An important measure of success for monetary policy is a central bank’s ability to anchor inflation expectations; inflation expectations influence actual inflation and, hence, the achievement of a given inflation goal.
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Liberty Street EconomicsApril 22, 2013Japanese Inflation Expectations, Revisited
Posted at 12:00 pm in Exchange Rates, International Economics, Monetary Policy | Permalink | Comments (0)The Effect of Superstorm Sandy on the Macroeconomy
The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce has reported that real Gross Domestic Product (GDP) increased at a very sluggish 0.4 percent annual rate in the final quarter of 2012.
April 19, 2013Historical Echoes: Fedspeak as a Second Language
First there was Newspeak (from George Orwell’s book 1984, which intended to bend the thinking of the masses), then there was doublespeak (derived from Newspeak, meaning a deliberate disguising or distortion of meaning, and with its very own achievement award), and then there was Fedspeak (and likely many other “-speaks”).
April 17, 2013Young Student Loan Borrowers Retreat from Housing and Auto Markets
Student loans have soared in popularity over the past decade, with the aggregate student loan balance, as measured in the FRBNY Consumer Credit Panel, reaching $966 billion at the end of 2012.
April 15, 2013Just Released: April Empire State Manufacturing Survey
According to the most recent Empire State Manufacturing Survey, manufacturing conditions are continuing to improve in New York State, but only barely.
Posted at 8:45 am in Employment, Labor Economics, Regional Analysis, Wages | Permalink | Comments (0)Do Treasury Term Premia Rise around Monetary Tightenings?
Some commentators have expressed concern that Treasury yields might rise sharply once the Federal Open Market Committee (FOMC) begins to raise the federal funds rate (FFR), worrying, in particular, about a sudden increase in Treasury term premia.
Posted at 7:00 am in Expectations, Financial Markets, Forecasting, Macroecon, Unemployment | Permalink | Comments (0)April 12, 2013Historical Echoes: The Invention of the ATM–A Case of Multiple Independent Discovery?
Amazingly, something resembling a drive-through automated bank teller existed back in 1941 (twenty-six years before the invention of the true ATM, or automated teller machine).
April 10, 2013Foreclosures Loom Large in the Region
Households in the New York-northern New Jersey region were spared the worst of the housing bust and have generally experienced less financial stress than average over the past several years.
Posted at 7:00 am in Financial Markets, Foreclosure, Household Finance, New York, Regional Analysis | Permalink | Comments (1)April 8, 2013Does Import Competition Improve the Quality of Domestic Goods?
Firms must produce high-quality goods to be competitive in international markets, but how do they transition from producing low- to high-quality goods?
April 5, 2013Historical Echoes: Central Bank and Paper Money Innovator Given Death Sentence for His Efforts
In 1668, Johan Palmstruch, the head of Stockholms Banco, the precursor to the oldest central bank still operating today—the Swedish Riksbank—was charged and sentenced to death, according to Wikipedia and the Riksbank.
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