Liberty Street Economics
April 22, 2013

Japanese Inflation Expectations, Revisited

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.

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, 2013

Historical 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”).

Posted at 7:00 am in Historical Echoes | Permalink | Comments (0)
April 17, 2013

Young 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, 2013

Just 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.

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.

April 12, 2013

Historical 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).

Posted at 7:00 am in Historical Echoes | Permalink | Comments (2)
April 10, 2013

Foreclosures 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.

April 8, 2013

Does 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, 2013

Historical 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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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.

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