Porter), one of America’s most beloved short story writers, is famous for ending his stories with a twist.

Posted at 7:00 am in Historical Echoes | Permalink
August 15, 2012

The Untold Story of Municipal Bond Defaults

In our recent post on the state and local sector, we argued that structural problems in state and local budgets were exacerbated by the recession and would likely restrain the sector’s growth for years to come.

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.

Economic Research Tracker

Image of NYFED Economic Research Tracker Icon Liberty Street Economics is available on the iPhone® and iPad® and can be customized by economic research topic or economist.

Economic Inequality

image of inequality icons for the Economic Inequality: A Research Series

This ongoing Liberty Street Economics series analyzes disparities in economic and policy outcomes by race, gender, age, region, income, and other factors.

Most Read this Year

Comment Guidelines


We 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 1,500 characters.

Please be aware: Comments submitted shortly before or during the FOMC blackout may not be published until after the blackout.

Please be relevant: 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.

Please be respectful: 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.‎

Comments with links: Please do not include any links in your comment, even if you feel the links will contribute to the discussion. Comments with links will not be posted.

Send Us Feedback

Disclosure Policy

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.