Liberty Street Economics
June 27, 2014

Historical Echoes: The United States’ First Credit Union–Run Out of a Gentleman Lawyer’s Front Parlor

St. Mary’s Bank was the first credit union created in the United States, in Manchester, New Hampshire, in 1908.

Posted at 7:00 am in Historical Echoes | Permalink | Comments (1)
June 26, 2014

From Our Archive: Student Debt in Perspective

The Editors We read with interest a new Brookings Institution report, Is a Student Loan Crisis on the Horizon?, assessing the weight of the student debt burden. It was also pleasing to see the New York Times, several of our Twitter followers, and others citing work on this blog in counterpoint.

June 25, 2014

Do Currency Forwards Say Anything about the Future Value of the U.S. Dollar?

J. Benson Durham Currency forwards do include useful information about the future value of the U.S. dollar, but any messages are hard to decipher without tools. Just as the yield curve reflects expected short rates as well as term premiums, foreign exchange forwards embed not only anticipated depreciation but also premiums for currency risk. This […]

June 23, 2014

The Capitol Since the Nineteenth Century: Political Polarization and Income Inequality in the United States

Even the most casual observer of American politics knows that today’s Republican and Democratic parties seem to disagree with one another on just about every issue under the sun

June 9, 2014

What’s Your WAM? Taking Stock of Dealers’ Funding Durability

One of the lessons from the recent financial crisis is the need for securities dealers to have durable sources of funding.

June 6, 2014

Crisis Chronicles: Canal Mania (1793)

Today, a leisurely trip down a canal on a quiet Sunday afternoon is a reminder of an unhurried time away from the hectic pace of modern commerce.

June 5, 2014

What Americans (Don’t) Know about Student Loan Collections

U.S. student debt has more than tripled since 2004, and at over $1 trillion is now substantially greater than both credit card and auto debt balances.

June 4, 2014

The CLASS Model: A Top-Down Assessment of the U.S. Banking System

Central banks and bank supervisors have increasingly relied on capital stress testing as a supervisory and macroprudential tool.

Posted at 7:00 am in Financial Institutions | Permalink | Comments (0)
June 2, 2014

Do Expected, in addition to Spot, U.S. Treasury Term Premiums Matter?

J. Benson Durham The spot term premium is the extra compensation investors require, today, to own long-term as opposed to short-term risk-free debt. The expected term premium is what they anticipate demanding later. Notably, the two don’t necessarily move in the same direction. Just as near-term expected short rates could decline with surprisingly easy monetary […]

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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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