Liberty Street Economics
May 29, 2015

Historical Echoes: Move Over Oculus Rift and Google Cardboard, Let’s Pay Homage to the — Stereoscopic Viewer!

Within the New York Public Library Digital Collections is the Robert N. Dennis Collection of Stereoscopic Views. Stereoscopic photographs were viewed with a stereoscopic viewer or stereoscope. According to the “About” tab of the NYPL page for the collection, “During the period between the 1850s and the 1910s, stereos were a mainstay of home entertainment, perhaps second only to reading as a personal leisure activity.” They also functioned as a way for people to travel vicariously, or as an aid to the study of history and other cultures. You know you’ve found an image meant to be seen with a stereoscopic viewer when it is double, with the images slightly askew from one another. The kinds of images that were particularly suitable as subjects for stereoscopic photography were those involving objects at varying distances from the viewer (for example, landscapes and cityscapes). (This is only one form of stereoscopy, which incorporates other technologies.)

Posted at 7:00 am in Historical Echoes | Permalink | Comments (0)
May 28, 2015

Just Released: 2015 SCE Housing Survey Shows Households Optimistic about Housing Market

The Federal Reserve Bank of New York today released results from its 2015 SCE Housing Survey.

Posted at 10:15 am in Household Finance, Housing | Permalink | Comments (0)

Just Released: What Do Banking Supervisors Do?

In most developed economies, banking is among the most regulated and supervised sectors. While “regulation” and “supervision” are often used interchangeably, these two activities are distinct. Banking supervision is a complement to regulation, but its scope is much broader than simply ensuring that an institution is in compliance with regulation. Despite the importance of supervision, information about it is often limited, both because of the heavy reliance upon banks’ confidential information and because many supervisory activities and actions are themselves confidential. In a recently released Staff Report, we shed more light on the topic by describing the Federal Reserve’s supervisory approach for large, complex financial institutions and how supervision of such firms is conducted on a day-to-day basis at the Federal Reserve Bank of New York as part of this broader supervisory program.

Posted at 7:00 am in Financial Institutions | Permalink | Comments (2)
May 27, 2015

The Eurodollar Market in the United States

In February, the Federal Reserve Bank of New York’s trading desk announced it will publish a new overnight bank funding rate early next year.

May 20, 2015

Why Are Interest Rates So Low?

Marco Del Negro, Marc Giannoni, Matthew Cocci, Sara Shahanaghi, and Micah Smith Second post in the series In a recent series of blog posts, the former Chairman of the Federal Reserve System, Ben Bernanke, has asked the question: “Why are interest rates so low?” (See part 1, part 2, and part 3.) He refers, of […]

May 18, 2015

The FRBNY DSGE Model Forecast–April 2015

Marco Del Negro, Marc Giannoni, Matthew Cocci, Sara Shahanaghi, and Micah Smith First in a two-part series There are various types of economic forecasts, such as judgmental forecasts or model-based forecasts. In this post, we provide an update of the economic forecasts implied by the Federal Reserve Bank of New York’s (FRBNY) dynamic stochastic general […]

May 15, 2015

Just Released: The New York Fed Staff Forecast, May 2015

Today, the Federal Reserve Bank of New York (FRBNY) is hosting the spring meeting of its Economic Advisory Panel (EAP). As has become custom at this meeting, FRBNY staff are presenting their forecast for U.S. growth, inflation, and unemployment through the end of 2016. Following the presentation, members of the EAP, which consists of leading economists in academia and the private sector, are asked to discuss the staff forecast. Such feedback helps the staff evaluate the assumptions and reasoning underlying the forecast and the key risks to it. Subjecting the staff forecast to periodic evaluation is also important because it informs the staff’s discussions with New York Fed President William Dudley about economic conditions. In that same spirit, we are sharing a short summary of the staff forecast in this post. For more detail, please see the material from the EAP meeting on our website.

The Class of 2015 Might Have a Little Better Luck Finding a Good Job

With the college graduation season well under way, a new crop of freshly minted graduates is entering the job market and many bright young minds are hoping to land a good first job. It’s no wonder if they are approaching the job hunt with some trepidation. For a number of years now, recent college graduates have been struggling to find good jobs. However, the labor market for college graduates is improving. After declining for nearly two years, openings for jobs requiring a college degree have picked up since last summer. Not only has this increase in the demand for educated workers continued to push down the unemployment rate for recent graduates, but it has also finally started to help reduce underemployment, though the underemployment rate remains high. While successfully navigating the job market will likely remain a challenge, it appears that finding a good job has become just a little bit easier for the class of 2015.

May 13, 2015

Financial Innovation: Evolution of the Tri-Party Repo Arrangement

In our earlier post, we described how the tri-party repo arrangement was a clever way to reduce the costs and risks that individual firms faced when settling bilateral repos.

Posted at 7:00 am in Financial Markets, Repo | Permalink | Comments (0)
May 12, 2015

Just Released: Mortgage Borrowing among Most Creditworthy Abates

Today’s release of the New York Fed’s Quarterly Report on Household Debt and Credit for the first quarter of 2015 reports a flattening in household debt balances.

Posted at 11:15 am in Household Finance, Housing | Permalink | Comments (0)
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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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