Liberty Street Economics
March 31, 2014

Measuring Global Bank Complexity

Paraphrasing a famous Supreme Court opinion: “I know bank complexity when I see it.”

March 28, 2014

Evolution in Bank Complexity

In yesterday’s post, our colleagues discussed the historic changes in financial sector size.

Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
March 27, 2014

The Growth of Murky Finance

Building upon previous posts in this series that discussed individual banks, we examine the historical growth of the entire financial sector, relative to the rest of the economy.

March 26, 2014

Do “Too-Big-to-Fail” Banks Take On More Risk?

In the previous post, João Santos showed that the largest banks benefit from a bigger discount in the bond market relative to the largest nonbank financial and nonfinancial issuers.

Posted at 7:02 am in Financial Institutions | Permalink | Comments (5)

Evidence from the Bond Market on Banks’ “Too-Big-to-Fail” Subsidy

Yesterday’s post presented evidence on a possible upside of very large banks, namely, lower costs.

Posted at 7:00 am in Financial Institutions | Permalink | Comments (3)
March 25, 2014

Do Big Banks Have Lower Operating Costs?

Despite recent financial reforms, there is still widespread concern that large banking firms remain “too big to fail.”

Introducing a Series on Large and Complex Banks

The chorus of criticism levied against mega-banks has, in some cases, outrun the research needed to back the criticism.

Posted at 12:00 pm in Financial Institutions | Permalink | Comments (1)
March 24, 2014

Convexity Event Risks in a Rising Interest Rate Environment

The rise in the ten-year Treasury rate last summer was perhaps the most dramatic since the 2003 bond market sell-off.

Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
March 10, 2014

Has Automated Trading Promoted Efficiency in the FX Spot Market?

The relative merits of algorithmic and high-frequency trading are most often discussed in the context of equity markets.

Just Released: Beyond the Unemployment Rate: Eight Different Faces of the Labor Market

This morning, the New York Fed released a new set of charts measuring various dimensions of the labor market.

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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.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

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